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"concept": "ifrs-full:DividendsPaidToNoncontrollingInterests", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-843": { "value": "377000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterests", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-844": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "fer:OtherTreasurySharesRepurchase", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-845": { "value": "272000000.0", "decimals": -6, "dimensions": { "concept": "fer:OtherTreasurySharesRepurchase", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-846": { "value": "0.0", "decimals": -6, "dimensions": { "concept": 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"decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-855": { "value": "87000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-856": { "value": "1055000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-857": { "value": "150000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-858": { "value": "964000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-859": { "value": "954000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-860": { "value": "657000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-861": { "value": "747000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-862": { "value": "-1483000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-863": { "value": "-2591000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-864": { "value": "-1305000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-865": { "value": "-99000000.0", "decimals": -6, 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"unit": "iso4217:EUR" } }, "f-869": { "value": "-35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-870": { "value": "-34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-871": { "value": "-557000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-872": { "value": "39000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": 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"iso4217:EUR" } }, "f-877": { "value": "4271000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-878": { "value": "4828000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-879": { "value": "4789000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-880": { "value": "
SECTION 1: BASIS OF PRESENTATION AND CONSOLIDATION SCOPE
BASIS OF PRESENTATION
Basis of presentation
The consolidated financial statements of Ferrovial SE and its subsidiaries and investees (hereinafter referred to as \u201cFerrovial\u201d, the \"Ferrovial
Group\", the \"Group\" or \"FSE Group\") have been prepared in accordance with the IFRS Accounting Standards as adopted by the European Union
(\u2018EU\u2019), and with Part 9 of Book 2 of the Dutch Civil Code. Accounting policies applied are explained in Note 1.3.
The Group\u2019s activities
The four business lines, which constitute its reporting segments under IFRS 8, are the following: Construction, Highways, Airports and Energy.
For the purpose of understanding these consolidated financial statements, it should be noted that part of the activity carried out by the Group\u2019s
business lines consists of the development of infrastructure projects, primarily in the Highways and Airports business lines, but also in the
Construction and Energy business lines. In order to aid understanding of the Group\u2019s financial performance, these consolidated financial
statements separately disclose the impact of infrastructure projects in different lines of the financial statements (see Note 1.1.2).
It should also be noted that the Group has relevant equity-accounted ownership interests in companies, mostly related to infrastructures assets
(see Note 1.1.2).
1.1.1. Basis of presentation
These consolidated financial statements of Ferrovial SE have been approved by the Board of Directors on February 25, 2026, and have been
prepared in accordance with IFRS Accounting Standards as adopted by the European Union (\u2018EU\u2019). The Consolidated financial statements also
comply with the financial reporting requirements included in Title 9 of Book 2 of the Dutch Civil Code.
The consolidated financial statements include the consolidated statement of financial position, consolidated income statement, consolidated
statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flow and the accompanying
notes (referred to collectively as the \u201cConsolidated Financial Statements\u201d).
For presentation of the consolidated income statement, the Group uses a classification method based on the nature of expenses, as it is more
representative of the format used by management for internal reporting purposes and aids to provide reliable information to investors.
The Group\u2019s presentation currency is the euro, which is also the parent company\u2019s functional currency. Unless otherwise stated, amounts are
presented in millions of euros.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-881": { "value": "
SECTION 1: BASIS OF PRESENTATION AND CONSOLIDATION SCOPE
1.3.2. Basis of consolidation
In 2025, 2024 and 2023 the reporting dates of the individual financial statements of all the companies included in the consolidation scope were
either the same as, or were temporarily brought into line with, that of the parent company for a homogeneous presentation of the financial
statements.
To determine the degree of control over each Group company (control, joint control or significant influence), the consistency between the
ownership interest held and the voting rights controlled under each company\u2019s bylaws and shareholder agreements is reviewed.
For companies in which joint control is identified, the general basis of consolidation is the equity method. Besides the situations in which there are
two venturers, each with a 50% ownership interest, certain cases require further analysis, particularly infrastructure projects in which Ferrovial
has a significant ownership interest (less than or equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the
investee, while the remaining shareholders, primarily infrastructure funds, are represented directly on the Board of Directors.
In all these cases, it has been concluded that the projects in question should be equity-accounted, because Ferrovial does not have the right to
appoint the majority of the Board Directors and the Board resolutions (including the appointment of the main executive positions) always require
a simple or qualified majority, where Ferrovial does not itself have a casting vote in the event of a tie.
Notable cases in this regard are the ownership interests held in the companies that own the following Highways projects (the percentage interest
held in each is shown in brackets): 407 ETR (48.29%), IRB Infrastructure Developers Ltd (19.86%) and IRB Private InvIT (23.99%), Slovakia (35%),
Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO (49%), which was incorporated into the Airports business line in 2022.
Contracts that are undertaken through temporary consortia (JVs) or similar entities that meet IFRS 11 requirements to be classified as \u201cjoint
operations\u201d are proportionately consolidated.
It is considered that, in such joint operations, the shareholders have direct control over the assets, liabilities, income and expenses of these entities.
In 2025, operations of this nature contributed to the consolidated Group\u2019s assets, profit/(loss) and revenue a total of EUR 1,278 million, EUR 138
million and EUR 1,610 million, respectively (EUR 1,057 million, EUR 157 million and EUR 1,581 million in 2024; and EUR 1,173 million to the
consolidated Group's assets, EUR 36 million to profit/(loss) and EUR 1,401 million to revenue in 2023). Among the companies involved in
construction projects, the most significant ones are those detailed in the table below:
PROJECT
ACTIVITY
COUNTRY
% SHARE
2025 REVENUE
(EUR M)
HS2 Main works
Works on 80 km of the HS2 between Chilterns and Warwickshire, including 15 viaducts, 5 km of green
tunnels, 22 km of road diversions, 67
UK
15%
367
Ontario Transit Group
Constructor GP
Design, build and finance Ontario Line Subway: Construction of a 6.7 km, seven-station rapid transit
system.
Canada
50%
298
Coffs Harbour Bypass
Design and Build contract for 14 km of road, three tunnels and a service road.
Australia
50%
141
Metro Paris Ligne 3A JV
Metro Paris with 6.7 KM tunnel. The work includes building three stations and eight ancillary
infrastructures.
France
50%
78
Linha Circular, A.C.E.
Ferrovial will build a new circular metro line in Oporto, the Pink Line, which will be 3.1 kilometers long.
The work on the Pink Line includes the construction of four new stations; and three ventilation shafts
and the installation of the track and catenary.
Portugal
65%
61
Sydney Metro West
Metro design and construction on an 11-kilometre stretch of twin railway tunnels between Sydney
Olympic Park and The Bays, Australia.
Australia
50%
56
TOTAL
1,001
A breakdown of the equity-accounted companies can be found in Note 3.5 and in Appendix I.
Intragroup balances and transactions are eliminated on consolidation. However, the transactions recognized in the consolidated income
statement in relation to construction works undertaken by the construction business line for infrastructure project concession operators are not
eliminated on consolidation, since it is considered that the Group performs work for the concession awarding entity or regulator in exchange for
the right to operate the infrastructure under the terms pre-established by the granting entity or regulator.
The awarding entity or regulator thus controls the asset from inception and grants the above-mentioned right in exchange for the work
performed and, therefore, the conclusion may be reached that, at the Group level, the work is performed for third parties. This approach is in line
with IFRIC 12.
The non-elimination of these transactions had an impact of EUR 4 million on the income statement in 2025, after taxes and non-controlling
interests (EUR -14 million and EUR -35 million in 2024 and 2023, respectively).
Finally, as regards transactions for the purchase or sale of an ownership interest that does not entail a change of control in the company in
question, the non-controlling interest is measured at the proportional value of the net identifiable assets of the company acquired or sold.
Changes in the parent\u2019s ownership interest in a subsidiary that do not give rise to a loss of control are equity transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-882": { "value": "
Going concern evaluation
Note 1.2 analyses the Group's capacity to continue operating under the going concern principle, analyzing liquidity, future cash requirements and
other external factors that could compromise this principle, concluding that no material uncertainties exist with respect to the Group\u2019s ability to
continue as a going concern.
1.2. GOING CONCERN EVALUATION
On December 31, 2025, our cash and cash equivalents of ex-infrastructure project companies reached EUR 4,070 million. Ferrovial also has
additional liquidity lines available in the amount of EUR 900 million related to corporate debt, and EUR 108 million related to other borrowings
balances at December 31, 2025. It should also be noted that the Group\u2019s short-term assets and liabilities, including cash and debt, show a positive
balance at end-December 31, 2025. Ferrovial believes that this strong cash position should be sufficient to comply with its future obligations.
As in prior financial years, in order to conclude as to the Company\u2019s capacity to continue as a going concern, the Group has analyzed future cash
needs, focusing on the financial years 2026 and 2027, also including a pessimistic scenario with a series of stress assumptions regarding the
Company's cash flow, most notably:
\u2022 Reduction in ordinary dividends from infrastructure project companies in 2026 and 2027 ( 50% in the case of Highways and all dividends in
the case of energy and airports) and extraordinary dividends in Highways if applicable.
\u2022 Construction business cash flows for 2026 and 2027 reduction of 50% explained by worse working capital evolution and lower business
profitability and no order book growth for Poland and USA in 2027.
\u2022 Elimination of the asset divestments expected for the period 2026-2027,
The conclusion drawn from the analysis demonstrates that, although the scenario would entail a deterioration of the Company\u2019s cash position,
cash resources would continue to be sufficient to meet commitments. Therefore, based on the available information, no material uncertainties
have been identified with respect to events or conditions that could raise significant doubts regarding the Group's capacity to continue operating
under the going concern principle for the twelve months following the date these financial statements are signed.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-883": { "value": "
Judgments and estimates
Ferrovial's main estimates when measuring its assets, liabilities, revenues, expenses and commitments are detailed in Note 1.3.4.
1.3.4. Accounting estimates and judgments
These financial statements are prepared in accordance with IFRS as adopted by the European Union, which require the use of estimates,
judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the
amount of income and expenses recognized. The estimates and associated assumptions are based on management\u2019s best judgment of aspects
that are known when the financial statements are prepared, on historical experience and on any other factor that is deemed to be relevant.
The estimation of items for which there is a risk that differences could arise in the future in respect of the carrying amounts of assets and liabilities,
involves significant analysis and requires management to make judgments when determining the assumptions, as discussed in the following
paragraphs:
i) Revenue from long-term construction contracts with customers (Note 1.3.3.4), particularly as regards to:
\u2022 Application of the output method to recognize revenue over time, measuring the work carried out or surveying performance completed to
date, in which the revenue recognized reflects the work units executed. Under this method, the units completed in each contract are the basis
used to recognize revenue. Those units are calculated by each project team based on the technical progress made up to the financial
statements date. The revenue recognized reflects the work units executed valued applying the unit price established in the contract.
\u2022 Application of the input method to recognize revenue over time from contracts to which the output method cannot be applied, estimating the
total costs forecast to complete the work, using most recent budgets approved for each project by the relevant members of management,
and making assumptions of future prices of materials and subcontractors\u2019 work. Prices included in future materials supply arrangements and
subcontractors\u2019 contracts are used. In case no supply contracts are in place, materials or subcontractors\u2019 costs are calculated based on market
evidence or supply arrangements recently signed for other contracts.
\u2022 Provisions for deferred expenses: Management bases its calculations on past experience and bears in mind the different countries and contract
requirements.
\u2022 Provisions for contractual losses: When the estimated costs to complete a construction project exceed the transaction price, the Company
recognizes a provision for the indicated loss.
\u2022 Recognition of revenue for variable consideration, for a modification, for a claim or for a dispute. In this regard, management bases its
calculation on the specific clauses included in each contract and also considers past experience in other contracts. Management needs to
make assumptions regarding the amount of incurred costs that will give rise to these additional sources of revenue and whether those costs
meet the conditions for variable consideration, modifications, claims or disputes arising in connection with the contract.
ii) Highways and Airports financial information under IFRIC-12 (Note 3.3 on Investments in infrastructure projects; Note 6.3 on Provisions) and
related impairment testing (Note 3.1. on goodwill and acquisitions and Note 3.5 Investment in Associates) performed based on a discounted cash
flow model, which involves management assumptions, mainly related to:
\u2022 Future traffic volumes (vehicles and passengers for highways and airports, respectively): for concessions already in operation, traffic estimates
are built on actual traffic and growth patterns using macroeconomic data, external studies in certain cases and any other information and
plans that may impact future traffic. For concessions under construction, external projections (e.g. airport traffic forecast by international
agencies) and research (e.g. impact of e-commerce on heavy vehicles traffic or home working habits on the use of private vehicles for
highways) are used.
\u2022 Pricing: specific pricing arrangements included in concession contracts are considered. Where the arrangements do not include a fixed price,
internal estimates of the elasticity of demand regarding prices and other related inputs are used.
\u2022 Future operating expenses: Estimates of future prices of materials, subcontractors and other costs required to operate the concessions are
based on historical experience, estimating price index growth and considering related requirements established in the concession agreements.
\u2022 Discount rates: Management calculates weighted average cost of capital based on external information sourced from bank reports and
converts it into a pre-tax discount rate for impairment test purposes.
Climate-related risks faced by the Group may affect infrastructure and global mobility in the area. The potential impacts of these climate\u2011related
factors are reflected in the Company\u2019s estimated future traffic volumes. Based on the assessment performed, these risks are not considered
material.
iii) Equity method applicable to the following ownership interests:
\u2022 On June 6, 2025, Ferrovial acquired an additional 5.06% of 407 ETR for CAD 1.99 billion (EUR 1.30 billion), increasing its ownership to
48.29%. The difference between the fair value and carrying amount (EUR 1.5 billion) was allocated to intangible assets. The investment
continues to be accounted for using the equity method.
\u2022 For the IRB Infrastructure Trust (Private InvIT) stake (23.99%) acquired in June 2024, management considers Ferrovial has significant
influence and therefore this stake is equity method accounted.
\u2022 The sale of 100% of the economic rights and 49% of the voting rights of Umbrella Roads BV in October 2024, resulted in the loss of control
and significant influence, leading to the recognition of a capital gain of EUR 19 million.
\u2022 Finally, following the completion in December 2024 of the sale of 19.75% of the share capital of FGP Topco (direct shareholder of Heathrow
Airports Holdings Limited ), in which Ferrovial had a 25% stake that was equity consolidated, the remaining 5.25% stake in FGP Topco was
classified as a financial asset measured at fair value through profit or loss, as Ferrovial did not have significant influence over this entity. The
fair value was determined by reference to the selling price of the 19.75% stake sold in FGP Topco.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-885": { "value": "
Foreign exchange effect
While the euro is Ferrovial\u2019s functional currency, most of its activities are carried out in countries outside the eurozone. Note 1.4 analyses the
impact on the consolidated financial statements of changes in the main currencies where the Group operated in 2025, 2024 and 2023..
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-884": { "value": "
Foreign exchange effect
While the euro is Ferrovial\u2019s functional currency, most of its activities are carried out in countries outside the eurozone. Note 1.4 analyses the
impact on the consolidated financial statements of changes in the main currencies where the Group operated in 2025, 2024 and 2023..
1.4. EXCHANGE RATE
As indicated previously, Ferrovial does business outside the eurozone through various subsidiaries. The exchange rates used to translate their
financial statements for Group consolidation purposes are as follows:
For balance sheet items, the exchange rates used at December 31, 2025 and for the comparative period at December 31, 2024 were as follows:
Closing exchange rate
2025
2024
Change 25/24 (*)
Pound sterling
0.87243
0.82667
5.54%
US dollar
1.17360
1.03490
13.40%
Canadian dollar
1.60998
1.48912
8.12%
Australian dollar
1.75903
1.67318
5.13%
Polish zloty
4.21940
4.27820
(1.37)%
Chilean peso
1,057.420
1,031.520
2.51%
Indian rupee
105.49190
89.20050
18.26%
(*) A negative change represents an appreciation of the reference currency against the euro and vice versa.
For items in the income statement and cash flow statement (cumulative average rates at December 2025, December 2024 and December 2023):
Average exchange rate
2025
2024
2023
Change 25/24 (*)
Change 24/23 (*)
Pound sterling
0.85688
0.84653
0.86961
1.22%
(2.65)%
US dollar
1.13073
1.08180
1.08147
4.52%
0.03%
Canadian dollar
1.57871
1.48193
1.45920
6.53%
1.56%
Australian dollar
1.75238
1.64031
1.62876
6.83%
0.71%
Polish zloty
4.23942
4.30523
4.54119
(1.53)%
(5.20)%
Chilean peso
1,074.758
1,021.13203
908.75223
5.25%
12.37%
Indian rupee
98.59834
90.53760
89.31345
8.90%
1.37%
(*) A negative change represents an appreciation of the reference currency against the euro and vice versa.
The impact recorded in equity attributable to the parent company for currency translation differences was EUR -434 million in 2025 (EUR 33
million in 2024), relating primarily to the depreciation of the Indian Rupee (EUR -159 million), derived from the investments in IRB Infrastructure
Developers Limited (IRB) and IRB Infrastructure Trust (Private InvIT) described in Note 3.5., and also due to the depreciation of the US dollar (EUR
-188 million) and Canadian dollar (EUR -84 million). These translation differences are presented net of the effect of foreign currency hedging
instruments arranged by the Group (see Note 5.5), fundamentally related to US and Canadian dollar, reaching EUR 2,955 million of notional
value. The depreciation of these currencies has impacted the evolution of the Group\u2019s main assets and liabilities during the year (see Note 5.4).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-886": { "value": "
1.1.1. Basis of presentation
These consolidated financial statements of Ferrovial SE have been approved by the Board of Directors on February 25, 2026, and have been
prepared in accordance with IFRS Accounting Standards as adopted by the European Union (\u2018EU\u2019). The Consolidated financial statements also
comply with the financial reporting requirements included in Title 9 of Book 2 of the Dutch Civil Code.
The consolidated financial statements include the consolidated statement of financial position, consolidated income statement, consolidated
statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flow and the accompanying
notes (referred to collectively as the \u201cConsolidated Financial Statements\u201d).
For presentation of the consolidated income statement, the Group uses a classification method based on the nature of expenses, as it is more
representative of the format used by management for internal reporting purposes and aids to provide reliable information to investors.
The Group\u2019s presentation currency is the euro, which is also the parent company\u2019s functional currency. Unless otherwise stated, amounts are
presented in millions of euros.
1.1.2 The Group\u2019s activities
The Ferrovial Group comprises the parent company, Ferrovial SE, a European public limited company (\"Societas Europaea\"), incorporated in the
Netherlands, and its subsidiaries and investees (hereinafter referred to as \u201cFerrovial\u201d, the \"Ferrovial Group\", the \"Group\" or \"FSE Group\"), which are
detailed in Appendix I. Its registered office is at Gustav Mahlerplein 61-63 Symphony Towers, 14th Floor 1082 MS, Amsterdam, the
Netherlands,and has the Dutch Chamber of Commerce number KvK73422134
Through these companies, Ferrovial is engaged in the following four business lines, which constitute its reporting segments under IFRS 8:
\u2022 Construction: Design and execution of all manner of public and private works, including most notably the construction of public
infrastructures.
\u2022 Highways: Development, financing and operation of highways.
\u2022 Airports: Development, financing and operation of airports.
\u2022 Energy: focuses on innovative solutions for the promotion, construction and operation of energy generation and transmission infrastructures.
In January 2024 in order to boost the energy transition related business and develop new capabilities in this area more quickly and efficiently,
Ferrovial approved a partial reorganization of the business pursuant to which the Energy Solutions Business line, which was part of the
Construction Business line in 2023, and the Energy Infrastructures business line, which was part of the Energy Infrastructure and Mobility business
in 2023, were merged. From this point onwards, the resulting business line is named the Energy Business line, and consequently, the comparable
information related to segment reporting (Note 1.5) has been prepared accordingly.
For the purpose of understanding these consolidated financial statements, it should be noted that part of the activity carried out by the Group\u2019s
business lines consists of the development of infrastructure projects, primarily in the highways and airports business lines, but also in the
construction and energy businesses.
In order to aid understanding the Group\u2019s financial performance, these consolidated financial statements disclose the impact of projects of this
nature separately in \u201cfixed assets in infrastructure projects\u201d within the non-current financial asset headings (distinguishing those to which the
intangible asset model is applied from those to which the financial asset model is applied \u2013 Note 3.3) and, in particular, in the cash and cash
equivalents and borrowing headings (Note 5.2).
Following competitive bidding processes, these projects are conducted through long-term contracts entered into with public authorities (\u201cthe
grantor\u201d), which grant the right to build or upgrade, operate and maintain the infrastructure. The contract is awarded to a legal entity, the
concessionaire entity, whose sole purpose is the performance of the project, in which the Group has an ownership interest.
The concessionaire has to finance the construction or upgrade of the public infrastructure mainly with borrowings secured by future cash flows
during the project\u2019s term; As a result, these projects usually have cash restrictions established in the financing agreements to ensure repayment of
the borrowings. The shareholders also make capital contributions. Borrowings are generally secured at inception of the service concession
arrangement and have no recourse to the shareholder or, in some cases, recourse to the shareholders is limited to the guarantees issued.
Once the construction or upgrade is complete, the concessionaire starts to operate and maintain the infrastructure, and in return, collects tolls or
charges for the use of the infrastructure by the final users of the assets, or amounts paid by the grantor based on the availability for use of the
related asset. These inflows allow the initial investment to be recovered. In most cases the construction and subsequent maintenance of the
infrastructure is subcontracted by the concession operators to the Group\u2019s Construction business line.
From an accounting standpoint, most of these arrangements are within the scope of IFRIC 12. A list of the companies regarded as infrastructure
project companies is included in Appendix I.
It should also be noted that the Ferrovial Group has relevant interests in equity-accounted companies managing infrastructure assets,
highlighting: the 48.29% ownership interest in 407 ETR, the concession operator of the 407 ETR highway in Toronto (Canada), the 49% indirect
shareholding in the company JFK NTO LLC, the concession company of the New Terminal One at John F. Kennedy International Airport in New
York; the 19.86% ownership interest in IRB Infrastructure Developers Limited, one of India's leading infrastructure companies, listed in Bombay,
and the 23.99% ownership interest acquired in IRB Infrastructure Trust (Private InvIT), an associate of IRB Infrastructure Developers Limited (Note
1.2). Details of these companies are included in Note 3.5 on investments in associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-887": { "value": "
These consolidated financial statements of Ferrovial SE have been approved by the Board of Directors on February 25, 2026, and have been
prepared in accordance with IFRS Accounting Standards as adopted by the European Union (\u2018EU\u2019). The Consolidated financial statements also
comply with the financial reporting requirements included in Title 9 of Book 2 of the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-888": { "value": "Ferrovial SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-889": { "value": "
1.1.2 The Group\u2019s activities
Through these companies, Ferrovial is engaged in the following four business lines, which constitute its reporting segments under IFRS 8:
\u2022 Construction: Design and execution of all manner of public and private works, including most notably the construction of public
infrastructures.
\u2022 Highways: Development, financing and operation of highways.
\u2022 Airports: Development, financing and operation of airports.
\u2022 Energy: focuses on innovative solutions for the promotion, construction and operation of energy generation and transmission infrastructures.
In January 2024 in order to boost the energy transition related business and develop new capabilities in this area more quickly and efficiently,
Ferrovial approved a partial reorganization of the business pursuant to which the Energy Solutions Business line, which was part of the
Construction Business line in 2023, and the Energy Infrastructures business line, which was part of the Energy Infrastructure and Mobility business
in 2023, were merged. From this point onwards, the resulting business line is named the Energy Business line, and consequently, the comparable
information related to segment reporting (Note 1.5) has been prepared accordingly.
1.5. SEGMENT REPORTING
For management purposes, the Group is organized into business units based on its activities and services and has four reportable segments, as
follows (Note 1.1.2):
\u2022 Construction, which undertakes the design and build of all sorts of public and private works, including most notably the construction of public
infrastructures.
\u2022 Highways, which carries out the development, financing and operation of highways.
\u2022 Airports, which is engaged in developing, financing and operating airports.
\u2022 Energy, which focuses on innovative solutions for the promotion, construction and operation of energy generation and transmission
infrastructures.
No operating segments have been aggregated to form the above reportable operating segments.
The global Chief Executive Officer is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately
for the purpose of making decisions on resource allocation and performance assessment. Segment performance is evaluated based on profit or
loss and is measured consistently with profit or loss in the consolidated financial statements. Furthermore, information reported to the market is
also broken down into the above four segments.
The income statement is shown below by segment for 2025, 2024 and 2023. The \u201cOther\u201d column includes the income and/or expenses of
companies not assigned to any of the business segments, including most notably the parent company Ferrovial SE and its other businesses, such
as the waste treatment plants in UK, the mining services in Chile (divested in June 2025) and the new activity started by the group in 2024 related
to the development of data centers called Digital Infrastructure. The \u201cAdjustments\u201d column reflects inter-segment consolidation eliminations.
As can be seen in the following tables, Construction and Highways revenues account for more than 10% of the Group\u2019s consolidated revenue
(IFRS8 p.13). The Airports segment is also a significant area of activity for Ferrovial, as well as the Energy segment, a relatively new business area
where the Group has future growth plans in place, and therefore, they are both disclosed as reporting segments. The CEO assesses its
performance separately based on an income statement measured consistently with profit or loss in the consolidated financial statements and
with a similar presentation.
Income statement by business segment 2025, 2024 and 2023 (Million euro).
(Millions of euros)
Construction
Highways
Airports
Energy
Other
Adjustments
Total 2025
Revenues
7,653
1,374
111
339
460
(310)
9,627
Total operating expenses
7,142
385
75
336
537
(305)
8,170
Depreciation and amortization expenses
160
270
22
15
23
\u2014
490
(Impairment) and gains/(losses) on disposals of non-current assets
6
\u2014
270
(7)
(59)
\u2014
210
Operating profit/(loss)
357
719
284
(19)
(159)
(5)
1,177
Profit/(loss) on derivatives and other net financial income/(expense)
(52)
(57)
30
(4)
9
\u2014
(74)
Net financial income/(expense) from financing
126
(234)
69
(15)
(237)
\u2014
(291)
Net financial income/(expense)
74
(291)
99
(19)
(228)
\u2014
(365)
Share of profits of equity-accounted companies
\u2014
247
11
\u2014
\u2014
\u2014
258
Profit/(loss) before tax from continuing operations
431
675
394
(38)
(387)
(5)
1,070
Income tax benefit/(expense)
(99)
(65)
(92)
\u2014
316
\u2014
60
Profit/(loss) net of tax from continuing operations
332
610
302
(38)
(71)
(5)
1,130
Profit/(loss) net of tax from discontinued operations
\u2014
\u2014
\u2014
\u2014
20
\u2014
20
Net profit/(loss)
332
610
302
(38)
(51)
(5)
1,150
Net (profit)/loss for the year attributed to non-controlling interests
(91)
(177)
5
1
\u2014
\u2014
(262)
Net profit/(loss) for the year attributed to the parent company
241
433
307
(37)
(51)
(5)
888
(Millions of euros)
Construction
Highways
Airports
Energy
Other
Adjustments
Total 2024
Revenues
7,236
1,256
91
270
519
(224)
9,148
Total operating expenses
6,806
338
65
268
551
(222)
7,806
Depreciation and amortization expenses
146
232
22
13
28
\u2014
441
(Impairment) and gains/(losses) on disposals of non-current assets
\u2014
151
2,025
\u2014
32
\u2014
2,208
Operating profit/(loss)
284
837
2,029
(11)
(28)
(2)
3,109
Profit/(loss) on derivatives and other net financial income/(expense)
(34)
(75)
627
\u2014
24
(3)
539
Net financial income/(expense) from financing
150
(215)
(2)
(8)
(193)
3
(265)
Net financial income/(expense)
116
(290)
625
(8)
(169)
\u2014
274
Share of profits of equity-accounted companies
\u2014
226
8
\u2014
4
\u2014
238
Profit/(loss) before tax from continuing operations
400
773
2,662
(19)
(193)
(2)
3,621
Income tax benefit/(expense)
(142)
(110)
3
5
99
\u2014
(145)
Profit/(loss) net of tax from continuing operations
258
663
2,665
(14)
(94)
(2)
3,476
Profit/(loss) net of tax from discontinued operations
\u2014
\u2014
\u2014
\u2014
14
\u2014
14
Net profit/(loss)
258
663
2,665
(14)
(80)
(2)
3,490
Net (profit)/loss for the year attributed to non-controlling interests
(68)
(160)
(23)
\u2014
\u2014
\u2014
(251)
Net profit/(loss) for the year attributed to the parent company
190
503
2,642
(14)
(80)
(2)
3,239
Construction
Highways
Airports
Energy
Other
Adjustments
Total 2023
Revenues
6,870
1,085
80
207
506
(233)
8,515
Total operating expenses
6,659
286
58
206
548
(233)
7,524
Depreciation and amortization expenses
134
213
20
9
26
(1)
401
(Impairment) and gains/(losses) on disposals of non-current assets
\u2014
38
\u2014
\u2014
(2)
(1)
35
Operating profit/(loss)
77
624
2
(8)
(70)
\u2014
625
Profit/(loss) on derivatives and other net financial income/(expense)
(28)
5
(12)
(1)
71
(2)
33
Net financial income/(expense) from financing
117
(224)
3
\u2014
(114)
1
(217)
Net financial income/(expense)
89
(219)
(9)
(1)
(43)
(1)
(184)
Share of profits of equity-accounted companies
\u2014
198
11
(1)
7
\u2014
215
Profit/(loss) before tax from continuing operations
166
603
4
(10)
(106)
(1)
656
Income tax benefit/(expense)
(61)
(55)
(20)
2
91
1
(42)
Profit/(loss) net of tax from continuing operations
105
548
(16)
(8)
(15)
\u2014
614
Profit/(loss) net of tax from discontinued operations
\u2014
\u2014
\u2014
\u2014
16
\u2014
16
Net profit/(loss)
105
548
(16)
(8)
1
\u2014
630
Net (profit)/loss for the year attributed to non-controlling interests
(51)
(126)
7
\u2014
\u2014
\u2014
(170)
Net profit/(loss) for the year attributed to the parent company
54
422
(9)
(8)
1
\u2014
460
2.1. REVENUES
The Group\u2019s revenue for the year ended December 31, 2025, and for the years ended December 31, 2024 and 2023 reached EUR 9,627 million,
EUR 9,148 and EUR 8,515 million, respectively.
The Group's revenue from contracts with customers, as interpreted by IFRS 15, amounted to EUR 9,516 million, EUR 9,024 million and EUR 8,339
million, respectively (Note 4.4), for the years ended December 31, 2025, 2024 and 2023.
Revenue also includes financial income from services provided by the concession operators that apply the financial asset model, totaling EUR 10
million, EUR 9 million and EUR 10 million in 2025, 2024 and 2023, respectively.
Set out below is a breakdown of revenue by segment and comparative figures for 2025, 2024 and 2023:
For the year ended December 31, 2025:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
7,368
285
7,653
6%
Highways
1,373
1
1,374
9%
Airports
111
-
111
22%
Energy
337
2
339
26%
Other activities (*)
259
201
460
(11)%
Adjustments
-
(310)
(310)
38%
Total
9,450
177
9,627
5%
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process..
For the year ended December 31, 2024:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,921
315
7,236
5%
Highways
1,246
10
1,256
16%
Airports
82
9
91
14%
Energy
268
2
270
30%
Other activities (*)
347
172
519
3%
Adjustments
-
(224)
(224)
(4)%
Total
8,865
283
9,148
7%
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
For the year ended December 31, 2023:
(Million euro)
External sales
Inter-segment sales
Total
Construction
6,381
489
6,870
Highways
1,084
1
1,085
Airports
80
-
80
Energy
207
-
207
Other activities (*)
350
156
506
Adjustments
-
(233)
(233)
Total
8,102
413
8,515
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process..
Inter-segment sales reached EUR 177 million for the period ended December 31, 2025, and are mainly related to works completed by the
Construction business for the infrastructure concession operators (Note 1.3.2 and Note 6.8).
The breakdown of sales by geographic area is as follows:
(Million euro)
2025
2024
Var. 25/24
2023
Var. 24/23
USA
3,485
3,271
214
2,879
392
Poland
2,228
2,119
109
2,160
(41)
Spain
1,891
1,584
307
1,476
108
UK
804
809
(5)
771
38
Canada
371
246
125
161
85
Other
848
1,119
(271)
1,068
51
TOTAL
9,627
9,148
479
8,515
633
The Ferrovial Group\u2019s sales in its five main markets accounted for 91% of total sales in 2025 (88% in 2024 and 87% in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-890": { "value": "a European public limited company (\"Societas Europaea\")", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-891": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-892": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-893": { "value": "Gustav Mahlerplein 61-63 Symphony Towers, 14th Floor 1082 MS, Amsterdam, the Netherlands,", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-894": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-895": { "value": "
Through these companies, Ferrovial is engaged in the following four business lines, which constitute its reporting segments under IFRS 8:
\u2022 Construction: Design and execution of all manner of public and private works, including most notably the construction of public
infrastructures.
\u2022 Highways: Development, financing and operation of highways.
\u2022 Airports: Development, financing and operation of airports.
\u2022 Energy: focuses on innovative solutions for the promotion, construction and operation of energy generation and transmission infrastructures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-896": { "value": "Through these companies, Ferrovial is engaged in the following four business lines, which constitute its reporting segments under IFRS 8:\u2022 Construction: Design and execution of all manner of public and private works, including most notably the construction of public infrastructures.\u2022 Highways: Development, financing and operation of highways.\u2022 Airports: Development, financing and operation of airports.\u2022 Energy: focuses on innovative solutions for the promotion, construction and operation of energy generation and transmission infrastructures.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-899": { "value": "
1.1.3. Assets and liabilities held for sale and discontinued operations
Assets and liabilities held for sale
At December 31, 2025 assets held for sale amounted to EUR 196 million and liabilities stood at EUR 128 million. These relate to energy assets,
which are expected to be sold within 12 months.
At December 31, 2024 assets held for sale amounted to EUR 56 million and liabilities stood at EUR 24 million. These related to energy assets,
together with the 50% stake in AGS Airports Holdings Limited (AGS), the parent company that owns the Aberdeen, Glasgow and Southampton
Airports (Note 1.1.4).
The following table provides a breakdown by nature of assets and liabilities classified as held for sale as of December 2025 and December 2024,
mainly related to energy assets, which are expected to be sold within 12 months:
.
(Million euro)
2025
2024
Goodwill
41
0
Intangible assets
28
9
Property, plant and equipment
76
39
Other non-current assets
25
4
Non-current assets
170
52
Short-term trade and other receivables
23
1
Cash and cash equivalents
3
1
Other current assets
0
2
Current assets
26
4
TOTAL assets classified as held for sale
196
56
Borrowings
16
17
Other non-current liabilities
11
4
Non-current liabilities
27
21
Borrowings
94
2
Other current liabilities
7
1
Current liabilities
101
3
TOTAL liabilities classified as held for sale
128
24
Discontinued operations
Profit from discontinued operations is related to earn-outs and other pending issues regarding the divestment of the various components of the
Ferrovial Services business, which was completed in previous years. The impact on the income statements reached EUR 20 million, EUR 14 million
and EUR 16 million in 2025, 2024 and 2023, respectively, and relates mainly to the indemnities and updated earn-outs associated with the
disposal of the Services business in Spain and UK, as well as other adjustments related to the Amey business divestment in the United Kingdom
(Note 2.8.).
1.1.4. Consolidation scope changes and other divestments of investees
There follows a description of the most significant movements in the consolidation scope in 2025, 2024 and 2023.
Airports
AGS Airports Holdings Limited (AGS) divestment
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%). As part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The completion of
this transaction was subject to obtaining the applicable regulatory approvals by year-end 2024, and the 50% ownership interest in AGS Airports
Holdings Limited as of December 31, 2024 was therefore reclassified to held for sale. The ownership interest in this company remained valued at
zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
The Group granted subordinated loans to AGS totaling EUR 235 million. Following the agreement reached in November 2024, these loans were
reclassified from long-term financial assets to short-term receivables in December 2024, since they were also included in the divestment
transaction.
On January 28, 2025, having satisfied the applicable regulatory conditions, Ferrovial and Macquarie completed the sale of AGS' entire share
capital (100%) for a price of GBP 900 million. Ferrovial\u2019s net share of the proceeds was GBP 452 million, resulting in a capital gain of EUR 272
million (Note 2.4).
Heathrow Airport Holdings divestment
Regarding the Heathrow Airport Holdings divestment, as disclosed in the December 31, 2024 Consolidated Financial Statements, on November
28, 2023, Ferrovial entered into a share purchase agreement with Ardian and the Public Investment Fund (PIF), pursuant to which Ferrovial
agreed to sell its full stake (25% interest) in FGP Topco Limited.
On December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of 19.75% of the share capital of
FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of Heathrow Airport in London (UK), to
Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero, due to the fact that losses
generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial held 5.25% stake, which was recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.), once
concluded that according to IAS28 p.5-6, Ferrovial would no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group would have no participation in the policy-making processes of the
asset, neither participation in decisions related to dividend distributions. The fair value of the remaining stake was determined by referencing the
selling price of the 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
On January 26, 2025, Ferrovial announced that a binding agreement had been reached with Ardian for the sale of its entire remaining stake
(5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million. Full completion of the divestment
under the agreement was finally achieved on July 3, 2025, having fulfilled the applicable regulatory conditions, an additional result of EUR 27
million was recognized through the income statement, mainly corresponding to the interest accrued since the announcement of the transaction
(EUR 28 million), reported as Other net financial income/(expense) through the consolidated income statement (Note 2.5) together with the
translation differences and the hedging impact associated with these translation differences.
Highways
Acquisition of an additional 5.06% stake in 407 ETR from AtkinsR\u00e9alis
On June 6, 2025, Ferrovial completed the previously-announced acquisition of an additional 5.06% stake in the Canadian highway company
from affiliates of the AtkinsR\u00e9alis Group Inc. Ferrovial\u2019s amounted to CAD 1.99 billion (EUR 1.3 billion), increasing its total ownership of the 407
ETR from 43.23% to 48.29% (see Note 3.5).
As part of this acquisition, and in connection with the purchase price allocation exercise, the difference between the fair value of the 5.06% stake
acquired and its carrying amount at the acquisition date (EUR 1.50 billion), was fully allocated as an intangible asset. The investment in 407 ETR
continues to be accounted for under the equity method.
Construction
Acquisition of 100% of Powernet
On July 29, 2025, Ferrovial, through its subsidiary Ferrovial Construcci\u00f3n,S.A., acquired 100% of the shares of Powernet I,S.L.U (Powernet), a
company engaged in business on telecommunication and network engineering activities.
The difference between the net fair value of the identifiable assets and liabilities of Powernet and its carrying amount at the date of acquisition
(EUR 8 million) has been recognised as goodwill (note 3.1)..
Energy
Acquisition of Milano Solar, LLC
On June 30, 2025, via its subsidiary Ferrovial Energy US, LLC., Ferrovial acquired all issued and outstanding membership interests in Milano Solar,
LLC for USD 19 million, for the development, construction, financing, operation, and maintenance of a 250 MW solar photovoltaic facility, located
in Milam County, Texas, which is expected to operate for 40 years. This transaction has been categorized as an acquisition of assets and liabilities,
rather than a business combination, as the company did not have any staff or business activity. As part of the acquisition, the difference between
the net fair value of the company\u2019s identifiable assets and liabilities and its carrying amount at the date of acquisition, was fully allocated to the
intangible assets associated with project development works.
Other business
Sale of the entire Ferrovial mining services business in Chile
On June 27, 2025, Ferrovial completed the divestment of the services business in Chile to a Chilean company controlled by the partners of Scale
Capital. The total consideration reached EUR 28.5 million, of which EUR 17.9 million relates to a vendor loan note payable by the buyer over a
five-year period. Additionally, and as a result of the reorganization prior to the execution of the transaction, Ferrovial received EUR 13.2 million
from the divested business as a capital reduction, so the total cash received in relation to this divestment reached EUR 23.8 million. The
transaction generated a capital loss of EUR 14.1 million, mainly due to the recycling of translation differences through the income statement
previously recognized under Other Comprehensive Income (EUR -20 million).
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2025 amounted to EUR 258 million (EUR 238million in 2024 and EUR 215 million in 2023).
Set out below is a breakdown of the most significant companies:
Profit/(loss) of equity-accounted companies
(Million euro)
2025
2024
2023
407 ETR
217
188
154
JFK NTO
4
3
4
IRB
25
13
14
Private InvIT
-6
-8
\u2014
Other
18
42
43
TOTAL
258
238
215
Note 3.5 provides further details of these companies\u2019 profits/(losses).
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2025, 2024 and 2023 profit/(loss) attributed to non-controlling interests amounted to EUR -262 million, EUR -251 million and EUR -170
million, respectively.
These figures relate to the profits obtained by Group companies attributable to the company\u2019s other shareholders. The positive figures relate to
loss-making companies and the negative figures relate to profit-making companies.
(Million euro)
2025
2024
2023
NON-GROUP
Budimex Group
(91)
(77)
(83)
49.86%
Autop.Terrasa Manresa, S.A.
(9)
(8)
(8)
23.72%
LBJ Infraestructure Group
(31)
(28)
(20)
45.40%
NTE Mobility Partners
(58)
(59)
(60)
37.03%
NTE Mobility Partners Segments 3 LLC
(62)
(60)
(41)
46.33%
FAM Construction LLC
\u2014
9
34
30.00%
D4R7 Construction S.R.O.
2
3
(1)
35.00%
I-77 Mobility Partners
(10)
(9)
(12)
27.77%
I-66 Mobility Partners
(7)
3
16
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
5
(24)
7
40.00%
Webber United LLC
\u2014
\u2014
1
40.00%
Other companies
(1)
(2)
(3)
\u2014%
TOTAL
(262)
(251)
(170)
\u2014%
Investments in Associates
INVESTMENTS IN ASSOCIATES
(Million euro)
TOTAL 2025
TOTAL 2024
Balance at 12.31.24
3,023
2,038
Capital contribution
256
1,192
Share of profit/(loss)
258
238
Dividends
-492
-357
Foreign exchange differences
-385
60
Derivatives
18
20
Net investment / (net disposals)
1,273
\u2014
Other
4
-168
Balance at 12.31.25
3,955
3,023
During 2025, the investment in associates heading increased by EUR 932 million on the back of the additional 5.06% stake acquired in 407ETR
(EUR 1,273 million), the capital contributions in JFK NTO Airport (EUR 236 million), and the share of these companies\u2019 profits (EUR 258 million),
highlighting the 407 ETR results (EUR 217 million), partially offset by the negative exchange rate impact, derived from depreciation of the Indian
rupee, Canadian dollar and US dollar (EUR -385 million).
During 2024, the investments in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR
469 million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.4, and the share of these companies\u2019 profits
(EUR 238 million), particularly the 407 ETR's results (EUR 188 million). Also worth mentioning is the effect on other movements of the 5% stake
divestment in IRB Infrastructure Developers (EUR -77 million), the availability concession assets sold to Interogo Holding in October 2024 (EUR -70
million), and the sale of 24.78% stake in Grupo Serveo (EUR -21 million), partially offset by the derivatives impact (EUR 20).
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in 407 ETR (48.29%), IRB (19.86%), Private InvIT (23.99%) and JFK NTO (49%) are presented
separately. The following tables show the main items that explain the variation in these investments:
2025 (Million euro)
407 ETR (48.29%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL 2025
Balance at 12.31.24
778
315
704
1,006
220
3,023
Capital contribution
-
-
-
236
20
256
Share of profit/(loss)
217
25
(6)
4
18
258
Dividends
(452)
(2)
(5)
-
(33)
(492)
Foreign exchange differences
(90)
(50)
(108)
(128)
(9)
(385)
Derivatives
-
3
-
10
5
18
Net investment / (net disposals)
1,273
-
-
-
-
1,273
Other
(1)
-
6
-
(1)
4
Balance at 12.31.25
1,725
291
591
1,128
220
3,955
2024 (Million euro)
407 ETR
(43.23%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL 2024
Balance at 12.31.23
928
376
-
471
263
2,038
Capital contribution
-
-
710
469
13
1,192
Share of profit/(loss)
188
13
(8)
3
42
238
Dividends
(321)
(6)
(4)
-
(26)
(357)
Foreign exchange differences
(17)
16
6
54
1
60
Derivatives
-
(4)
-
9
15
20
Other
-
(80)
-
-
(88)
(168)
Balance at 12.31.24
778
315
704
1,006
220
3,023
During 2025, investments in associates increased by EUR 932 million on the back of the additional 5.06% stake acquired in 407 ETR (EUR 1,273
million), the capital contributions in JFK NTO Airport (EUR 236 million) and the share of these companies\u2019 profits (EUR 258 million), highlighting
results of 407 ETR (EUR 217 million), partially offset by the negative foreign exchange differences in Canada, India and the US (EUR -385 million).
3.5.1. Disclosures relating to 407 ETR
a. Balance sheet and income statement movements 2025-2024
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2025 for
the balance sheet and the income statement figures are provided in Note 1.4).
Balance sheet December 31, 2025 and December 31, 2024
407 ETR (100%) (million CAD)
Dec. 2025
Dec. 2024
Var. 25/24
Non-current assets
4,602
4,594
8
Fixed assets in infrastructure projects
3,882
3,921
(39)
Non-current financial assets
673
611
62
Deferred taxes
47
62
(15)
Current assets
1,213
1,163
50
Short-term trade and other receivables
465
443
22
Cash and cash equivalents
748
720
28
Total assets
5,815
5,757
58
Equity
(6,890)
(6,199)
(691)
Non-current liabilities
11,962
11,309
653
Borrowings
11,383
10,716
667
Deferred taxes
579
593
(14)
Current liabilities
743
647
96
Borrowings
548
514
34
Short-term trade and other payables
195
133
62
Total liabilities
5,815
5,757
58
As mentioned above, Ferrovial completed the acquisition of an additional 5.06% stake in the Canadian highway from affiliates of AtkinsR\u00e9alis
Group Inc. Ferrovial's total investment reached CAD 1.99 billion (EUR 1.3 billion), increasing its total ownership of the 407 ETR from 43.23% to
48.29%. As part of this acquisition, and in connection with the purchase price allocation exercise, the difference between the fair value of the
5.06% stake acquired and its carrying amount at the acquisition date (EUR 1.5 billion) was fully allocated as an intangible asset.
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2025 compared to the previous year:
Equity
Equity fell by CAD -691 million with respect to the previous year, primarily due to the payment of CAD 1,500 million in dividends to shareholders,
which was offset by the profit for the year of CAD 811 million.
The percentage share of the subsidiary\u2019s shareholders\u2019 funds does not reflect the consolidated carrying amount of the ownership interest, since
the latter also includes the amount of the fair value remeasurement of the investment retained following the divestment of a 10% ownership
interest in this company in 2010, recognized as an increase in the investment\u2019s value, the goodwill that arose in 2009 as a result of the merger of
the parent holding company of the group and the holding company that owned the stake in the concession, and also the 2025 impact as a
consequence of an intangible asset recorded following the purchase price allocation exercise performed for the additional 5.06% stake
acquisition mentioned above.
Therefore, in order to obtain the consolidated carrying amount at Ferrovial, it is necessary to increase the figure for 48.29% of shareholders\u2019
funds presented above (CAD -3,327 million) by the amounts of the aforementioned gain and of the goodwill of 2010 and 2009 (CAD 3,816
million) and the intangible assets recognized in 2025 (CAD 2,289 million), reaching a total of CAD 2,778 million which, translated at the year-end
exchange rate (EUR 1 = CAD 1.60998), is equivalent to the investment of EUR 1,725 million.
As shown in the table at the beginning of this note, the value of the interest in this company increased from EUR 778 million to EUR 1,725 million,
mainly as a result of the additional 5.06% stake acquired (EUR 1,273 million), and the profit generated during the year (EUR 217 million for
Ferrovial\u2019s stake), which was partially offset by the dividend pay-out during the period (EUR (452) million) and the exchange rate impact (EUR (90)
million).
Borrowings
Overall financial debt (short and long term) increased in relation to December 2024 by CAD 701 million due to issuance of new senior debt.
Income statement December 31, 2025 - December 31, 2023
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 31, 2025, December 31, 2024
and December 31, 2023:
407 ETR (100%) (million CAD)
Dec. 25
Dec. 24
Dec.23
Operating income
2,009
1,705
1,495
Operating expenses
(322)
(228)
(212)
Fixed asset depreciation
(110)
(106)
(97)
Operating profit/(loss)
1,577
1,372
1,187
Net financial income/(expense)
(472)
(429)
(412)
Profit/(loss) before tax
1,105
942
775
Corporate income tax
(294)
(250)
(208)
Net profit/(loss)
811
692
567
Profit/(loss) attributable to Ferrovial (million CAD)
351
299
245
Intangible asset amortization adjustment (CAD million)
(35)
(21)
(21)
Adjusted net profit/(loss) attributable to Ferrovial (million CAD)
316
278
225
Adjusted net profit/(loss) attributable to Ferrovial (million Euro)
213
188
154
It should be noted that the profit/(loss) attributable to Ferrovial also includes depreciation recognized over the concession term on the
remeasurement recognized, following the loss of control of the company as a result of the above-mentioned 2010 sale and the purchase of the
5.06% stake in 2025.
3.5.2.Disclosures relating to JFK NTO LLC
On June 10, 2022, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, which will remodel, build, finance, operate and
maintain the facilities of the New Terminal One at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect. Ferrovial holds a 49%
indirect ownership interest in the project.
The shareholders made a commitment to inject share capital of USD 2,330 million, of which Ferrovial will contribute USD 1,142 million. At
December 31, 2025, USD 2,180 million had been invested (USD 1,068 million relates to Ferrovial, of which USD 267 million (EUR 236 million) was
invested in 2025).
Ferrovial agreed with the Carlyle Group to pay off an earn-out should Carlyle divest its outstanding 4% interest in Mars NTO LLC. This earn-out
payment would be triggered if Carlyle were to transfer its stake either to a third party or to Ferrovial. This payment depends on the value creation
from the project. An estimation of the earn-out payment was included in our valuation of the investment as presented in the 2022 financial
statements. Any future changes in the valuation of the earn-out will affect our income statement.
The company's consolidated IFRS balance sheet is disclosed in the table below:
Balance sheet December 31, 2025 and December 31, 2024
JFK (100%) Million USD
Dec. 2025
Dec. 2024
Non-current assets
10,413
8,330
Intangible assets
10,410
8,067
Non-current financial assets
3
180
Long-term financial derivatives at fair value
\u2014
83
Current assets
2,587
2,510
Debtors and other short-term accounts receivable
67
275
Cash and cash equivalents
611
251
Other short-term financial assets
1,909
1,984
Total assets
13,000
10,840
Equity
2,572
1,994
Share capital
2,180
1,635
Share of profit/(loss)
49
40
Other Comprehensive Income
343
319
Non-current liabilities
9,868
8,504
Bonds and debts - infrastructure projects
5,971
4,654
Other long-term debts
3,897
3,850
Current liabilities
560
342
Creditors and other short-term accounts payables
560
342
Total liabilities
13,000
10,840
JFK NTO's main assets and liabilities are described below:
\u2022 Intangible assets, which fundamentally comprise:
\u2013 Concession assets (USD 6,215 million in 2025 and USD 3,971 million in 2024), including all the expenses necessary to obtain the concession
contract, as well as the project\u2019s construction and development costs.
\u2013 Payments to the Port Authority (USD 4,195 million in 2025 and USD 4,096 million in 2024), reflecting the present value of the future
payments, throughout the concession period, for the acquisition of the concession. Also, a liability of the same amount was initially
recorded, corresponding to the value of the future payment obligations, under financial debt in non-current liabilities (\u201cOther long-term
debts\u201d).
\u2022 Long-term borrowings (USD 5,971 million in 2025 and USD 4,600 million in 2024) explained mainly by:
\u2013 USD 2,000 million nominal amount of Munibonds issued on December 6, 2023. A portion of the issuance (USD 800 million) was insured
by Assured Guaranty Municipal Corp. (\u201cAGM\u201d).
\u2013 USD 2,550 million nominal amount of green bonds issued on June 18, 2024. A portion of the issuance (USD 800 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 4.65% at a weighted average maturity
of 30 years.
\u2013 USD 1,367 million nominal amount of green bonds issued on July 16, 2025. A portion of the issuance (USD 600 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 5.48% at a weighted average maturity
of 28 years.
\u2022 Other short-term financial assets (USD 1,909 million in 2025 and USD 1,984 million in 2024) correspond to treasury bills, treasury notes and
state and local government securities, aligned with the NTO reinvestment strategy, using the cash obtained from the above-mentioned bond
issuance.
\u2022 In addition, JFK NTO contracted interest rate swaps (IRS) associated with the project's bank borrowings and future debt issuances, for a
notional amount of USD 645 million in 2024, which have been treated as effective cash flow hedges and were cleared during 2025. During
the year, there was an impact of USD 26 million on the company's reserves (EUR 10 million at Ferrovial's ownership interest).
\u2022 Equity (USD 2,572 million in 2025 and USD 1,994 million in 2024). Movements in equity are primarily explained by capital contributions under
this same heading in the amount of USD 545 million and USD 26 million reflecting the effect on reserves of the change in market value of the
derivative associated with current debt since the acquisition date..
3.5.3 Disclosures relating to IRB
As indicated in Ferrovial\u2019s 2021 consolidated financial statements, the Group (through Cintra) acquired a 24.86% stake in the Indian listed
company IRB Infrastructure Developers Ltd (IRB) on December 29, 2021. On June 11, 2024, Ferrovial, through its subsidiary Cintra, completed the
sale of its 5% stake in IRB, so the actual stake in the company stood at 19.86%.
The price of IRB\u2019s stock at December 31, 2025 was INR (Indian Rupee) 42.05 per share (57.24 at December 31, 2024).
The company's fiscal year runs from April through March. IRB\u2019s latest available audited financial statements are dated March 2025. IRB
contributed a profit of EUR 25 million to Ferrovial for the period from January to December 2025.
IRB only reports its consolidated balance sheet to the market at end-March and end-September. The balance sheet at December 2025 set out
below is based on the balance sheet reported by IRB at September 2025, adjusted by (i) distributions to unit holders and results reported by IRB,
excluding the impact of measuring at fair value through profit and loss account some investments that Ferrovial maintains as equity investments,
and (ii) Ferrovial's purchase price allocation adjustments:
IRB (100%) Million INR
Dec. 25
Dec.24
Non-current assets
438,952
405,626
Current assets
55,198
46,158
Total assets
494,150
451,784
Equity
154,494
141,663
Non-current liabilities
300,191
273,464
Current liabilities
39,465
36,657
Total liabilities
494,150
451,784
Group's share in equity (19.86% and 24.86% post and pre-sale, respectively)
30,682
28,141
Group's share in equity (Million EUR)
291
315
The following table illustrates the summarized income statement as reported by IRB, excluding the impact of measuring at fair value through the
profit and loss account, some investments that Ferrovial maintains as equity investments, and adjusted for Ferrovial\u2019s purchase price allocation
adjustments:
IRB (100%) Million INR
Dec. 25
Dec.24
Revenue
66,460
72,806
Profit for the year (continuing operations)
12,363
5,096
Other comprehensive income
1,453
(1,440)
Total comprehensive income
13,816
3,656
Group's share in profits (19.86% and 24.86% post and pre-sale, respectively)
2,455
1,534
Group's share in profits (Million EUR)
25
13
3.5.4. IRB Infrastructure Trust (Private InvIT)
On June 13, 2024, Ferrovial, through its highway subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary
of IRB Infrastructure Developers (IRB), in which Ferrovial held a 19.86% ownership interest as mentioned previously. Considering the 51% indirect
ownership interest which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
Private InvIT held a portfolio of 14 highway concessions in India with a committed pipeline of one additional concession. This investment
amounted to EUR 652 million (considering an exchange rate of 90.2 EUR/INR).
The consolidated IFRS balance sheet integrated by Ferrovial of Private InvIT is summarized in the table below.
Private InvIT only reports its consolidated balance sheet to the market at end-March and end-September. The balance sheet below for December
31, 2025 is based on the balance sheet reported by Private InvIT for September 2025; whereas the balance sheet below for December 2024 is
based on the balance sheet reported by Private InvIT for September 2024. Both have been adjusted by (i) distributions to unit holders and results
reported by Private InvIT for the last quarter of each period, and (ii) Ferrovial's purchase price allocation adjustments. The acquisition of 80.4% of
the Ganga project is included in 2025, with an impact on non-controlling interests in 2025, since there was no detailed balance sheet information
available in 2024.
Private InvIT (100%) Million INR
Dec.25
Dec.24
Fair Value recognized on
acquisition
Jun.24
Non-current assets
492,550
536,192
537,578
Current assets
67,837
15,719
13,799
Total assets
560,387
551,911
551,377
Equity attributable to shareholders
259,701
240,784
245,257
Equity
261,022
240,784
245,257
Non-current liabilities
285,844
297,474
294,852
Current liabilities
13,521
13,653
11,268
Total liabilities and equity
560,387
551,911
551,377
Group's share in equity (23.99%)
62,308
57,769
58,842
Group's share in equity (23.99%) Million EUR
591
646
652
Ganga Acquisition (Million EUR)
\u2014
58
\u2014
Group's share in equity including Ganga acquisition (23.99%)
Million EUR
591
704
652
The following table illustrates the summarized income statement included in these audited consolidated accounts, which covers the 12 month-
period from January 2025 to December 2025 for December 2025; and the 6 month-period from the acquisition to December 31, 2024 for
December 2024, both as reported by Private InvIT and adjusted by Ferrovial's purchase price allocation adjustments:
Private InvIT (100%) Million INR
Dec.25
Dec.24
Revenue
64,345
22,040
Profit for the year (continuing operations)
(2,539)
(3,131)
Total comprehensive income
(2,539)
(3,131)
Group's share in loss (23.99%)
(609)
(751)
Group's share in loss (23.99%) Million EUR
(6)
(8)
3.5.5. Other disclosures relating to associates
a) Movements relating to the remaining associates
Appendix I to the 2025 consolidated financial statements includes a list of ownership interests in equity-accounted companies, including names,
countries of incorporation, business segments, shareholding percentages, aggregate assets and liabilities, revenue and profit/(loss) for the year.
A summary is presented in the following table:
Million euro
2025
2024
Madrid Calle 30 and Empresa Mant. y Explotaci\u00f3n M30
1
22
Riverlinx Limited \u2013 Silvertown Tunnel
60
65
Netflow OSARS (Western)
34
38
Ruta del Cacao
34
27
Sociedad Concesionaria Anillo Vial
29
14
Zero Bypass
21
13
FMM Company LLC
15
18
Nexus Infr. Unit Trust
9
10
Other
17
13
TOTAL
220
220
b) Other information
There are no significant restrictions on the capacity of associates to transfer funds to the parent company in the form of dividends, debt
repayments or advances, other than such restrictions as might arise from the financing agreements of those associates or from their own financial
position, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group.
There are no significant companies in which the ownership interest exceeds 20% that are not equity-accounted.
The guarantees provided by Group companies to equity-accounted companies are described in Note 6.5.2.
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2025 and 2024, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were
as follows:
At December 31, 2025:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
HIGHWAYS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The financial highlights of the most significant Group companies in which there are non-controlling interests are as follows:
2025
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
565
145
420
29
LBJ Infrastructure Group Holding LLC
1,931
2,204
(274)
37
NTE Mobility Partners Holding LLC
1,886
1,910
(25)
98
NTE Mobility Partners SEG 3 Holding LLC\u00a0
1,861
1,687
174
72
I-77 Mobility Partners, LLC
621
613
8
26
I-66 Mobility Partners, LLC
5,447
2,398
3,050
9
Budimex
1,952
1,580
372
90
Dalaman
659
383
276
(7)
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2025 were as follows:
Company
(Million euro)
Balance at
12.31.2024
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2025
Autopista Terrassa-Manresa, S.A.
103
9
\u2014
\u2014
(12)
\u2014
\u2014
100
LBJ Infrastructure Group Holding LLC
(120)
31
\u2014
15
(49)
\u2014
(1)
(124)
NTE Mobility Partners Holding LLC
4
58
\u2014
\u2014
(71)
\u2014
\u2014
(9)
NTE Mobility Partners Segments 3 LLC
126
62
(6)
(14)
(88)
\u2014
1
81
I-77 Mobility Partners, LLC
5
10
\u2014
\u2014
(13)
\u2014
\u2014
2
I-66 Mobility Partners, LLC
1,595
7
\u2014
(186)
(57)
\u2014
(1)
1,358
FAM Construction LLC (I-66)
14
\u2014
\u2014
(2)
\u2014
6
\u2014
18
Budimex
196
91
\u2014
3
(77)
(1)
1
213
Dalaman
109
(5)
\u2014
\u2014
\u2014
\u2014
\u2014
104
Others
13
(1)
(1)
(2)
(1)
1
5
14
TOTAL
2,045
262
(7)
(186)
(368)
6
5
1,757
The heading \u201cShare capital increase\u201d reflects the impact of the increase in funds attributable to non-controlling interests of FAM Construction LLC
amounting to EUR 6 million.
At December 31, 2024:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
HIGHWAYS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The main financial statement aggregates of the most significant Group companies in which other shareholders own interests are as follows:
2024
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
573
138
436
25
LBJ Infrastructure Group Holding LLC
2,197
2,462
(265)
33
NTE Mobility Partners Holding LLC
2,128
2,117
11
101
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,129
1,857
272
70
I-77 Mobility Partners, LLC
708
688
20
23
I-66 Mobility Partners, LLC
6,276
2,676
3,600
(4)
Budimex
1,907
1,565
342
74
Dalaman
717
428
289
35
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2024 were as follows:
Company
(Million euro)
Balance at
12.31.2023
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2024
Autopista Terrassa-Manresa, S.A.
93
8
2
\u2014
\u2014
\u2014
\u2014
103
LBJ Infrastructure Group Holding LLC
(96)
28
\u2014
(7)
(45)
\u2014
\u2014
(120)
NTE Mobility Partners Holding LLC
5
59
\u2014
\u2014
(61)
\u2014
1
4
NTE Mobility Partners Segments 3 LLC
131
60
2
8
(75)
\u2014
\u2014
126
I-77 Mobility Partners, LLC
74
9
\u2014
2
(79)
\u2014
(1)
5
I-66 Mobility Partners, LLC
1,571
(3)
\u2014
101
(70)
\u2014
(4)
1,595
FAM Construction LLC (I-66)
\u2014
(9)
\u2014
2
\u2014
22
(1)
14
Budimex
234
77
\u2014
\u2014
(111)
\u2014
(4)
196
Dalaman
86
24
(1)
\u2014
\u2014
\u2014
\u2014
109
Others
15
(2)
1
\u2014
(5)
\u2014
4
13
TOTAL
2,113
251
4
106
(446)
22
(5)
2,045
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
CONTINUING OPERATIONS
HEADQUARTERS
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
Ferrovial Corporaci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
Ferrofin, S.L. (a)
Ferrovial SE
100.0%
Ferrovial Mobility, S.L. (a)
Ferrovial SE
100.0%
Temauri, S.L. (a)
Ferrovial SE
100.0%
Ferrovial 011, S.A.
Ferrovial SE
100.0%
Ferrovial 012, S.A.
Ferrovial SE
100.0%
Ferrovial 013, S.A.
Ferrovial SE
100.0%
Ferrovial 014, S.A.
Ferrovial SE
100.0%
Ferrovial 015, S.L.
Ferrovial SE
100.0%
Ferrovial 016, S.L.
Ferrovial SE
100.0%
Ferrovial 017, S.L.
Ferrovial SE
100.0%
Ferrovial Venture VI, S.A.U. (a)
Ferrovial SE
100.0%
Ferrovial Ventures, S.A.U. (a)
Ferrovial SE
100.0%
UNITED KINGDOM (Registered Office: Oxford)
\u00a0
Ferrocorp UK, Ltd.
Ferrovial SE
100.0%
UNITED KINGDOM (Registered Office: London)
\u00a0
Ferrovial Ventures, Ltd.
Ferrovial SE
100.0%
LUXEMBOURG (Registered Office: Luxembourg)
\u00a0
Krypton RE, S.A.
Ferrovial SE
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Landmille US, LLC
Ferrovial Holding US Corp
100.0%
UNITED STATES (Registered Office: New York)
\u00a0
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
CONSTRUCTION
GERMANY (Registered Office: Cologne)
\u00a0
Budimex Bau GmbH
Mostostal Krak\u00f3w S.A.
100.0%
RailBX GmbH
Budimex, S.A.
100.0%
ARABIA (Registered Office: Riyadh)
\u00a0
Ferrovial Agroman Company *
Ferrovial Construcci\u00f3n, S.A.
97.5%
AUSTRALIA (Registered Office: Sidney)
\u00a0
Ferrovial Construction Australia PTY LTD
Ferrovial Construction Holding Limited
100.0%
TSRC O&M PTY LTD
Ferrovial Construction Australia PTY LTD
50.0%
BRASIL (Registered Office: Bela Vista, Sao Paulo)
\u00a0
Constructora Ferrovial Brasil Ltd. *
Ferrovial Construction International SE
99.0%
CANADA (Registered Office: Alberta)
\u00a0
Webber Infrastructure Management Alberta Ltd
Webber Infrastructure Management Canada
Holdings Ltd
100.0%
CANADA (Registered Office: Markham - Ontario)
\u00a0
Ferrovial Construction Canada Inc.
Ferrovial Construction International SE
100.0%
Ontario Transit FCCI (Hold Co) Inc.
Ferrovial Construction Canada Inc.
100.0%
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada
Holdings Ltd
100.0%
CANADA (Registered Office: Toronto)
\u00a0
Webber Infrastructure Management Canada Holdings Ltd
Ferrovial Construction International SE
100.0%
CHILE (Registered Office: Santiago de Chile)
\u00a0
Constructora Ferrovial Ltda. *
Ferrovial Empresa Constructora Ltda.
97.2%
Ferrovial Construcci\u00f3n Chile S.A.
Ferrovial Empresa Constructora Ltda.
100.0%
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International SE
100.0%
Ferrovial Energ\u00eda Construcci\u00f3n SpA
Ferrovial Energ\u00eda, S.A.
100.0%
COLOMBIA (Registered Office: Bogot\u00e1)
\u00a0
Ferrovial Construcci\u00f3n Colombia, SAS
Ferrovial Construction International SE
100.0%
SLOVAKIA (Registered Office: Bratislava)
\u00a0
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
Ferrovial Construction Slovakia S.R.O. *
Ferrovial Construction Holding Limited
99.0%
Budimex Slovakia S.R.O.
Budimex, S.A.
100.0%
SPAIN (Registered Office: Barcelona)
\u00a0
Conc. Prisiones Lledoners, S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A.
100.0%
SPAIN (Registered Office: Bilbao)
\u00a0
Cadagua, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
99.95%
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)*
Ferrovial Construcci\u00f3n, S.A.
99.95%
Ditecpesa, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
99.95%
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A.
99.0%
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0 *
Ferrovial SE
99.99%
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
Ferrovial Construcci\u00f3n, S.A.
99.95%
Ferrovial Railway S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
98.8%
Urbaoeste, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
99.0%
Cimentaciones Especiales y Estructurales CIMSA, S.A. *
Ferrovial Construcci\u00f3n, S.A.
99.0%
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A.
100.0%
Tecpresa Structural Solutions, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
99.1%
Powernet I, S.L.U.
Ferrovial Construcci\u00f3n, S.A.
100.0%
SPAIN (Registered Office: Zaragoza)
\u00a0
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A.
51.7%
Ferrovial Construcci\u00f3n, S.A.
42.3%
UNITED STATES (Registered Office: Atlanta)
\u00a0
Ferrovial Construction East, LLC
Ferrovial Construction US Corp.
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Agroman Indiana, LLC
Ferrovial Construction US Corp.
100.0%
Ferrovial Construction Texas, LLC
Ferrovial Construction US Corp.
100.0%
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp
100.0%
Grand Parkway Infrastructure, LLC
Ferrovial Construction Texas, LLC
40.0%
DBW Construction, LLC
30.0%
Ferrovial Energy Solutions, LLC
Ferrovial Energy US, LLC
100.0%
Webber Infrastructure Management US Inc.
Webber, LLC
100.0%
Webber Infrastructure Management Inc.
Webber Infrastructure Management US Inc.
100.0%
Webber Infrastructure Management Holding US Corp
Ferrovial Holding US Corp
100.0%
Ferrovial Construction JFK T1, LLC
Ferrovial Construction US Corp.
100.0%
Tecpresa Structural Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
UNITED STATES (Registered Office: Charlotte)
\u00a0
Sugar Creek Construction, LLC
Ferrovial Construction East, LLC
70.0%
UNITED STATES (Registered Office: Dallas)
\u00a0
Trinity Infrastructure, LLC
Ferrovial Construction Texas, LLC
60.0%
DBW Construction, LLC
40.0%
UNITED STATES (Registered Office: Fort Worth)
\u00a0
North Tarrant Infrastructure, LLC
Ferrovial Construction Texas, LLC
75.0%
DBW Construction, LLC
25.0%
UNITED STATES (Registered Office: Georgia)
\u00a0
North Perimeter Contractors, LLC
Ferrovial Construction East, LLC
100.0%
Webber - United, LLC
Webber, LLC
60.0%
UNITED STATES (Registered Office: Los Angeles)
\u00a0
California Rail Builders, LLC
Ferrovial Construction West, LLC
80.0%
Ferrovial Construction West, LLC
Ferrovial Construction US Corp.
100.0%
UNITED STATES (Registered Office: North Richland Hills)
\u00a0
Bluebonnet Contractor, LLC
Ferrovial Construction Texas, LLC
60.0%
DBW Construction, LLC
40.0%
UNITED STATES (Registered Office: The Woodlands)
\u00a0
DBW Construction, LLC
Webber, LLC
100.0%
Webber Waterworks, LLC
Webber, LLC
100.0%
Webber Materials, LLC
Webber Equipment & Materials, LLC
100.0%
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
Webber Barrier Services, LLC
Webber, LLC
100.0%
Webber Commercial Construction, LLC
Webber, LLC
100.0%
Webber Equipment & Materials, LLC
Webber, LLC
100.0%
Webber Management Group, LLC
Webber Equipment & Materials, LLC
100.0%
52 Block Builders, LLC
Webber Commercial Construction, LLC
100.0%
UNITED STATES (Registered Office: Virginia)
\u00a0
FAM Construction, LLC
Ferrovial Construction US Corp.
70.0%
FRANCE (Registered Office: Paris)
\u00a0
Ferrovial Construction France
Ferrovial Construction International SE
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Ferrovial Construction International SE
Ferrovial SE
100.0%
IRELAND (Registered Office: Dublin)
\u00a0
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holding Limited
100.0%
MEXICO (Registered Office: M\u00e9xico DF)
\u00a0
Cadagua Ferr. Industrial Mexico
Cadagua, S.A.
75.1%
Ferrovial Medio Ambiente y Energ\u00eda, S.A.
24.9%
NEW ZEALAND (Registered Office: Wellington)
\u00a0
Ferrovial Construction (New Zealand) Limited
Ferrovial Construction Australia PTY LTD
100.0%
PERU (Registered Office: Lima)
\u00a0
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C. *
Ferrovial Construction International SE
99.99%
POLAND (Registered Office: Cracow)
\u00a0
Mostostal Krak\u00f3w S.A.
Budimex, S.A.
100.0%
Mostostal Krak\u00f3w Energetyka sp. z o.o.
Mostostal Krak\u00f3w S.A.
100.0%
Fotowoltaika HIG XIV Sp. z o.o. \u00a0
Budimex, S.A.
100.0%
POLAND (Registered Office: Kamie\u0144sk)
\u00a0
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
FBSerwis Zielony Kamie\u0144sk Sp. z o.o.
FBSerwis Kamie\u0144sk Sp. z o.o.
100.0%
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
\u00a0
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Zielony Wroc\u0142aw Sp. z o.o.
FBSerwis Wroc\u0142aw Sp. z o.o.
100.0%
POLAND (Registered Office: \u015acinawka Dolna)
\u00a0
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Zielony Dolny \u015al\u0105sk Sp. z o.o.
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
100.0%
POLAND (Registered Office: Tarn\u00f3w)
\u00a0
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Zielona Karpatia Sp. z o.o.
FBSerwis Karpatia Sp. z o.o.
100.0%
POLAND (Registered Office: Warsaw)
\u00a0
Budimex, S.A.
Ferrovial Construction International SE
50.1%
Bx Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
Bx Kolejnictwo SA
Budimex, S.A.
100.0%
Budimex Parking Wroc\u0142aw Sp. z o.o.
P
Budimex, S.A.
51.0%
FBSerwis SA
Budimex, S.A.
100.0%
FBSerwis A Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis B Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Odbi\u00f3r Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Paliwa Alternatywne Sp. z o.o.
FBSerwis SA
100.0%
JZE Sp. z o.o.
FBSerwis SA
100.0%
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
FBSerwis Zawisty Sp. z o.o
100.0%
Konstalex Sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
Budimex Most Wschodni S.A.
Budimex, S.A.
100.0%
Circular Construction SA
Budimex Most Wschodni SA
100.0%
Magnolia Energy Sp. z o.o.
P
Budimex, S.A.
100.0%
Budimex PPP SA
Budimex, S.A.
100.0%
Budimex F Sp. z o.o.
Budimex, S.A.
100.0%
Budimex A\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
Budimex O\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
Budimex P\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
Budimex R\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
Budimex D\u00a0 Sp. z o.o.
Budimex, S.A.
76.0%
Budimex SA Sygnity SA sj
Budimex, S.A.
67.0%
Budimex SA Cadagua SA IV sc
Budimex, S.A.
99.9%
Budimex SA Cadagua SA V sc
Budimex, S.A.
99.9%
Budimex SA Tecnicas Reunidas SA - Tur\u00f3w s.c.
Budimex, S.A.
50.0%
Green Waste Management 5 Sp. z o.o.
FBSerwis SA
100.0%
Green Waste Management 6 Sp. z o.o.
FBSerwis SA
100.0%
PUERTO RICO (Registered Office: San Juan)
\u00a0
Ditecpesa PR, LLC
Ferrovial Construction International SE
100.0%
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International SE
100.0%
UNITED KINGDOM (Registered Office: London)
\u00a0
Ferrovial Construction (UK) Limited
Ferrovial Construction Holding Limited
100.0%
Ferrovial Construction Holdings Limited
Ferrovial Construction International SE
100.0%
FC Civil Solutions Limited
Ferrovial Construction Holding Limited
100.0%
HIGHWAYS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial SE
100.0%
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Infraestructuras Espa\u00f1a, S.L.
100.0%
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Inversora Autopistas de Catalu\u00f1a, S.L.
100.0%
Cintra Inversiones, S.L.U. (a)
Cintra Infraestructuras Espa\u00f1a, S.L.
100.0%
Cintra Servicios de Infraestructuras, S.A. (a) *
Cintra Infraestructuras Espa\u00f1a, S.L.
99.99%
Roland Servicios Empresariales, S.L.U.
Ferrovial Mobility, S.L.
100.0%
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a, S.L.
100.0%
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Ferrovial Construcci\u00f3n, S.A.
55.0%
Cintra Infraestructuras Espa\u00f1a, S.L.
30.0%
Ferrovial SE
15.0%
Ferrovial Aravia, S.A.
P
Ferrovial Construcci\u00f3n, S.A.
55.0%
Cintra Infraestructuras Espa\u00f1a, S.L.
30.0%
Ferrovial SE
15.0%
SPAIN (Registered Office: Barcelona)
\u00a0
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L.
76.3%
AUSTRALIA (Registered Office: Melbourne)
\u00a0
Cintra OSARS (Western) Holdings Unit Trust
Cintra OSARS Western Ltd
100.0%
Cintra OSARS Western Unit Trust
Cintra OSARS (Western) Holdings Unit Trust
100.0%
AUSTRALIA (Registered Office: Sydney)
\u00a0
Cintra Developments Australia PTY Ltd
Cintra Infrastructures UK Ltd
100.0%
Cintra OSARS (Western) Holdings PTY Ltd
Cintra OSARS Western Ltd
100.0%
Cintra OSARS Western PTY Ltd
Cintra OSARS (Western) Holdings PTY Ltd
100.0%
CANADA (Registered Office: Toronto)
\u00a0
Cintra 4352238 Investments Inc.
407 Toronto Highway B.V.
100.0%
CANADA (Registered Office: Vancouver)
1568417 B.C.
Cintra 1535145 Investments
100.0%
COLOMBIA (Registered Office: Bogot\u00e1)
\u00a0
Cintra Infraestructuras Colombia, S.A.S. (a)
Cintra Global SE
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Holding US Corp
Cintra Global SE
100.0%
Ferrovial Mobility US, LLC
Ferrovial Holding US Corp
100.0%
Cintra Holding US Corp
Ferrovial Holding US Corp
100.0%
Cintra Texas Corp
Cintra Holding US Corp
100.0%
Cintra US Services, LLC
Cintra Texas Corp
100.0%
Cintra ITR LLC\u00a0 *
Cintra Holding US Corp
49.0%
Ferrovial Construction US Corp.
44.0%
Cintra LBJ, LLC
Cintra Holding US Corp
100.0%
Cintra NTE, LLC
Cintra Holding US Corp
100.0%
Cintra NTE Mobility Partners Segments 3, LLC
Cintra Holding US Corp
100.0%
Cintra Toll Services, LLC
Cintra Holding US Corp
100.0%
Cintra I-77 Mobility Partners, LLC
Cintra Holding US Corp
100.0%
Cintra 2 I-77 Mobility Partners, LLC
Cintra Holding US Corp
100.0%
Cintra 2 I-66 Express Mobility Partners, LLC
Cintra Holding US Corp
100.0%
I-66 Express Mobility Partners Holdings, LLC
P
Cintra 2 I-66 Express Mobility Partners, LLC
50.0%
I-66 Express Mobility Partners, LLC
P
I-66 Express Mobility Partners Holdings, LLC
100.0%
Cintra 3I-66 Express Mobility Partners, LLC
Cintra Holding US Corp
100.0%
Cintra 3 I-77 Mobility Partners, LLC
Cintra Holding US Corp
100.0%
Cintra Digital Business Ventures, LLC
P
Cintra Holding US Corp
100.0%
Cintra North Corridor Transit Partners, LLC
P
Cintra Holding US Corp
100.0%
Cintra 1535145 Investments
Cintra 4352238 Investments Inc.
100.0%
UNITED STATES (Registered Office: Charlotte)
I-77 Mobility Partners Holding, LLC
P
Cintra I-77 Mobility Partners, LLC
50.1%
Cintra 2 I-77 Mobility Partners, LLC
15.0%
Cintra 3 I-77 Mobility Partners, LLC
7.1%
I-77 Mobility Partners, LLC
P
I-77 Mobility Partners Holding, LLC
100.0%
UNITED STATES (Registered Office: Dallas)
\u00a0
LBJ Infrastructure Group Holding, LLC
P
Cintra LBJ, LLC
54.6%
LBJ Infrastructure Group, LLC
P
LBJ Infrastructure Group Holding, LLC
100.0%
UNITED STATES (Registered Office: North Richland Hills)
\u00a0
NTE Mobility Partners Holding, LLC
P
Cintra NTE, LLC
63.0%
NTE Mobility Partners, LLC
P
NTE Mobility Partners Holding, LLC
100.0%
NTE Mobility Partners Segments 3 Holding, LLC
P
Cintra NTE Mobility Partners Segments 3, LLC
53.7%
NTE Mobility Partners Segments 3, LLC
P
NTE Mobility Partners Segments 3 Holding, LLC
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Cintra Infrastructures SE
CIntra Global SE
100.0%
Cintra Global SE
Ferrovial SE
100.0%
407 Toronto Highway B.V.
Cintra Global SE
100.0%
Cintra INR Investments B.V.
Cintra Global SE
100.0%
Cintra Projects B.V.
Cintra Global SE
100.0%
Cintra IM Investments B.V.
Cintra Global SE
100.0%
Cintra INVIT Investments B.V.
Cintra Global SE
100.0%
Cintra Development B.V.
Cintra Global SE
100.0%
INDIA (Registered Office: Mumbai)
Ciinfra India Private Limited*
Cintra INR Investments B.V.
99.99%
PORTUGAL (Registered Office: Lisbon)
\u00a0
Vialivre, S.A.
P
Cintra Global SE
84.0%
UNITED KINGDOM (Registered Office: London)
\u00a0
Cintra Silvertown Ltd
Cintra Infrastructures UK Ltd
100.0%
UNITED KINGDOM (Registered Office: Oxford)
\u00a0
Cintra Infrastructures UK Ltd
Cintra Global SE
100.0%
Cintra Toowoomba Ltd
Cintra Infrastructures UK Ltd
100.0%
Cintra Slovakia Ltd
Cintra Global SE
100.0%
Cintra OSARS Western Ltd
Cintra Infrastructures UK Ltd
100.0%
CHILE (Registered Office: Santiago de Chile)
\u00a0
Cintra Infraestructuras Chile, S.p.A
Cintra Global SE
100.0%
PERU (Registered Office: LIMA)
\u00a0
Cintra Infraestructuras Per\u00fa, S.A.C*
Cintra Global SE
99.9%
DIGITAL INFRASTRUCTURES
SPAIN (Registered Office: Madrid)
\u00a0
Ferrovial MAD 01, S.A.
P
Ferrovial SE
100.0%
Ferrovial 008, S.L.U. (a)
P
Ferrovial SE
100.0%
Ferrovial 009, S.L.U. (a)
P
Ferrovial SE
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Ferrovial Digital Infrastructures B.V.
Ferrovial SE
100.0%
Ferrovial WAW 001 B.V.
Ferrovial Digital Infrastructures B.V.
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Digital Infrastructures US Hold. LLC
Ferrovial Holding US CORP
100.0%
POLAND (Registered Office: Warsaw)
\u00a0
Sien Real SP Zoo
P
Budimex, S.A.
50.0%
Ferrovial WAW 001 B.V.
50.0%
AIRPORTS
SPAIN (Registered Office: Madrid)
\u00a0
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
UNITED STATES (Registered Office: Denver)
\u00a0
Ferrovial Airports O&M Services, LLC
Ferrovial Airports Holding US Corp
100.0%
Ferrovial Airports US Terminal One, LLC
Ferrovial Airports Holding US Corp
100.0%
UNITED STATES (Registered Office: New York)
\u00a0
MARS NTO, LLC
Ferrovial Airports US Terminal One, LLC
96.1%
Ferrovial Airports CHS MSA, LLC
Ferrovial Airports Holding US Corp
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Hubco Netherlands B.V.
Ferrovial Airports International SE
100.0%
Ferrovial Airports FMM B.V.
Ferrovial Airports International SE
100.0%
Ferrovial Airports Turkey B.V.
P
Ferrovial Airports International SE
100.0%
UNITED KINGDOM (Registered Office: Oxford)
\u00a0
Ferrovial Airports International SE
Ferrovial SE
100.0%
TURKEY (Registered Office: Ankara)
\u00a0
YDA HAVALIMANI YATIRIM VE ISLETME A.S.
P
Ferrovial Airports Turkey B.V.
60.0%
ENERGY
SPAIN (Registered Office: Madrid)
\u00a0
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International B.V.
100.0%
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
Parque Solar Casilla, S.L.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Cea Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Jucar Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Pisuerga Infraestructuras Energ\u00e9ticas, S.A.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Ferrovial Growth VI, S.L. (a)
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Ferrovial 004, S.A. (a)
Ferrovial SE
100.0%
Siemsa Control y Sistemas, S.A.U. (a)
Ferrovial Energ\u00eda, S.A.
100.0%
Ferrovial Energ\u00eda, S.A. (a)
Ferrovial SE
100.0%
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructures Chile, SpA
Ferrovial Transco International B.V.
100.0%
Ferrovial Transco Chile II SpA
P
Ferrovial Power Infrastructures Chile, SpA
100.0%
Ferrovial Transco Chile III SpA
P
Ferrovial Transco International B.V.
100.0%
Ferrovial Transco Chile IV SpA
P
Ferrovial Power Infrastructures Chile, SpA
100.0%
Centella Transmisi\u00f3n, S.A. *
P
Ferrovial Power Infrastructures Chile, SpA
99.9%
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructures Chile, SpA
50.1%
Ferrovial Transco Chile III SpA
49.9%
Alto Huemul Transmisi\u00f3n SpA
P
Ferrovial Power Infrastructures Chile, SpA
100.0%
Alto Huemul II SpA
Ferrovial Power Infrastructures Chile, SpA
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Energy US, LLC
\u00a0
Ferrovial Holding US Corp
100.0%
Ferrovial Energy US 1, LLC
\u00a0
Ferrovial Energy US, LLC
100.0%
Misae Solar IV, LLC
P
Misae Solar IV Pledgor, LLC
100.0%
Misae Solar IV Class B HoldCo US Inc.
\u00a0
Ferrovial Energy US, LLC
100.0%
Ferrovial Energy HoldCo US Pledgor Inc.
\u00a0
Ferrovial Energy US, LLC
100.0%
Misae Solar IV Class B Pledgor, LLC*
Ferrovial Energy US, LLC
99.0%
Ferrovial Energy US Seller, LLC*
Ferrovial Energy US, LLC
99.0%
Misae Solar IV Class B Member, LLC\u00a0
P
Misae Solar IV Class B Pledgor, LLC
100.0%
Misae Solar IV TE HoldCo, LLC
P
Misae Solar IV Class B Member, LLC
100.0%
Misae Solar IV Pledgor, LLC
P
Ferrovial Energy US Seller, LLC
100.0%
Milano Solar, LLC
P
Ferrovial Energy US, LLC
100.0%
UNITED STATES (Registered Office: Delaware)
\u00a0
Ferrovial Energy Operations, LLC
\u00a0
Ferrovial Energy US, LLC
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Ferrovial EG SE
Ferrovial SE
100.0%
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
UNITED KINGDOM (Registered Office: London)
\u00a0
Thalia Waste Management Limited
\u00a0
Thalia Waste Treatment B.V.
100.0%
Thalia MK ODC Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia AWRP ODC Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia WB HoldCo Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia WB ODC Limited
\u00a0
Thalia WB HoldCo Limited
100.0%
Thalia WB Services Limited
\u00a0
Thalia WB ODC Limited
100.0%
Thalia WB SPV Limited
P
Thalia WB Services Limited
100.0%
Thalia IOW SPV Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia Services Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia MK HoldCo Limited
P
Thalia Waste Management Limited
100.0%
Thalia MK SPV Limited
\u00a0
Thalia MK HoldCo Limited
100.0%
Thalia IOW ODC Limited
\u00a0
Thalia Waste Management Limited
100.0%
POLAND (Registered Office: Warsaw)
\u00a0
BXF Energ\u00eda Sp. z.o.o.
Budimex, S.A.
51.0%
Ferrovial EG SE
49.0%
Azalia, Sp.z.o.o.
P
BXF Energ\u00eda SP ZOO
100.0%
AUSTRALIA (Registered Office: Sydney)
\u00a0
Ferrovial Energy PTY LTD
Ferrovial EG SE
100.0%
Ferrovial Energy Construction PTY LTD
Ferrovial Construction Australia PTY LTD
50.0%
Ferrovial Energy PTY LTD
50.0%
(a) Form part of the tax scope of Ferrovial SE and subsidiaries.
(*) The remaining percentage to complete 100% ownership in the company belongs to minority shareholders of the Ferrovial Group.
(P) Project Company.
Appendix I. Associates (equity-accounted companies) (million euro)
Entity
Type
Parent
% Owner.
V. Eq.
Method
Assets.
Liab.
Reven.
Results
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (HoldCo) Inc.
50.0%
0
1,141
1,173
585
0
SPAIN
Via Olmedo Pedralba, S.A.
Ferrovial Construcci\u00f3n, S.A.
25.2%
1
6
3
7
0
Boremer, S.A.
Cadagua, S.A.
49.8%
1
2
1
0
0
UNITED STATES
ConnectedWorks, LLC
Ferrovial Contruction US Holding Corp.
40.0%
2
5
0
0
0
POLAND
Promos Sp. z o.o.
Budimex, S.A.
12.8%
1
4
1
4
0
AUSTRALIA
TSRC O&M PTY LTD
Ferrovial Construction Australia PTY LTD
50.0%
2
6
3
7
1
HIGHWAYS
AUSTRALIA
Nexus Infrastructure Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
0
0
0
0
Nexus Infrastructure Unit Trust
P
Nexus Infrastructure Holdings Unit Trust
40.0%
9
34
12
32
5
Nexus Infrastructure Holdings PTY Ltd
P
Cintra Toowoomba Ltd
40.0%
0
0
0
0
0
Nexus Infrastructure PTY Ltd
P
Nexus Infrastructure Holdings PTY Ltd
40.0%
0
0
0
0
0
Netflow Osars (Western) GP
P
Cintra Osars (Western) Unit Trust
50.0%
34
136
68
23
3
SPAIN
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
25.0%
6
37
11
22
1
Empresa Mant. y Explotaci\u00f3n M30, S.A.
Ferrovial Construcci\u00f3n, S.A.
50.0%
1
33
73
34
38
CANADA
407 International Inc.
P
Cintra 4352238 Investment Inc.
48.3%
1,725
3,616
7,896
1,272
513
COLOMBIA
Concesionaria Ruta del Cacao S.A.S.
P
Cintra Infraestructuras Colombia S.A.S.
30.0%
34
797
681
144
20
INDIA
IRB Infrastructure Developers Limited
P
Cintra INR Investments B.V.
19.9%
291
4,632
3,220
731
109
IRB Infrastructure Trust
P
IRB Infrastructure Developers Limited
10.1%
591
4,261
2,627
641
206
Cintra INVIT Investments B.V.
24.0%
MMK Toll Road Private Limited
P
IRB Infrastructure Developers Limited
10.1%
1
0
0
0
0
Cintra IM Investments B.V.
24.0%
UNITED KINGDOM
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
35.0%
21
942
882
39
4
RiverLinx Holdings Ltd
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
22.5%
60
1,755
1,485
81
10
PERU
Sociedad Concesionaria Anillo Vial, S.A.
P
Cintra Infraestructuras Per\u00fa, S.A.C
35.0%
29
87
5
61
(1)
AIRPORTS
QATAR
FMM Company, LLC
Ferrovial Airports FMM B.V.
49.0%
15
78
42
121
17
UNITED STATES
JFK NTO SPONSOR AGGREGATOR, LLC
P
MARS NTO, LLC
49.0%
1,128
11,050
8,887
92
8
Total equity-accounted continuing operations
3,955
(P) Project Company / Value Equity Method: Net Cost of the parent company over the equity-accounted company", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-897": { "value": "
1.1.3. Assets and liabilities held for sale and discontinued operations
Assets and liabilities held for sale
At December 31, 2025 assets held for sale amounted to EUR 196 million and liabilities stood at EUR 128 million. These relate to energy assets,
which are expected to be sold within 12 months.
At December 31, 2024 assets held for sale amounted to EUR 56 million and liabilities stood at EUR 24 million. These related to energy assets,
together with the 50% stake in AGS Airports Holdings Limited (AGS), the parent company that owns the Aberdeen, Glasgow and Southampton
Airports (Note 1.1.4).
The following table provides a breakdown by nature of assets and liabilities classified as held for sale as of December 2025 and December 2024,
mainly related to energy assets, which are expected to be sold within 12 months:
.
(Million euro)
2025
2024
Goodwill
41
0
Intangible assets
28
9
Property, plant and equipment
76
39
Other non-current assets
25
4
Non-current assets
170
52
Short-term trade and other receivables
23
1
Cash and cash equivalents
3
1
Other current assets
0
2
Current assets
26
4
TOTAL assets classified as held for sale
196
56
Borrowings
16
17
Other non-current liabilities
11
4
Non-current liabilities
27
21
Borrowings
94
2
Other current liabilities
7
1
Current liabilities
101
3
TOTAL liabilities classified as held for sale
128
24
Discontinued operations
Profit from discontinued operations is related to earn-outs and other pending issues regarding the divestment of the various components of the
Ferrovial Services business, which was completed in previous years. The impact on the income statements reached EUR 20 million, EUR 14 million
and EUR 16 million in 2025, 2024 and 2023, respectively, and relates mainly to the indemnities and updated earn-outs associated with the
disposal of the Services business in Spain and UK, as well as other adjustments related to the Amey business divestment in the United Kingdom
(Note 2.8.).
2.8.PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS
Profits from discontinued operations are related to earn-outs and other pending issues regarding the divestment of the different components of
the Ferrovial Services business, completed in previous years. The impact on the income statements reached EUR 20 million, EUR 14 million and
EUR 16 million in 2025, 2024 and 2023, respectively, and as also explained in Note 1.1.3, relates mainly to the indemnities and updated earn-outs
associated with the disposal of the Services business in Spain and Portugal, as well as other adjustments related to the Amey business divestment
in the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-898": { "value": "
1.1.3. Assets and liabilities held for sale and discontinued operations
Discontinued operations
Profit from discontinued operations is related to earn-outs and other pending issues regarding the divestment of the various components of the
Ferrovial Services business, which was completed in previous years. The impact on the income statements reached EUR 20 million, EUR 14 million
and EUR 16 million in 2025, 2024 and 2023, respectively, and relates mainly to the indemnities and updated earn-outs associated with the
disposal of the Services business in Spain and UK, as well as other adjustments related to the Amey business divestment in the United Kingdom
(Note 2.8.).
1.1.4. Consolidation scope changes and other divestments of investees
There follows a description of the most significant movements in the consolidation scope in 2025, 2024 and 2023.
Airports
Construction
Acquisition of 100% of Powernet
On July 29, 2025, Ferrovial, through its subsidiary Ferrovial Construcci\u00f3n,S.A., acquired 100% of the shares of Powernet I,S.L.U (Powernet), a
company engaged in business on telecommunication and network engineering activities.
The difference between the net fair value of the identifiable assets and liabilities of Powernet and its carrying amount at the date of acquisition
(EUR 8 million) has been recognised as goodwill (note 3.1)..
Energy
Acquisition of Milano Solar, LLC
On June 30, 2025, via its subsidiary Ferrovial Energy US, LLC., Ferrovial acquired all issued and outstanding membership interests in Milano Solar,
LLC for USD 19 million, for the development, construction, financing, operation, and maintenance of a 250 MW solar photovoltaic facility, located
in Milam County, Texas, which is expected to operate for 40 years. This transaction has been categorized as an acquisition of assets and liabilities,
rather than a business combination, as the company did not have any staff or business activity. As part of the acquisition, the difference between
the net fair value of the company\u2019s identifiable assets and liabilities and its carrying amount at the date of acquisition, was fully allocated to the
intangible assets associated with project development works.
Other business
Sale of the entire Ferrovial mining services business in Chile
On June 27, 2025, Ferrovial completed the divestment of the services business in Chile to a Chilean company controlled by the partners of Scale
Capital. The total consideration reached EUR 28.5 million, of which EUR 17.9 million relates to a vendor loan note payable by the buyer over a
five-year period. Additionally, and as a result of the reorganization prior to the execution of the transaction, Ferrovial received EUR 13.2 million
from the divested business as a capital reduction, so the total cash received in relation to this divestment reached EUR 23.8 million. The
transaction generated a capital loss of EUR 14.1 million, mainly due to the recycling of translation differences through the income statement
previously recognized under Other Comprehensive Income (EUR -20 million).
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2025, 2024 and 2023 profit/(loss) attributed to non-controlling interests amounted to EUR -262 million, EUR -251 million and EUR -170
million, respectively.
These figures relate to the profits obtained by Group companies attributable to the company\u2019s other shareholders. The positive figures relate to
loss-making companies and the negative figures relate to profit-making companies.
(Million euro)
2025
2024
2023
NON-GROUP
Budimex Group
(91)
(77)
(83)
49.86%
Autop.Terrasa Manresa, S.A.
(9)
(8)
(8)
23.72%
LBJ Infraestructure Group
(31)
(28)
(20)
45.40%
NTE Mobility Partners
(58)
(59)
(60)
37.03%
NTE Mobility Partners Segments 3 LLC
(62)
(60)
(41)
46.33%
FAM Construction LLC
\u2014
9
34
30.00%
D4R7 Construction S.R.O.
2
3
(1)
35.00%
I-77 Mobility Partners
(10)
(9)
(12)
27.77%
I-66 Mobility Partners
(7)
3
16
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
5
(24)
7
40.00%
Webber United LLC
\u2014
\u2014
1
40.00%
Other companies
(1)
(2)
(3)
\u2014%
TOTAL
(262)
(251)
(170)
\u2014%
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2025 and 2024, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were
as follows:
At December 31, 2025:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
HIGHWAYS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The financial highlights of the most significant Group companies in which there are non-controlling interests are as follows:
2025
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
565
145
420
29
LBJ Infrastructure Group Holding LLC
1,931
2,204
(274)
37
NTE Mobility Partners Holding LLC
1,886
1,910
(25)
98
NTE Mobility Partners SEG 3 Holding LLC\u00a0
1,861
1,687
174
72
I-77 Mobility Partners, LLC
621
613
8
26
I-66 Mobility Partners, LLC
5,447
2,398
3,050
9
Budimex
1,952
1,580
372
90
Dalaman
659
383
276
(7)
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2025 were as follows:
Company
(Million euro)
Balance at
12.31.2024
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2025
Autopista Terrassa-Manresa, S.A.
103
9
\u2014
\u2014
(12)
\u2014
\u2014
100
LBJ Infrastructure Group Holding LLC
(120)
31
\u2014
15
(49)
\u2014
(1)
(124)
NTE Mobility Partners Holding LLC
4
58
\u2014
\u2014
(71)
\u2014
\u2014
(9)
NTE Mobility Partners Segments 3 LLC
126
62
(6)
(14)
(88)
\u2014
1
81
I-77 Mobility Partners, LLC
5
10
\u2014
\u2014
(13)
\u2014
\u2014
2
I-66 Mobility Partners, LLC
1,595
7
\u2014
(186)
(57)
\u2014
(1)
1,358
FAM Construction LLC (I-66)
14
\u2014
\u2014
(2)
\u2014
6
\u2014
18
Budimex
196
91
\u2014
3
(77)
(1)
1
213
Dalaman
109
(5)
\u2014
\u2014
\u2014
\u2014
\u2014
104
Others
13
(1)
(1)
(2)
(1)
1
5
14
TOTAL
2,045
262
(7)
(186)
(368)
6
5
1,757
The heading \u201cShare capital increase\u201d reflects the impact of the increase in funds attributable to non-controlling interests of FAM Construction LLC
amounting to EUR 6 million.
At December 31, 2024:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
HIGHWAYS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The main financial statement aggregates of the most significant Group companies in which other shareholders own interests are as follows:
2024
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
573
138
436
25
LBJ Infrastructure Group Holding LLC
2,197
2,462
(265)
33
NTE Mobility Partners Holding LLC
2,128
2,117
11
101
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,129
1,857
272
70
I-77 Mobility Partners, LLC
708
688
20
23
I-66 Mobility Partners, LLC
6,276
2,676
3,600
(4)
Budimex
1,907
1,565
342
74
Dalaman
717
428
289
35
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2024 were as follows:
Company
(Million euro)
Balance at
12.31.2023
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2024
Autopista Terrassa-Manresa, S.A.
93
8
2
\u2014
\u2014
\u2014
\u2014
103
LBJ Infrastructure Group Holding LLC
(96)
28
\u2014
(7)
(45)
\u2014
\u2014
(120)
NTE Mobility Partners Holding LLC
5
59
\u2014
\u2014
(61)
\u2014
1
4
NTE Mobility Partners Segments 3 LLC
131
60
2
8
(75)
\u2014
\u2014
126
I-77 Mobility Partners, LLC
74
9
\u2014
2
(79)
\u2014
(1)
5
I-66 Mobility Partners, LLC
1,571
(3)
\u2014
101
(70)
\u2014
(4)
1,595
FAM Construction LLC (I-66)
\u2014
(9)
\u2014
2
\u2014
22
(1)
14
Budimex
234
77
\u2014
\u2014
(111)
\u2014
(4)
196
Dalaman
86
24
(1)
\u2014
\u2014
\u2014
\u2014
109
Others
15
(2)
1
\u2014
(5)
\u2014
4
13
TOTAL
2,113
251
4
106
(446)
22
(5)
2,045
Appendix I. Subsidiaries (fully-consolidated companies) (million
euro)
Entity
Type
Parent
% Ownership
CONTINUING OPERATIONS
HEADQUARTERS
NETHERLANDS (Registered Office: Amsterdam)
Ferrovial Netherlands B.V.
Ferrovial SE
100.0%
Ferrovial Ventures Netherlands B.V.
Ferrovial SE
100.0%
SPAIN (Registered Office: Madrid)
Ferrovial Inversiones, S.A. (a)
Ferrovial SE
100.0%
Ferrovial Emisiones, S.A. (a)
Ferrovial SE
100.0%
Ferrovial Corporaci\u00f3n, S.A. (a)
Ferrovial SE
100.0%
Ferrofin, S.L. (a)
Ferrovial SE
100.0%
Ferrovial Mobility, S.L. (a)
Ferrovial SE
100.0%
Temauri, S.L. (a)
Ferrovial SE
100.0%
Ferrovial 011, S.A.
Ferrovial SE
100.0%
Ferrovial 012, S.A.
Ferrovial SE
100.0%
Ferrovial 013, S.A.
Ferrovial SE
100.0%
Ferrovial 014, S.A.
Ferrovial SE
100.0%
Ferrovial 015, S.L.
Ferrovial SE
100.0%
Ferrovial 016, S.L.
Ferrovial SE
100.0%
Ferrovial 017, S.L.
Ferrovial SE
100.0%
Ferrovial Venture VI, S.A.U. (a)
Ferrovial SE
100.0%
Ferrovial Ventures, S.A.U. (a)
Ferrovial SE
100.0%
UNITED KINGDOM (Registered Office: Oxford)
\u00a0
Ferrocorp UK, Ltd.
Ferrovial SE
100.0%
UNITED KINGDOM (Registered Office: London)
\u00a0
Ferrovial Ventures, Ltd.
Ferrovial SE
100.0%
LUXEMBOURG (Registered Office: Luxembourg)
\u00a0
Krypton RE, S.A.
Ferrovial SE
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Landmille US, LLC
Ferrovial Holding US Corp
100.0%
UNITED STATES (Registered Office: New York)
\u00a0
Ferrovial IT US, LLC
Ferrovial Holding US Corp
100.0%
CONSTRUCTION
GERMANY (Registered Office: Cologne)
\u00a0
Budimex Bau GmbH
Mostostal Krak\u00f3w S.A.
100.0%
RailBX GmbH
Budimex, S.A.
100.0%
ARABIA (Registered Office: Riyadh)
\u00a0
Ferrovial Agroman Company *
Ferrovial Construcci\u00f3n, S.A.
97.5%
AUSTRALIA (Registered Office: Sidney)
\u00a0
Ferrovial Construction Australia PTY LTD
Ferrovial Construction Holding Limited
100.0%
TSRC O&M PTY LTD
Ferrovial Construction Australia PTY LTD
50.0%
BRASIL (Registered Office: Bela Vista, Sao Paulo)
\u00a0
Constructora Ferrovial Brasil Ltd. *
Ferrovial Construction International SE
99.0%
CANADA (Registered Office: Alberta)
\u00a0
Webber Infrastructure Management Alberta Ltd
Webber Infrastructure Management Canada
Holdings Ltd
100.0%
CANADA (Registered Office: Markham - Ontario)
\u00a0
Ferrovial Construction Canada Inc.
Ferrovial Construction International SE
100.0%
Ontario Transit FCCI (Hold Co) Inc.
Ferrovial Construction Canada Inc.
100.0%
Webber Infrastructure Management Canada Ltd
Webber Infrastructure Management Canada
Holdings Ltd
100.0%
CANADA (Registered Office: Toronto)
\u00a0
Webber Infrastructure Management Canada Holdings Ltd
Ferrovial Construction International SE
100.0%
CHILE (Registered Office: Santiago de Chile)
\u00a0
Constructora Ferrovial Ltda. *
Ferrovial Empresa Constructora Ltda.
97.2%
Ferrovial Construcci\u00f3n Chile S.A.
Ferrovial Empresa Constructora Ltda.
100.0%
Ferrovial Empresa Constructora Ltda.
Ferrovial Construction International SE
100.0%
Ferrovial Energ\u00eda Construcci\u00f3n SpA
Ferrovial Energ\u00eda, S.A.
100.0%
COLOMBIA (Registered Office: Bogot\u00e1)
\u00a0
Ferrovial Construcci\u00f3n Colombia, SAS
Ferrovial Construction International SE
100.0%
SLOVAKIA (Registered Office: Bratislava)
\u00a0
D4R7 Construction S.R.O.
Ferrovial Construction Slovakia S.R.O.
65.0%
Ferrovial Construction Slovakia S.R.O. *
Ferrovial Construction Holding Limited
99.0%
Budimex Slovakia S.R.O.
Budimex, S.A.
100.0%
SPAIN (Registered Office: Barcelona)
\u00a0
Conc. Prisiones Lledoners, S.A. (a)
P
Ferrovial Construcci\u00f3n, S.A.
100.0%
SPAIN (Registered Office: Bilbao)
\u00a0
Cadagua, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
99.95%
SPAIN (Registered Office: Madrid)
Cocsa, S.A. (a)*
Ferrovial Construcci\u00f3n, S.A.
99.95%
Ditecpesa, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
99.95%
Ferroconservaci\u00f3n, S.A. (a)
Ferrovial Construcci\u00f3n, S.A.
99.0%
Ferrovial Construcci\u00f3n, S.A. (a)\u00a0 *
Ferrovial SE
99.99%
Ferrovial Medio Ambiente y Energ\u00eda, S.A. (a)
Ferrovial Construcci\u00f3n, S.A.
99.95%
Ferrovial Railway S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
98.8%
Urbaoeste, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
99.0%
Cimentaciones Especiales y Estructurales CIMSA, S.A. *
Ferrovial Construcci\u00f3n, S.A.
99.0%
Arena Recursos Naturales, S.A.U. (a)
Ferrovial Construcci\u00f3n, S.A.
100.0%
Tecpresa Structural Solutions, S.A. (a) *
Ferrovial Construcci\u00f3n, S.A.
99.1%
Powernet I, S.L.U.
Ferrovial Construcci\u00f3n, S.A.
100.0%
SPAIN (Registered Office: Zaragoza)
\u00a0
Depusa Arag\u00f3n S.A. (a)
P
Cadagua, S.A.
51.7%
Ferrovial Construcci\u00f3n, S.A.
42.3%
UNITED STATES (Registered Office: Atlanta)
\u00a0
Ferrovial Construction East, LLC
Ferrovial Construction US Corp.
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Agroman Indiana, LLC
Ferrovial Construction US Corp.
100.0%
Ferrovial Construction Texas, LLC
Ferrovial Construction US Corp.
100.0%
Ferrovial Construction US Corp.
Ferrovial Construction US Holding Corp.
100.0%
Ferrovial Construction US Holding Corp.
Ferrovial Holding US Corp
100.0%
Grand Parkway Infrastructure, LLC
Ferrovial Construction Texas, LLC
40.0%
DBW Construction, LLC
30.0%
Ferrovial Energy Solutions, LLC
Ferrovial Energy US, LLC
100.0%
Webber Infrastructure Management US Inc.
Webber, LLC
100.0%
Webber Infrastructure Management Inc.
Webber Infrastructure Management US Inc.
100.0%
Webber Infrastructure Management Holding US Corp
Ferrovial Holding US Corp
100.0%
Ferrovial Construction JFK T1, LLC
Ferrovial Construction US Corp.
100.0%
Tecpresa Structural Solutions, LLC
Ferrovial Construction US Holding Corp.
100.0%
UNITED STATES (Registered Office: Charlotte)
\u00a0
Sugar Creek Construction, LLC
Ferrovial Construction East, LLC
70.0%
UNITED STATES (Registered Office: Dallas)
\u00a0
Trinity Infrastructure, LLC
Ferrovial Construction Texas, LLC
60.0%
DBW Construction, LLC
40.0%
UNITED STATES (Registered Office: Fort Worth)
\u00a0
North Tarrant Infrastructure, LLC
Ferrovial Construction Texas, LLC
75.0%
DBW Construction, LLC
25.0%
UNITED STATES (Registered Office: Georgia)
\u00a0
North Perimeter Contractors, LLC
Ferrovial Construction East, LLC
100.0%
Webber - United, LLC
Webber, LLC
60.0%
UNITED STATES (Registered Office: Los Angeles)
\u00a0
California Rail Builders, LLC
Ferrovial Construction West, LLC
80.0%
Ferrovial Construction West, LLC
Ferrovial Construction US Corp.
100.0%
UNITED STATES (Registered Office: North Richland Hills)
\u00a0
Bluebonnet Contractor, LLC
Ferrovial Construction Texas, LLC
60.0%
DBW Construction, LLC
40.0%
UNITED STATES (Registered Office: The Woodlands)
\u00a0
DBW Construction, LLC
Webber, LLC
100.0%
Webber Waterworks, LLC
Webber, LLC
100.0%
Webber Materials, LLC
Webber Equipment & Materials, LLC
100.0%
Webber, LLC
Ferrovial Construction US Holding Corp.
100.0%
Webber Barrier Services, LLC
Webber, LLC
100.0%
Webber Commercial Construction, LLC
Webber, LLC
100.0%
Webber Equipment & Materials, LLC
Webber, LLC
100.0%
Webber Management Group, LLC
Webber Equipment & Materials, LLC
100.0%
52 Block Builders, LLC
Webber Commercial Construction, LLC
100.0%
UNITED STATES (Registered Office: Virginia)
\u00a0
FAM Construction, LLC
Ferrovial Construction US Corp.
70.0%
FRANCE (Registered Office: Paris)
\u00a0
Ferrovial Construction France
Ferrovial Construction International SE
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Ferrovial Construction International SE
Ferrovial SE
100.0%
IRELAND (Registered Office: Dublin)
\u00a0
Ferrovial Construction Ireland Ltd
Ferrovial Construction Holding Limited
100.0%
MEXICO (Registered Office: M\u00e9xico DF)
\u00a0
Cadagua Ferr. Industrial Mexico
Cadagua, S.A.
75.1%
Ferrovial Medio Ambiente y Energ\u00eda, S.A.
24.9%
NEW ZEALAND (Registered Office: Wellington)
\u00a0
Ferrovial Construction (New Zealand) Limited
Ferrovial Construction Australia PTY LTD
100.0%
PERU (Registered Office: Lima)
\u00a0
Ferrovial Construcci\u00f3n Per\u00fa, S.A.C. *
Ferrovial Construction International SE
99.99%
POLAND (Registered Office: Cracow)
\u00a0
Mostostal Krak\u00f3w S.A.
Budimex, S.A.
100.0%
Mostostal Krak\u00f3w Energetyka sp. z o.o.
Mostostal Krak\u00f3w S.A.
100.0%
Fotowoltaika HIG XIV Sp. z o.o. \u00a0
Budimex, S.A.
100.0%
POLAND (Registered Office: Kamie\u0144sk)
\u00a0
FBSerwis Kamie\u0144sk Sp. z o.o.
FBSerwis SA
80.0%
FBSerwis Zielony Kamie\u0144sk Sp. z o.o.
FBSerwis Kamie\u0144sk Sp. z o.o.
100.0%
POLAND (Registered Office: K\u0105ty Wroc\u0142awskie)
\u00a0
FBSerwis Wroc\u0142aw Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Zielony Wroc\u0142aw Sp. z o.o.
FBSerwis Wroc\u0142aw Sp. z o.o.
100.0%
POLAND (Registered Office: \u015acinawka Dolna)
\u00a0
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Zielony Dolny \u015al\u0105sk Sp. z o.o.
FBSerwis Dolny Sl\u0105sk Sp. z o.o.
100.0%
POLAND (Registered Office: Tarn\u00f3w)
\u00a0
FBSerwis Karpatia Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Zielona Karpatia Sp. z o.o.
FBSerwis Karpatia Sp. z o.o.
100.0%
POLAND (Registered Office: Warsaw)
\u00a0
Budimex, S.A.
Ferrovial Construction International SE
50.1%
Bx Budownictwo Sp. z o.o.
Budimex, S.A.
100.0%
Bx Kolejnictwo SA
Budimex, S.A.
100.0%
Budimex Parking Wroc\u0142aw Sp. z o.o.
P
Budimex, S.A.
51.0%
FBSerwis SA
Budimex, S.A.
100.0%
FBSerwis A Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis B Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Odbi\u00f3r Sp. z o.o.
FBSerwis SA
100.0%
FBSerwis Paliwa Alternatywne Sp. z o.o.
FBSerwis SA
100.0%
JZE Sp. z o.o.
FBSerwis SA
100.0%
Zaklad, Przetworstwa Odpadow Zawisty Sp. Z.o.o.
FBSerwis Zawisty Sp. z o.o
100.0%
Konstalex Sp. z o.o.
Mostostal Krak\u00f3w SA
100.0%
Budimex Most Wschodni S.A.
Budimex, S.A.
100.0%
Circular Construction SA
Budimex Most Wschodni SA
100.0%
Magnolia Energy Sp. z o.o.
P
Budimex, S.A.
100.0%
Budimex PPP SA
Budimex, S.A.
100.0%
Budimex F Sp. z o.o.
Budimex, S.A.
100.0%
Budimex A\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
Budimex O\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
Budimex P\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
Budimex R\u00a0 Sp. z o.o.
Budimex, S.A.
100.0%
Budimex D\u00a0 Sp. z o.o.
Budimex, S.A.
76.0%
Budimex SA Sygnity SA sj
Budimex, S.A.
67.0%
Budimex SA Cadagua SA IV sc
Budimex, S.A.
99.9%
Budimex SA Cadagua SA V sc
Budimex, S.A.
99.9%
Budimex SA Tecnicas Reunidas SA - Tur\u00f3w s.c.
Budimex, S.A.
50.0%
Green Waste Management 5 Sp. z o.o.
FBSerwis SA
100.0%
Green Waste Management 6 Sp. z o.o.
FBSerwis SA
100.0%
PUERTO RICO (Registered Office: San Juan)
\u00a0
Ditecpesa PR, LLC
Ferrovial Construction International SE
100.0%
Ferrovial Construcci\u00f3n Puerto Rico, LLC
Ferrovial Construction International SE
100.0%
UNITED KINGDOM (Registered Office: London)
\u00a0
Ferrovial Construction (UK) Limited
Ferrovial Construction Holding Limited
100.0%
Ferrovial Construction Holdings Limited
Ferrovial Construction International SE
100.0%
FC Civil Solutions Limited
Ferrovial Construction Holding Limited
100.0%
HIGHWAYS
SPAIN (Registered Office: Madrid)
Cintra Infraestructuras Espa\u00f1a, S.L. (a)
Ferrovial SE
100.0%
Cintra Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Infraestructuras Espa\u00f1a, S.L.
100.0%
Inversora Autopistas de Catalu\u00f1a, S.L. (a)
P
Cintra Inversora Autopistas de Catalu\u00f1a, S.L.
100.0%
Cintra Inversiones, S.L.U. (a)
Cintra Infraestructuras Espa\u00f1a, S.L.
100.0%
Cintra Servicios de Infraestructuras, S.A. (a) *
Cintra Infraestructuras Espa\u00f1a, S.L.
99.99%
Roland Servicios Empresariales, S.L.U.
Ferrovial Mobility, S.L.
100.0%
Autopista Alcal\u00e1-O'Donnell, S.A. (a)
Cintra Infraestructuras Espa\u00f1a, S.L.
100.0%
Autov\u00eda de Arag\u00f3n, Sociedad Concesionaria, S.A.
P
Ferrovial Construcci\u00f3n, S.A.
55.0%
Cintra Infraestructuras Espa\u00f1a, S.L.
30.0%
Ferrovial SE
15.0%
Ferrovial Aravia, S.A.
P
Ferrovial Construcci\u00f3n, S.A.
55.0%
Cintra Infraestructuras Espa\u00f1a, S.L.
30.0%
Ferrovial SE
15.0%
SPAIN (Registered Office: Barcelona)
\u00a0
Autema, S.A. (a)
P
Inversora Autopistas de Catalu\u00f1a, S.L.
76.3%
AUSTRALIA (Registered Office: Melbourne)
\u00a0
Cintra OSARS (Western) Holdings Unit Trust
Cintra OSARS Western Ltd
100.0%
Cintra OSARS Western Unit Trust
Cintra OSARS (Western) Holdings Unit Trust
100.0%
AUSTRALIA (Registered Office: Sydney)
\u00a0
Cintra Developments Australia PTY Ltd
Cintra Infrastructures UK Ltd
100.0%
Cintra OSARS (Western) Holdings PTY Ltd
Cintra OSARS Western Ltd
100.0%
Cintra OSARS Western PTY Ltd
Cintra OSARS (Western) Holdings PTY Ltd
100.0%
CANADA (Registered Office: Toronto)
\u00a0
Cintra 4352238 Investments Inc.
407 Toronto Highway B.V.
100.0%
CANADA (Registered Office: Vancouver)
1568417 B.C.
Cintra 1535145 Investments
100.0%
COLOMBIA (Registered Office: Bogot\u00e1)
\u00a0
Cintra Infraestructuras Colombia, S.A.S. (a)
Cintra Global SE
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Holding US Corp
Cintra Global SE
100.0%
Ferrovial Mobility US, LLC
Ferrovial Holding US Corp
100.0%
Cintra Holding US Corp
Ferrovial Holding US Corp
100.0%
Cintra Texas Corp
Cintra Holding US Corp
100.0%
Cintra US Services, LLC
Cintra Texas Corp
100.0%
Cintra ITR LLC\u00a0 *
Cintra Holding US Corp
49.0%
Ferrovial Construction US Corp.
44.0%
Cintra LBJ, LLC
Cintra Holding US Corp
100.0%
Cintra NTE, LLC
Cintra Holding US Corp
100.0%
Cintra NTE Mobility Partners Segments 3, LLC
Cintra Holding US Corp
100.0%
Cintra Toll Services, LLC
Cintra Holding US Corp
100.0%
Cintra I-77 Mobility Partners, LLC
Cintra Holding US Corp
100.0%
Cintra 2 I-77 Mobility Partners, LLC
Cintra Holding US Corp
100.0%
Cintra 2 I-66 Express Mobility Partners, LLC
Cintra Holding US Corp
100.0%
I-66 Express Mobility Partners Holdings, LLC
P
Cintra 2 I-66 Express Mobility Partners, LLC
50.0%
I-66 Express Mobility Partners, LLC
P
I-66 Express Mobility Partners Holdings, LLC
100.0%
Cintra 3I-66 Express Mobility Partners, LLC
Cintra Holding US Corp
100.0%
Cintra 3 I-77 Mobility Partners, LLC
Cintra Holding US Corp
100.0%
Cintra Digital Business Ventures, LLC
P
Cintra Holding US Corp
100.0%
Cintra North Corridor Transit Partners, LLC
P
Cintra Holding US Corp
100.0%
Cintra 1535145 Investments
Cintra 4352238 Investments Inc.
100.0%
UNITED STATES (Registered Office: Charlotte)
I-77 Mobility Partners Holding, LLC
P
Cintra I-77 Mobility Partners, LLC
50.1%
Cintra 2 I-77 Mobility Partners, LLC
15.0%
Cintra 3 I-77 Mobility Partners, LLC
7.1%
I-77 Mobility Partners, LLC
P
I-77 Mobility Partners Holding, LLC
100.0%
UNITED STATES (Registered Office: Dallas)
\u00a0
LBJ Infrastructure Group Holding, LLC
P
Cintra LBJ, LLC
54.6%
LBJ Infrastructure Group, LLC
P
LBJ Infrastructure Group Holding, LLC
100.0%
UNITED STATES (Registered Office: North Richland Hills)
\u00a0
NTE Mobility Partners Holding, LLC
P
Cintra NTE, LLC
63.0%
NTE Mobility Partners, LLC
P
NTE Mobility Partners Holding, LLC
100.0%
NTE Mobility Partners Segments 3 Holding, LLC
P
Cintra NTE Mobility Partners Segments 3, LLC
53.7%
NTE Mobility Partners Segments 3, LLC
P
NTE Mobility Partners Segments 3 Holding, LLC
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Cintra Infrastructures SE
CIntra Global SE
100.0%
Cintra Global SE
Ferrovial SE
100.0%
407 Toronto Highway B.V.
Cintra Global SE
100.0%
Cintra INR Investments B.V.
Cintra Global SE
100.0%
Cintra Projects B.V.
Cintra Global SE
100.0%
Cintra IM Investments B.V.
Cintra Global SE
100.0%
Cintra INVIT Investments B.V.
Cintra Global SE
100.0%
Cintra Development B.V.
Cintra Global SE
100.0%
INDIA (Registered Office: Mumbai)
Ciinfra India Private Limited*
Cintra INR Investments B.V.
99.99%
PORTUGAL (Registered Office: Lisbon)
\u00a0
Vialivre, S.A.
P
Cintra Global SE
84.0%
UNITED KINGDOM (Registered Office: London)
\u00a0
Cintra Silvertown Ltd
Cintra Infrastructures UK Ltd
100.0%
UNITED KINGDOM (Registered Office: Oxford)
\u00a0
Cintra Infrastructures UK Ltd
Cintra Global SE
100.0%
Cintra Toowoomba Ltd
Cintra Infrastructures UK Ltd
100.0%
Cintra Slovakia Ltd
Cintra Global SE
100.0%
Cintra OSARS Western Ltd
Cintra Infrastructures UK Ltd
100.0%
CHILE (Registered Office: Santiago de Chile)
\u00a0
Cintra Infraestructuras Chile, S.p.A
Cintra Global SE
100.0%
PERU (Registered Office: LIMA)
\u00a0
Cintra Infraestructuras Per\u00fa, S.A.C*
Cintra Global SE
99.9%
DIGITAL INFRASTRUCTURES
SPAIN (Registered Office: Madrid)
\u00a0
Ferrovial MAD 01, S.A.
P
Ferrovial SE
100.0%
Ferrovial 008, S.L.U. (a)
P
Ferrovial SE
100.0%
Ferrovial 009, S.L.U. (a)
P
Ferrovial SE
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Ferrovial Digital Infrastructures B.V.
Ferrovial SE
100.0%
Ferrovial WAW 001 B.V.
Ferrovial Digital Infrastructures B.V.
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Digital Infrastructures US Hold. LLC
Ferrovial Holding US CORP
100.0%
POLAND (Registered Office: Warsaw)
\u00a0
Sien Real SP Zoo
P
Budimex, S.A.
50.0%
Ferrovial WAW 001 B.V.
50.0%
AIRPORTS
SPAIN (Registered Office: Madrid)
\u00a0
Ferrovial Aeropuertos Espa\u00f1a, S.A. (a)
Ferrovial SE
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Airports Holding US Corp
Ferrovial Holding US Corp
100.0%
UNITED STATES (Registered Office: Denver)
\u00a0
Ferrovial Airports O&M Services, LLC
Ferrovial Airports Holding US Corp
100.0%
Ferrovial Airports US Terminal One, LLC
Ferrovial Airports Holding US Corp
100.0%
UNITED STATES (Registered Office: New York)
\u00a0
MARS NTO, LLC
Ferrovial Airports US Terminal One, LLC
96.1%
Ferrovial Airports CHS MSA, LLC
Ferrovial Airports Holding US Corp
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Hubco Netherlands B.V.
Ferrovial Airports International SE
100.0%
Ferrovial Airports FMM B.V.
Ferrovial Airports International SE
100.0%
Ferrovial Airports Turkey B.V.
P
Ferrovial Airports International SE
100.0%
UNITED KINGDOM (Registered Office: Oxford)
\u00a0
Ferrovial Airports International SE
Ferrovial SE
100.0%
TURKEY (Registered Office: Ankara)
\u00a0
YDA HAVALIMANI YATIRIM VE ISLETME A.S.
P
Ferrovial Airports Turkey B.V.
60.0%
ENERGY
SPAIN (Registered Office: Madrid)
\u00a0
Ferrovial Transco Espa\u00f1a , S.A.U. (a)
P
Ferrovial Transco International B.V.
100.0%
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U. (a)
Ferrovial SE
100.0%
Parque Solar Casilla, S.L.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Cea Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Jucar Infraestructuras Energ\u00e9ticas (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Pisuerga Infraestructuras Energ\u00e9ticas, S.A.U. (a)
P
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Ferrovial Growth VI, S.L. (a)
Ferrovial Infraestructuras Energ\u00e9ticas, S.A.U.
100.0%
Ferrovial 004, S.A. (a)
Ferrovial SE
100.0%
Siemsa Control y Sistemas, S.A.U. (a)
Ferrovial Energ\u00eda, S.A.
100.0%
Ferrovial Energ\u00eda, S.A. (a)
Ferrovial SE
100.0%
CHILE (Registered Office: Santiago)
Ferrovial Power Infrastructures Chile, SpA
Ferrovial Transco International B.V.
100.0%
Ferrovial Transco Chile II SpA
P
Ferrovial Power Infrastructures Chile, SpA
100.0%
Ferrovial Transco Chile III SpA
P
Ferrovial Transco International B.V.
100.0%
Ferrovial Transco Chile IV SpA
P
Ferrovial Power Infrastructures Chile, SpA
100.0%
Centella Transmisi\u00f3n, S.A. *
P
Ferrovial Power Infrastructures Chile, SpA
99.9%
Centella Transmisi\u00f3n II, S.A.
P
Ferrovial Power Infrastructures Chile, SpA
50.1%
Ferrovial Transco Chile III SpA
49.9%
Alto Huemul Transmisi\u00f3n SpA
P
Ferrovial Power Infrastructures Chile, SpA
100.0%
Alto Huemul II SpA
Ferrovial Power Infrastructures Chile, SpA
100.0%
UNITED STATES (Registered Office: Austin)
\u00a0
Ferrovial Energy US, LLC
\u00a0
Ferrovial Holding US Corp
100.0%
Ferrovial Energy US 1, LLC
\u00a0
Ferrovial Energy US, LLC
100.0%
Misae Solar IV, LLC
P
Misae Solar IV Pledgor, LLC
100.0%
Misae Solar IV Class B HoldCo US Inc.
\u00a0
Ferrovial Energy US, LLC
100.0%
Ferrovial Energy HoldCo US Pledgor Inc.
\u00a0
Ferrovial Energy US, LLC
100.0%
Misae Solar IV Class B Pledgor, LLC*
Ferrovial Energy US, LLC
99.0%
Ferrovial Energy US Seller, LLC*
Ferrovial Energy US, LLC
99.0%
Misae Solar IV Class B Member, LLC\u00a0
P
Misae Solar IV Class B Pledgor, LLC
100.0%
Misae Solar IV TE HoldCo, LLC
P
Misae Solar IV Class B Member, LLC
100.0%
Misae Solar IV Pledgor, LLC
P
Ferrovial Energy US Seller, LLC
100.0%
Milano Solar, LLC
P
Ferrovial Energy US, LLC
100.0%
UNITED STATES (Registered Office: Delaware)
\u00a0
Ferrovial Energy Operations, LLC
\u00a0
Ferrovial Energy US, LLC
100.0%
NETHERLANDS (Registered Office: Amsterdam)
\u00a0
Ferrovial EG SE
Ferrovial SE
100.0%
Thalia Waste Treatment B.V.
Ferrovial SE
100.0%
Ferrovial Transco International B.V.
Ferrovial SE
100.0%
UNITED KINGDOM (Registered Office: London)
\u00a0
Thalia Waste Management Limited
\u00a0
Thalia Waste Treatment B.V.
100.0%
Thalia MK ODC Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia AWRP ODC Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia WB HoldCo Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia WB ODC Limited
\u00a0
Thalia WB HoldCo Limited
100.0%
Thalia WB Services Limited
\u00a0
Thalia WB ODC Limited
100.0%
Thalia WB SPV Limited
P
Thalia WB Services Limited
100.0%
Thalia IOW SPV Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia Services Limited
\u00a0
Thalia Waste Management Limited
100.0%
Thalia MK HoldCo Limited
P
Thalia Waste Management Limited
100.0%
Thalia MK SPV Limited
\u00a0
Thalia MK HoldCo Limited
100.0%
Thalia IOW ODC Limited
\u00a0
Thalia Waste Management Limited
100.0%
POLAND (Registered Office: Warsaw)
\u00a0
BXF Energ\u00eda Sp. z.o.o.
Budimex, S.A.
51.0%
Ferrovial EG SE
49.0%
Azalia, Sp.z.o.o.
P
BXF Energ\u00eda SP ZOO
100.0%
AUSTRALIA (Registered Office: Sydney)
\u00a0
Ferrovial Energy PTY LTD
Ferrovial EG SE
100.0%
Ferrovial Energy Construction PTY LTD
Ferrovial Construction Australia PTY LTD
50.0%
Ferrovial Energy PTY LTD
50.0%
(a) Form part of the tax scope of Ferrovial SE and subsidiaries.
(*) The remaining percentage to complete 100% ownership in the company belongs to minority shareholders of the Ferrovial Group.
(P) Project Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-900": { "value": "
Discontinued operations
Profit from discontinued operations is related to earn-outs and other pending issues regarding the divestment of the various components of the
Ferrovial Services business, which was completed in previous years. The impact on the income statements reached EUR 20 million, EUR 14 million
and EUR 16 million in 2025, 2024 and 2023, respectively, and relates mainly to the indemnities and updated earn-outs associated with the
disposal of the Services business in Spain and UK, as well as other adjustments related to the Amey business divestment in the United Kingdom
(Note 2.8.).
2.8.PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS
Profits from discontinued operations are related to earn-outs and other pending issues regarding the divestment of the different components of
the Ferrovial Services business, completed in previous years. The impact on the income statements reached EUR 20 million, EUR 14 million and
EUR 16 million in 2025, 2024 and 2023, respectively, and as also explained in Note 1.1.3, relates mainly to the indemnities and updated earn-outs
associated with the disposal of the Services business in Spain and Portugal, as well as other adjustments related to the Amey business divestment
in the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-902": { "value": "
Airports
AGS Airports Holdings Limited (AGS) divestment
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%). As part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The completion of
this transaction was subject to obtaining the applicable regulatory approvals by year-end 2024, and the 50% ownership interest in AGS Airports
Holdings Limited as of December 31, 2024 was therefore reclassified to held for sale. The ownership interest in this company remained valued at
zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
The Group granted subordinated loans to AGS totaling EUR 235 million. Following the agreement reached in November 2024, these loans were
reclassified from long-term financial assets to short-term receivables in December 2024, since they were also included in the divestment
transaction.
On January 28, 2025, having satisfied the applicable regulatory conditions, Ferrovial and Macquarie completed the sale of AGS' entire share
capital (100%) for a price of GBP 900 million. Ferrovial\u2019s net share of the proceeds was GBP 452 million, resulting in a capital gain of EUR 272
million (Note 2.4).
Heathrow Airport Holdings divestment
Regarding the Heathrow Airport Holdings divestment, as disclosed in the December 31, 2024 Consolidated Financial Statements, on November
28, 2023, Ferrovial entered into a share purchase agreement with Ardian and the Public Investment Fund (PIF), pursuant to which Ferrovial
agreed to sell its full stake (25% interest) in FGP Topco Limited.
On December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of 19.75% of the share capital of
FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of Heathrow Airport in London (UK), to
Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero, due to the fact that losses
generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial held 5.25% stake, which was recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.), once
concluded that according to IAS28 p.5-6, Ferrovial would no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group would have no participation in the policy-making processes of the
asset, neither participation in decisions related to dividend distributions. The fair value of the remaining stake was determined by referencing the
selling price of the 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
On January 26, 2025, Ferrovial announced that a binding agreement had been reached with Ardian for the sale of its entire remaining stake
(5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million. Full completion of the divestment
under the agreement was finally achieved on July 3, 2025, having fulfilled the applicable regulatory conditions, an additional result of EUR 27
million was recognized through the income statement, mainly corresponding to the interest accrued since the announcement of the transaction
(EUR 28 million), reported as Other net financial income/(expense) through the consolidated income statement (Note 2.5) together with the
translation differences and the hedging impact associated with these translation differences.
Highways
Acquisition of an additional 5.06% stake in 407 ETR from AtkinsR\u00e9alis
On June 6, 2025, Ferrovial completed the previously-announced acquisition of an additional 5.06% stake in the Canadian highway company
from affiliates of the AtkinsR\u00e9alis Group Inc. Ferrovial\u2019s amounted to CAD 1.99 billion (EUR 1.3 billion), increasing its total ownership of the 407
ETR from 43.23% to 48.29% (see Note 3.5).
As part of this acquisition, and in connection with the purchase price allocation exercise, the difference between the fair value of the 5.06% stake
acquired and its carrying amount at the acquisition date (EUR 1.50 billion), was fully allocated as an intangible asset. The investment in 407 ETR
continues to be accounted for under the equity method.
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2025 amounted to EUR 258 million (EUR 238million in 2024 and EUR 215 million in 2023).
Set out below is a breakdown of the most significant companies:
Profit/(loss) of equity-accounted companies
(Million euro)
2025
2024
2023
407 ETR
217
188
154
JFK NTO
4
3
4
IRB
25
13
14
Private InvIT
-6
-8
\u2014
Other
18
42
43
TOTAL
258
238
215
Note 3.5 provides further details of these companies\u2019 profits/(losses).
Investments in Associates
INVESTMENTS IN ASSOCIATES
(Million euro)
TOTAL 2025
TOTAL 2024
Balance at 12.31.24
3,023
2,038
Capital contribution
256
1,192
Share of profit/(loss)
258
238
Dividends
-492
-357
Foreign exchange differences
-385
60
Derivatives
18
20
Net investment / (net disposals)
1,273
\u2014
Other
4
-168
Balance at 12.31.25
3,955
3,023
During 2025, the investment in associates heading increased by EUR 932 million on the back of the additional 5.06% stake acquired in 407ETR
(EUR 1,273 million), the capital contributions in JFK NTO Airport (EUR 236 million), and the share of these companies\u2019 profits (EUR 258 million),
highlighting the 407 ETR results (EUR 217 million), partially offset by the negative exchange rate impact, derived from depreciation of the Indian
rupee, Canadian dollar and US dollar (EUR -385 million).
During 2024, the investments in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR
469 million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.4, and the share of these companies\u2019 profits
(EUR 238 million), particularly the 407 ETR's results (EUR 188 million). Also worth mentioning is the effect on other movements of the 5% stake
divestment in IRB Infrastructure Developers (EUR -77 million), the availability concession assets sold to Interogo Holding in October 2024 (EUR -70
million), and the sale of 24.78% stake in Grupo Serveo (EUR -21 million), partially offset by the derivatives impact (EUR 20).
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in 407 ETR (48.29%), IRB (19.86%), Private InvIT (23.99%) and JFK NTO (49%) are presented
separately. The following tables show the main items that explain the variation in these investments:
2025 (Million euro)
407 ETR (48.29%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL 2025
Balance at 12.31.24
778
315
704
1,006
220
3,023
Capital contribution
-
-
-
236
20
256
Share of profit/(loss)
217
25
(6)
4
18
258
Dividends
(452)
(2)
(5)
-
(33)
(492)
Foreign exchange differences
(90)
(50)
(108)
(128)
(9)
(385)
Derivatives
-
3
-
10
5
18
Net investment / (net disposals)
1,273
-
-
-
-
1,273
Other
(1)
-
6
-
(1)
4
Balance at 12.31.25
1,725
291
591
1,128
220
3,955
2024 (Million euro)
407 ETR
(43.23%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL 2024
Balance at 12.31.23
928
376
-
471
263
2,038
Capital contribution
-
-
710
469
13
1,192
Share of profit/(loss)
188
13
(8)
3
42
238
Dividends
(321)
(6)
(4)
-
(26)
(357)
Foreign exchange differences
(17)
16
6
54
1
60
Derivatives
-
(4)
-
9
15
20
Other
-
(80)
-
-
(88)
(168)
Balance at 12.31.24
778
315
704
1,006
220
3,023
During 2025, investments in associates increased by EUR 932 million on the back of the additional 5.06% stake acquired in 407 ETR (EUR 1,273
million), the capital contributions in JFK NTO Airport (EUR 236 million) and the share of these companies\u2019 profits (EUR 258 million), highlighting
results of 407 ETR (EUR 217 million), partially offset by the negative foreign exchange differences in Canada, India and the US (EUR -385 million).
3.5.1. Disclosures relating to 407 ETR
a. Balance sheet and income statement movements 2025-2024
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2025 for
the balance sheet and the income statement figures are provided in Note 1.4).
Balance sheet December 31, 2025 and December 31, 2024
407 ETR (100%) (million CAD)
Dec. 2025
Dec. 2024
Var. 25/24
Non-current assets
4,602
4,594
8
Fixed assets in infrastructure projects
3,882
3,921
(39)
Non-current financial assets
673
611
62
Deferred taxes
47
62
(15)
Current assets
1,213
1,163
50
Short-term trade and other receivables
465
443
22
Cash and cash equivalents
748
720
28
Total assets
5,815
5,757
58
Equity
(6,890)
(6,199)
(691)
Non-current liabilities
11,962
11,309
653
Borrowings
11,383
10,716
667
Deferred taxes
579
593
(14)
Current liabilities
743
647
96
Borrowings
548
514
34
Short-term trade and other payables
195
133
62
Total liabilities
5,815
5,757
58
As mentioned above, Ferrovial completed the acquisition of an additional 5.06% stake in the Canadian highway from affiliates of AtkinsR\u00e9alis
Group Inc. Ferrovial's total investment reached CAD 1.99 billion (EUR 1.3 billion), increasing its total ownership of the 407 ETR from 43.23% to
48.29%. As part of this acquisition, and in connection with the purchase price allocation exercise, the difference between the fair value of the
5.06% stake acquired and its carrying amount at the acquisition date (EUR 1.5 billion) was fully allocated as an intangible asset.
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2025 compared to the previous year:
Equity
Equity fell by CAD -691 million with respect to the previous year, primarily due to the payment of CAD 1,500 million in dividends to shareholders,
which was offset by the profit for the year of CAD 811 million.
The percentage share of the subsidiary\u2019s shareholders\u2019 funds does not reflect the consolidated carrying amount of the ownership interest, since
the latter also includes the amount of the fair value remeasurement of the investment retained following the divestment of a 10% ownership
interest in this company in 2010, recognized as an increase in the investment\u2019s value, the goodwill that arose in 2009 as a result of the merger of
the parent holding company of the group and the holding company that owned the stake in the concession, and also the 2025 impact as a
consequence of an intangible asset recorded following the purchase price allocation exercise performed for the additional 5.06% stake
acquisition mentioned above.
Therefore, in order to obtain the consolidated carrying amount at Ferrovial, it is necessary to increase the figure for 48.29% of shareholders\u2019
funds presented above (CAD -3,327 million) by the amounts of the aforementioned gain and of the goodwill of 2010 and 2009 (CAD 3,816
million) and the intangible assets recognized in 2025 (CAD 2,289 million), reaching a total of CAD 2,778 million which, translated at the year-end
exchange rate (EUR 1 = CAD 1.60998), is equivalent to the investment of EUR 1,725 million.
As shown in the table at the beginning of this note, the value of the interest in this company increased from EUR 778 million to EUR 1,725 million,
mainly as a result of the additional 5.06% stake acquired (EUR 1,273 million), and the profit generated during the year (EUR 217 million for
Ferrovial\u2019s stake), which was partially offset by the dividend pay-out during the period (EUR (452) million) and the exchange rate impact (EUR (90)
million).
Borrowings
Overall financial debt (short and long term) increased in relation to December 2024 by CAD 701 million due to issuance of new senior debt.
Income statement December 31, 2025 - December 31, 2023
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 31, 2025, December 31, 2024
and December 31, 2023:
407 ETR (100%) (million CAD)
Dec. 25
Dec. 24
Dec.23
Operating income
2,009
1,705
1,495
Operating expenses
(322)
(228)
(212)
Fixed asset depreciation
(110)
(106)
(97)
Operating profit/(loss)
1,577
1,372
1,187
Net financial income/(expense)
(472)
(429)
(412)
Profit/(loss) before tax
1,105
942
775
Corporate income tax
(294)
(250)
(208)
Net profit/(loss)
811
692
567
Profit/(loss) attributable to Ferrovial (million CAD)
351
299
245
Intangible asset amortization adjustment (CAD million)
(35)
(21)
(21)
Adjusted net profit/(loss) attributable to Ferrovial (million CAD)
316
278
225
Adjusted net profit/(loss) attributable to Ferrovial (million Euro)
213
188
154
It should be noted that the profit/(loss) attributable to Ferrovial also includes depreciation recognized over the concession term on the
remeasurement recognized, following the loss of control of the company as a result of the above-mentioned 2010 sale and the purchase of the
5.06% stake in 2025.
3.5.2.Disclosures relating to JFK NTO LLC
On June 10, 2022, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, which will remodel, build, finance, operate and
maintain the facilities of the New Terminal One at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect. Ferrovial holds a 49%
indirect ownership interest in the project.
The shareholders made a commitment to inject share capital of USD 2,330 million, of which Ferrovial will contribute USD 1,142 million. At
December 31, 2025, USD 2,180 million had been invested (USD 1,068 million relates to Ferrovial, of which USD 267 million (EUR 236 million) was
invested in 2025).
Ferrovial agreed with the Carlyle Group to pay off an earn-out should Carlyle divest its outstanding 4% interest in Mars NTO LLC. This earn-out
payment would be triggered if Carlyle were to transfer its stake either to a third party or to Ferrovial. This payment depends on the value creation
from the project. An estimation of the earn-out payment was included in our valuation of the investment as presented in the 2022 financial
statements. Any future changes in the valuation of the earn-out will affect our income statement.
The company's consolidated IFRS balance sheet is disclosed in the table below:
Balance sheet December 31, 2025 and December 31, 2024
JFK (100%) Million USD
Dec. 2025
Dec. 2024
Non-current assets
10,413
8,330
Intangible assets
10,410
8,067
Non-current financial assets
3
180
Long-term financial derivatives at fair value
\u2014
83
Current assets
2,587
2,510
Debtors and other short-term accounts receivable
67
275
Cash and cash equivalents
611
251
Other short-term financial assets
1,909
1,984
Total assets
13,000
10,840
Equity
2,572
1,994
Share capital
2,180
1,635
Share of profit/(loss)
49
40
Other Comprehensive Income
343
319
Non-current liabilities
9,868
8,504
Bonds and debts - infrastructure projects
5,971
4,654
Other long-term debts
3,897
3,850
Current liabilities
560
342
Creditors and other short-term accounts payables
560
342
Total liabilities
13,000
10,840
JFK NTO's main assets and liabilities are described below:
\u2022 Intangible assets, which fundamentally comprise:
\u2013 Concession assets (USD 6,215 million in 2025 and USD 3,971 million in 2024), including all the expenses necessary to obtain the concession
contract, as well as the project\u2019s construction and development costs.
\u2013 Payments to the Port Authority (USD 4,195 million in 2025 and USD 4,096 million in 2024), reflecting the present value of the future
payments, throughout the concession period, for the acquisition of the concession. Also, a liability of the same amount was initially
recorded, corresponding to the value of the future payment obligations, under financial debt in non-current liabilities (\u201cOther long-term
debts\u201d).
\u2022 Long-term borrowings (USD 5,971 million in 2025 and USD 4,600 million in 2024) explained mainly by:
\u2013 USD 2,000 million nominal amount of Munibonds issued on December 6, 2023. A portion of the issuance (USD 800 million) was insured
by Assured Guaranty Municipal Corp. (\u201cAGM\u201d).
\u2013 USD 2,550 million nominal amount of green bonds issued on June 18, 2024. A portion of the issuance (USD 800 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 4.65% at a weighted average maturity
of 30 years.
\u2013 USD 1,367 million nominal amount of green bonds issued on July 16, 2025. A portion of the issuance (USD 600 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 5.48% at a weighted average maturity
of 28 years.
\u2022 Other short-term financial assets (USD 1,909 million in 2025 and USD 1,984 million in 2024) correspond to treasury bills, treasury notes and
state and local government securities, aligned with the NTO reinvestment strategy, using the cash obtained from the above-mentioned bond
issuance.
\u2022 In addition, JFK NTO contracted interest rate swaps (IRS) associated with the project's bank borrowings and future debt issuances, for a
notional amount of USD 645 million in 2024, which have been treated as effective cash flow hedges and were cleared during 2025. During
the year, there was an impact of USD 26 million on the company's reserves (EUR 10 million at Ferrovial's ownership interest).
\u2022 Equity (USD 2,572 million in 2025 and USD 1,994 million in 2024). Movements in equity are primarily explained by capital contributions under
this same heading in the amount of USD 545 million and USD 26 million reflecting the effect on reserves of the change in market value of the
derivative associated with current debt since the acquisition date..
3.5.3 Disclosures relating to IRB
As indicated in Ferrovial\u2019s 2021 consolidated financial statements, the Group (through Cintra) acquired a 24.86% stake in the Indian listed
company IRB Infrastructure Developers Ltd (IRB) on December 29, 2021. On June 11, 2024, Ferrovial, through its subsidiary Cintra, completed the
sale of its 5% stake in IRB, so the actual stake in the company stood at 19.86%.
The price of IRB\u2019s stock at December 31, 2025 was INR (Indian Rupee) 42.05 per share (57.24 at December 31, 2024).
The company's fiscal year runs from April through March. IRB\u2019s latest available audited financial statements are dated March 2025. IRB
contributed a profit of EUR 25 million to Ferrovial for the period from January to December 2025.
IRB only reports its consolidated balance sheet to the market at end-March and end-September. The balance sheet at December 2025 set out
below is based on the balance sheet reported by IRB at September 2025, adjusted by (i) distributions to unit holders and results reported by IRB,
excluding the impact of measuring at fair value through profit and loss account some investments that Ferrovial maintains as equity investments,
and (ii) Ferrovial's purchase price allocation adjustments:
IRB (100%) Million INR
Dec. 25
Dec.24
Non-current assets
438,952
405,626
Current assets
55,198
46,158
Total assets
494,150
451,784
Equity
154,494
141,663
Non-current liabilities
300,191
273,464
Current liabilities
39,465
36,657
Total liabilities
494,150
451,784
Group's share in equity (19.86% and 24.86% post and pre-sale, respectively)
30,682
28,141
Group's share in equity (Million EUR)
291
315
The following table illustrates the summarized income statement as reported by IRB, excluding the impact of measuring at fair value through the
profit and loss account, some investments that Ferrovial maintains as equity investments, and adjusted for Ferrovial\u2019s purchase price allocation
adjustments:
IRB (100%) Million INR
Dec. 25
Dec.24
Revenue
66,460
72,806
Profit for the year (continuing operations)
12,363
5,096
Other comprehensive income
1,453
(1,440)
Total comprehensive income
13,816
3,656
Group's share in profits (19.86% and 24.86% post and pre-sale, respectively)
2,455
1,534
Group's share in profits (Million EUR)
25
13
3.5.4. IRB Infrastructure Trust (Private InvIT)
On June 13, 2024, Ferrovial, through its highway subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary
of IRB Infrastructure Developers (IRB), in which Ferrovial held a 19.86% ownership interest as mentioned previously. Considering the 51% indirect
ownership interest which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
Private InvIT held a portfolio of 14 highway concessions in India with a committed pipeline of one additional concession. This investment
amounted to EUR 652 million (considering an exchange rate of 90.2 EUR/INR).
The consolidated IFRS balance sheet integrated by Ferrovial of Private InvIT is summarized in the table below.
Private InvIT only reports its consolidated balance sheet to the market at end-March and end-September. The balance sheet below for December
31, 2025 is based on the balance sheet reported by Private InvIT for September 2025; whereas the balance sheet below for December 2024 is
based on the balance sheet reported by Private InvIT for September 2024. Both have been adjusted by (i) distributions to unit holders and results
reported by Private InvIT for the last quarter of each period, and (ii) Ferrovial's purchase price allocation adjustments. The acquisition of 80.4% of
the Ganga project is included in 2025, with an impact on non-controlling interests in 2025, since there was no detailed balance sheet information
available in 2024.
Private InvIT (100%) Million INR
Dec.25
Dec.24
Fair Value recognized on
acquisition
Jun.24
Non-current assets
492,550
536,192
537,578
Current assets
67,837
15,719
13,799
Total assets
560,387
551,911
551,377
Equity attributable to shareholders
259,701
240,784
245,257
Equity
261,022
240,784
245,257
Non-current liabilities
285,844
297,474
294,852
Current liabilities
13,521
13,653
11,268
Total liabilities and equity
560,387
551,911
551,377
Group's share in equity (23.99%)
62,308
57,769
58,842
Group's share in equity (23.99%) Million EUR
591
646
652
Ganga Acquisition (Million EUR)
\u2014
58
\u2014
Group's share in equity including Ganga acquisition (23.99%)
Million EUR
591
704
652
The following table illustrates the summarized income statement included in these audited consolidated accounts, which covers the 12 month-
period from January 2025 to December 2025 for December 2025; and the 6 month-period from the acquisition to December 31, 2024 for
December 2024, both as reported by Private InvIT and adjusted by Ferrovial's purchase price allocation adjustments:
Private InvIT (100%) Million INR
Dec.25
Dec.24
Revenue
64,345
22,040
Profit for the year (continuing operations)
(2,539)
(3,131)
Total comprehensive income
(2,539)
(3,131)
Group's share in loss (23.99%)
(609)
(751)
Group's share in loss (23.99%) Million EUR
(6)
(8)
3.5.5. Other disclosures relating to associates
a) Movements relating to the remaining associates
Appendix I to the 2025 consolidated financial statements includes a list of ownership interests in equity-accounted companies, including names,
countries of incorporation, business segments, shareholding percentages, aggregate assets and liabilities, revenue and profit/(loss) for the year.
A summary is presented in the following table:
Million euro
2025
2024
Madrid Calle 30 and Empresa Mant. y Explotaci\u00f3n M30
1
22
Riverlinx Limited \u2013 Silvertown Tunnel
60
65
Netflow OSARS (Western)
34
38
Ruta del Cacao
34
27
Sociedad Concesionaria Anillo Vial
29
14
Zero Bypass
21
13
FMM Company LLC
15
18
Nexus Infr. Unit Trust
9
10
Other
17
13
TOTAL
220
220
b) Other information
There are no significant restrictions on the capacity of associates to transfer funds to the parent company in the form of dividends, debt
repayments or advances, other than such restrictions as might arise from the financing agreements of those associates or from their own financial
position, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group.
There are no significant companies in which the ownership interest exceeds 20% that are not equity-accounted.
The guarantees provided by Group companies to equity-accounted companies are described in Note 6.5.2
b) Guarantees given by Group companies for other Group companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-901": { "value": "
Airports
AGS Airports Holdings Limited (AGS) divestment
On November 13, 2024, Ferrovial announced that an agreement had been reached with Avialliance UK Limited for the sale of its entire stake in
AGS (50%). As part of the same transaction, Macquarie also agreed to sell its entire stake (50%) in AGS to the same purchaser. The completion of
this transaction was subject to obtaining the applicable regulatory approvals by year-end 2024, and the 50% ownership interest in AGS Airports
Holdings Limited as of December 31, 2024 was therefore reclassified to held for sale. The ownership interest in this company remained valued at
zero, due to the fact that losses generated in previous years brought equity attributable to Ferrovial below zero.
The Group granted subordinated loans to AGS totaling EUR 235 million. Following the agreement reached in November 2024, these loans were
reclassified from long-term financial assets to short-term receivables in December 2024, since they were also included in the divestment
transaction.
On January 28, 2025, having satisfied the applicable regulatory conditions, Ferrovial and Macquarie completed the sale of AGS' entire share
capital (100%) for a price of GBP 900 million. Ferrovial\u2019s net share of the proceeds was GBP 452 million, resulting in a capital gain of EUR 272
million (Note 2.4).
Heathrow Airport Holdings divestment
Regarding the Heathrow Airport Holdings divestment, as disclosed in the December 31, 2024 Consolidated Financial Statements, on November
28, 2023, Ferrovial entered into a share purchase agreement with Ardian and the Public Investment Fund (PIF), pursuant to which Ferrovial
agreed to sell its full stake (25% interest) in FGP Topco Limited.
On December 12, 2024, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of 19.75% of the share capital of
FGP Topco Ltd., which is the direct shareholder of Heathrow Airports Holdings Limited (HAH), the owner of Heathrow Airport in London (UK), to
Ardian and the Public Investment Fund (PIF), with a capital gain of EUR 2,023 million, reported in the income statement within the line item
\u201cImpairment and disposal of fixed assets\u201d (Note 2.4) - the ownership interest in this company was valued at zero, due to the fact that losses
generated in previous years brought equity attributable to Ferrovial below zero.
As a result, Ferrovial held 5.25% stake, which was recognized as a non-current financial asset at fair value through profit or loss (Note 3.6.), once
concluded that according to IAS28 p.5-6, Ferrovial would no longer exercise significant influence in FGP Topco Ltd., despite having the right to
nominate a board member together with other shareholders, as the group would have no participation in the policy-making processes of the
asset, neither participation in decisions related to dividend distributions. The fair value of the remaining stake was determined by referencing the
selling price of the 19.75% stake divested in FGP Topco Ltd., generating an additional positive impact of EUR 547 million.
On January 26, 2025, Ferrovial announced that a binding agreement had been reached with Ardian for the sale of its entire remaining stake
(5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c.GBP 455 million. Full completion of the divestment
under the agreement was finally achieved on July 3, 2025, having fulfilled the applicable regulatory conditions, an additional result of EUR 27
million was recognized through the income statement, mainly corresponding to the interest accrued since the announcement of the transaction
(EUR 28 million), reported as Other net financial income/(expense) through the consolidated income statement (Note 2.5) together with the
translation differences and the hedging impact associated with these translation differences.
Highways
Acquisition of an additional 5.06% stake in 407 ETR from AtkinsR\u00e9alis
On June 6, 2025, Ferrovial completed the previously-announced acquisition of an additional 5.06% stake in the Canadian highway company
from affiliates of the AtkinsR\u00e9alis Group Inc. Ferrovial\u2019s amounted to CAD 1.99 billion (EUR 1.3 billion), increasing its total ownership of the 407
ETR from 43.23% to 48.29% (see Note 3.5).
As part of this acquisition, and in connection with the purchase price allocation exercise, the difference between the fair value of the 5.06% stake
acquired and its carrying amount at the acquisition date (EUR 1.50 billion), was fully allocated as an intangible asset. The investment in 407 ETR
continues to be accounted for under the equity method.
2.6. SHARE OF PROFITS OF EQUITY-ACCOUNTED COMPANIES
The share of profits of equity-accounted companies in 2025 amounted to EUR 258 million (EUR 238million in 2024 and EUR 215 million in 2023).
Set out below is a breakdown of the most significant companies:
Profit/(loss) of equity-accounted companies
(Million euro)
2025
2024
2023
407 ETR
217
188
154
JFK NTO
4
3
4
IRB
25
13
14
Private InvIT
-6
-8
\u2014
Other
18
42
43
TOTAL
258
238
215
Note 3.5 provides further details of these companies\u2019 profits/(losses).
Investments in Associates
INVESTMENTS IN ASSOCIATES
(Million euro)
TOTAL 2025
TOTAL 2024
Balance at 12.31.24
3,023
2,038
Capital contribution
256
1,192
Share of profit/(loss)
258
238
Dividends
-492
-357
Foreign exchange differences
-385
60
Derivatives
18
20
Net investment / (net disposals)
1,273
\u2014
Other
4
-168
Balance at 12.31.25
3,955
3,023
During 2025, the investment in associates heading increased by EUR 932 million on the back of the additional 5.06% stake acquired in 407ETR
(EUR 1,273 million), the capital contributions in JFK NTO Airport (EUR 236 million), and the share of these companies\u2019 profits (EUR 258 million),
highlighting the 407 ETR results (EUR 217 million), partially offset by the negative exchange rate impact, derived from depreciation of the Indian
rupee, Canadian dollar and US dollar (EUR -385 million).
During 2024, the investments in associates heading increased by EUR 985 million on the back of the capital contributions in JFK NTO Airport (EUR
469 million), the acquisition of 23.99% of IRB Private InvIT (EUR 710 million) described in Note 1.1.4, and the share of these companies\u2019 profits
(EUR 238 million), particularly the 407 ETR's results (EUR 188 million). Also worth mentioning is the effect on other movements of the 5% stake
divestment in IRB Infrastructure Developers (EUR -77 million), the availability concession assets sold to Interogo Holding in October 2024 (EUR -70
million), and the sale of 24.78% stake in Grupo Serveo (EUR -21 million), partially offset by the derivatives impact (EUR 20).
3.5. INVESTMENTS IN ASSOCIATES
Due to their significance, the investments in 407 ETR (48.29%), IRB (19.86%), Private InvIT (23.99%) and JFK NTO (49%) are presented
separately. The following tables show the main items that explain the variation in these investments:
2025 (Million euro)
407 ETR (48.29%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL 2025
Balance at 12.31.24
778
315
704
1,006
220
3,023
Capital contribution
-
-
-
236
20
256
Share of profit/(loss)
217
25
(6)
4
18
258
Dividends
(452)
(2)
(5)
-
(33)
(492)
Foreign exchange differences
(90)
(50)
(108)
(128)
(9)
(385)
Derivatives
-
3
-
10
5
18
Net investment / (net disposals)
1,273
-
-
-
-
1,273
Other
(1)
-
6
-
(1)
4
Balance at 12.31.25
1,725
291
591
1,128
220
3,955
2024 (Million euro)
407 ETR
(43.23%)
IRB (19.86%)
Private InvIT
(23.99%)
JFK (49%)
OTHER
TOTAL 2024
Balance at 12.31.23
928
376
-
471
263
2,038
Capital contribution
-
-
710
469
13
1,192
Share of profit/(loss)
188
13
(8)
3
42
238
Dividends
(321)
(6)
(4)
-
(26)
(357)
Foreign exchange differences
(17)
16
6
54
1
60
Derivatives
-
(4)
-
9
15
20
Other
-
(80)
-
-
(88)
(168)
Balance at 12.31.24
778
315
704
1,006
220
3,023
During 2025, investments in associates increased by EUR 932 million on the back of the additional 5.06% stake acquired in 407 ETR (EUR 1,273
million), the capital contributions in JFK NTO Airport (EUR 236 million) and the share of these companies\u2019 profits (EUR 258 million), highlighting
results of 407 ETR (EUR 217 million), partially offset by the negative foreign exchange differences in Canada, India and the US (EUR -385 million).
3.5.1. Disclosures relating to 407 ETR
a. Balance sheet and income statement movements 2025-2024
These figures reflect the company\u2019s full balances and are presented in millions of Canadian dollars (details of the exchange rate used in 2025 for
the balance sheet and the income statement figures are provided in Note 1.4).
Balance sheet December 31, 2025 and December 31, 2024
407 ETR (100%) (million CAD)
Dec. 2025
Dec. 2024
Var. 25/24
Non-current assets
4,602
4,594
8
Fixed assets in infrastructure projects
3,882
3,921
(39)
Non-current financial assets
673
611
62
Deferred taxes
47
62
(15)
Current assets
1,213
1,163
50
Short-term trade and other receivables
465
443
22
Cash and cash equivalents
748
720
28
Total assets
5,815
5,757
58
Equity
(6,890)
(6,199)
(691)
Non-current liabilities
11,962
11,309
653
Borrowings
11,383
10,716
667
Deferred taxes
579
593
(14)
Current liabilities
743
647
96
Borrowings
548
514
34
Short-term trade and other payables
195
133
62
Total liabilities
5,815
5,757
58
As mentioned above, Ferrovial completed the acquisition of an additional 5.06% stake in the Canadian highway from affiliates of AtkinsR\u00e9alis
Group Inc. Ferrovial's total investment reached CAD 1.99 billion (EUR 1.3 billion), increasing its total ownership of the 407 ETR from 43.23% to
48.29%. As part of this acquisition, and in connection with the purchase price allocation exercise, the difference between the fair value of the
5.06% stake acquired and its carrying amount at the acquisition date (EUR 1.5 billion) was fully allocated as an intangible asset.
There follows a description of the main movements in 407 ETR\u2019s balance sheet at December 31, 2025 compared to the previous year:
Equity
Equity fell by CAD -691 million with respect to the previous year, primarily due to the payment of CAD 1,500 million in dividends to shareholders,
which was offset by the profit for the year of CAD 811 million.
The percentage share of the subsidiary\u2019s shareholders\u2019 funds does not reflect the consolidated carrying amount of the ownership interest, since
the latter also includes the amount of the fair value remeasurement of the investment retained following the divestment of a 10% ownership
interest in this company in 2010, recognized as an increase in the investment\u2019s value, the goodwill that arose in 2009 as a result of the merger of
the parent holding company of the group and the holding company that owned the stake in the concession, and also the 2025 impact as a
consequence of an intangible asset recorded following the purchase price allocation exercise performed for the additional 5.06% stake
acquisition mentioned above.
Therefore, in order to obtain the consolidated carrying amount at Ferrovial, it is necessary to increase the figure for 48.29% of shareholders\u2019
funds presented above (CAD -3,327 million) by the amounts of the aforementioned gain and of the goodwill of 2010 and 2009 (CAD 3,816
million) and the intangible assets recognized in 2025 (CAD 2,289 million), reaching a total of CAD 2,778 million which, translated at the year-end
exchange rate (EUR 1 = CAD 1.60998), is equivalent to the investment of EUR 1,725 million.
As shown in the table at the beginning of this note, the value of the interest in this company increased from EUR 778 million to EUR 1,725 million,
mainly as a result of the additional 5.06% stake acquired (EUR 1,273 million), and the profit generated during the year (EUR 217 million for
Ferrovial\u2019s stake), which was partially offset by the dividend pay-out during the period (EUR (452) million) and the exchange rate impact (EUR (90)
million).
Borrowings
Overall financial debt (short and long term) increased in relation to December 2024 by CAD 701 million due to issuance of new senior debt.
Income statement December 31, 2025 - December 31, 2023
The following table shows movements in 407 ETR\u2019s income statement during the financial years ended December 31, 2025, December 31, 2024
and December 31, 2023:
407 ETR (100%) (million CAD)
Dec. 25
Dec. 24
Dec.23
Operating income
2,009
1,705
1,495
Operating expenses
(322)
(228)
(212)
Fixed asset depreciation
(110)
(106)
(97)
Operating profit/(loss)
1,577
1,372
1,187
Net financial income/(expense)
(472)
(429)
(412)
Profit/(loss) before tax
1,105
942
775
Corporate income tax
(294)
(250)
(208)
Net profit/(loss)
811
692
567
Profit/(loss) attributable to Ferrovial (million CAD)
351
299
245
Intangible asset amortization adjustment (CAD million)
(35)
(21)
(21)
Adjusted net profit/(loss) attributable to Ferrovial (million CAD)
316
278
225
Adjusted net profit/(loss) attributable to Ferrovial (million Euro)
213
188
154
It should be noted that the profit/(loss) attributable to Ferrovial also includes depreciation recognized over the concession term on the
remeasurement recognized, following the loss of control of the company as a result of the above-mentioned 2010 sale and the purchase of the
5.06% stake in 2025.
3.5.2.Disclosures relating to JFK NTO LLC
On June 10, 2022, the agreement whereby Ferrovial invested in the capital of JFK NTO LLC, which will remodel, build, finance, operate and
maintain the facilities of the New Terminal One at New York\u2019s John F. Kennedy International (JFK) Airport, came into effect. Ferrovial holds a 49%
indirect ownership interest in the project.
The shareholders made a commitment to inject share capital of USD 2,330 million, of which Ferrovial will contribute USD 1,142 million. At
December 31, 2025, USD 2,180 million had been invested (USD 1,068 million relates to Ferrovial, of which USD 267 million (EUR 236 million) was
invested in 2025).
Ferrovial agreed with the Carlyle Group to pay off an earn-out should Carlyle divest its outstanding 4% interest in Mars NTO LLC. This earn-out
payment would be triggered if Carlyle were to transfer its stake either to a third party or to Ferrovial. This payment depends on the value creation
from the project. An estimation of the earn-out payment was included in our valuation of the investment as presented in the 2022 financial
statements. Any future changes in the valuation of the earn-out will affect our income statement.
The company's consolidated IFRS balance sheet is disclosed in the table below:
Balance sheet December 31, 2025 and December 31, 2024
JFK (100%) Million USD
Dec. 2025
Dec. 2024
Non-current assets
10,413
8,330
Intangible assets
10,410
8,067
Non-current financial assets
3
180
Long-term financial derivatives at fair value
\u2014
83
Current assets
2,587
2,510
Debtors and other short-term accounts receivable
67
275
Cash and cash equivalents
611
251
Other short-term financial assets
1,909
1,984
Total assets
13,000
10,840
Equity
2,572
1,994
Share capital
2,180
1,635
Share of profit/(loss)
49
40
Other Comprehensive Income
343
319
Non-current liabilities
9,868
8,504
Bonds and debts - infrastructure projects
5,971
4,654
Other long-term debts
3,897
3,850
Current liabilities
560
342
Creditors and other short-term accounts payables
560
342
Total liabilities
13,000
10,840
JFK NTO's main assets and liabilities are described below:
\u2022 Intangible assets, which fundamentally comprise:
\u2013 Concession assets (USD 6,215 million in 2025 and USD 3,971 million in 2024), including all the expenses necessary to obtain the concession
contract, as well as the project\u2019s construction and development costs.
\u2013 Payments to the Port Authority (USD 4,195 million in 2025 and USD 4,096 million in 2024), reflecting the present value of the future
payments, throughout the concession period, for the acquisition of the concession. Also, a liability of the same amount was initially
recorded, corresponding to the value of the future payment obligations, under financial debt in non-current liabilities (\u201cOther long-term
debts\u201d).
\u2022 Long-term borrowings (USD 5,971 million in 2025 and USD 4,600 million in 2024) explained mainly by:
\u2013 USD 2,000 million nominal amount of Munibonds issued on December 6, 2023. A portion of the issuance (USD 800 million) was insured
by Assured Guaranty Municipal Corp. (\u201cAGM\u201d).
\u2013 USD 2,550 million nominal amount of green bonds issued on June 18, 2024. A portion of the issuance (USD 800 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 4.65% at a weighted average maturity
of 30 years.
\u2013 USD 1,367 million nominal amount of green bonds issued on July 16, 2025. A portion of the issuance (USD 600 million) was insured by
Assured Guaranty Municipal Corp. (\u201cAGM\u201d). The transaction achieved an all-in true interest cost of 5.48% at a weighted average maturity
of 28 years.
\u2022 Other short-term financial assets (USD 1,909 million in 2025 and USD 1,984 million in 2024) correspond to treasury bills, treasury notes and
state and local government securities, aligned with the NTO reinvestment strategy, using the cash obtained from the above-mentioned bond
issuance.
\u2022 In addition, JFK NTO contracted interest rate swaps (IRS) associated with the project's bank borrowings and future debt issuances, for a
notional amount of USD 645 million in 2024, which have been treated as effective cash flow hedges and were cleared during 2025. During
the year, there was an impact of USD 26 million on the company's reserves (EUR 10 million at Ferrovial's ownership interest).
\u2022 Equity (USD 2,572 million in 2025 and USD 1,994 million in 2024). Movements in equity are primarily explained by capital contributions under
this same heading in the amount of USD 545 million and USD 26 million reflecting the effect on reserves of the change in market value of the
derivative associated with current debt since the acquisition date..
3.5.3 Disclosures relating to IRB
As indicated in Ferrovial\u2019s 2021 consolidated financial statements, the Group (through Cintra) acquired a 24.86% stake in the Indian listed
company IRB Infrastructure Developers Ltd (IRB) on December 29, 2021. On June 11, 2024, Ferrovial, through its subsidiary Cintra, completed the
sale of its 5% stake in IRB, so the actual stake in the company stood at 19.86%.
The price of IRB\u2019s stock at December 31, 2025 was INR (Indian Rupee) 42.05 per share (57.24 at December 31, 2024).
The company's fiscal year runs from April through March. IRB\u2019s latest available audited financial statements are dated March 2025. IRB
contributed a profit of EUR 25 million to Ferrovial for the period from January to December 2025.
IRB only reports its consolidated balance sheet to the market at end-March and end-September. The balance sheet at December 2025 set out
below is based on the balance sheet reported by IRB at September 2025, adjusted by (i) distributions to unit holders and results reported by IRB,
excluding the impact of measuring at fair value through profit and loss account some investments that Ferrovial maintains as equity investments,
and (ii) Ferrovial's purchase price allocation adjustments:
IRB (100%) Million INR
Dec. 25
Dec.24
Non-current assets
438,952
405,626
Current assets
55,198
46,158
Total assets
494,150
451,784
Equity
154,494
141,663
Non-current liabilities
300,191
273,464
Current liabilities
39,465
36,657
Total liabilities
494,150
451,784
Group's share in equity (19.86% and 24.86% post and pre-sale, respectively)
30,682
28,141
Group's share in equity (Million EUR)
291
315
The following table illustrates the summarized income statement as reported by IRB, excluding the impact of measuring at fair value through the
profit and loss account, some investments that Ferrovial maintains as equity investments, and adjusted for Ferrovial\u2019s purchase price allocation
adjustments:
IRB (100%) Million INR
Dec. 25
Dec.24
Revenue
66,460
72,806
Profit for the year (continuing operations)
12,363
5,096
Other comprehensive income
1,453
(1,440)
Total comprehensive income
13,816
3,656
Group's share in profits (19.86% and 24.86% post and pre-sale, respectively)
2,455
1,534
Group's share in profits (Million EUR)
25
13
3.5.4. IRB Infrastructure Trust (Private InvIT)
On June 13, 2024, Ferrovial, through its highway subsidiary Cintra, acquired a 23.99% stake in IRB Infrastructure Trust (Private InvIT), a subsidiary
of IRB Infrastructure Developers (IRB), in which Ferrovial held a 19.86% ownership interest as mentioned previously. Considering the 51% indirect
ownership interest which Ferrovial holds through the 19.86% stake in IRB, Ferrovial retains a total stake in Private InvIT of 34.1%.
Private InvIT held a portfolio of 14 highway concessions in India with a committed pipeline of one additional concession. This investment
amounted to EUR 652 million (considering an exchange rate of 90.2 EUR/INR).
The consolidated IFRS balance sheet integrated by Ferrovial of Private InvIT is summarized in the table below.
Private InvIT only reports its consolidated balance sheet to the market at end-March and end-September. The balance sheet below for December
31, 2025 is based on the balance sheet reported by Private InvIT for September 2025; whereas the balance sheet below for December 2024 is
based on the balance sheet reported by Private InvIT for September 2024. Both have been adjusted by (i) distributions to unit holders and results
reported by Private InvIT for the last quarter of each period, and (ii) Ferrovial's purchase price allocation adjustments. The acquisition of 80.4% of
the Ganga project is included in 2025, with an impact on non-controlling interests in 2025, since there was no detailed balance sheet information
available in 2024.
Private InvIT (100%) Million INR
Dec.25
Dec.24
Fair Value recognized on
acquisition
Jun.24
Non-current assets
492,550
536,192
537,578
Current assets
67,837
15,719
13,799
Total assets
560,387
551,911
551,377
Equity attributable to shareholders
259,701
240,784
245,257
Equity
261,022
240,784
245,257
Non-current liabilities
285,844
297,474
294,852
Current liabilities
13,521
13,653
11,268
Total liabilities and equity
560,387
551,911
551,377
Group's share in equity (23.99%)
62,308
57,769
58,842
Group's share in equity (23.99%) Million EUR
591
646
652
Ganga Acquisition (Million EUR)
\u2014
58
\u2014
Group's share in equity including Ganga acquisition (23.99%)
Million EUR
591
704
652
The following table illustrates the summarized income statement included in these audited consolidated accounts, which covers the 12 month-
period from January 2025 to December 2025 for December 2025; and the 6 month-period from the acquisition to December 31, 2024 for
December 2024, both as reported by Private InvIT and adjusted by Ferrovial's purchase price allocation adjustments:
Private InvIT (100%) Million INR
Dec.25
Dec.24
Revenue
64,345
22,040
Profit for the year (continuing operations)
(2,539)
(3,131)
Total comprehensive income
(2,539)
(3,131)
Group's share in loss (23.99%)
(609)
(751)
Group's share in loss (23.99%) Million EUR
(6)
(8)
3.5.5. Other disclosures relating to associates
a) Movements relating to the remaining associates
Appendix I to the 2025 consolidated financial statements includes a list of ownership interests in equity-accounted companies, including names,
countries of incorporation, business segments, shareholding percentages, aggregate assets and liabilities, revenue and profit/(loss) for the year.
A summary is presented in the following table:
Million euro
2025
2024
Madrid Calle 30 and Empresa Mant. y Explotaci\u00f3n M30
1
22
Riverlinx Limited \u2013 Silvertown Tunnel
60
65
Netflow OSARS (Western)
34
38
Ruta del Cacao
34
27
Sociedad Concesionaria Anillo Vial
29
14
Zero Bypass
21
13
FMM Company LLC
15
18
Nexus Infr. Unit Trust
9
10
Other
17
13
TOTAL
220
220
b) Other information
There are no significant restrictions on the capacity of associates to transfer funds to the parent company in the form of dividends, debt
repayments or advances, other than such restrictions as might arise from the financing agreements of those associates or from their own financial
position, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group.
There are no significant companies in which the ownership interest exceeds 20% that are not equity-accounted.
The guarantees provided by Group companies to equity-accounted companies are described in Note 6.5.2.
Appendix I. Associates (equity-accounted companies) (million euro)
Entity
Type
Parent
% Owner.
V. Eq.
Method
Assets.
Liab.
Reven.
Results
CONSTRUCTION
CANADA
Ontario Transit Group Inc.
Ontario Transit FCCI (HoldCo) Inc.
50.0%
0
1,141
1,173
585
0
SPAIN
Via Olmedo Pedralba, S.A.
Ferrovial Construcci\u00f3n, S.A.
25.2%
1
6
3
7
0
Boremer, S.A.
Cadagua, S.A.
49.8%
1
2
1
0
0
UNITED STATES
ConnectedWorks, LLC
Ferrovial Contruction US Holding Corp.
40.0%
2
5
0
0
0
POLAND
Promos Sp. z o.o.
Budimex, S.A.
12.8%
1
4
1
4
0
AUSTRALIA
TSRC O&M PTY LTD
Ferrovial Construction Australia PTY LTD
50.0%
2
6
3
7
1
HIGHWAYS
AUSTRALIA
Nexus Infrastructure Holdings Unit Trust
P
Cintra Toowoomba Ltd
40.0%
3
0
0
0
0
Nexus Infrastructure Unit Trust
P
Nexus Infrastructure Holdings Unit Trust
40.0%
9
34
12
32
5
Nexus Infrastructure Holdings PTY Ltd
P
Cintra Toowoomba Ltd
40.0%
0
0
0
0
0
Nexus Infrastructure PTY Ltd
P
Nexus Infrastructure Holdings PTY Ltd
40.0%
0
0
0
0
0
Netflow Osars (Western) GP
P
Cintra Osars (Western) Unit Trust
50.0%
34
136
68
23
3
SPAIN
Bip & Drive, S.A.
P
Cintra Infraestructuras Espa\u00f1a, S.L.
25.0%
6
37
11
22
1
Empresa Mant. y Explotaci\u00f3n M30, S.A.
Ferrovial Construcci\u00f3n, S.A.
50.0%
1
33
73
34
38
CANADA
407 International Inc.
P
Cintra 4352238 Investment Inc.
48.3%
1,725
3,616
7,896
1,272
513
COLOMBIA
Concesionaria Ruta del Cacao S.A.S.
P
Cintra Infraestructuras Colombia S.A.S.
30.0%
34
797
681
144
20
INDIA
IRB Infrastructure Developers Limited
P
Cintra INR Investments B.V.
19.9%
291
4,632
3,220
731
109
IRB Infrastructure Trust
P
IRB Infrastructure Developers Limited
10.1%
591
4,261
2,627
641
206
Cintra INVIT Investments B.V.
24.0%
MMK Toll Road Private Limited
P
IRB Infrastructure Developers Limited
10.1%
1
0
0
0
0
Cintra IM Investments B.V.
24.0%
UNITED KINGDOM
Zero Bypass Holdings Ltd
P
Cintra Slovakia Ltd
35.0%
0
0
0
0
0
Zero Bypass Ltd
P
Zero Bypass Holdings Ltd
35.0%
21
942
882
39
4
RiverLinx Holdings Ltd
Cintra Silvertown Ltd
22.5%
0
0
0
0
0
RiverLinx Ltd
P
RiverLinx Holdings Ltd
22.5%
60
1,755
1,485
81
10
PERU
Sociedad Concesionaria Anillo Vial, S.A.
P
Cintra Infraestructuras Per\u00fa, S.A.C
35.0%
29
87
5
61
(1)
AIRPORTS
QATAR
FMM Company, LLC
Ferrovial Airports FMM B.V.
49.0%
15
78
42
121
17
UNITED STATES
JFK NTO SPONSOR AGGREGATOR, LLC
P
MARS NTO, LLC
49.0%
1,128
11,050
8,887
92
8
Total equity-accounted continuing operations
3,955
(P) Project Company / Value Equity Method: Net Cost of the parent company over the equity-accounted company", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-903": { "value": "
1.3. ACCOUNTING POLICIES
1.3.2. Basis of consolidation
In 2025, 2024 and 2023 the reporting dates of the individual financial statements of all the companies included in the consolidation scope were
either the same as, or were temporarily brought into line with, that of the parent company for a homogeneous presentation of the financial
statements.
To determine the degree of control over each Group company (control, joint control or significant influence), the consistency between the
ownership interest held and the voting rights controlled under each company\u2019s bylaws and shareholder agreements is reviewed.
For companies in which joint control is identified, the general basis of consolidation is the equity method. Besides the situations in which there are
two venturers, each with a 50% ownership interest, certain cases require further analysis, particularly infrastructure projects in which Ferrovial
has a significant ownership interest (less than or equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the
investee, while the remaining shareholders, primarily infrastructure funds, are represented directly on the Board of Directors.
In all these cases, it has been concluded that the projects in question should be equity-accounted, because Ferrovial does not have the right to
appoint the majority of the Board Directors and the Board resolutions (including the appointment of the main executive positions) always require
a simple or qualified majority, where Ferrovial does not itself have a casting vote in the event of a tie.
Notable cases in this regard are the ownership interests held in the companies that own the following Highways projects (the percentage interest
held in each is shown in brackets): 407 ETR (48.29%), IRB Infrastructure Developers Ltd (19.86%) and IRB Private InvIT (23.99%), Slovakia (35%),
Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO (49%), which was incorporated into the Airports business line in 2022.
Contracts that are undertaken through temporary consortia (JVs) or similar entities that meet IFRS 11 requirements to be classified as \u201cjoint
operations\u201d are proportionately consolidated.
It is considered that, in such joint operations, the shareholders have direct control over the assets, liabilities, income and expenses of these entities.
In 2025, operations of this nature contributed to the consolidated Group\u2019s assets, profit/(loss) and revenue a total of EUR 1,278 million, EUR 138
million and EUR 1,610 million, respectively (EUR 1,057 million, EUR 157 million and EUR 1,581 million in 2024; and EUR 1,173 million to the
consolidated Group's assets, EUR 36 million to profit/(loss) and EUR 1,401 million to revenue in 2023). Among the companies involved in
construction projects, the most significant ones are those detailed in the table below:
PROJECT
ACTIVITY
COUNTRY
% SHARE
2025 REVENUE
(EUR M)
HS2 Main works
Works on 80 km of the HS2 between Chilterns and Warwickshire, including 15 viaducts, 5 km of green
tunnels, 22 km of road diversions, 67
UK
15%
367
Ontario Transit Group
Constructor GP
Design, build and finance Ontario Line Subway: Construction of a 6.7 km, seven-station rapid transit
system.
Canada
50%
298
Coffs Harbour Bypass
Design and Build contract for 14 km of road, three tunnels and a service road.
Australia
50%
141
Metro Paris Ligne 3A JV
Metro Paris with 6.7 KM tunnel. The work includes building three stations and eight ancillary
infrastructures.
France
50%
78
Linha Circular, A.C.E.
Ferrovial will build a new circular metro line in Oporto, the Pink Line, which will be 3.1 kilometers long.
The work on the Pink Line includes the construction of four new stations; and three ventilation shafts
and the installation of the track and catenary.
Portugal
65%
61
Sydney Metro West
Metro design and construction on an 11-kilometre stretch of twin railway tunnels between Sydney
Olympic Park and The Bays, Australia.
Australia
50%
56
TOTAL
1,001
A breakdown of the equity-accounted companies can be found in Note 3.5 and in Appendix I.
Intragroup balances and transactions are eliminated on consolidation. However, the transactions recognized in the consolidated income
statement in relation to construction works undertaken by the construction business line for infrastructure project concession operators are not
eliminated on consolidation, since it is considered that the Group performs work for the concession awarding entity or regulator in exchange for
the right to operate the infrastructure under the terms pre-established by the granting entity or regulator.
The awarding entity or regulator thus controls the asset from inception and grants the above-mentioned right in exchange for the work
performed and, therefore, the conclusion may be reached that, at the Group level, the work is performed for third parties. This approach is in line
with IFRIC 12.
The non-elimination of these transactions had an impact of EUR 4 million on the income statement in 2025, after taxes and non-controlling
interests (EUR -14 million and EUR -35 million in 2024 and 2023, respectively).
Finally, as regards transactions for the purchase or sale of an ownership interest that does not entail a change of control in the company in
question, the non-controlling interest is measured at the proportional value of the net identifiable assets of the company acquired or sold.
Changes in the parent\u2019s ownership interest in a subsidiary that do not give rise to a loss of control are equity transactions.
1.3.3. Accounting policies applied to each item in the consolidated statement of financial position and consolidated income statement
Set forth below is a breakdown reflecting only those accounting policies applied by the consolidated Group when preparing these consolidated
financial statements that include an option permitted by IFRS or, as the case may be, on the basis of the specific nature of the industry in which it
operates or of materiality.
1.3.3.1 Intangible assets and property, plant and equipment
\u2022Following initial recognition, \u201cIntangible assets\u201d and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the
diminishing balance method, which results in a decreasing depreciation charge over the useful life.
The consolidated companies depreciate \u201cProperty, plant and equipment\u201d over the following useful lives:
YEARS OF USEFUL LIFE
Buildings and other structures
10-50
Machinery, installations and tooling
2-25
Furniture and fittings
2-15
Vehicles
3-20
Other fixed assets
2-20
1.3.3.2 Investments in infrastructure projects
This heading includes infrastructure investments made by the project companies within the scope of IFRIC 12 (mainly highways), where
remuneration consists of an unconditional right to receive cash or other assets, or a right to charge fees for the use of the public infrastructure.
The assets acquired by the concession operator to provide the concession services that do not form part of the infrastructure (such as vehicles,
furniture or computer hardware) are excluded from this heading because they do not revert to the concession awarding entity. These assets are
recognized under \u201cProperty, plant and equipment\u201d and are depreciated over their useful life using a financial method.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including costs to fulfil the contract and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case generally traffic
forecasts in the case of highways, over the term of the concession.
Investments contractually agreed at concession inception on a final irrevocable basis that will be made at a later date during the concession term,
provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an asset and
an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs associated
with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the concession and
the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In the event that only a part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment
used for investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these
arrangements relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both highways and
airports, showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
SEGMENT
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Highways
Canada
Operation
1999
2098
Equity method
NTE Mobility Partners, LLC
Highways
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
Highways
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
Highways
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
Highways
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
Highways
USA
Operation
2019
2069
Full consolidation
IRB Infrastructure Developers Limited (**)
Highways
India
Operation/
Construction
-
-
Equity method
IRB Infrastructure Trust Limited (***)
Highways
India
Operation/
Construction
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (****)
Highways
Peru
Construction
2024
2054
Equity method
Autopista Terrassa Manresa, S.A.
Highways
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A.
Highways
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Airports
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
Airports
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date runs from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At December 31, 2025, 2024 and 2023, financial returns recognized as revenue amounted to EUR 10 million, EUR 9 million and EUR 10 million,
respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2025, EUR 6 million in 2024 and EUR 7 million in 2023.
The main concession contracts that apply the financial asset model mainly correspond to the Construction and Waste Treatment businesses
(Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR(*)
END YEAR
CONSO. METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia - Waterbeach plant)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase).
In addition, within the companies accounted for by the equity method, the following Highways concession contracts also apply the financial asset
model:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity method
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
Equity method
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity method
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity method
Netflow OSARs Western
Australia
Operation
2017
2040
Equity method
Riverlinx, Ltd.
UK
Operation
2019
2050
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
1.3.3.3 Other balance sheet and income statement items
Impairment and disposal of fixed and intangible assets
The Group assesses, at each reporting date, whether there is an indicator that an asset may be impaired. If any indicator exists, and if so, performs
an impairment test. The asset's recoverable amount is compared with its carrying value (i.e. net of accumulated amortization/depreciation). A
provision for impairment is recognized in the income statement if the recoverable amount is lower than the carrying value. The provision is
reversed in future years if the recoverable amount exceeds the carrying value.
The Group also assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for
an asset other than goodwill may no longer exist.
The line \u201cImpairment and disposal of fixed assets\u201d primarily includes asset impairment and gains or losses on the purchase, sale and disposal of
investments in Group companies and associates. When any such acquisitions or disposals of assets results in a takeover or loss of control, the
capital gain related to the updating of the fair value in respect of the stake maintained is also recognized in this line item.
Leases
The Group applies a single recognition and measurement approach for all leases, except for short-term leases which, in line with the exception set
forth in the IFRS 16 paragraph 5(a), are leases that have a term of less than twelve months and leases of low-value assets, which are treated as
other operating expenses (Note 2.2). The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right
to use the underlying assets (Note 3.7).
The Group recognizes right-of-use assets at lease inception (i.e., the date the underlying asset becomes available for use). Right-of-use assets
are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The
cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before
the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term.
At the lease inception date, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease
term. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change
in the lease payments or a change in the assessment of an option to purchase the underlying asset.
Taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates
and tax laws used to calculate the amount are those that are enacted or substantively enacted at the reporting date in the countries where the
Group operates and generates taxable income.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets are recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future
taxable profit will be available against which the unused tax losses and unused tax credits can be utilized.
Deferred tax assets and liabilities are not offset in these financial statements, if Ferrovial's subsidiaries do not have a clear intention to settle
current tax liabilities and assets on a net basis or to realize the assets and settle the liabilities simultaneously.
Cash and cash equivalents of infrastructure project companies: Restricted cash (Note 5.2.1)
This heading includes investments of the same type and maturity that are assigned to the financing of infrastructure projects, the availability of
which is restricted under the financing contracts as security to cover certain obligations relating to the interest or principal on the borrowings and
to infrastructure maintenance and operation.
Fair value measurement
When measuring derivatives, the credit risk of the parties to the agreement is taken into account. The impact of credit risk will be taken to the
income statement unless the derivatives qualify as effective cash flow hedges, in which case the effect will be recognized in reserves.
The Group uses appropriate measurement methods based on the circumstances and on the volume of inputs available for each item, attempting
to maximize the use of relevant observable inputs and avoiding the use of unobservable inputs. According to IFRS 13, the Group establishes a fair
value band that categorizes the inputs to measurement methods used to measure fair value into the following three levels:
\u2022Level 1: Quoted prices in active markets for identical assets or liabilities.
\u2022Level 2: Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly.
\u2022Level 3: Unobservable market inputs for the asset or liability.
As explained in Note 5.5, Financial derivatives, all the Group\u2019s financial derivatives are on Level 2 except the energy power purchase agreements,
which qualify as financial derivatives and are on Level 3.
Following the sale of a 19.75% stake in FGP Topco in December 2024, the remaining 5.25% interest (divested on July 3, 2025) was measured at
fair value by reference to the transaction price of the disposed stake. As this price represented an observable input, the measurement was
classified as Level 2 under IFRS 13.
Financial instruments
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated using the coming 12-month or lifetime
expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in the event that default materializes.
The assignment of ratings and rate trends is overseen by the financial risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate the expected credit loss, an average rating is
obtained for customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether
the customer is a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined the payment periods per type of customer that trigger a breach and
thus the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected credit loss provision is calculated individually for each asset based on
the awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
Classification and measurement of financial assets
Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income
(OCI), and fair value through profit or loss.
Under IFRS 9, the classification and measurement methods are based on two aspects: the characteristics of the contractual cash flows from the
financial asset and the entity\u2019s business approach to managing financial assets.
This entails three potential measurement methods: amortized cost, fair value through other comprehensive income (OCI) and fair value through
profit or loss. The Group\u2019s financial assets are mainly assets held to maturity, the cash flows of which only comprise payments of principal and
interest, so financial assets are carried at amortized cost. It should be noted that there is an option to report fair value changes in other
comprehensive income from the outset in the case of equity instruments measured by default at fair value through profit or loss. This decision is
irrevocable and must be made for each individual asset.
Equity instruments classified as financial assets through profit or loss are presented as non-current assets, because (i) they are not expected to be
realized within the company's normal operating cycle, (ii) they are not held primarily for trading purposes, and (iii) they are not expected to be
realized within twelve months after the reporting period.
Classification and measurement of financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or
as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial
instruments.
For purposes of subsequent measurement, financial liabilities are classified in two categories: financial liabilities at fair value through profit or loss
and financial liabilities at amortized cost (loans and borrowings).
Non-refundable grants related to assets
Non-repayable capital grants are measured at the amount granted under \u201cDeferred income\u201d (Note 6.1) in the consolidated statement of
financial position and are progressively released to the income statement in proportion to the depreciation charged during the year on the assets
financed by the grants. From a cash flow standpoint, the investments made are presented separately from the non-refundable grants received
during the year.
Trade payables
The heading \u201cTrade payables\u201d also includes the liability to pay for goods or services acquired from suppliers under reverse factoring
arrangements with banks.
These balances are classified as trade payables and the related payments as cash flows from operating activities in line with IAS 1, as they are part
of the working capital used in the entity\u2019s normal operating cycle. Payments are made to the banks on the same terms agreed with the suppliers
and with no extensions beyond the due dates agreed with the suppliers, and there are no special guarantees securing the payments to be made.
Provisions
This heading includes provisions covering risks arising in the course of business (Note 6.3). The accounting treatment of each type of provision is as
follows:
i. Litigation provisions and taxes: These provisions are recognized and reversed against operating profit/(loss), against net financial income/
(expense) and/or against corporate income tax, depending on the nature of the tax for which the provision has been recognized (penalties,
related interest, and/or contested tax assessments).
ii. Provisions for replacements under IFRIC 12: These provisions are recognized and reversed against depreciation charged during the period in
which the obligations accrue, until the replacement becomes operational.
iii. Provisions for other long-term risks: They are recognized and reversed against changes to provisions in operating profit/(loss), as and when
the landfill closure costs are incurred.
iv. Trade provisions: These provisions are recognized and reversed against changes to provisions in operating profit/(loss).
Share-based remuneration schemes
Share-based remuneration schemes are measured at fair value at the grant date. The calculation discounts the expected shareholder
distributions over the vesting period to the grant-date value of the shares, using a discount rate equivalent to the average cost of borrowings
during the share award period.
1.3.3.4 Revenue recognition
Ferrovial has a common revenue recognition policy adapted to IFRS 15 \u201cRevenue from contracts with customers\u201d so as to ensure a consistent
approach across all lines of business.
i) General revenue recognition approach
The first step in the revenue recognition process involves identifying the relevant contracts and the performance obligations that they contain.
A single performance obligation is generally identified in construction contracts due to the high degree of integration and customization of the
various goods and services forming a combined output that is transferred to the customer over time.
In general, performance obligations in Construction activities carried out by Ferrovial are satisfied over time rather than at a point in time, since
the customer simultaneously receives and consumes the benefits of the Company\u2019s work as the service is provided.
As regards the approach to recognizing revenue over time (a way of measuring the progress of a performance obligation), Ferrovial has
established certain criteria that are applied consistently to similar performance obligations.
In this regard, the Group has chosen the output method as its preferred approach when measuring goods and services whose control is transferred
to the customer over time.
In contracts for goods and services that are different but closely interrelated when making a combined product, which often occurs under
construction contracts, the applicable output method consists of measuring the work carried out based on the surveyed performance completed
to date, in which the revenue recognized reflects the work units executed and the unit price. Under this method, the units completed under each
contract are measured and the relevant output is recognized as revenue.
Costs of works or services are recognized on an accrual basis, expensing amounts actually incurred (Note 1.3.3.4.iv on provisions for deferred
expenses).
For recurring and routine services (involving substantially the same services) such as maintenance, showing the same pattern over time and
remuneration consisting of a recurring fixed amount over the contract term (e.g. monthly or annual payments), such that the customer benefits
from the services as they are provided, the Group opted for the time-elapsed output method to recognize revenue. Under this method, revenue is
recognized on a straight-line basis over the term of the contract and costs are recognized on an accrual basis.
The costs-incurred input method only is applied to contracts that are not for recurring and routine services and for which the unit price of the units
to be executed cannot be determined. Under this method, the Company recognizes revenue based on costs incurred as a percentage of the total
costs forecast to complete the work, taking account of the expected profit margin for the whole project, based on the most recently updated
budget.
This method entails measuring the costs incurred as a result of the work completed to date as a proportion of the total costs forecast and
recognizing them as revenue in proportion to the total revenues expected.
As indicated above, this method only applies to lump-sum construction contracts in which it is not possible to break down the price and the
measurement of units to be completed.
Finally, as regards determining whether the Company acts as a principal or agent in relation to its contractual performance obligations, Ferrovial
is the principal in construction contracts if it provides goods and services directly to the customer and transfers control of them without involving
intermediaries.
In the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it
is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications
and therefore assumes the consequences in the event of a claim or delay. Revenues and results of those construction services are therefore
recognized by the Construction business line. Conversely, the concession company acts as an agent in connection with the construction
performance obligation and does not therefore recognize revenues or results in this regard.
ii) Recognition of revenue from contract modifications, claims and disputes
Modifications are understood as changes to the initial contract's scope of works that could result in a change to the contract revenues. Changes to
the initial contract require the customer\u2019s technical and financial approval prior to the issuance of billings and collection of the amounts relating
to additional work.
The Group generally does not recognize any revenue from such additional work until it has been approved by the customer. When the scope of
work has been approved but the impact on revenue has yet to be valued, the \u201cvariable consideration\u201d requirement (as explained below) will
apply. This entails recognizing revenue in an amount that is highly unlikely to be reversed.
Any costs associated with the units completed or services rendered will be recognized when they are incurred, regardless of whether or not the
modification has been approved.
A claim is a request for payment or compensation to the customer (e.g., compensation events, reimbursement of costs) subject to an application
procedure directly to the customer.
A dispute is the result of an incident of non- compliance or rejection after a claim has been made to the customer under the terms of the contract,
the result of which is pending in a procedure being pursued directly with the customer or in court or arbitration proceedings.
The general criterion followed by the Group is not to recognize revenue until a claim is approved or a dispute is resolved.
In the event that the claim work is approved but the valuation is pending, the requirement mentioned below for the case of \u201cvariable
consideration\u201d in accordance with IFRS 15 is applied, recording the amount of revenue for which it is highly probable that there will not be a
significant reversal. This treatment is also applied in exceptional cases where approval has not yet been granted if (i) there is a legal report
justifying that the contract rights are clearly enforceable, (ii) as well as a technical report supporting the technical basis of the claim and (iii)
approval from the business line\u2019s CFO and General Counsel.
In those cases in which a legal report confirms that the disputed rights are clearly enforceable and, therefore, at least the costs directly associated
with the service relating to the dispute are recoverable, revenue may be recognized up to the maximum amount of the costs incurred.
iii) Determination of the transaction price
The transaction price must allocate a price to each performance obligation (or distinct good or service) in an amount that represents the
consideration to which the entity expects to be entitled in exchange for the transfer of committed goods or services to the customer. To this end,
the transaction price of each performance obligation identified in the contract is allocated as a separate selling price in relative terms.
The best evidence of a separate selling price is the observable price of a good or service when the company sells that good or service separately in
similar circumstances and to similar customers.
Variable consideration
If the consideration promised in a contract includes a variable amount, this amount is recognized only to the extent that it is highly probable that a
significant reversal in the amount recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved. For example, it is stipulated that a bonus may only be recognized once a high percentage of completion of the contract has been
reached.
Financing component
In general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is
expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component
is treated as financial income.
Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date
on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of
the consideration.
In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment
interest is only recognized when it is highly probable that it will be effectively received.
iv) Balance sheet items related to revenue recognition
Completed work pending certification/work certified in advance
Unlike revenue recognition, amounts billed to the customer are based on the various milestones reached under the contract and on
acknowledgement thereof by the customer by means of a contractual document referred to as a progress billing certificate. Therefore, the
amounts recognized as revenue for a given year do not necessarily match those billed to or certified by the customer.
For contracts in which the revenue recognized exceeds the amount billed or certified, the difference is recognized in an asset account named
\u201cCompleted work pending certification\u201d (as a contract asset) under \u201cTrade receivables for sales and services\u201d, while for contracts in which the
revenue recognized is lower than the amount billed or certified, the difference is recognized in a liability account named \u201cWork certified in
advance\u201d (as a contract liability) under \u201cShort-term trade and other payables\u201d.
Bidding and mobilization costs
In addition to the balance sheet items described above, the Group also recognizes assets reflecting costs for obtaining contracts (bidding costs)
and, costs incurred to fulfil or initiate contracts (mobilization costs) when they are directly related to the main contract, provided they are
recoverable during the performance of the contract.
For the bidding costs, these assets may arise in the following cases:
\u2022 Award or preferred bidder designation: When the Group is awarded the contract or designated preferred bidder, the related costs are
recognized in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1). These amounts are amortized systematically as the
goods and services related to the assets are transferred to the customer.
\u2022 Client reimbursement (stipend): When the client reimburses part of the tender costs, revenue is recognized up to the reimbursable
amount whenever a \u201cwork product\u201d is delivered during the tender process, generating a contract asset until payment is received or due. If no work
product is provided, costs are capitalized up to the reimbursable limit under \u201cInventories\u201d (Note 4.1).
Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the
future, excluding any expenses that would have been incurred if the contract had not been obtained. They are expensed based on the proportion
of actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.
v) Provisions for contracts with customers
The main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.
\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of
construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect
an existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the
amount of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a
percentage of the total revenue expected from the contract, if there is historical information for similar contracts.
Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the
option of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.
These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.
\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a contract
exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract
revenue will include the forecast revenue that is considered probable, in line with IAS 37 as well as incremental costs and those directly related
to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless they are
explicitly passed on to the counterparty in accordance with the contract.
This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when
considered highly probable.
Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition
approach, the difference is reflected as a negative margin provision.
vi) Segment-specific revenue recognition approach
Highways business
The contracts included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of contract assets
on the basis of the intangible asset model and the financial asset model (mixed models could also be applied) (Note 1.3.3.2).
In the case of contracts classified as intangible assets, the customer is the infrastructure user and therefore each use of the infrastructure by users
is deemed a performance obligation and the revenue is recognized at a point in time. In the case of contracts accounted for using the financial
asset model, in which the public administration is the customer, revenue recognition depends on the various services provided (e.g. operation or
maintenance), which are recognized as separate performance obligations to which market prices must be allocated.
Where a separate selling price is not directly observable, the best possible estimate is employed, applying the forecast business margin.
As mentioned above in point 1.3.3.4.i, in the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the
construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with
the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay.
Airports business
Generally speaking, these are short-term services rendered to the customer (airlines or airport users), in which revenues will be recognized at a
point in time.
It should be noted that JFK NTO LLC is acting as an agent in relation to the construction performance obligation. In this case, the design and
construction services are the responsibility of a third-party company, contracted for this purpose by the former (such third party, the construction
company). The conclusion that it was acting as an agent for the construction activity was reached after performing an assessment following the
provisions of IFRS 15, especially considering paragraphs B35 and B37.
Energy business
In these contracts, Ferrovial typically undertakes the construction and operation of energy generation and transmission infrastructures. Generally,
two performance obligations are identified: one for the construction and another for the operation of the infrastructure.
The first performance obligation is fulfilled over time rather than at a single point, as the customer simultaneously receives and consumes the
benefits of the Company's services as they are rendered. Regarding the method for recognizing revenue over time (a measure of the progress of a
performance obligation), Ferrovial has established specific criteria that are consistently applied to similar performance obligations.
The second encompasses a variety of services that are fundamentally similar and are transferred based on the same pattern. The monthly rate
reflects the value of the services rendered. This performance obligation is transferred over time and revenues are recognized using the output
method.
1.3.3.5 Non-current assets held for sale
Non-current assets are carried as held for sale if it is considered that their carrying amount will be recovered when sold, rather than via continued
use.
This condition is only met when the sale is actively being worked on and is highly probable, and the asset is available for immediate sale in its
current condition, and the sale is likely to be completed in the space of one year from the classification date. The period may be extended if the
delay is caused by circumstances beyond the company's control and there is sufficient evidence of the commitment to the sales plan.
The total for these assets is carried on one line at the lower of carrying amount and fair value less costs to sell. They are not depreciated as from
the date of classification as held for sale. The profit/(loss) contributed by these assets to the Group\u2019s consolidated profit/(loss) is recognized by
nature in the income statement.An entity that is committed to a sale plan entailing the loss of control of a subsidiary will classify all that
subsidiary's assets and liabilities as held for sale when the requirements indicated in the previous paragraph are met, irrespective of whether or not
the entity retains a non-controlling interest in its former subsidiary following the sale.
1.3.5. Disclosures
It should also be noted that information or disclosures that need not to be included on the basis of qualitative significance have been omitted from
these consolidated financial statements due to being immaterial under the IFRS Conceptual Framework.
2.10 NET PROFIT/(LOSS) AND EARNINGS PER SHARE
Basic earnings per share have been calculated by dividing profit for the year attributed to the parent company's shareholders by the weighted
average number of ordinary shares outstanding, excluding the average number of treasury shares held during the year.
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-905": { "value": "
1.3.1. New accounting standards
1.3.1.a) New standards, amendments and interpretations adopted by the European Union that must be first-time adopted in 2025
At December 31, 2025 none of the standards, interpretations or amendments described in following paragraph, that are applicable for the first
time in the current year, have had an impact on the measurement, recognition or presentation of any items in the Group's financial statements:
Lack of exchangeability \u2013 Amendments to IAS 21
The amendments to IAS 21 specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking.
The amendments had no impact on the Group\u2019s financial statements since all the currencies used by the Group are exchangeable and spot
changes are available.
1.3.1.b) New standards, amendments and interpretations mandatorily applicable in financial years after December 31, 2025
The new standards, amendments and interpretations approved by the IASB but not yet mandatorily applicable at December 31, 2025 that might
have an effect on the Group are as follows:
Standard, interpretation or amendment
Date
published in
the EU Official
Date applicable in
the EU
IASB
applicable
date
Amendment to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity.
July 1, 2025
January 1, 2026
January 1, 2026
Amendment to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments.
May 28, 2025
January 1, 2026
January 1, 2026
Annual Improvements Volume 11
July 10, 2025
January 1, 2026
January 1, 2026
IFRS 18: Presentation and Disclosure in Financial Statements
Pending
Pending
January 1, 2027
IFRS 19: Subsidiaries without Public Accountability: Disclosures
Pending
Pending
January 1, 2027
IAS 21: The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency
Pending
Pending
January 1, 2027
Although the Group is currently analyzing the impact of the above amendments, the preliminary analyses carried out to date do not indicate that
first-time adoption will have a material impact on the Group\u2019s consolidated financial statements, although changes in the presentation of
financial information resulting from IFRS 18 are expected.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-904": { "value": "
1.3.1. New accounting standards
1.3.1.a) New standards, amendments and interpretations adopted by the European Union that must be first-time adopted in 2025
At December 31, 2025 none of the standards, interpretations or amendments described in following paragraph, that are applicable for the first
time in the current year, have had an impact on the measurement, recognition or presentation of any items in the Group's financial statements:
Lack of exchangeability \u2013 Amendments to IAS 21
The amendments to IAS 21 specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking.
The amendments had no impact on the Group\u2019s financial statements since all the currencies used by the Group are exchangeable and spot
changes are available.
1.3.1.b) New standards, amendments and interpretations mandatorily applicable in financial years after December 31, 2025
The new standards, amendments and interpretations approved by the IASB but not yet mandatorily applicable at December 31, 2025 that might
have an effect on the Group are as follows:
Standard, interpretation or amendment
Date
published in
the EU Official
Date applicable in
the EU
IASB
applicable
date
Amendment to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity.
July 1, 2025
January 1, 2026
January 1, 2026
Amendment to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments.
May 28, 2025
January 1, 2026
January 1, 2026
Annual Improvements Volume 11
July 10, 2025
January 1, 2026
January 1, 2026
IFRS 18: Presentation and Disclosure in Financial Statements
Pending
Pending
January 1, 2027
IFRS 19: Subsidiaries without Public Accountability: Disclosures
Pending
Pending
January 1, 2027
IAS 21: The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency
Pending
Pending
January 1, 2027
Although the Group is currently analyzing the impact of the above amendments, the preliminary analyses carried out to date do not indicate that
first-time adoption will have a material impact on the Group\u2019s consolidated financial statements, although changes in the presentation of
financial information resulting from IFRS 18 are expected.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-908": { "value": "
1.3.2. Basis of consolidation
In 2025, 2024 and 2023 the reporting dates of the individual financial statements of all the companies included in the consolidation scope were
either the same as, or were temporarily brought into line with, that of the parent company for a homogeneous presentation of the financial
statements.
To determine the degree of control over each Group company (control, joint control or significant influence), the consistency between the
ownership interest held and the voting rights controlled under each company\u2019s bylaws and shareholder agreements is reviewed.
For companies in which joint control is identified, the general basis of consolidation is the equity method. Besides the situations in which there are
two venturers, each with a 50% ownership interest, certain cases require further analysis, particularly infrastructure projects in which Ferrovial
has a significant ownership interest (less than or equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the
investee, while the remaining shareholders, primarily infrastructure funds, are represented directly on the Board of Directors.
In all these cases, it has been concluded that the projects in question should be equity-accounted, because Ferrovial does not have the right to
appoint the majority of the Board Directors and the Board resolutions (including the appointment of the main executive positions) always require
a simple or qualified majority, where Ferrovial does not itself have a casting vote in the event of a tie.
Notable cases in this regard are the ownership interests held in the companies that own the following Highways projects (the percentage interest
held in each is shown in brackets): 407 ETR (48.29%), IRB Infrastructure Developers Ltd (19.86%) and IRB Private InvIT (23.99%), Slovakia (35%),
Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO (49%), which was incorporated into the Airports business line in 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-907": { "value": "
1.3.2. Basis of consolidation
In 2025, 2024 and 2023 the reporting dates of the individual financial statements of all the companies included in the consolidation scope were
either the same as, or were temporarily brought into line with, that of the parent company for a homogeneous presentation of the financial
statements.
To determine the degree of control over each Group company (control, joint control or significant influence), the consistency between the
ownership interest held and the voting rights controlled under each company\u2019s bylaws and shareholder agreements is reviewed.
For companies in which joint control is identified, the general basis of consolidation is the equity method. Besides the situations in which there are
two venturers, each with a 50% ownership interest, certain cases require further analysis, particularly infrastructure projects in which Ferrovial
has a significant ownership interest (less than or equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the
investee, while the remaining shareholders, primarily infrastructure funds, are represented directly on the Board of Directors.
In all these cases, it has been concluded that the projects in question should be equity-accounted, because Ferrovial does not have the right to
appoint the majority of the Board Directors and the Board resolutions (including the appointment of the main executive positions) always require
a simple or qualified majority, where Ferrovial does not itself have a casting vote in the event of a tie.
Notable cases in this regard are the ownership interests held in the companies that own the following Highways projects (the percentage interest
held in each is shown in brackets): 407 ETR (48.29%), IRB Infrastructure Developers Ltd (19.86%) and IRB Private InvIT (23.99%), Slovakia (35%),
Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO (49%), which was incorporated into the Airports business line in 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-906": { "value": "
1.3.2. Basis of consolidation
In 2025, 2024 and 2023 the reporting dates of the individual financial statements of all the companies included in the consolidation scope were
either the same as, or were temporarily brought into line with, that of the parent company for a homogeneous presentation of the financial
statements.
To determine the degree of control over each Group company (control, joint control or significant influence), the consistency between the
ownership interest held and the voting rights controlled under each company\u2019s bylaws and shareholder agreements is reviewed.
For companies in which joint control is identified, the general basis of consolidation is the equity method. Besides the situations in which there are
two venturers, each with a 50% ownership interest, certain cases require further analysis, particularly infrastructure projects in which Ferrovial
has a significant ownership interest (less than or equal to 50%) and has the right to propose the Chief Executive Officer or other executives of the
investee, while the remaining shareholders, primarily infrastructure funds, are represented directly on the Board of Directors.
In all these cases, it has been concluded that the projects in question should be equity-accounted, because Ferrovial does not have the right to
appoint the majority of the Board Directors and the Board resolutions (including the appointment of the main executive positions) always require
a simple or qualified majority, where Ferrovial does not itself have a casting vote in the event of a tie.
Notable cases in this regard are the ownership interests held in the companies that own the following Highways projects (the percentage interest
held in each is shown in brackets): 407 ETR (48.29%), IRB Infrastructure Developers Ltd (19.86%) and IRB Private InvIT (23.99%), Slovakia (35%),
Toowoomba (40%) and OSARs (50%), as well as the interest in JFK NTO (49%), which was incorporated into the Airports business line in 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-910": { "value": "
1.3.3.1 Intangible assets and property, plant and equipment
\u2022Following initial recognition, \u201cIntangible assets\u201d and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the
diminishing balance method, which results in a decreasing depreciation charge over the useful life.
The consolidated companies depreciate \u201cProperty, plant and equipment\u201d over the following useful lives:
YEARS OF USEFUL LIFE
Buildings and other structures
10-50
Machinery, installations and tooling
2-25
Furniture and fittings
2-15
Vehicles
3-20
Other fixed assets
2-20
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-909": { "value": "
1.3.3.1 Intangible assets and property, plant and equipment
\u2022Following initial recognition, \u201cIntangible assets\u201d and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the
diminishing balance method, which results in a decreasing depreciation charge over the useful life.
The consolidated companies depreciate \u201cProperty, plant and equipment\u201d over the following useful lives:
YEARS OF USEFUL LIFE
Buildings and other structures
10-50
Machinery, installations and tooling
2-25
Furniture and fittings
2-15
Vehicles
3-20
Other fixed assets
2-20
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-912": { "value": "
1.3.3.1 Intangible assets and property, plant and equipment
\u2022Following initial recognition, \u201cIntangible assets\u201d and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the
diminishing balance method, which results in a decreasing depreciation charge over the useful life.
1.3.3.2 Investments in infrastructure projects
This heading includes infrastructure investments made by the project companies within the scope of IFRIC 12 (mainly highways), where
remuneration consists of an unconditional right to receive cash or other assets, or a right to charge fees for the use of the public infrastructure.
The assets acquired by the concession operator to provide the concession services that do not form part of the infrastructure (such as vehicles,
furniture or computer hardware) are excluded from this heading because they do not revert to the concession awarding entity. These assets are
recognized under \u201cProperty, plant and equipment\u201d and are depreciated over their useful life using a financial method.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including costs to fulfil the contract and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case generally traffic
forecasts in the case of highways, over the term of the concession.
Investments contractually agreed at concession inception on a final irrevocable basis that will be made at a later date during the concession term,
provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an asset and
an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs associated
with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the concession and
the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In the event that only a part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment
used for investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these
arrangements relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both highways and
airports, showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
SEGMENT
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Highways
Canada
Operation
1999
2098
Equity method
NTE Mobility Partners, LLC
Highways
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
Highways
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
Highways
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
Highways
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
Highways
USA
Operation
2019
2069
Full consolidation
IRB Infrastructure Developers Limited (**)
Highways
India
Operation/
Construction
-
-
Equity method
IRB Infrastructure Trust Limited (***)
Highways
India
Operation/
Construction
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (****)
Highways
Peru
Construction
2024
2054
Equity method
Autopista Terrassa Manresa, S.A.
Highways
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A.
Highways
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Airports
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
Airports
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date runs from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At December 31, 2025, 2024 and 2023, financial returns recognized as revenue amounted to EUR 10 million, EUR 9 million and EUR 10 million,
respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2025, EUR 6 million in 2024 and EUR 7 million in 2023.
The main concession contracts that apply the financial asset model mainly correspond to the Construction and Waste Treatment businesses
(Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR(*)
END YEAR
CONSO. METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia - Waterbeach plant)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase).
In addition, within the companies accounted for by the equity method, the following Highways concession contracts also apply the financial asset
model:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity method
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
Equity method
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity method
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity method
Netflow OSARs Western
Australia
Operation
2017
2040
Equity method
Riverlinx, Ltd.
UK
Operation
2019
2050
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-911": { "value": "
1.3.3.1 Intangible assets and property, plant and equipment
\u2022Following initial recognition, \u201cIntangible assets\u201d and \u201cProperty, plant and equipment\u201d are measured at cost less accumulated depreciation
and any impairment losses.
\u2022The straight-line method is used to calculate the depreciation/amortization charge for the assets included under \u201cIntangible assets\u201d, and
\u201cProperty, plant and equipment\u201d, except in the case of certain machinery in the construction business, which is depreciated using the
diminishing balance method, which results in a decreasing depreciation charge over the useful life.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including costs to fulfil the contract and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case generally traffic
forecasts in the case of highways, over the term of the concession.
Investments contractually agreed at concession inception on a final irrevocable basis that will be made at a later date during the concession term,
provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an asset and
an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs associated
with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the concession and
the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In the event that only a part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment
used for investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these
arrangements relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both highways and
airports, showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
SEGMENT
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Highways
Canada
Operation
1999
2098
Equity method
NTE Mobility Partners, LLC
Highways
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
Highways
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
Highways
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
Highways
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
Highways
USA
Operation
2019
2069
Full consolidation
IRB Infrastructure Developers Limited (**)
Highways
India
Operation/
Construction
-
-
Equity method
IRB Infrastructure Trust Limited (***)
Highways
India
Operation/
Construction
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (****)
Highways
Peru
Construction
2024
2054
Equity method
Autopista Terrassa Manresa, S.A.
Highways
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A.
Highways
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Airports
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
Airports
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date runs from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-913": { "value": "
1.3.3.2 Investments in infrastructure projects
This heading includes infrastructure investments made by the project companies within the scope of IFRIC 12 (mainly highways), where
remuneration consists of an unconditional right to receive cash or other assets, or a right to charge fees for the use of the public infrastructure.
The assets acquired by the concession operator to provide the concession services that do not form part of the infrastructure (such as vehicles,
furniture or computer hardware) are excluded from this heading because they do not revert to the concession awarding entity. These assets are
recognized under \u201cProperty, plant and equipment\u201d and are depreciated over their useful life using a financial method.
IFRIC 12 Intangible asset model assets
All initial investments relating to the infrastructure that subsequently reverts to the awarding entity, including costs to fulfil the contract and
borrowing costs capitalized during construction, are amortized on the basis of the applicable pattern of consumption in each case generally traffic
forecasts in the case of highways, over the term of the concession.
Investments contractually agreed at concession inception on a final irrevocable basis that will be made at a later date during the concession term,
provided they are not investments made to upgrade the infrastructure, are treated as initial investments. For investments of this kind, an asset and
an initial liability are recognized for the present value of the future investment, applying a discount rate equal to the borrowing costs associated
with the project to calculate present value. The asset is amortized based on the pattern of consumption over the entire term of the concession and
the provision is updated to reflect interest expense until the investment is made.
Where a payment is made to the awarding entity to obtain the right to operate the concession, this amount is also amortized based on the pattern
of consumption over the concession term.
A provision is recognized systematically for replacement investments over the period in which the related obligations accrue and must be fully
funded by the time the replacement becomes operational. The provision is recognized based on the pattern of consumption over the period in
which the obligation accrues using a financial method.
Infrastructure upgrade investments are those that increase the infrastructure\u2019s capacity to generate revenue or reduce its costs. In the case of
investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are
treated as an extension of the right granted and, therefore, they are recognized in the balance sheet when they come into service. They are
amortized as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in
capacity.
However, if, on the basis of the terms and conditions of the concession, these investments will not be recovered by the possibility of obtaining
increased revenue from the date on which they are made, a provision is recognized for the best estimate of the present value of the cash outflow
required to settle the obligations related to the investment that will not be offset by the possibility of obtaining increased revenue from the date
on which the investments are made. The balancing entry is an increase in the asset\u2019s acquisition cost.
In the event that only a part of the upgrade is expected to be recovered through an increase in future revenue, the general accounting treatment
used for investments that will be recovered over the concession term will be applied. The main assumptions employed in relation to these
arrangements relate to traffic and replacement investment estimates, which are updated each year by the technical departments.
Set out below is a breakdown of the main concession agreements in force to which the intangible asset model is applied for both highways and
airports, showing the term, status and consolidation method:
Intangible asset model concessions:
CONCESSION OPERATOR
SEGMENT
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
407 International Inc.
Highways
Canada
Operation
1999
2098
Equity method
NTE Mobility Partners, LLC
Highways
USA
Operation
2014
2061
Full consolidation
NTE Mobility Partners Seg 3 LLC
Highways
USA
Operation
2018
2061
Full consolidation
LBJ Infr. Group LLC
Highways
USA
Operation
2014
2061
Full consolidation
I-66 Mobility Partners LLC
Highways
USA
Operation
2016
2066
Full consolidation
I-77 Mobility Partners LLC
Highways
USA
Operation
2019
2069
Full consolidation
IRB Infrastructure Developers Limited (**)
Highways
India
Operation/
Construction
-
-
Equity method
IRB Infrastructure Trust Limited (***)
Highways
India
Operation/
Construction
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (****)
Highways
Peru
Construction
2024
2054
Equity method
Autopista Terrassa Manresa, S.A.
Highways
Spain
Operation
1989
2036
Full consolidation
Autov\u00eda de Arag\u00f3n, S.A.
Highways
Spain
Operation
2007
2026
Full consolidation
Dalaman International Airport
Airports
Turkey
Operation
2022
2042
Full consolidation
JFK NTO LLC
Airports
USA
Construction
2022
2060
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2030 to 2053.
(***) IRB Infrastructure Trust Limited includes several Intangible asset model projects whose concession end date runs from 2036 to 2053.
(****) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At December 31, 2025, 2024 and 2023, financial returns recognized as revenue amounted to EUR 10 million, EUR 9 million and EUR 10 million,
respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2025, EUR 6 million in 2024 and EUR 7 million in 2023.
The main concession contracts that apply the financial asset model mainly correspond to the Construction and Waste Treatment businesses
(Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR(*)
END YEAR
CONSO. METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia - Waterbeach plant)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase).
In addition, within the companies accounted for by the equity method, the following Highways concession contracts also apply the financial asset
model:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity method
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
Equity method
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity method
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity method
Netflow OSARs Western
Australia
Operation
2017
2040
Equity method
Riverlinx, Ltd.
UK
Operation
2019
2050
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-915": { "value": "
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At December 31, 2025, 2024 and 2023, financial returns recognized as revenue amounted to EUR 10 million, EUR 9 million and EUR 10 million,
respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2025, EUR 6 million in 2024 and EUR 7 million in 2023.
The main concession contracts that apply the financial asset model mainly correspond to the Construction and Waste Treatment businesses
(Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR(*)
END YEAR
CONSO. METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia - Waterbeach plant)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase).
In addition, within the companies accounted for by the equity method, the following Highways concession contracts also apply the financial asset
model:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity method
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
Equity method
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity method
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity method
Netflow OSARs Western
Australia
Operation
2017
2040
Equity method
Riverlinx, Ltd.
UK
Operation
2019
2050
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
Cash and cash equivalents of infrastructure project companies: Restricted cash (Note 5.2.1)
This heading includes investments of the same type and maturity that are assigned to the financing of infrastructure projects, the availability of
which is restricted under the financing contracts as security to cover certain obligations relating to the interest or principal on the borrowings and
to infrastructure maintenance and operation.
Financial instruments
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated using the coming 12-month or lifetime
expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in the event that default materializes.
The assignment of ratings and rate trends is overseen by the financial risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate the expected credit loss, an average rating is
obtained for customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether
the customer is a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined the payment periods per type of customer that trigger a breach and
thus the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected credit loss provision is calculated individually for each asset based on
the awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
Classification and measurement of financial assets
Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income
(OCI), and fair value through profit or loss.
Under IFRS 9, the classification and measurement methods are based on two aspects: the characteristics of the contractual cash flows from the
financial asset and the entity\u2019s business approach to managing financial assets.
This entails three potential measurement methods: amortized cost, fair value through other comprehensive income (OCI) and fair value through
profit or loss. The Group\u2019s financial assets are mainly assets held to maturity, the cash flows of which only comprise payments of principal and
interest, so financial assets are carried at amortized cost. It should be noted that there is an option to report fair value changes in other
comprehensive income from the outset in the case of equity instruments measured by default at fair value through profit or loss. This decision is
irrevocable and must be made for each individual asset.
Equity instruments classified as financial assets through profit or loss are presented as non-current assets, because (i) they are not expected to be
realized within the company's normal operating cycle, (ii) they are not held primarily for trading purposes, and (iii) they are not expected to be
realized within twelve months after the reporting period.
Classification and measurement of financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or
as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial
instruments.
For purposes of subsequent measurement, financial liabilities are classified in two categories: financial liabilities at fair value through profit or loss
and financial liabilities at amortized cost (loans and borrowings).
Trade payables
The heading \u201cTrade payables\u201d also includes the liability to pay for goods or services acquired from suppliers under reverse factoring
arrangements with banks.
These balances are classified as trade payables and the related payments as cash flows from operating activities in line with IAS 1, as they are part
of the working capital used in the entity\u2019s normal operating cycle. Payments are made to the banks on the same terms agreed with the suppliers
and with no extensions beyond the due dates agreed with the suppliers, and there are no special guarantees securing the payments to be made.
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-914": { "value": "
IFRIC 12 Financial asset model assets
This heading reflects service concession arrangements related to infrastructures in which the consideration consists of an unconditional
contractual right to receive cash or another financial asset, either because the awarding entity guarantees payment of specific amounts or
because it guarantees recovery of the shortfall between amounts received from public service users and the specified amounts. Therefore, these
are concession agreements in which demand risk is borne in full by the awarding entity. In such cases, the amount due from the awarding entity is
accounted for as a financial asset in the balance sheet.
To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the financial
return in arrangements of this nature are taken into consideration.
Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a
balancing entry in sales. The financial return on the consideration for the services provided also increases the amount of the receivables with a
balancing entry in sales. Amounts received from the grantor reduce the total receivable with a balancing entry in cash.
This financial return from such concessions is recognized as revenue, since it forms part of the concession activity and is accrued on a regular,
periodic basis.
At December 31, 2025, 2024 and 2023, financial returns recognized as revenue amounted to EUR 10 million, EUR 9 million and EUR 10 million,
respectively.
Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 7 million in
2025, EUR 6 million in 2024 and EUR 7 million in 2023.
The main concession contracts that apply the financial asset model mainly correspond to the Construction and Waste Treatment businesses
(Thalia):
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR(*)
END YEAR
CONSO. METHOD
Concesionaria de Prisiones Lledoners
Spain
Operation
2008
2038
Full consolidation
Depusa Arag\u00f3n, S.A.
Spain
Operation
2017
2037
Full consolidation
Wroclaw Budimex Car Park
Poland
Operation
2012
2042
Full consolidation
UK Waste Treatment (Thalia - Waterbeach plant)
UK
Operation
2008
2036
Full consolidation
(*) First year of operation (if the project is in operational status) or First year of concession/construction period (if the project is in the construction phase).
In addition, within the companies accounted for by the equity method, the following Highways concession contracts also apply the financial asset
model:
CONCESSION OPERATOR
COUNTRY
STATUS
START YEAR (*)
END YEAR
CONSOL. METHOD
Nexus Infr. Unit Trust (Toowoomba)
Australia
Operation
2019
2043
Equity method
IRB Infrastructure Developers Limited (**)
India
Operation
-
-
Equity method
Sociedad Concesionaria Anillo Vial S.A.C (***)
Peru
Construction
2024
2054
Equity method
Ruta del Cacao S.A.S
Colombia
Construction
2015
2040
Equity method
Zero Bypass Ltd.
Slovakia
Operation
2016
2050
Equity method
Netflow OSARs Western
Australia
Operation
2017
2040
Equity method
Riverlinx, Ltd.
UK
Operation
2019
2050
Equity method
(*) First year of the concession (if in service) or year construction began (if it is in the construction phase).
(**) IRB Infrastructure Developers Limited includes several Intangible and Financial asset model projects whose concession end date goes from 2036 to 2053.
(***) Bifurcated model, therefore a financial asset and an intangible asset are recognized.
Cash and cash equivalents of infrastructure project companies: Restricted cash (Note 5.2.1)
This heading includes investments of the same type and maturity that are assigned to the financing of infrastructure projects, the availability of
which is restricted under the financing contracts as security to cover certain obligations relating to the interest or principal on the borrowings and
to infrastructure maintenance and operation.
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated using the coming 12-month or lifetime
expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in the event that default materializes.
The assignment of ratings and rate trends is overseen by the financial risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate the expected credit loss, an average rating is
obtained for customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether
the customer is a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined the payment periods per type of customer that trigger a breach and
thus the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected credit loss provision is calculated individually for each asset based on
the awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
Classification and measurement of financial assets
Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income
(OCI), and fair value through profit or loss.
Under IFRS 9, the classification and measurement methods are based on two aspects: the characteristics of the contractual cash flows from the
financial asset and the entity\u2019s business approach to managing financial assets.
This entails three potential measurement methods: amortized cost, fair value through other comprehensive income (OCI) and fair value through
profit or loss. The Group\u2019s financial assets are mainly assets held to maturity, the cash flows of which only comprise payments of principal and
interest, so financial assets are carried at amortized cost. It should be noted that there is an option to report fair value changes in other
comprehensive income from the outset in the case of equity instruments measured by default at fair value through profit or loss. This decision is
irrevocable and must be made for each individual asset.
Equity instruments classified as financial assets through profit or loss are presented as non-current assets, because (i) they are not expected to be
realized within the company's normal operating cycle, (ii) they are not held primarily for trading purposes, and (iii) they are not expected to be
realized within twelve months after the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-917": { "value": "
Impairment and disposal of fixed and intangible assets
The Group assesses, at each reporting date, whether there is an indicator that an asset may be impaired. If any indicator exists, and if so, performs
an impairment test. The asset's recoverable amount is compared with its carrying value (i.e. net of accumulated amortization/depreciation). A
provision for impairment is recognized in the income statement if the recoverable amount is lower than the carrying value. The provision is
reversed in future years if the recoverable amount exceeds the carrying value.
The Group also assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for
an asset other than goodwill may no longer exist.
The line \u201cImpairment and disposal of fixed assets\u201d primarily includes asset impairment and gains or losses on the purchase, sale and disposal of
investments in Group companies and associates. When any such acquisitions or disposals of assets results in a takeover or loss of control, the
capital gain related to the updating of the fair value in respect of the stake maintained is also recognized in this line item.
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated using the coming 12-month or lifetime
expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in the event that default materializes.
The assignment of ratings and rate trends is overseen by the financial risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate the expected credit loss, an average rating is
obtained for customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether
the customer is a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined the payment periods per type of customer that trigger a breach and
thus the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected credit loss provision is calculated individually for each asset based on
the awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-916": { "value": "
Impairment and disposal of fixed and intangible assets
The Group assesses, at each reporting date, whether there is an indicator that an asset may be impaired. If any indicator exists, and if so, performs
an impairment test. The asset's recoverable amount is compared with its carrying value (i.e. net of accumulated amortization/depreciation). A
provision for impairment is recognized in the income statement if the recoverable amount is lower than the carrying value. The provision is
reversed in future years if the recoverable amount exceeds the carrying value.
The Group also assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for
an asset other than goodwill may no longer exist.
The line \u201cImpairment and disposal of fixed assets\u201d primarily includes asset impairment and gains or losses on the purchase, sale and disposal of
investments in Group companies and associates. When any such acquisitions or disposals of assets results in a takeover or loss of control, the
capital gain related to the updating of the fair value in respect of the stake maintained is also recognized in this line item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-918": { "value": "
Leases
The Group applies a single recognition and measurement approach for all leases, except for short-term leases which, in line with the exception set
forth in the IFRS 16 paragraph 5(a), are leases that have a term of less than twelve months and leases of low-value assets, which are treated as
other operating expenses (Note 2.2). The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right
to use the underlying assets (Note 3.7).
The Group recognizes right-of-use assets at lease inception (i.e., the date the underlying asset becomes available for use). Right-of-use assets
are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The
cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before
the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term.
At the lease inception date, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease
term. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change
in the lease payments or a change in the assessment of an option to purchase the underlying asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-919": { "value": "
Taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates
and tax laws used to calculate the amount are those that are enacted or substantively enacted at the reporting date in the countries where the
Group operates and generates taxable income.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets are recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future
taxable profit will be available against which the unused tax losses and unused tax credits can be utilized.
Deferred tax assets and liabilities are not offset in these financial statements, if Ferrovial's subsidiaries do not have a clear intention to settle
current tax liabilities and assets on a net basis or to realize the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-920": { "value": "
Taxes
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets are recognized for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future
taxable profit will be available against which the unused tax losses and unused tax credits can be utilized.
Deferred tax assets and liabilities are not offset in these financial statements, if Ferrovial's subsidiaries do not have a clear intention to settle
current tax liabilities and assets on a net basis or to realize the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-922": { "value": "
Fair value measurement
When measuring derivatives, the credit risk of the parties to the agreement is taken into account. The impact of credit risk will be taken to the
income statement unless the derivatives qualify as effective cash flow hedges, in which case the effect will be recognized in reserves.
The Group uses appropriate measurement methods based on the circumstances and on the volume of inputs available for each item, attempting
to maximize the use of relevant observable inputs and avoiding the use of unobservable inputs. According to IFRS 13, the Group establishes a fair
value band that categorizes the inputs to measurement methods used to measure fair value into the following three levels:
\u2022Level 1: Quoted prices in active markets for identical assets or liabilities.
\u2022Level 2: Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly.
\u2022Level 3: Unobservable market inputs for the asset or liability.
As explained in Note 5.5, Financial derivatives, all the Group\u2019s financial derivatives are on Level 2 except the energy power purchase agreements,
which qualify as financial derivatives and are on Level 3.
Following the sale of a 19.75% stake in FGP Topco in December 2024, the remaining 5.25% interest (divested on July 3, 2025) was measured at
fair value by reference to the transaction price of the disposed stake. As this price represented an observable input, the measurement was
classified as Level 2 under IFRS 13.
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-921": { "value": "
Fair value measurement
When measuring derivatives, the credit risk of the parties to the agreement is taken into account. The impact of credit risk will be taken to the
income statement unless the derivatives qualify as effective cash flow hedges, in which case the effect will be recognized in reserves.
The Group uses appropriate measurement methods based on the circumstances and on the volume of inputs available for each item, attempting
to maximize the use of relevant observable inputs and avoiding the use of unobservable inputs. According to IFRS 13, the Group establishes a fair
value band that categorizes the inputs to measurement methods used to measure fair value into the following three levels:
\u2022Level 1: Quoted prices in active markets for identical assets or liabilities.
\u2022Level 2: Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly.
\u2022Level 3: Unobservable market inputs for the asset or liability.
As explained in Note 5.5, Financial derivatives, all the Group\u2019s financial derivatives are on Level 2 except the energy power purchase agreements,
which qualify as financial derivatives and are on Level 3.
Following the sale of a 19.75% stake in FGP Topco in December 2024, the remaining 5.25% interest (divested on July 3, 2025) was measured at
fair value by reference to the transaction price of the disposed stake. As this price represented an observable input, the measurement was
classified as Level 2 under IFRS 13.
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-923": { "value": "
Impairment of financial assets
Ferrovial applies IFRS 9 which is based on an expected loss model whereby the loss provision is calculated using the coming 12-month or lifetime
expected losses for the financial instruments, depending on the significance of the related increase in risk.
This model applies to all financial assets, including commercial assets contracted under IFRS 15, non-trade assets and receivables under the IFRIC
12 model. For this calculation, the Group has developed a method whereby certain rates are applied to financial asset balances that reflect
expected credit losses based on the credit profile of the counterparty (the customer, in the case of trade and other receivables and the awarding
entity for financial assets under IFRIC 12).
These percentages reflect probability of default (receivables not being cashed) and loss in the event that default materializes.
The assignment of ratings and rate trends is overseen by the financial risk department, which performs an update at each year-end based on
credit risks. If during the analysis a significant increase in risk is identified with respect to that initially recognized, the expected loss is calculated
considering lifetime probability of default.
The Group applies the simplified approach to trade and other receivables. In order to calculate the expected credit loss, an average rating is
obtained for customers by business and geographic area and is used to generate the rates to be applied to the balances, depending on whether
the customer is a public or private entity and on its business sector (only in the case of private sector customers).
Moreover, if the customer is declared insolvent, a claim is filed against it or it defaults on payment, a breach is deemed to have occurred and the
entire trade receivable will be provisioned. To this end, the Group has defined the payment periods per type of customer that trigger a breach and
thus the posting of a provision.
In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected credit loss provision is calculated individually for each asset based on
the awarding entity\u2019s credit quality. If the credit risk has not increased significantly, the calculation will be made based on the same amount as the
expected credit losses over the next 12 months. The risk is deemed not to have increased significantly if the awarding entity has a rating above
investment grade and has maintained this level since initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-924": { "value": "
Classification and measurement of financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or
as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial
instruments.
For purposes of subsequent measurement, financial liabilities are classified in two categories: financial liabilities at fair value through profit or loss
and financial liabilities at amortized cost (loans and borrowings).
Trade payables
The heading \u201cTrade payables\u201d also includes the liability to pay for goods or services acquired from suppliers under reverse factoring
arrangements with banks.
These balances are classified as trade payables and the related payments as cash flows from operating activities in line with IAS 1, as they are part
of the working capital used in the entity\u2019s normal operating cycle. Payments are made to the banks on the same terms agreed with the suppliers
and with no extensions beyond the due dates agreed with the suppliers, and there are no special guarantees securing the payments to be made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-925": { "value": "
Non-refundable grants related to assets
Non-repayable capital grants are measured at the amount granted under \u201cDeferred income\u201d (Note 6.1) in the consolidated statement of
financial position and are progressively released to the income statement in proportion to the depreciation charged during the year on the assets
financed by the grants. From a cash flow standpoint, the investments made are presented separately from the non-refundable grants received
during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-926": { "value": "
Trade payables
The heading \u201cTrade payables\u201d also includes the liability to pay for goods or services acquired from suppliers under reverse factoring
arrangements with banks.
These balances are classified as trade payables and the related payments as cash flows from operating activities in line with IAS 1, as they are part
of the working capital used in the entity\u2019s normal operating cycle. Payments are made to the banks on the same terms agreed with the suppliers
and with no extensions beyond the due dates agreed with the suppliers, and there are no special guarantees securing the payments to be made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-927": { "value": "
Provisions
This heading includes provisions covering risks arising in the course of business (Note 6.3). The accounting treatment of each type of provision is as
follows:
i. Litigation provisions and taxes: These provisions are recognized and reversed against operating profit/(loss), against net financial income/
(expense) and/or against corporate income tax, depending on the nature of the tax for which the provision has been recognized (penalties,
related interest, and/or contested tax assessments).
ii. Provisions for replacements under IFRIC 12: These provisions are recognized and reversed against depreciation charged during the period in
which the obligations accrue, until the replacement becomes operational.
iii. Provisions for other long-term risks: They are recognized and reversed against changes to provisions in operating profit/(loss), as and when
the landfill closure costs are incurred.
iv. Trade provisions: These provisions are recognized and reversed against changes to provisions in operating profit/(loss).
v) Provisions for contracts with customers
The main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.
\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of
construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect
an existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the
amount of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a
percentage of the total revenue expected from the contract, if there is historical information for similar contracts.
Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the
option of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.
These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.
\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a contract
exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract
revenue will include the forecast revenue that is considered probable, in line with IAS 37 as well as incremental costs and those directly related
to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless they are
explicitly passed on to the counterparty in accordance with the contract.
This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when
considered highly probable.
Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition
approach, the difference is reflected as a negative margin provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-929": { "value": "
Share-based remuneration schemes
Share-based remuneration schemes are measured at fair value at the grant date. The calculation discounts the expected shareholder
distributions over the vesting period to the grant-date value of the shares, using a discount rate equivalent to the average cost of borrowings
during the share award period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-928": { "value": "
Share-based remuneration schemes
Share-based remuneration schemes are measured at fair value at the grant date. The calculation discounts the expected shareholder
distributions over the vesting period to the grant-date value of the shares, using a discount rate equivalent to the average cost of borrowings
during the share award period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-931": { "value": "
1.3.3.4 Revenue recognition
Ferrovial has a common revenue recognition policy adapted to IFRS 15 \u201cRevenue from contracts with customers\u201d so as to ensure a consistent
approach across all lines of business.
i) General revenue recognition approach
The first step in the revenue recognition process involves identifying the relevant contracts and the performance obligations that they contain.
A single performance obligation is generally identified in construction contracts due to the high degree of integration and customization of the
various goods and services forming a combined output that is transferred to the customer over time.
In general, performance obligations in Construction activities carried out by Ferrovial are satisfied over time rather than at a point in time, since
the customer simultaneously receives and consumes the benefits of the Company\u2019s work as the service is provided.
As regards the approach to recognizing revenue over time (a way of measuring the progress of a performance obligation), Ferrovial has
established certain criteria that are applied consistently to similar performance obligations.
In this regard, the Group has chosen the output method as its preferred approach when measuring goods and services whose control is transferred
to the customer over time.
In contracts for goods and services that are different but closely interrelated when making a combined product, which often occurs under
construction contracts, the applicable output method consists of measuring the work carried out based on the surveyed performance completed
to date, in which the revenue recognized reflects the work units executed and the unit price. Under this method, the units completed under each
contract are measured and the relevant output is recognized as revenue.
Costs of works or services are recognized on an accrual basis, expensing amounts actually incurred (Note 1.3.3.4.iv on provisions for deferred
expenses).
For recurring and routine services (involving substantially the same services) such as maintenance, showing the same pattern over time and
remuneration consisting of a recurring fixed amount over the contract term (e.g. monthly or annual payments), such that the customer benefits
from the services as they are provided, the Group opted for the time-elapsed output method to recognize revenue. Under this method, revenue is
recognized on a straight-line basis over the term of the contract and costs are recognized on an accrual basis.
The costs-incurred input method only is applied to contracts that are not for recurring and routine services and for which the unit price of the units
to be executed cannot be determined. Under this method, the Company recognizes revenue based on costs incurred as a percentage of the total
costs forecast to complete the work, taking account of the expected profit margin for the whole project, based on the most recently updated
budget.
This method entails measuring the costs incurred as a result of the work completed to date as a proportion of the total costs forecast and
recognizing them as revenue in proportion to the total revenues expected.
As indicated above, this method only applies to lump-sum construction contracts in which it is not possible to break down the price and the
measurement of units to be completed.
Finally, as regards determining whether the Company acts as a principal or agent in relation to its contractual performance obligations, Ferrovial
is the principal in construction contracts if it provides goods and services directly to the customer and transfers control of them without involving
intermediaries.
In the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it
is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications
and therefore assumes the consequences in the event of a claim or delay. Revenues and results of those construction services are therefore
recognized by the Construction business line. Conversely, the concession company acts as an agent in connection with the construction
performance obligation and does not therefore recognize revenues or results in this regard.
ii) Recognition of revenue from contract modifications, claims and disputes
Modifications are understood as changes to the initial contract's scope of works that could result in a change to the contract revenues. Changes to
the initial contract require the customer\u2019s technical and financial approval prior to the issuance of billings and collection of the amounts relating
to additional work.
The Group generally does not recognize any revenue from such additional work until it has been approved by the customer. When the scope of
work has been approved but the impact on revenue has yet to be valued, the \u201cvariable consideration\u201d requirement (as explained below) will
apply. This entails recognizing revenue in an amount that is highly unlikely to be reversed.
Any costs associated with the units completed or services rendered will be recognized when they are incurred, regardless of whether or not the
modification has been approved.
A claim is a request for payment or compensation to the customer (e.g., compensation events, reimbursement of costs) subject to an application
procedure directly to the customer.
A dispute is the result of an incident of non- compliance or rejection after a claim has been made to the customer under the terms of the contract,
the result of which is pending in a procedure being pursued directly with the customer or in court or arbitration proceedings.
The general criterion followed by the Group is not to recognize revenue until a claim is approved or a dispute is resolved.
In the event that the claim work is approved but the valuation is pending, the requirement mentioned below for the case of \u201cvariable
consideration\u201d in accordance with IFRS 15 is applied, recording the amount of revenue for which it is highly probable that there will not be a
significant reversal. This treatment is also applied in exceptional cases where approval has not yet been granted if (i) there is a legal report
justifying that the contract rights are clearly enforceable, (ii) as well as a technical report supporting the technical basis of the claim and (iii)
approval from the business line\u2019s CFO and General Counsel.
In those cases in which a legal report confirms that the disputed rights are clearly enforceable and, therefore, at least the costs directly associated
with the service relating to the dispute are recoverable, revenue may be recognized up to the maximum amount of the costs incurred.
iii) Determination of the transaction price
The transaction price must allocate a price to each performance obligation (or distinct good or service) in an amount that represents the
consideration to which the entity expects to be entitled in exchange for the transfer of committed goods or services to the customer. To this end,
the transaction price of each performance obligation identified in the contract is allocated as a separate selling price in relative terms.
The best evidence of a separate selling price is the observable price of a good or service when the company sells that good or service separately in
similar circumstances and to similar customers.
Variable consideration
If the consideration promised in a contract includes a variable amount, this amount is recognized only to the extent that it is highly probable that a
significant reversal in the amount recognized will not occur when the uncertainty associated with the variable consideration is subsequently
resolved. For example, it is stipulated that a bonus may only be recognized once a high percentage of completion of the contract has been
reached.
Financing component
In general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is
expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component
is treated as financial income.
Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date
on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of
the consideration.
In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment
interest is only recognized when it is highly probable that it will be effectively received.
iv) Balance sheet items related to revenue recognition
Completed work pending certification/work certified in advance
Unlike revenue recognition, amounts billed to the customer are based on the various milestones reached under the contract and on
acknowledgement thereof by the customer by means of a contractual document referred to as a progress billing certificate. Therefore, the
amounts recognized as revenue for a given year do not necessarily match those billed to or certified by the customer.
For contracts in which the revenue recognized exceeds the amount billed or certified, the difference is recognized in an asset account named
\u201cCompleted work pending certification\u201d (as a contract asset) under \u201cTrade receivables for sales and services\u201d, while for contracts in which the
revenue recognized is lower than the amount billed or certified, the difference is recognized in a liability account named \u201cWork certified in
advance\u201d (as a contract liability) under \u201cShort-term trade and other payables\u201d.
Bidding and mobilization costs
In addition to the balance sheet items described above, the Group also recognizes assets reflecting costs for obtaining contracts (bidding costs)
and, costs incurred to fulfil or initiate contracts (mobilization costs) when they are directly related to the main contract, provided they are
recoverable during the performance of the contract.
For the bidding costs, these assets may arise in the following cases:
\u2022 Award or preferred bidder designation: When the Group is awarded the contract or designated preferred bidder, the related costs are
recognized in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1). These amounts are amortized systematically as the
goods and services related to the assets are transferred to the customer.
\u2022 Client reimbursement (stipend): When the client reimburses part of the tender costs, revenue is recognized up to the reimbursable
amount whenever a \u201cwork product\u201d is delivered during the tender process, generating a contract asset until payment is received or due. If no work
product is provided, costs are capitalized up to the reimbursable limit under \u201cInventories\u201d (Note 4.1).
Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the
future, excluding any expenses that would have been incurred if the contract had not been obtained. They are expensed based on the proportion
of actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.
v) Provisions for contracts with customers
The main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.
\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of
construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect
an existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the
amount of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a
percentage of the total revenue expected from the contract, if there is historical information for similar contracts.
Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the
option of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.
These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.
\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a contract
exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract
revenue will include the forecast revenue that is considered probable, in line with IAS 37 as well as incremental costs and those directly related
to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless they are
explicitly passed on to the counterparty in accordance with the contract.
This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when
considered highly probable.
Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition
approach, the difference is reflected as a negative margin provision.
vi) Segment-specific revenue recognition approach
Highways business
The contracts included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of contract assets
on the basis of the intangible asset model and the financial asset model (mixed models could also be applied) (Note 1.3.3.2).
In the case of contracts classified as intangible assets, the customer is the infrastructure user and therefore each use of the infrastructure by users
is deemed a performance obligation and the revenue is recognized at a point in time. In the case of contracts accounted for using the financial
asset model, in which the public administration is the customer, revenue recognition depends on the various services provided (e.g. operation or
maintenance), which are recognized as separate performance obligations to which market prices must be allocated.
Where a separate selling price is not directly observable, the best possible estimate is employed, applying the forecast business margin.
As mentioned above in point 1.3.3.4.i, in the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the
construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with
the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay.
Airports business
Generally speaking, these are short-term services rendered to the customer (airlines or airport users), in which revenues will be recognized at a
point in time.
It should be noted that JFK NTO LLC is acting as an agent in relation to the construction performance obligation. In this case, the design and
construction services are the responsibility of a third-party company, contracted for this purpose by the former (such third party, the construction
company). The conclusion that it was acting as an agent for the construction activity was reached after performing an assessment following the
provisions of IFRS 15, especially considering paragraphs B35 and B37.
Energy business
In these contracts, Ferrovial typically undertakes the construction and operation of energy generation and transmission infrastructures. Generally,
two performance obligations are identified: one for the construction and another for the operation of the infrastructure.
The first performance obligation is fulfilled over time rather than at a single point, as the customer simultaneously receives and consumes the
benefits of the Company's services as they are rendered. Regarding the method for recognizing revenue over time (a measure of the progress of a
performance obligation), Ferrovial has established specific criteria that are consistently applied to similar performance obligations.
The second encompasses a variety of services that are fundamentally similar and are transferred based on the same pattern. The monthly rate
reflects the value of the services rendered. This performance obligation is transferred over time and revenues are recognized using the output
method.
1.3.3.5 Non-current assets held for sale
Non-current assets are carried as held for sale if it is considered that their carrying amount will be recovered when sold, rather than via continued
use.
This condition is only met when the sale is actively being worked on and is highly probable, and the asset is available for immediate sale in its
current condition, and the sale is likely to be completed in the space of one year from the classification date. The period may be extended if the
delay is caused by circumstances beyond the company's control and there is sufficient evidence of the commitment to the sales plan.
The total for these assets is carried on one line at the lower of carrying amount and fair value less costs to sell. They are not depreciated as from
the date of classification as held for sale. The profit/(loss) contributed by these assets to the Group\u2019s consolidated profit/(loss) is recognized by
nature in the income statement.An entity that is committed to a sale plan entailing the loss of control of a subsidiary will classify all that
subsidiary's assets and liabilities as held for sale when the requirements indicated in the previous paragraph are met, irrespective of whether or not
the entity retains a non-controlling interest in its former subsidiary following the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-930": { "value": "1.3.3.4 Revenue recognitionFerrovial has a common revenue recognition policy adapted to IFRS 15 \u201cRevenue from contracts with customers\u201d so as to ensure a consistent approach across all lines of business.i) General revenue recognition approachThe first step in the revenue recognition process involves identifying the relevant contracts and the performance obligations that they contain.A single performance obligation is generally identified in construction contracts due to the high degree of integration and customization of the various goods and services forming a combined output that is transferred to the customer over time.In general, performance obligations in Construction activities carried out by Ferrovial are satisfied over time rather than at a point in time, since the customer simultaneously receives and consumes the benefits of the Company\u2019s work as the service is provided.As regards the approach to recognizing revenue over time (a way of measuring the progress of a performance obligation), Ferrovial has established certain criteria that are applied consistently to similar performance obligations.In this regard, the Group has chosen the output method as its preferred approach when measuring goods and services whose control is transferred to the customer over time. In contracts for goods and services that are different but closely interrelated when making a combined product, which often occurs under construction contracts, the applicable output method consists of measuring the work carried out based on the surveyed performance completed to date, in which the revenue recognized reflects the work units executed and the unit price. Under this method, the units completed under each contract are measured and the relevant output is recognized as revenue.Costs of works or services are recognized on an accrual basis, expensing amounts actually incurred (Note 1.3.3.4.iv on provisions for deferred expenses).For recurring and routine services (involving substantially the same services) such as maintenance, showing the same pattern over time and remuneration consisting of a recurring fixed amount over the contract term (e.g. monthly or annual payments), such that the customer benefits from the services as they are provided, the Group opted for the time-elapsed output method to recognize revenue. Under this method, revenue is recognized on a straight-line basis over the term of the contract and costs are recognized on an accrual basis.The costs-incurred input method only is applied to contracts that are not for recurring and routine services and for which the unit price of the units to be executed cannot be determined. Under this method, the Company recognizes revenue based on costs incurred as a percentage of the total costs forecast to complete the work, taking account of the expected profit margin for the whole project, based on the most recently updated budget. This method entails measuring the costs incurred as a result of the work completed to date as a proportion of the total costs forecast and recognizing them as revenue in proportion to the total revenues expected. As indicated above, this method only applies to lump-sum construction contracts in which it is not possible to break down the price and the measurement of units to be completed.Finally, as regards determining whether the Company acts as a principal or agent in relation to its contractual performance obligations, Ferrovial is the principal in construction contracts if it provides goods and services directly to the customer and transfers control of them without involving intermediaries.In the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay. Revenues and results of those construction services are therefore recognized by the Construction business line. Conversely, the concession company acts as an agent in connection with the construction performance obligation and does not therefore recognize revenues or results in this regard.ii) Recognition of revenue from contract modifications, claims and disputesModifications are understood as changes to the initial contract's scope of works that could result in a change to the contract revenues. Changes to the initial contract require the customer\u2019s technical and financial approval prior to the issuance of billings and collection of the amounts relating to additional work.The Group generally does not recognize any revenue from such additional work until it has been approved by the customer. When the scope of work has been approved but the impact on revenue has yet to be valued, the \u201cvariable consideration\u201d requirement (as explained below) will apply. This entails recognizing revenue in an amount that is highly unlikely to be reversed.Any costs associated with the units completed or services rendered will be recognized when they are incurred, regardless of whether or not the modification has been approved.A claim is a request for payment or compensation to the customer (e.g., compensation events, reimbursement of costs) subject to an application procedure directly to the customer. A dispute is the result of an incident of non- compliance or rejection after a claim has been made to the customer under the terms of the contract, the result of which is pending in a procedure being pursued directly with the customer or in court or arbitration proceedings. The general criterion followed by the Group is not to recognize revenue until a claim is approved or a dispute is resolved. In the event that the claim work is approved but the valuation is pending, the requirement mentioned below for the case of \u201cvariable consideration\u201d in accordance with IFRS 15 is applied, recording the amount of revenue for which it is highly probable that there will not be a significant reversal. This treatment is also applied in exceptional cases where approval has not yet been granted if (i) there is a legal report justifying that the contract rights are clearly enforceable, (ii) as well as a technical report supporting the technical basis of the claim and (iii) approval from the business line\u2019s CFO and General Counsel. In those cases in which a legal report confirms that the disputed rights are clearly enforceable and, therefore, at least the costs directly associated with the service relating to the dispute are recoverable, revenue may be recognized up to the maximum amount of the costs incurred.iii) Determination of the transaction priceThe transaction price must allocate a price to each performance obligation (or distinct good or service) in an amount that represents the consideration to which the entity expects to be entitled in exchange for the transfer of committed goods or services to the customer. To this end, the transaction price of each performance obligation identified in the contract is allocated as a separate selling price in relative terms.The best evidence of a separate selling price is the observable price of a good or service when the company sells that good or service separately in similar circumstances and to similar customers.Variable considerationIf the consideration promised in a contract includes a variable amount, this amount is recognized only to the extent that it is highly probable that a significant reversal in the amount recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For example, it is stipulated that a bonus may only be recognized once a high percentage of completion of the contract has been reached.Financing componentIn general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component is treated as financial income.Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of the consideration.In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment interest is only recognized when it is highly probable that it will be effectively received.iv) Balance sheet items related to revenue recognitionCompleted work pending certification/work certified in advance Unlike revenue recognition, amounts billed to the customer are based on the various milestones reached under the contract and on acknowledgement thereof by the customer by means of a contractual document referred to as a progress billing certificate. Therefore, the amounts recognized as revenue for a given year do not necessarily match those billed to or certified by the customer.For contracts in which the revenue recognized exceeds the amount billed or certified, the difference is recognized in an asset account named \u201cCompleted work pending certification\u201d (as a contract asset) under \u201cTrade receivables for sales and services\u201d, while for contracts in which the revenue recognized is lower than the amount billed or certified, the difference is recognized in a liability account named \u201cWork certified in advance\u201d (as a contract liability) under \u201cShort-term trade and other payables\u201d.Bidding and mobilization costsIn addition to the balance sheet items described above, the Group also recognizes assets reflecting costs for obtaining contracts (bidding costs) and, costs incurred to fulfil or initiate contracts (mobilization costs) when they are directly related to the main contract, provided they are recoverable during the performance of the contract. For the bidding costs, these assets may arise in the following cases: \u2022 Award or preferred bidder designation: When the Group is awarded the contract or designated preferred bidder, the related costs are recognized in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1). These amounts are amortized systematically as the goods and services related to the assets are transferred to the customer.\u2022 Client reimbursement (stipend): When the client reimburses part of the tender costs, revenue is recognized up to the reimbursable amount whenever a \u201cwork product\u201d is delivered during the tender process, generating a contract asset until payment is received or due. If no work product is provided, costs are capitalized up to the reimbursable limit under \u201cInventories\u201d (Note 4.1).Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the future, excluding any expenses that would have been incurred if the contract had not been obtained. They are expensed based on the proportion of actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.v) Provisions for contracts with customersThe main provisions relating to contracts with customers are provisions for deferred expenses and for budgeted losses.\u2022 Provisions for deferred expenses. They cover expenses that are expected to be incurred at contract close-out, such as for the removal of construction machinery or decommissioning, as well as estimated repairs to be carried out during the warranty period. These provisions reflect an existing obligation stipulated in the contract on the basis of which the company is likely to allocate resources to satisfy the obligation, the amount of which can be reliably estimated. The provisions are based on the best available information. They may be calculated as a percentage of the total revenue expected from the contract, if there is historical information for similar contracts.Warranty obligations included in this type of provisions are not treated as a separate performance obligation, unless the customer has the option of contracting the warranty separately, therefore they are recognized in accordance with IAS 37.These provisions are classified as current liabilities since they relate to the operating construction projects cycle, in line with IFRS 1.\u2022 Provisions for budgeted losses. These provisions are recognized when it becomes apparent that the total costs expected to fulfil a contract exceed expected contract revenues. For the purpose of determining, where appropriate, the amount of the provision, budgeted contract revenue will include the forecast revenue that is considered probable, in line with IAS 37 as well as incremental costs and those directly related to the contract. General costs are not directly attributable to a contract and are therefore excluded from the calculation unless they are explicitly passed on to the counterparty in accordance with the contract.This differs from the IFRS 15 approach described above in Note 1.3.3.4 \u201cRevenue recognition\u201d, according to which revenue is only recognized when considered highly probable.Should the total profit expected from a contract be lower than the amount recognized applying the above-mentioned revenue recognition approach, the difference is reflected as a negative margin provision.vi) Segment-specific revenue recognition approachHighways businessThe contracts included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of contract assets on the basis of the intangible asset model and the financial asset model (mixed models could also be applied) (Note 1.3.3.2).In the case of contracts classified as intangible assets, the customer is the infrastructure user and therefore each use of the infrastructure by users is deemed a performance obligation and the revenue is recognized at a point in time. In the case of contracts accounted for using the financial asset model, in which the public administration is the customer, revenue recognition depends on the various services provided (e.g. operation or maintenance), which are recognized as separate performance obligations to which market prices must be allocated. Where a separate selling price is not directly observable, the best possible estimate is employed, applying the forecast business margin.As mentioned above in point 1.3.3.4.i, in the case of concession agreements in which Ferrovial both builds and operates the infrastructure, the construction company is the principal if it is ultimately responsible for fulfilling the contractual obligation to execute the work in accordance with the concession agreement specifications and therefore assumes the consequences in the event of a claim or delay.Airports businessGenerally speaking, these are short-term services rendered to the customer (airlines or airport users), in which revenues will be recognized at a point in time.It should be noted that JFK NTO LLC is acting as an agent in relation to the construction performance obligation. In this case, the design and construction services are the responsibility of a third-party company, contracted for this purpose by the former (such third party, the construction company). The conclusion that it was acting as an agent for the construction activity was reached after performing an assessment following the provisions of IFRS 15, especially considering paragraphs B35 and B37.Energy businessIn these contracts, Ferrovial typically undertakes the construction and operation of energy generation and transmission infrastructures. Generally, two performance obligations are identified: one for the construction and another for the operation of the infrastructure.The first performance obligation is fulfilled over time rather than at a single point, as the customer simultaneously receives and consumes the benefits of the Company's services as they are rendered. Regarding the method for recognizing revenue over time (a measure of the progress of a performance obligation), Ferrovial has established specific criteria that are consistently applied to similar performance obligations.The second encompasses a variety of services that are fundamentally similar and are transferred based on the same pattern. The monthly rate reflects the value of the services rendered. This performance obligation is transferred over time and revenues are recognized using the output method.1.3.3.5 Non-current assets held for saleNon-current assets are carried as held for sale if it is considered that their carrying amount will be recovered when sold, rather than via continued use. This condition is only met when the sale is actively being worked on and is highly probable, and the asset is available for immediate sale in its current condition, and the sale is likely to be completed in the space of one year from the classification date. The period may be extended if the delay is caused by circumstances beyond the company's control and there is sufficient evidence of the commitment to the sales plan. The total for these assets is carried on one line at the lower of carrying amount and fair value less costs to sell. They are not depreciated as from the date of classification as held for sale. The profit/(loss) contributed by these assets to the Group\u2019s consolidated profit/(loss) is recognized by nature in the income statement.An entity that is committed to a sale plan entailing the loss of control of a subsidiary will classify all that subsidiary's assets and liabilities as held for sale when the requirements indicated in the previous paragraph are met, irrespective of whether or not the entity retains a non-controlling interest in its former subsidiary following the sale.1.3.4. Accounting estimates and judgmentsThese financial statements are prepared in accordance with IFRS as adopted by the European Union, which require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amount of income and expenses recognized. The estimates and associated assumptions are based on management\u2019s best judgment of aspects that are known when the financial statements are prepared, on historical experience and on any other factor that is deemed to be relevant. The estimation of items for which there is a risk that differences could arise in the future in respect of the carrying amounts of assets and liabilities, involves significant analysis and requires management to make judgments when determining the assumptions, as discussed in the following paragraphs:i) Revenue from long-term construction contracts with customers (Note 1.3.3.4), particularly as regards to: \u2022 Application of the output method to recognize revenue over time, measuring the work carried out or surveying performance completed to date, in which the revenue recognized reflects the work units executed. Under this method, the units completed in each contract are the basis used to recognize revenue. Those units are calculated by each project team based on the technical progress made up to the financial statements date. The revenue recognized reflects the work units executed valued applying the unit price established in the contract. \u2022 Application of the input method to recognize revenue over time from contracts to which the output method cannot be applied, estimating the total costs forecast to complete the work, using most recent budgets approved for each project by the relevant members of management, and making assumptions of future prices of materials and subcontractors\u2019 work. Prices included in future materials supply arrangements and subcontractors\u2019 contracts are used. In case no supply contracts are in place, materials or subcontractors\u2019 costs are calculated based on market evidence or supply arrangements recently signed for other contracts. \u2022 Provisions for deferred expenses: Management bases its calculations on past experience and bears in mind the different countries and contract requirements.\u2022 Provisions for contractual losses: When the estimated costs to complete a construction project exceed the transaction price, the Company recognizes a provision for the indicated loss. \u2022 Recognition of revenue for variable consideration, for a modification, for a claim or for a dispute. In this regard, management bases its calculation on the specific clauses included in each contract and also considers past experience in other contracts. Management needs to make assumptions regarding the amount of incurred costs that will give rise to these additional sources of revenue and whether those costs meet the conditions for variable consideration, modifications, claims or disputes arising in connection with the contract.ii) Highways and Airports financial information under IFRIC-12 (Note 3.3 on Investments in infrastructure projects; Note 6.3 on Provisions) and related impairment testing (Note 3.1. on goodwill and acquisitions and Note 3.5 Investment in Associates) performed based on a discounted cash flow model, which involves management assumptions, mainly related to:\u2022 Future traffic volumes (vehicles and passengers for highways and airports, respectively): for concessions already in operation, traffic estimates are built on actual traffic and growth patterns using macroeconomic data, external studies in certain cases and any other information and plans that may impact future traffic. For concessions under construction, external projections (e.g. airport traffic forecast by international agencies) and research (e.g. impact of e-commerce on heavy vehicles traffic or home working habits on the use of private vehicles for highways) are used. \u2022 Pricing: specific pricing arrangements included in concession contracts are considered. Where the arrangements do not include a fixed price, internal estimates of the elasticity of demand regarding prices and other related inputs are used.\u2022 Future operating expenses: Estimates of future prices of materials, subcontractors and other costs required to operate the concessions are based on historical experience, estimating price index growth and considering related requirements established in the concession agreements.\u2022 Discount rates: Management calculates weighted average cost of capital based on external information sourced from bank reports and converts it into a pre-tax discount rate for impairment test purposes.Climate-related risks faced by the Group may affect infrastructure and global mobility in the area. The potential impacts of these climate\u2011related factors are reflected in the Company\u2019s estimated future traffic volumes. Based on the assessment performed, these risks are not considered material. iii) Equity method applicable to the following ownership interests:\u2022 On June 6, 2025, Ferrovial acquired an additional 5.06% of 407 ETR for CAD 1.99 billion (EUR 1.30 billion), increasing its ownership to 48.29%. The difference between the fair value and carrying amount (EUR 1.5 billion) was allocated to intangible assets. The investment continues to be accounted for using the equity method.\u2022 For the IRB Infrastructure Trust (Private InvIT) stake (23.99%) acquired in June 2024, management considers Ferrovial has significant influence and therefore this stake is equity method accounted.\u2022 The sale of 100% of the economic rights and 49% of the voting rights of Umbrella Roads BV in October 2024, resulted in the loss of control and significant influence, leading to the recognition of a capital gain of EUR 19 million.\u2022 Finally, following the completion in December 2024 of the sale of 19.75% of the share capital of FGP Topco (direct shareholder of Heathrow Airports Holdings Limited ), in which Ferrovial had a 25% stake that was equity consolidated, the remaining 5.25% stake in FGP Topco was classified as a financial asset measured at fair value through profit or loss, as Ferrovial did not have significant influence over this entity. The fair value was determined by reference to the selling price of the 19.75% stake sold in FGP Topco.3.1. GOODWILL AND ACQUISITIONSImpairment testThe Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In addition, the Group also systematically tests its cash-generating units that include goodwill for impairment in December.Goodwill recovery is analyzed at cash generating unit level. The projections used in the impairment tests are consistent with the latest business projections presented to the Board and it was concluded that there is no impairment as of December 31, 2025. The impairment test is a process that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2025 and 2024 we did not recognize any impairment loss for goodwill. In the explanatory notes, we disclose the headroom between the recoverable amounts (applying the Value in Use method) and the carrying amounts of the investments for those entities to which goodwill has been tested.Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash generating unit subject to impairment test, presenting headroom against each carrying amount: A. Construction business line goodwill (Webber, Budimex and Powernet): In the case of Webber, in 2025 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 270% with respect to its carrying amount (245% headroom at December 31, 2024). The cash flows have been discounted at a rate of 8.8% (10.6% before taxes), calculated using the CAPM based on current market input and in line with the method used in prior years. As Budimex is listed on the Warsaw Stock Exchange and has a free float, we consider the share price to be representative of its value. Therefore, the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2025 was higher than its carrying amount. Budimex\u2019s share price at December 31, 2025 was 1,154% higher than its carrying amount (891% at December 31, 2024), so there are no indications of impairment.For Powernet, the 2025 goodwill impairment test is based on a 5-year projection, reflecting a headroom of 79% with respect to its carrying amount. A discount rate of 8.3% has been used (12.1% before taxes).B. Highways business line goodwill (I-66): The I-66 highway goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners Hold. LLC in December 2021. The highway became operational in the last quarter of 2022.The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and research (e.g. impact of e-commerce in heavy vehicle traffic or working from home habits in the use of private vehicles); tariffs used are in line with traffic estimates and contract clauses. The 2025 impairment test reflected a headroom of 80% with respect to the carrying amount (13% in 2024). The cash flows have been discounted at a rate of 8.1% (9.3% before taxes). A sensitivity analysis shows that, to reach breakeven, a discount rate of 18.6% (after taxes) should be used.C. Airports Goodwill (Dalaman):The 2025 impairment test reflected a headroom of 34% in relation to the carrying amount (24% at December 31, 2024). All cash flows until the end of the concession in 2042 have been discounted at a rate of 10.1% (12.5% before taxes). A sensitivity analysis shows that, to reach breakeven, a discount rate of 13.8% (after taxes) should be used).3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS3.3.2. Financial assets from financial asset model concessionsThey mainly relate to long-term receivables (more than twelve months) from public administrations in return for services rendered or investments made under concession arrangements, as a result of applying the IFRIC 12 financial asset model. Movements during 2025 and 2024 are set out below:(Million euro)INFRASTRUCTURE PROJECT RECEIVABLES 2025INFRASTRUCTURE PROJECT RECEIVABLES 2024OPENING BALANCE158162Additions86Disposals(14)(14)Foreign exchange effect(3)3YEAR-END BALANCE149158Note: Balances net of provisionsThe following tables show financial assets by concession operator for 2025 and 2024: BALANCES AT 12/31/2025CONCESSION OPERATOR (Million euro)LONG-TERM RECEIVABLESSHORT-TERM RECEIVABLESTOTALConcesionaria de Prisiones Lledoners47350Depusa Arag\u00f3n20121Budimex Parking Wroc\u0142aw11\u201311CONSTRUCTION78482UK Waste Treatment (Thalia)71\u201371UK WASTE TREATMENT71\u201371GROUP TOTAL1494153BALANCES AT 12/31/2024CONCESSION OPERATOR (Million euro)LONG-TERM RECEIVABLESSHORT-TERM RECEIVABLESTOTALConcesionaria de Prisiones Lledoners49352Depusa Arag\u00f3n21122Budimex Parking Wroc\u0142aw11\u201311CONSTRUCTION81485UK Waste Treatment (Thalia)77\u201377UK WASTE TREATMENT77\u201377GROUP TOTAL15841626.3. PROVISIONS The provisions recognized by the consolidated Group cover risks arising in the course of business. They are recognized using best estimates of the risks. This note provides a breakdown of all provisions disclosed separately on the liabilities side of the balance sheet. In addition to these items, other provisions net certain asset items and are disclosed in the specific notes on those assets.Movements in long- and short-term provisions presented separately on the liabilities side of the balance sheet are set out below at December 31, 2025:(Million euro)LITIGATION AND TAXESREPLACEMENTS AND UPGRADES, IFRIC 12OTHER LONG- TERM RISKSTOTAL NON-CURRENT PROVISIONSSHORT-TERM PROVISIONSTOTALBalance at December 31,2024182145263539581,311Scope change and transfers15(2)(4)9110CHARGES:1871190117207Operating profit (loss)15\u2013115116131Net financial income(expense)36\u20139111Impairment and disposals\u2013\u2013\u2013\u2013\u2013\u2013Corporate income tax\u2013\u2013\u2013\u2013\u2013\u2013Fixed asset depreciation\u201365\u201365\u201365REVERSAL:(20)\u2013(1)(21)(64)(85)Operating profit (loss)(9)\u2013(1)(10)(64)(74)Net financial income(expense)\u2013\u2013\u2013\u2013\u2013\u2013Impairment and disposals\u2013\u2013\u2013\u2013\u2013\u2013Corporate income tax(11)\u2013\u2013(11)\u2013(11)Fixed asset depreciation\u2013\u2013\u2013\u2013\u2013\u2013APPLICATIONS(4)(12)\u2013(16)(82)(98)Foreign exchange differences(3)(18)\u2013(21)\u2013(21)Balance at December 31, 2025188184223959291,324Litigation and tax provisionsThis includes the following provisions:\u2022 Provisions to cover possible risks resulting from lawsuits and litigation in progress, amounting to EUR 102 million and EUR 97 million in 2025 and 2024, respectively, and largely relating to the Construction business (EUR 96 million in 2025 and EUR 90 million in 2024). This provision is recognized and reversed against changes to provisions in operating profit/(loss) (Note 6.5.1).\u2022 Provisions for tax claims, amounting to EUR 87 million for 2025 and 85 for 2024 , arising in relation to local or central government duties, taxes or other levies as a result of the different possible interpretations of tax legislation in the various countries in which the Group operates (Note 6.5.1).Provision for replacements under IFRIC 12This heading includes provisions for replacement investments under IFRIC 12 (Note 1.3.3.2), totaling EUR 184 million and EUR 145 million in 2025 and 2024, respectively.Provisions for other long-term risksThis heading includes provisions recognized to cover certain long-term risks other than those attributable to litigation or tax claims, such as third-party liability resulting from the performance of contracts, guarantees given and exposed to enforcement risk, and other similar items, which amounted to EUR 22 million at December 31, 2025 (EUR 26 million at December 31, 2024).At December 31, 2025, it also contains the estimated cost of landfill closure and post-closure activities mainly related to Budimex. The provision is calculated based on a technical estimate of total landfill capacity consumed to date. It is recognized and reversed against changes to provisions in operating profit/loss, as and when the landfill closure costs are incurred. The balance recognized for this item at December 31, 2025 amounted to EUR 12 million. (EUR 16 million at December 31, 2024)Short-term provisions", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-932": { "value": "
Financing component
In general, when more than one year elapses between the date on which the good or service is delivered and the date on which the customer is
expected to make payment, an implicit financing component is included when calculating the price of a performance obligation. This component
is treated as financial income.
Where a performance obligation relates to a period of less than one year between the date on which the company transfers a good and the date
on which the customer makes payment, the practical expedient permitted by the accounting standard is applied to avoid adjusting the amount of
the consideration.
In cases in which there is a contractual or legal right to charge late-payment interest based on the contractually agreed terms, the late-payment
interest is only recognized when it is highly probable that it will be effectively received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-933": { "value": "
Bidding and mobilization costs
In addition to the balance sheet items described above, the Group also recognizes assets reflecting costs for obtaining contracts (bidding costs)
and, costs incurred to fulfil or initiate contracts (mobilization costs) when they are directly related to the main contract, provided they are
recoverable during the performance of the contract.
For the bidding costs, these assets may arise in the following cases:
\u2022 Award or preferred bidder designation: When the Group is awarded the contract or designated preferred bidder, the related costs are
recognized in a separate asset account in the balance sheet under \u201cInventories\u201d (Note 4.1). These amounts are amortized systematically as the
goods and services related to the assets are transferred to the customer.
\u2022 Client reimbursement (stipend): When the client reimburses part of the tender costs, revenue is recognized up to the reimbursable
amount whenever a \u201cwork product\u201d is delivered during the tender process, generating a contract asset until payment is received or due. If no work
product is provided, costs are capitalized up to the reimbursable limit under \u201cInventories\u201d (Note 4.1).
Any costs that are necessary to start up a contract or mobilization costs are capitalized whenever it is probable that they will be recoverable in the
future, excluding any expenses that would have been incurred if the contract had not been obtained. They are expensed based on the proportion
of actual output to estimated output under each contract. Otherwise, they are taken directly to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-934": { "value": "
SECTION 2: PROFIT/(LOSS) FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023
This section comprises the notes relating to profit/(loss) for the years ended December 31, 2025, 2024 and 2023.
For the year ended December 31, 2025:
Net profit for the year reached EUR 888 million on the back of the positive one-off impacts related to the divestment transactions executed
during the year, as mentioned in Note 1.1.4, highlighting the positive impact of the 50% stake in AGS (EUR 272 million). Excluding these one-off
effects, the positive operating performance compared to the previous year on the back of higher revenues and EBIT in the Construction and
Highways is also worth mentioning.
For the year ended December 31, 2024:
Net profit for the year reached EUR 3,239 million on the back of the positive one-off impacts related to the divestment transactions executed
during the year, as mentioned in Note 1.1.4, highlighting the positive impact of the 19.75% stake in Heathrow Airports Holdings (EUR 2.570
million), the 5% stake in IRB Infrastructure Developers (EUR 116 million) and the 24% stake in Grupo Serveo (EUR 32 million). Excluding this one-
off effect, it also worth mentioning the net income improvement compared to the previous year on the back of the positive operational
performance in Highways business in the US and Canada due to higher traffic and toll rates, as well as the Construction Division\u2019s results.
For the year ended December 31, 2023:
Net profit for the year reached EUR 341 million thanks to traffic and revenue per transaction growth in the Highways business in the US, as well as
by the Construction business\u2019 results, particularly the contributions from the businesses in Spain and Poland (Budimex).
Also noteworthy is the sale of the Azores highway in Portugal (EUR 41 million) and the positive impact of financial derivatives (EUR 43 million),
highlighting the impact of equity swaps due to the positive performance of the Company's shares and the positive variation in Autema highway\u2019s
interest rate swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-936": { "value": "
2.1. REVENUES
The Group\u2019s revenue for the year ended December 31, 2025, and for the years ended December 31, 2024 and 2023 reached EUR 9,627 million,
EUR 9,148 and EUR 8,515 million, respectively.
The Group's revenue from contracts with customers, as interpreted by IFRS 15, amounted to EUR 9,516 million, EUR 9,024 million and EUR 8,339
million, respectively (Note 4.4), for the years ended December 31, 2025, 2024 and 2023.
Revenue also includes financial income from services provided by the concession operators that apply the financial asset model, totaling EUR 10
million, EUR 9 million and EUR 10 million in 2025, 2024 and 2023, respectively.
Set out below is a breakdown of revenue by segment and comparative figures for 2025, 2024 and 2023:
For the year ended December 31, 2025:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
7,368
285
7,653
6%
Highways
1,373
1
1,374
9%
Airports
111
-
111
22%
Energy
337
2
339
26%
Other activities (*)
259
201
460
(11)%
Adjustments
-
(310)
(310)
38%
Total
9,450
177
9,627
5%
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process..
For the year ended December 31, 2024:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,921
315
7,236
5%
Highways
1,246
10
1,256
16%
Airports
82
9
91
14%
Energy
268
2
270
30%
Other activities (*)
347
172
519
3%
Adjustments
-
(224)
(224)
(4)%
Total
8,865
283
9,148
7%
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
For the year ended December 31, 2023:
(Million euro)
External sales
Inter-segment sales
Total
Construction
6,381
489
6,870
Highways
1,084
1
1,085
Airports
80
-
80
Energy
207
-
207
Other activities (*)
350
156
506
Adjustments
-
(233)
(233)
Total
8,102
413
8,515
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process..
Inter-segment sales reached EUR 177 million for the period ended December 31, 2025, and are mainly related to works completed by the
Construction business for the infrastructure concession operators (Note 1.3.2 and Note 6.8).
The breakdown of sales by geographic area is as follows:
(Million euro)
2025
2024
Var. 25/24
2023
Var. 24/23
USA
3,485
3,271
214
2,879
392
Poland
2,228
2,119
109
2,160
(41)
Spain
1,891
1,584
307
1,476
108
UK
804
809
(5)
771
38
Canada
371
246
125
161
85
Other
848
1,119
(271)
1,068
51
TOTAL
9,627
9,148
479
8,515
633
The Ferrovial Group\u2019s sales in its five main markets accounted for 91% of total sales in 2025 (88% in 2024 and 87% in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-935": { "value": "
2.1. REVENUES
The Group\u2019s revenue for the year ended December 31, 2025, and for the years ended December 31, 2024 and 2023 reached EUR 9,627 million,
EUR 9,148 and EUR 8,515 million, respectively.
The Group's revenue from contracts with customers, as interpreted by IFRS 15, amounted to EUR 9,516 million, EUR 9,024 million and EUR 8,339
million, respectively (Note 4.4), for the years ended December 31, 2025, 2024 and 2023.
Revenue also includes financial income from services provided by the concession operators that apply the financial asset model, totaling EUR 10
million, EUR 9 million and EUR 10 million in 2025, 2024 and 2023, respectively.
Set out below is a breakdown of revenue by segment and comparative figures for 2025, 2024 and 2023:
For the year ended December 31, 2025:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
7,368
285
7,653
6%
Highways
1,373
1
1,374
9%
Airports
111
-
111
22%
Energy
337
2
339
26%
Other activities (*)
259
201
460
(11)%
Adjustments
-
(310)
(310)
38%
Total
9,450
177
9,627
5%
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process..
For the year ended December 31, 2024:
(Million euro)
External sales
Inter-segment sales
Total
Var. %
Construction
6,921
315
7,236
5%
Highways
1,246
10
1,256
16%
Airports
82
9
91
14%
Energy
268
2
270
30%
Other activities (*)
347
172
519
3%
Adjustments
-
(224)
(224)
(4)%
Total
8,865
283
9,148
7%
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process.
For the year ended December 31, 2023:
(Million euro)
External sales
Inter-segment sales
Total
Construction
6,381
489
6,870
Highways
1,084
1
1,085
Airports
80
-
80
Energy
207
-
207
Other activities (*)
350
156
506
Adjustments
-
(233)
(233)
Total
8,102
413
8,515
(*) Inter-segment sales of Other activities, relate mainly to support services provided by the Corporation to the rest of the Group\u2019s businesses, which are eliminated in the consolidation process..
Inter-segment sales reached EUR 177 million for the period ended December 31, 2025, and are mainly related to works completed by the
Construction business for the infrastructure concession operators (Note 1.3.2 and Note 6.8).
The breakdown of sales by geographic area is as follows:
(Million euro)
2025
2024
Var. 25/24
2023
Var. 24/23
USA
3,485
3,271
214
2,879
392
Poland
2,228
2,119
109
2,160
(41)
Spain
1,891
1,584
307
1,476
108
UK
804
809
(5)
771
38
Canada
371
246
125
161
85
Other
848
1,119
(271)
1,068
51
TOTAL
9,627
9,148
479
8,515
633
The Ferrovial Group\u2019s sales in its five main markets accounted for 91% of total sales in 2025 (88% in 2024 and 87% in 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-939": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2025
2024
Var. 25/24
2023
Var. 24/23
Subcontracted work
3,772
3,550
222
3,337
213
Leases
296
257
39
251
6
Repairs and maintenance
85
75
10
82
(7)
Independent professional services
495
454
41
485
(31)
Changes in provisions for liabilities (Note 6.3)
10
(36)
46
53
(89)
Other operating expenses
541
631
(90)
670
(39)
Total other operating expenses
5,199
4,931
268
4,878
53
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2025
2024
Var.25/24
2023
Var.24/23
Wages and salaries
1,540
1,468
72
1,350
118
Social security contributions
221
375
-154
179
196
Pension plan contributions
19
18
1
15
3
Share-based payments
14
13
1
11
2
Other welfare expenses
53
-114
166
43
(157)
TOTAL
1,847
1,760
87
1,599
162
The trend in the number of employees at December 31, 2025, 2024 and 2023, by professional category and gender is as follows
At December 31, 2025:
12.31.2025
CATEGORY
MEN
WOMEN
TOTAL
VAR 25/24
Executive directors
2
\u2014
2
\u2014%
Senior managers
11
3
14
(13)%
Executives
2,964
825
3,789
4%
Managers/Professionals/Supervisors
4,316
2,384
6,700
3%
Administrative/Support personnel
538
682
1,220
(16)%
Manual workers
10,394
490
10,884
(22)%
Total
18,225
4,384
22,609
(11)%
At December 31, 2024:
12.31.2024
CATEGORY
MEN
WOMEN
TOTAL
VAR 24/23
Executive directors
2
\u2014
2
\u2014%
Senior managers
12
4
16
23%
Executives
2,900
757
3,657
4%
Managers/Professionals/Supervisors
4,236
2,270
6,506
4%
Administrative/Support personnel
680
772
1,452
1%
Manual workers
13,160
708
13,868
2%
Total
20,990
4,511
25,501
3%
At December 31, 2023:
12.31.2023
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
\u2014
2
Senior managers
11
2
13
Executives
2,819
703
3,522
Managers/Professionals/Supervisors
4,145
2,132
6,277
Administrative/Support personnel
670
766
1,436
Manual workers
12,910
639
13,549
Total
20,558
4,241
24,799
The decrease in the workforce compared to last year is mainly due to the sale of the entire Ferrovial mining services business in Chile ( Note 1.4.4).
At December 31, 2025, 2024 and 2023, there were 172, 175 and 121 employees, respectively, with a disability rating of 33% or more, accounting
for 1%, 1.0% and 0.5% of the total workforce at the end of each period.
The average workforce by business line for the three periods is as follows:
12.31.2025
BUSINESS
MEN
WOMEN
TOTAL
VAR 25/24
Construction
14,498
3,394
17,891
(2)%
Highways
480
187
667
(18)%
Airports
195
49
244
(2)%
Energy
1,502
228
1,730
4%
Other
707
364
1,071
(78)%
Total
17,382
4,221
21,603
(16)%
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Highways
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
MEN
WOMEN
TOTAL
Construction
16,067
3,345
19,412
Highways
678
233
911
Airports
195
42
237
Energy
48
21
69
Other
3,866
670
4,536
Total
20,855
4,311
25,166
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-938": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2025
2024
Var. 25/24
2023
Var. 24/23
Subcontracted work
3,772
3,550
222
3,337
213
Leases
296
257
39
251
6
Repairs and maintenance
85
75
10
82
(7)
Independent professional services
495
454
41
485
(31)
Changes in provisions for liabilities (Note 6.3)
10
(36)
46
53
(89)
Other operating expenses
541
631
(90)
670
(39)
Total other operating expenses
5,199
4,931
268
4,878
53
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2025
2024
Var.25/24
2023
Var.24/23
Wages and salaries
1,540
1,468
72
1,350
118
Social security contributions
221
375
-154
179
196
Pension plan contributions
19
18
1
15
3
Share-based payments
14
13
1
11
2
Other welfare expenses
53
-114
166
43
(157)
TOTAL
1,847
1,760
87
1,599
162
The trend in the number of employees at December 31, 2025, 2024 and 2023, by professional category and gender is as follows
At December 31, 2025:
12.31.2025
CATEGORY
MEN
WOMEN
TOTAL
VAR 25/24
Executive directors
2
\u2014
2
\u2014%
Senior managers
11
3
14
(13)%
Executives
2,964
825
3,789
4%
Managers/Professionals/Supervisors
4,316
2,384
6,700
3%
Administrative/Support personnel
538
682
1,220
(16)%
Manual workers
10,394
490
10,884
(22)%
Total
18,225
4,384
22,609
(11)%
At December 31, 2024:
12.31.2024
CATEGORY
MEN
WOMEN
TOTAL
VAR 24/23
Executive directors
2
\u2014
2
\u2014%
Senior managers
12
4
16
23%
Executives
2,900
757
3,657
4%
Managers/Professionals/Supervisors
4,236
2,270
6,506
4%
Administrative/Support personnel
680
772
1,452
1%
Manual workers
13,160
708
13,868
2%
Total
20,990
4,511
25,501
3%
At December 31, 2023:
12.31.2023
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
\u2014
2
Senior managers
11
2
13
Executives
2,819
703
3,522
Managers/Professionals/Supervisors
4,145
2,132
6,277
Administrative/Support personnel
670
766
1,436
Manual workers
12,910
639
13,549
Total
20,558
4,241
24,799
The decrease in the workforce compared to last year is mainly due to the sale of the entire Ferrovial mining services business in Chile ( Note 1.4.4).
At December 31, 2025, 2024 and 2023, there were 172, 175 and 121 employees, respectively, with a disability rating of 33% or more, accounting
for 1%, 1.0% and 0.5% of the total workforce at the end of each period.
The average workforce by business line for the three periods is as follows:
12.31.2025
BUSINESS
MEN
WOMEN
TOTAL
VAR 25/24
Construction
14,498
3,394
17,891
(2)%
Highways
480
187
667
(18)%
Airports
195
49
244
(2)%
Energy
1,502
228
1,730
4%
Other
707
364
1,071
(78)%
Total
17,382
4,221
21,603
(16)%
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Highways
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
MEN
WOMEN
TOTAL
Construction
16,067
3,345
19,412
Highways
678
233
911
Airports
195
42
237
Energy
48
21
69
Other
3,866
670
4,536
Total
20,855
4,311
25,166
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-937": { "value": "
2.2. OTHER OPERATING EXPENSES
Set out below is a breakdown of other operating expenses:
(Million euro)
2025
2024
Var. 25/24
2023
Var. 24/23
Subcontracted work
3,772
3,550
222
3,337
213
Leases
296
257
39
251
6
Repairs and maintenance
85
75
10
82
(7)
Independent professional services
495
454
41
485
(31)
Changes in provisions for liabilities (Note 6.3)
10
(36)
46
53
(89)
Other operating expenses
541
631
(90)
670
(39)
Total other operating expenses
5,199
4,931
268
4,878
53
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-942": { "value": "
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2025
2024
Var.25/24
2023
Var.24/23
Wages and salaries
1,540
1,468
72
1,350
118
Social security contributions
221
375
-154
179
196
Pension plan contributions
19
18
1
15
3
Share-based payments
14
13
1
11
2
Other welfare expenses
53
-114
166
43
(157)
TOTAL
1,847
1,760
87
1,599
162
The trend in the number of employees at December 31, 2025, 2024 and 2023, by professional category and gender is as follows
At December 31, 2025:
12.31.2025
CATEGORY
MEN
WOMEN
TOTAL
VAR 25/24
Executive directors
2
\u2014
2
\u2014%
Senior managers
11
3
14
(13)%
Executives
2,964
825
3,789
4%
Managers/Professionals/Supervisors
4,316
2,384
6,700
3%
Administrative/Support personnel
538
682
1,220
(16)%
Manual workers
10,394
490
10,884
(22)%
Total
18,225
4,384
22,609
(11)%
At December 31, 2024:
12.31.2024
CATEGORY
MEN
WOMEN
TOTAL
VAR 24/23
Executive directors
2
\u2014
2
\u2014%
Senior managers
12
4
16
23%
Executives
2,900
757
3,657
4%
Managers/Professionals/Supervisors
4,236
2,270
6,506
4%
Administrative/Support personnel
680
772
1,452
1%
Manual workers
13,160
708
13,868
2%
Total
20,990
4,511
25,501
3%
At December 31, 2023:
12.31.2023
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
\u2014
2
Senior managers
11
2
13
Executives
2,819
703
3,522
Managers/Professionals/Supervisors
4,145
2,132
6,277
Administrative/Support personnel
670
766
1,436
Manual workers
12,910
639
13,549
Total
20,558
4,241
24,799
The decrease in the workforce compared to last year is mainly due to the sale of the entire Ferrovial mining services business in Chile ( Note 1.4.4).
At December 31, 2025, 2024 and 2023, there were 172, 175 and 121 employees, respectively, with a disability rating of 33% or more, accounting
for 1%, 1.0% and 0.5% of the total workforce at the end of each period.
The average workforce by business line for the three periods is as follows:
12.31.2025
BUSINESS
MEN
WOMEN
TOTAL
VAR 25/24
Construction
14,498
3,394
17,891
(2)%
Highways
480
187
667
(18)%
Airports
195
49
244
(2)%
Energy
1,502
228
1,730
4%
Other
707
364
1,071
(78)%
Total
17,382
4,221
21,603
(16)%
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Highways
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
MEN
WOMEN
TOTAL
Construction
16,067
3,345
19,412
Highways
678
233
911
Airports
195
42
237
Energy
48
21
69
Other
3,866
670
4,536
Total
20,855
4,311
25,166
6.2. EMPLOYEE BENEFIT PLANS
This heading reflects the deficit in defined contribution pension plans and other employee retirement benefit plans. At December 31, 2025, the
provision recognized in the balance sheet amounted to EUR 4 million and solely relates to Budimex (EUR 4 million at December 31, 2024).
6.6. SHARE-BASED REMUNERATION SCHEMES
Performance-based share plan.
Executive Directors participate in a long-term variable remuneration scheme based on performance share plans, in which other executives and
key professionals of the Group also participate (the \u201cLTVR\u201d). These plans are usually structured in overlapping multiyear cycles (currently three
years), with \u201cunits\u201d being granted annually. These \u201cunits may be converted into shares at the end of the vesting period (currently three years) if
the performance metrics to which the LTVR is subject are met). The LTVR can be summarized as follows:
The 2023-2025 plan
\u25aa The 2023-2025 Long Term Remuneration Plan (the \u201cLTRP\u201d) was approved for the Executive Directors and certain other managers of the
Group by the Ferrovial Board on December 15, 2022. The 2023-2025 LTRP was also consequently approved for the Executive Directors at the
General Meeting of Ferrovial, S.A. on April 13, 2023.
\u25aa The 2023-2025 LTRP provides for the annual grant of \u201cunits\u201d, potentially convertible into shares, in 2023, 2024 and 2025. These shares, as
the case may be, will be delivered in the year in which the third anniversary of the grant of the corresponding units is reached (i.e., 2026 for the
2023 grant, 2027 for the 2024 grant and 2028 for the 2025 grant).
\u25aa The \u201cunits\u201d granted under the 2023-2025 LTRP may be converted into shares if (i) the beneficiaries remain in the Company for a period of
three years from the date of grant of the units, except in circumstances such as retirement, disability or death, and (ii) certain objectives linked
to internal or external metrics reflecting economic-financial aspects, value creation for the company and ESG targets are met, as approved by
the Board of Directors and General Meeting of Ferrovial, S.E.
The 2023-2025 plan for the Executive Directors, was submitted for approval at the general shareholders\u2019 meeting of Ferrovial International SE as
it pertains to the plan post-Merger implementation on June 13, 2023, and was approved during this meeting (with effect from the date on which
the Merger became effective).
There were 1,549,287 shares outstanding on December 31, 2025 relating to these plans, as commented in Note 5.1.1.
Changes to the share-based remuneration schemes in 2025, 2024, and 2023 are summarized below:
2025
2024
2023
Number of shares at beginning of year
1,729,752
1,953,016
1,782,127
Plans granted
463,127
543,320
653,611
Plans settled
(518,434)
(538,868)
(277,493)
Shares surrendered and other
(106,383)
(200,618)
(192,425)
Shares exercised
(18,775)
(27,098)
(12,804)
Number of shares at year-end
1,549,287
1,729,752
1,953,016
These share award plans are addressed in Note 6.7 on remuneration of executive directors and senior managers.
The impact of these remuneration schemes on the Group\u2019s income statement in 2025 was an expense of EUR 15 million (expense of EUR 13 million
in 2024 and income of EUR 11 million in 2023) with a balancing entry in equity.
Measurement of performance-based share plans
These plans were accounted for as a future and therefore the value of the foreseeable dividends up to the delivery date is discounted to the value
of the shares at the grant date using a rate of return equal to the average cost of borrowings over the share award period. It is equity settled and
thus measured when granted. The initially calculated value is not re-estimated. The related amounts are recognized under \u201cStaff costs\u201d with a
balancing entry in reserves.
6.7. REMUNERATION OF THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT
6.7.1. Directors\u2019 remuneration in their capacity as such (i.e. for their membership of the Board)
Under the Company\u2019s current remuneration scheme, regulated by Article 8.5 of its Articles of Association, the Company has a policy in respect of
the remuneration of Executive Directors and Non-Executive Directors. This policy, whether or not combined for Executive Directors and Non-
Executive Directors, is proposed by the Board for adoption by the General Meeting.
The new Directors\u2019 Remuneration Policy adopted by the General Meeting of Ferrovial SE on April 24, 2025, and applicable retroactively from
January 1, 2025, introduced the following amendments to the Directors\u2019 remuneration in their capacity as such:
\u2022 The maximum amount of the annual remuneration for all Directors is set at EUR 2,280,000 for the duration of the Policy (vs EUR 1,900,000
in the former Directors\u2019 Remuneration Policy).
\u2022 The Directors\u2019 remuneration comprises the following elements: (i) a fixed allocation, paid on a quarterly basis; (ii) attendance fees for effective
attendance to the Board and Committee meetings; and (iii) payment in shares: Directors may receive up to a maximum of 20% of their total
annual gross remuneration in shares instead of cash. The award of these shares is not linked to any performance metrics and are awarded for
long-term investment purposes, subject to a holding period of the earlier of 3 years or the end of their term as Directors
The remuneration of Directors shall be reasonable in proportion to the importance of the Company, the financial situation in which it finds itself at
each moment and the market standards at comparable companies. It should be sufficient to attract and retain Directors with the desired profile
and compensate the commitment, abilities and responsibility that the post demands, but not so high as to compromise the independent judgment
of the Non-Executive Directors. On the same date, these financial statements are approved, the Board of Directors approves a Remuneration
Report which is published on the Company\u2019s website as part of the Management Report. The report describes in greater detail aspects of the
Company's remuneration policy applicable in the current year, providing an overview of how it has been applied in 2025. The table below shows
the itemized remuneration of the members of the Board of Directors in their capacity as such accrued during 2025 and 2024.
Should more meetings be held than initially envisaged or, for any other reason, the total maximum annual amount for all Directors be exceeded,
the difference will be deducted first from the fixed allocation, proportionally for each Director according to his or her status. If the sum of the
attendance fees and the fixed allocation does not reach the said maximum annual amount, the difference (the \u201cremainder\u201d) may be distributed
among the Directors on a pro rata basis according to their term of office during the year, if so decided by the Board.
The difference between the amounts of attendance fees and fixed allocation in 2025 and 2024 is due to: (i) the increase in the amount of these
elements in 2025 as per the new Director\u2019s Remuneration Policy; and (ii) there were more meetings in 2024 than in 2025.
This table does not include remuneration received by the Executive Directors for discharging executive duties at the Company, as described in Note
6.7.2.
2025
DIRECTOR (Thousand euro) (a)
FIXED ALLOCATION (b)
ATTENDANCE
FEES
TOTAL\u00a0 (c)
NET NUMBER OF
SHARES RECEIVED (d)
Rafael del Pino
174
113
287
428
Oscar Fanjul
160
83
243
469
Ignacio Madridejos
119
56
175
261
Mar\u00eda del Pino
119
56
175
338
Jos\u00e9 Fernando S\u00e1nchez-Junco
119
66
185
357
Philip Bowman
119
56
175
338
Hanne Sorensen
119
44
163
242
Bruno Di Leo
119
55
174
335
Juan Hoyos
119
56
175
338
Gonzalo Urquijo
119
64
183
353
Hildegard Wortmann
119
49
168
324
Alicia Reyes
119
56
175
338
TOTAL
1,524
756
2,280
4,121
(a) The amounts in the table are rounded up.
(b) The fixed allocation includes the pro rata distribution of the remainder.
(c) The Directors\u2019 remuneration for 2025 (EUR 2,280 thousands gross) also comprises the value of the shares delivered. The net number of shares delivered to Directors amounts to 4,121 shares.
(d) As adopted by the Board, the gross value of the shares each Director is entitled to receive represents 16.7% of the Directors\u2019 total annual gross remuneration.
2024
DIRECTOR (Thousand euro) (a)
FIXED ALLOCATION
PER DIEMS
SUPLEMENTARIY\u00a0 FIXED\u00a0
ALLOCATION (b)
TOTAL
Rafael del Pino
35
103
107
245
Oscar Fanjul
35
76
96
206
Ignacio Madridejos
35
51
61
148
Mar\u00eda del Pino
35
51
61
148
Jos\u00e9 Fernando S\u00e1nchez-Junco
35
58
61
154
Philip Bowman
35
49
61
145
Hanne Sorensen
35
35
61
131
Bruno Di Leo
35
49
61
145
Juan Hoyos
35
51
61
148
Gonzalo Urquijo
35
56
61
152
Hildegard Wortmann
35
36
61
132
Alicia Reyes
35
49
61
145
TOTAL
420
665
815
1,900
(a) The amounts in the table are rounded up
(b) The supplementary fixed allocation includes the pro rata distribution of the remainder.
6.7.2. Individual executive directors\u2019 remuneration
a) Remuneration accrued in 2025, 2024 and 2023
In 2025, the following remuneration accrued to the executive directors for the performance of their functions, irrespective of the remuneration
referred to in the preceding section.
The 2025 information is shown in the following table:
2025
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO (2)
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,650
1,600
3,250
Variable remuneration
3,053
2,298
5,351
Life insurance premiums
12
7
19
Other remuneration in kind
3
31
34
Plans linked to shares (1)
2,049
2,049
4,098
Total 2025
6,767
5,985
12,752
*Remuneration as executive directors
(1) In March 2025, a number of shares were delivered based on the level of attainment of the metrics corresponding to the units granted in 2022 , after deducting the applicable withholding taxes.
The shares received by Rafael del Pino and Ignacio Madridejos were reported to the Dutch Authority for the Financial Markets -AFM- (De Autoriteit Financi\u00eble Markten) on 19 March 2025.
With respect the remuneration as recorded as expense by the Company in financial year 2025, the Company recorded an expense for the share-based compensation plans under IFRS 2 in fiscal
year 2025 relating to the 2022, 2023, 2024, and 2025 Performance Share Plans, amounting to EUR 1,235 thousand for the Chairman and EUR 1,827 thousand for the Chief Executive Officer.
The 2024 information is shown in the following table:
2024
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO (2)
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,450
2,950
Variable remuneration
2,786
2,097
4,883
Life insurance premiums
11
7
18
Other remuneration in kind
3
36
39
Plans linked to shares (1)
1,946
1,946
3,892
Total 2024
6,246
5,536
11,782
*Remuneration as executive directors
(1) In March 2024, a number of shares were delivered based on the level of attainment of the metrics corresponding to the units granted in 2021, after deducting the applicable withholding taxes.
The shares received by Rafael del Pino and Ignacio Madridejos were reported to the Dutch regulator, the AFM (Autoriteit Financi\u00eble Markten), both on 14 March 2024.
The 2023 information is shown in the following table:
2023
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO
IGNACIO
MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,313
2,813
Variable remuneration
2,809
1,926
4,735
Life insurance premiums
10
5
15
Other remuneration in kind
3
13
16
Plans linked to shares (1)
795
795
1,590
Total 2023
5,117
4,052
9,169
*Remuneration as executive directors
(1) In March 2023, a number of shares were delivered based on the level of attainment of the metrics corresponding to the units granted in 2020, after deducting the applicable withholding taxes.
The Spanish Regulator, the CNMV, was notified of the shares received by Rafael del Pino and by Ignacio Madridejos on 13/3/2023 and 9/3/2023, respectively (at that time, Ferrovial shares were
only traded on the Spanish Stock Exchanges).
(2) EUR 1,150 thousand until June 15, 2023 and EUR 1,450 thousand from June 16, 2023 onwards.
b) Share-based remuneration schemes
There follows a breakdown of the share-based remuneration schemes linked to objectives, entitlement to which has not yet vested:
EXECUTIVE DIRECTORS\u2019 PLAN AT 31.12.2025
UNITS
NO. OF VOTING RIGHTS
%\u00a0 NO. OF VOTING
RIGHTS
Rafael del Pino y Calvo-Sotelo
2023 allocation
50,680
50,680
0.007%
2024 allocation
39,241
39,241
0.005%
2025 allocation
32,458
32,458
0.004%
Ignacio Madridejos Fern\u00e1ndez
2023 allocation
69,925
69,925
0.009%
2024 allocation
61,441
61,441
0.008%
2025 allocation
50,820
50,820
0.006%
6.7.3. Pension funds and plans for life insurance premiums
In 2025, no amounts were set aside or accrued by us or our subsidiaries to provide for pensions retirement or similar benefits for former or current
members of the Company\u2019s Board of Directors or for directors of the Company who are members of other Boards of Directors and/or senior
managers of Group companies and associates, except in limited cases in accordance with certain local legal requirements or common market
practices and any related contributions were immaterial in amount, and a contribution to a group savings insurance policy under which the
Company is both the policy holder and beneficiary in relation to an extraordinary remuneration scheme described in Note 6.7.6. on other
disclosures on remuneration.
As regards life insurance premiums, the Company has insurance policies covering death (for which premiums totaling EUR 19 thousand were paid
in 2025; EUR 18 thousand in 2024), under which the executive directors are beneficiaries. No life insurance premiums were paid for Company
directors who are members of other Boards of Directors and/or senior managers of Group companies or associates.
Lastly, the Company has arranged a third-party liability insurance policy covering the directors and managers of the Group companies parented
by the Company. The insured parties include the Company\u2019s directors. The premium paid in 2025 under the aforementioned insurance policy
amounted to EUR 1,594 thousand (EUR 1,757 thousand in 2024).
6.7.4. Advances and loans
At 31 December 2025, no advances or loans had been granted by the Company to the directors in their capacity as such or as members of other
Boards of Directors or senior managers of Group companies or associates.
6.7.5. Senior management remuneration
The overall remuneration accrued to the Company\u2019s senior managers in 2025 is analyzed below:
SENIOR MANAGEMENT REMUNERATION (Thousand euro)
2025
2024
Fixed remuneration
6,054
5,793
Variable remuneration
7,210
6,205
Performance-based share plan
6,776
5,638
Remuneration as members of administrative bodies of other Group companies, jointly-controlled entities or associates
43
39
Insurance premiums
18
20
Separation of members of the Senior Management (1)
5,099
226
Expatriates\u00b4 payments
2,614
1,433
Total
27,814
19,355
(1) amount subject to personal income tax.
\"\"
The remuneration shown corresponds to the holders of the following positions in all or part of 2025: Chief Legal and Compliance Officer, Chief
Financial Officer, Chief Human Resources Officer, Chief Investment Officer, Chief Construction Officer, Chief Airports Officer, Chief Highways
Officer, Chief Energy Officer, Chief Mobility & Services Officer, Chief Information and Innovation Systems Officer, Chief Audit and Risk Officer, Chief
Communications and Corporate Responsibility Officer, Chief Sustainability Officer and Chief Digital Infrastructure Officer. The remuneration of the
members of senior management who have been Executive Directors at the same time is not included, since it is indicated in the Note 6.7.2.
The Company has also implemented a \u201cFlexible Remuneration Scheme\u201d, which allows employees to voluntarily change their remuneration
package based on personal needs, replacing a portion with certain benefits in kind. These products include a life and retirement savings group
insurance scheme. Participants may request that a portion of their gross annual remuneration be paid by the Company in the form of a premium
under a life and retirement savings group insurance policy. The senior managers requested contributions totaling EUR 35 thousand from the
Company, replacing the remuneration shown in the table above (EUR 137 thousand in 2024).
6.7.6. Other disclosures on remuneration
The agreements between the Company and the senior managers specifically provide for the right to receive the indemnities in the event of unfair
dismissal.
In order to encourage loyalty and continuity, a deferred remuneration scheme was granted to twelve senior managers, including one executive
director. The scheme consists of extraordinary remuneration that will only be paid in one of the following circumstances:
\u2022 Exit of the senior manager by mutual agreement upon reaching a certain age.
\u2022 Unfair dismissal or exit at the Company\u2019s discretion without cause for dismissal, before the senior manager reaches the age initially agreed, if
the amount exceeds the figure stipulated in the Labour Statute.
\u2022 Death or disability of the senior manager.
To cover this incentive, each year the Company makes contributions to a group savings insurance policy under which the Company is both
policyholder and beneficiary. The contributions are quantified on the basis of a certain percentage of each senior manager\u2019s total monetary
remuneration. Contributions made in 2025 amounted to EUR 2,432 thousand (EUR 2,391 thousand in 2024), of which EUR 642 thousand relates
to the executive director (EUR 582 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-940": { "value": "
2.3. PERSONNEL EXPENSES
Set out below is a breakdown of personnel expenses:
(Million euro)
2025
2024
Var.25/24
2023
Var.24/23
Wages and salaries
1,540
1,468
72
1,350
118
Social security contributions
221
375
-154
179
196
Pension plan contributions
19
18
1
15
3
Share-based payments
14
13
1
11
2
Other welfare expenses
53
-114
166
43
(157)
TOTAL
1,847
1,760
87
1,599
162
6.6. SHARE-BASED REMUNERATION SCHEMES
Performance-based share plan.
Executive Directors participate in a long-term variable remuneration scheme based on performance share plans, in which other executives and
key professionals of the Group also participate (the \u201cLTVR\u201d). These plans are usually structured in overlapping multiyear cycles (currently three
years), with \u201cunits\u201d being granted annually. These \u201cunits may be converted into shares at the end of the vesting period (currently three years) if
the performance metrics to which the LTVR is subject are met). The LTVR can be summarized as follows:
The 2023-2025 plan
\u25aa The 2023-2025 Long Term Remuneration Plan (the \u201cLTRP\u201d) was approved for the Executive Directors and certain other managers of the
Group by the Ferrovial Board on December 15, 2022. The 2023-2025 LTRP was also consequently approved for the Executive Directors at the
General Meeting of Ferrovial, S.A. on April 13, 2023.
\u25aa The 2023-2025 LTRP provides for the annual grant of \u201cunits\u201d, potentially convertible into shares, in 2023, 2024 and 2025. These shares, as
the case may be, will be delivered in the year in which the third anniversary of the grant of the corresponding units is reached (i.e., 2026 for the
2023 grant, 2027 for the 2024 grant and 2028 for the 2025 grant).
\u25aa The \u201cunits\u201d granted under the 2023-2025 LTRP may be converted into shares if (i) the beneficiaries remain in the Company for a period of
three years from the date of grant of the units, except in circumstances such as retirement, disability or death, and (ii) certain objectives linked
to internal or external metrics reflecting economic-financial aspects, value creation for the company and ESG targets are met, as approved by
the Board of Directors and General Meeting of Ferrovial, S.E.
The 2023-2025 plan for the Executive Directors, was submitted for approval at the general shareholders\u2019 meeting of Ferrovial International SE as
it pertains to the plan post-Merger implementation on June 13, 2023, and was approved during this meeting (with effect from the date on which
the Merger became effective).
There were 1,549,287 shares outstanding on December 31, 2025 relating to these plans, as commented in Note 5.1.1.
Changes to the share-based remuneration schemes in 2025, 2024, and 2023 are summarized below:
2025
2024
2023
Number of shares at beginning of year
1,729,752
1,953,016
1,782,127
Plans granted
463,127
543,320
653,611
Plans settled
(518,434)
(538,868)
(277,493)
Shares surrendered and other
(106,383)
(200,618)
(192,425)
Shares exercised
(18,775)
(27,098)
(12,804)
Number of shares at year-end
1,549,287
1,729,752
1,953,016
These share award plans are addressed in Note 6.7 on remuneration of executive directors and senior managers.
The impact of these remuneration schemes on the Group\u2019s income statement in 2025 was an expense of EUR 15 million (expense of EUR 13 million
in 2024 and income of EUR 11 million in 2023) with a balancing entry in equity.
Measurement of performance-based share plans
These plans were accounted for as a future and therefore the value of the foreseeable dividends up to the delivery date is discounted to the value
of the shares at the grant date using a rate of return equal to the average cost of borrowings over the share award period. It is equity settled and
thus measured when granted. The initially calculated value is not re-estimated. The related amounts are recognized under \u201cStaff costs\u201d with a
balancing entry in reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-941": { "value": "
2.3. PERSONNEL EXPENSES
At December 31, 2025:
12.31.2025
CATEGORY
MEN
WOMEN
TOTAL
VAR 25/24
Executive directors
2
\u2014
2
\u2014%
Senior managers
11
3
14
(13)%
Executives
2,964
825
3,789
4%
Managers/Professionals/Supervisors
4,316
2,384
6,700
3%
Administrative/Support personnel
538
682
1,220
(16)%
Manual workers
10,394
490
10,884
(22)%
Total
18,225
4,384
22,609
(11)%
At December 31, 2024:
12.31.2024
CATEGORY
MEN
WOMEN
TOTAL
VAR 24/23
Executive directors
2
\u2014
2
\u2014%
Senior managers
12
4
16
23%
Executives
2,900
757
3,657
4%
Managers/Professionals/Supervisors
4,236
2,270
6,506
4%
Administrative/Support personnel
680
772
1,452
1%
Manual workers
13,160
708
13,868
2%
Total
20,990
4,511
25,501
3%
At December 31, 2023:
12.31.2023
CATEGORY
MEN
WOMEN
TOTAL
Executive directors
2
\u2014
2
Senior managers
11
2
13
Executives
2,819
703
3,522
Managers/Professionals/Supervisors
4,145
2,132
6,277
Administrative/Support personnel
670
766
1,436
Manual workers
12,910
639
13,549
Total
20,558
4,241
24,799
The decrease in the workforce compared to last year is mainly due to the sale of the entire Ferrovial mining services business in Chile ( Note 1.4.4).
At December 31, 2025, 2024 and 2023, there were 172, 175 and 121 employees, respectively, with a disability rating of 33% or more, accounting
for 1%, 1.0% and 0.5% of the total workforce at the end of each period.
The average workforce by business line for the three periods is as follows:
12.31.2025
BUSINESS
MEN
WOMEN
TOTAL
VAR 25/24
Construction
14,498
3,394
17,891
(2)%
Highways
480
187
667
(18)%
Airports
195
49
244
(2)%
Energy
1,502
228
1,730
4%
Other
707
364
1,071
(78)%
Total
17,382
4,221
21,603
(16)%
12.31.2024
BUSINESS
MEN
WOMEN
TOTAL
VAR 24/23
Construction
14,944
3,355
18,299
(6)%
Highways
588
227
815
(11)%
Airports
201
46
248
5%
Energy
1,460
201
1,661
2296%
Other
4,140
694
4,834
7%
Total
21,333
4,523
25,857
3%
12.31.2023
BUSINESS
MEN
WOMEN
TOTAL
Construction
16,067
3,345
19,412
Highways
678
233
911
Airports
195
42
237
Energy
48
21
69
Other
3,866
670
4,536
Total
20,855
4,311
25,166
The decrease in the average workforce compared to last year is mainly due to the sale of the entire Ferrovial mining services business in Chile. (See
Note 1.4.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-943": { "value": "
2.4. IMPAIRMENTS AND DISPOSALS
There follows a breakdown of the main gains and losses due to impairment and disposals for the corresponding periods.
2025
(Million euro)
Impact on profit/(loss)
before tax
Impact on profit/(loss)
after tax
AGS Sale
272
272
Capital gains and disposals
272
272
Chilean Mining Services
(14)
(14)
Energy assets
(7)
(7)
Other
(41)
(41)
Impairment gains/(losses)
(62)
(62)
TOTAL IMPAIRMENT AND DISPOSALS
210
210
2024
(Million euro)
Impact on profit/(loss)
before tax
Impact on profit/(loss) after
tax
19,75% HAH Sale
2,023
2,023
5% IRB Sale
132
116
Serveo Sale
33
32
Equity-accounted availability\u00a0 Highways assets
19
19
Vertiports sale
2
2
Capital gains and disposals
2,209
2,192
Impairment gains/(losses)
(1)
(1)
TOTAL IMPAIRMENT AND DISPOSALS
2,208
2,191
2023
(Million euro)
Impact on profit/(loss)
before tax
Impact on profit/(loss) after
tax
Azores sale
39
41
Capital gains and disposals
39
41
Aravia
(2)
(2)
Zity Sale
(2)
(2)
Impairment gains/(losses)
(4)
(4)
TOTAL IMPAIRMENT AND DISPOSALS
35
37
The other results for 2025 (EUR -41 million) corresponds to historical foreign\u2011exchange translation differences reclassified from other
comprehensive income (OCI) to the income statement, derived from the liquidation during the year of foreign holding companies, with no cash
impact.
3.1. GOODWILL AND ACQUISITIONS
Impairment test
The Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs
an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In
addition, the Group also systematically tests its cash-generating units that include goodwill for impairment in December.
Goodwill recovery is analyzed at cash generating unit level. The projections used in the impairment tests are consistent with the latest business
projections presented to the Board and it was concluded that there is no impairment as of December 31, 2025. The impairment test is a process
that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2025 and 2024 we did not
recognize any impairment loss for goodwill. In the explanatory notes, we disclose the headroom between the recoverable amounts (applying the
Value in Use method) and the carrying amounts of the investments for those entities to which goodwill has been tested.
Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether
additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash
generating unit subject to impairment test, presenting headroom against each carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-948": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2025, 2024 and 2023.
Net financial income/(expense) for these years from the infrastructure project companies (see Note 1.1.2) is presented separately from that of ex-
infrastructure project companies. In each case, a distinction is made between net financial income/(expense) from financing (which includes
borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial income/(expense) from
derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income and expenses not directly
related to financing).
For 2025, as compared to 2024:
(Million euro)
2025
2024
Var. %
Financial income from infrastructure project financing
24
43
(44)%
Financial expense from infrastructure project financing
(372)
(382)
(3)%
Net financial income/(expense) from financing, infrastructure project companies
(348)
(339)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure project
companies
8
9
(11)%
Other net financial income/(expense), infrastructure project companies
(84)
(81)
4%
Net financial income/(expense) from derivatives and other, infrastructure project companies
(76)
(72)
6%
Net financial income/(expense) from infrastructure projects
(424)
(411)
3%
Financial income, ex-infrastructure project companies
123
169
(27)%
Financial expense, ex-infrastructure project companies
(66)
(95)
(31)%
Net financial income/(expense) from financing, ex-infrastructure project companies
57
74
(23)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-infrastructure project
companies
82
574
(86)%
Other net financial income/(expense), ex-infrastructure project companies
(80)
37
(316)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project companies
2
611
(100)%
Net financial income/(expense), ex-infrastructure project companies
59
685
(91)%
Total net financial income/(expense)
(365)
274
(233)%
For 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Net financial income/(expense) from derivatives and other, infrastructure project
companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, ex-infrastructure project companies
169
216
(22)%
Financial expense, ex-infrastructure project companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, ex-infrastructure project companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-
infrastructure project companies
574
11
5118%
Other net financial income/(expense), ex-infrastructure project companies
37
66
(44)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project
companies
611
77
694%
Net financial income/(expense), ex-infrastructure project companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
The main difference between total net financial income /(expense) for 2025 (EUR -365 million) compared to 2024 (EUR 274 million) is explained
by the impact in the line item \"Net financial income/(expense) from derivatives and other fair value adjustments, other companies\" which included
a positive effect of EUR 547 million registered in 2024 related to the Heathrow Airports Holding (HAH) divestment, as a consequence of the
recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair value was determined by
referencing the selling price of the recently divested 19.75% stake in FGP Topco.
The following table provides a breakdown of financial expense from infrastructure project companies showing capitalized expenses relating to
highways under construction:
Infrastructure project financing expenses from infrastructures (Million euro)
2025
2024
2023
Accrued financial expenses
(384)
(387)
(379)
Expenses capitalized during the construction period
12
5
17
Financial expenses in P&L
(372)
(382)
(362)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-947": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2025, 2024 and 2023.
Net financial income/(expense) for these years from the infrastructure project companies (see Note 1.1.2) is presented separately from that of ex-
infrastructure project companies. In each case, a distinction is made between net financial income/(expense) from financing (which includes
borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial income/(expense) from
derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income and expenses not directly
related to financing).
For 2025, as compared to 2024:
(Million euro)
2025
2024
Var. %
Financial income from infrastructure project financing
24
43
(44)%
Financial expense from infrastructure project financing
(372)
(382)
(3)%
Net financial income/(expense) from financing, infrastructure project companies
(348)
(339)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure project
companies
8
9
(11)%
Other net financial income/(expense), infrastructure project companies
(84)
(81)
4%
Net financial income/(expense) from derivatives and other, infrastructure project companies
(76)
(72)
6%
Net financial income/(expense) from infrastructure projects
(424)
(411)
3%
Financial income, ex-infrastructure project companies
123
169
(27)%
Financial expense, ex-infrastructure project companies
(66)
(95)
(31)%
Net financial income/(expense) from financing, ex-infrastructure project companies
57
74
(23)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-infrastructure project
companies
82
574
(86)%
Other net financial income/(expense), ex-infrastructure project companies
(80)
37
(316)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project companies
2
611
(100)%
Net financial income/(expense), ex-infrastructure project companies
59
685
(91)%
Total net financial income/(expense)
(365)
274
(233)%
For 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Net financial income/(expense) from derivatives and other, infrastructure project
companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, ex-infrastructure project companies
169
216
(22)%
Financial expense, ex-infrastructure project companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, ex-infrastructure project companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-
infrastructure project companies
574
11
5118%
Other net financial income/(expense), ex-infrastructure project companies
37
66
(44)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project
companies
611
77
694%
Net financial income/(expense), ex-infrastructure project companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
The main difference between total net financial income /(expense) for 2025 (EUR -365 million) compared to 2024 (EUR 274 million) is explained
by the impact in the line item \"Net financial income/(expense) from derivatives and other fair value adjustments, other companies\" which included
a positive effect of EUR 547 million registered in 2024 related to the Heathrow Airports Holding (HAH) divestment, as a consequence of the
recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair value was determined by
referencing the selling price of the recently divested 19.75% stake in FGP Topco.
The following table provides a breakdown of financial expense from infrastructure project companies showing capitalized expenses relating to
highways under construction:
Infrastructure project financing expenses from infrastructures (Million euro)
2025
2024
2023
Accrued financial expenses
(384)
(387)
(379)
Expenses capitalized during the construction period
12
5
17
Financial expenses in P&L
(372)
(382)
(362)
SECTION 3: NON-CURRENT ASSETS AT DECEMBER 31, 2025 AND 2024
Investments in infrastructure projects
INVESTMENTS IN INFRASTRUCTURE PROJECTS
(Million euro)
2025
2024
Opening balance at 01.01
14,147
13,495
Additions
153
87
Depreciation
(243)
(235)
Disposals
(14)
(14)
Exchange rate effect
(1,535)
814
Changes in the scope of consolidation and others
\u2014
\u2014
Closing balance at 12.31
12,509
14,147
The variation in 2025 is mainly due to the impact of the foreign exchange rate, which represents a decrease of EUR 1,535 million, mainly driven by
the US dollar depreciation against the euro (Note 1.4).
Additions stood at EUR 153 million (EUR 87 million in 2024), is mainly related to the ultimate capacity works in North Tarrant Express, in the US.
The variation under this heading during 2024 reached EUR 652 million, mainly due to the EUR/US dollar foreign exchange rate effect and the
accumulated depreciation.
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
As disclosed in Note 1.1, it should be noted that part of the activity carried out by the Group\u2019s business lines consists of the development of
infrastructure projects, most of them in the form of service concession agreements, primarily in the Highways and Airport business lines, but also in
the Construction, Energy and Data center development activities.
Most of these service concession agreements are within the scope of application of IFRIC 12 and are disclosed separately in the balance sheet as
\u201cfixed assets in infrastructure projects\u201d within the long-term financial assets heading (distinguishing those to which the intangible asset model is
applied from those to which the financial asset model is applied).
Fixed assets in infrastructure projects amount to EUR 12,509million at December 31, 2025 (December 31, 2024: EUR 14,147 million) and comprise
projects under the Intangible asset model for EUR 12,360million (December 31, 2024: EUR 13,989 million) and under the Financial asset model
for EUR 149million (December 31, 2024: EUR 158million).
3.3.1. Intangible asset model
Set out below is a breakdown of the intangible asset model in infrastructure projects at December 31, 2025 and December 31, 2024:
(Million euro)
BALANCE AT 01.01.25
TOTAL NET ADDITIONS/
(DISPOSALS)
FOREIGN EXCHANGE EFFECT
BALANCE AT 12.31.25
Spanish highways
724
1
\u2014
725
US highways
13,757
144
(1,631)
12,270
Other highways
4
\u2014
\u2014
4
Highway investment
14,485
145
(1,631)
12,999
Accumulated amortization
(1,089)
(220)
100
(1,209)
Net investment in Highways
13,396
(75)
(1,531)
11,790
Investment in other infrastructure projects
650
\u2014
\u2014
650
Depreciation of other infrastructure projects
(58)
(23)
\u2014
(81)
Total net investment in other infrastructure
projects
592
(23)
\u2014
569
TOTAL INVESTMENT
15,135
145
(1,631)
13,649
TOTAL AMORTIZATION AND PROVISION
(1,146)
(243)
100
(1,289)
TOTAL NET INVESTMENT
13,989
(98)
(1,531)
12,360
(Million euro)
BALANCE AT 01/01/2024
TOTAL NET ADDITIONS/
(DISPOSALS)
FOREIGN EXCHANGE EFFECT
BALANCE AT 12/31/2024
Spanish highways
721
3
\u2013
724
US highways
12,823
76
858
13,757
Other highways
4
\u2013
\u2013
4
Highways investment
13,549
79
858
14,485
Accumulated amortization
(834)
(209)
(46)
(1,089)
Net investment in highways
12,715
(130)
812
13,396
Investment in other infrastructure projects
650
\u2013
\u2013
650
Depreciation of other infrastructure projects
(34)
(24)
\u2013
(58)
Total net investment in other infrastructure
projects
616
(24)
\u2013
592
TOTAL INVESTMENT
14,199
79
858
15,135
TOTAL AMORTIZATION AND PROVISION
(867)
(233)
(46)
(1,146)
TOTAL NET INVESTMENT
13,333
(154)
812
13,989
The total net investment corresponding to the intangible asset model in infrastructure projects for December 31, 2025 reached EUR 12,360 million
(EUR 13,989 million for December 2024), highlighting the net investment in US Highways, reaching EUR 11,402 million at December 31, 2025 (EUR
12,966 million in 2024).
The most significant changes in 2025 and 2024 were as follows:
\u25e6 Highways additions amounted to a gross EUR 145 million in 2025, mainly related to the ultimate capacity works in North Tarrant Express (EUR
79 million in 2024).
\u25e6 Exchange rate fluctuations resulted in a total change of EUR -1,531 million in 2025, fully attributed to the depreciation of the US dollar
against the Euro on the US highways (EUR 812 million in 2024, due to the appreciation of the US dollar against the Euro - see Note 1.4).
Investments in other infrastructure projects include the intangible assets of Dalaman airport, amounting to EUR 570 million (EUR 592 million in
2024).
All the concession assets of infrastructure project companies are pledged to secure borrowings (Note 6.5.2). The capitalization of borrowing costs
eligible for capitalization in 2025 and 2024 is described in Note 1.3.3.2 and Note 2.5.
3.3.2. Financial assets from financial asset model concessions
They mainly relate to long-term receivables (more than twelve months) from public administrations in return for services rendered or investments
made under concession arrangements, as a result of applying the IFRIC 12 financial asset model. Movements during 2025 and 2024 are set out
below:
(Million euro)
INFRASTRUCTURE PROJECT
RECEIVABLES 2025
INFRASTRUCTURE PROJECT
RECEIVABLES 2024
OPENING BALANCE
158
162
Additions
8
6
Disposals
(14)
(14)
Foreign exchange effect
(3)
3
YEAR-END BALANCE
149
158
Note: Balances net of provisions
The following tables show financial assets by concession operator for 2025 and 2024:
BALANCES AT 12/31/2025
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
47
3
50
Depusa Arag\u00f3n
20
1
21
Budimex Parking Wroc\u0142aw
11
\u2013
11
CONSTRUCTION
78
4
82
UK Waste Treatment (Thalia)
71
\u2013
71
UK WASTE TREATMENT
71
\u2013
71
GROUP TOTAL
149
4
153
BALANCES AT 12/31/2024
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
49
3
52
Depusa Arag\u00f3n
21
1
22
Budimex Parking Wroc\u0142aw
11
\u2013
11
CONSTRUCTION
81
4
85
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
158
4
162
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -165 million in 2025 (EUR
-132 million in 2024), which differed from the additions recognized in the balance sheet for the following main reasons:
\u2022 For projects in which the intangible asset model is applied, due to differences between the accrual basis and cash basis of accounting, as well
as capitalized financial costs attributable to projects under construction, which do not give rise to cash outflows.
\u2022 For projects in which the financial asset model is applied, due to increases in receivables as a balancing entry for revenue from services
rendered, which also do not give rise to cash inflows.
5.2.2. Borrowings
a) Infrastructure project companies
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by the project cash flows, distinguishing between bonds and bank borrowings, short- and long-
term, and changes during 2025 and 2024:
2025
2024
Change 25/24
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
4,774
2,660
7,434
5,198
3,058
8,256
(424)
(398)
(822)
Highways
4,774
2,279
7,053
5,198
2,707
7,905
(424)
(428)
(852)
US highways
4,774
1,724
6,498
5,198
2,138
7,337
(424)
(414)
(838)
Spanish highways
\u2013
555
555
\u2013
569
569
\u2013
(14)
(14)
Airports
\u2013
62
62
\u2013
\u2013
\u2013
\u2013
62
62
Construction
\u2013
92
92
\u2013
97
97
\u2013
(5)
(5)
Energy
\u2013
187
187
\u2013
209
209
\u2013
(22)
(22)
Other
\u2013
39
39
\u2013
44
44
\u2013
(5)
(5)
Short term
7
177
184
1
142
143
6
35
41
Highways
7
34
41
1
38
39
6
(4)
2
US highways
7
\u2013
7
1
\u2013
1
6
\u2013
6
Spanish highways
\u2013
34
34
\u2013
38
38
\u2013
(4)
(4)
Airports
\u2013
15
15
\u2013
94
94
\u2013
(79)
(79)
Construction
\u2013
5
5
\u2013
5
5
\u2013
\u2013
\u2013
Energy
\u2013
120
120
\u2013
2
2
\u2013
118
118
Other
\u2013
2
2
\u2013
3
3
\u2013
(1)
(1)
TOTAL
4,781
2,836
7,617
5,199
3,200
8,400
(418)
(364)
(782)
The following table shows, for 2025 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2024
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec.25
Infrastructure project borrowings
8,400
229
(904)
(93)
(15)
7,617
Infrastructure project borrowings decreased by EUR -782 million in 2025 with respect to December 2024, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR -904 million, mainly generated by US dollar fluctuations.
\u2022 Effect of scope changes, excluding the foreign exchange effect, due to the classification as held for sale of Transchile Charr\u00faa Transmisi\u00f3n,
S.A. (Note 1.1.3) totaling EUR -93 million.
\u2022 Increase of EUR 214 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the Misae Solar LLC project
(EUR 206 million) and attributable to the debt drawn down, capitalization of interest and accrued unmatured interest.
US highways:
NTE Mobility Partners, LLC
Regarding NTE Mobility Partners, the total debt at December 31, 2025 reached USD 1,600 million as follows:
\u2013 A taxable bond issue of USD 871.1 million, maturing between 2040 and 2049 at a fixed interest rate of 3.92%, and a PAB (Private Activity
Bonds) issue of USD 331.8 million, maturing between 2030 and 2039 at a fixed interest rate of 4.00% for USD 122.7 million and 5.00% for
USD 209.0 million.
\u2013 USD 397.3 million in PABs bonds (Private Activity Bonds) issued on August 3, 2023 (PAB-Private Activity Bonds), at a fixed interest rate of
5.50%, maturing between 2052 and 2058, to fund the Mandatory Capacity Improvement (UCI) project.
NTE Mobility Partners Seg 3 LLC
In relation to NTE Mobility Partners Seg 3 LLC, the total debt at December 31, 2025 reached USD 1,598 million. This debt consists of:
\u2013 Issuance of USD 265.9 million in PABs related to the debt of the 3A-3B segments at a rate of 5.00% fixed interest on USD 32.4 million, 5.13%
on USD 22.5 million, 5.25% on USD 23.7 million, 5.38% on USD 64.7 million and 5.50% on USD 122.6 million.
\u2013 TIFIA loan in the amount of USD 211.2 million at a fixed rate of 3.84%, on December 31, 2025, with final maturity in 2053.
\u2013 Issuance of USD 467.3 million in Barclays bonds, maturing in 2028 with USD 221 million at a fixed swap rate of 5.30% and USD 246.3 million
at a fixed swap rate of 5.85% maturing in 2040.
\u2013 Issuance of USD 653.9 million in PABs repayable from 2047 to 2058 at a fixed interest rate of 5.00% for the debt of segment 3C (total of USD
750 million including the issuance premium).
LBJ Infr. Group LLC
The total debt of this company on December 31, 2025 reached USD 2,038 million. This debt consists of:
\u2013 PABs issuance of USD 537.5 million (total of USD 615 million including the premium) at a fixed interest rate of 4.00%, maturing between
2030 to 2040.
\u2013 Taxable bond issuance of USD 615.5 million (of which USD 7 million bears a fixed interest rate of 2.75% and matures in 2026, and USD 608.5
million bears a fixed interest rate of 3.80% and matures in 2057).
\u2013 TIFIA loan valued at USD 835.6 million with fixed interest rate of 4.22% and maturing between 2035 to 2050.
\u2013 Credit line maturing in 2027 with an interest rate of 4.51%, of which USD 48.9 million had been drawn as of December 31, 2025.
I-77 Mobility Partners, LLC
The total debt of I-77 Mobility Partners, LLC at December 31, 2025 reached USD 469.9 million. This debt consists of:
\u2013 On May 1, 2015, the company issued USD 100 million in PABs at a fixed rate of 5.00%. On December 31, 2025, the outstanding amount was
USD 98.9 million maturing between 2026 and 2054.
\u2013 On April 25, 2024, the issuance of USD 371 million in Senior Secured Notes was completed, the proceeds of which were used to refinance the
TIFIA debt, thereby increasing the average maturity of the outstanding debt. The Senior Secured Notes bear interest at a fixed rate of 6.57%
and mature in 2051.
\u2013 On April 26, 2024, the TIFIA debt was repaid in full.
I-66 Mobility Partners, LLC
Regarding I-66 Mobility Partners, LLC, the total debt of this company at December 31, 2025, reached USD 2,076.1 million. This debt consists of:
\u2013 USD 737 million in PABs (a total of USD 800.4 million including the premium) at a fixed rate of 5.00%, maturing between 2047 and 2056.
\u2013 A TIFIA loan balance of USD 1,339.1 million, of which USD 29.0 million had been prepaid as of December 31, 2025. This loan bears interest at
a fixed rate of 2.8% and finally matures in 2057.
Spanish highways:
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa Manresa highway)
In relation to Cintra Inversora Autopistas de Catalu\u00f1a , this company\u2019s debt at December 31, 2025 totaled EUR 582.2 million, consisting in:
\u2013 Tranches A and B amounting to EUR 264.9 million and EUR 279.1 million as of December 31, 2025, accruing interest at the 6-month
EURIBOR rate +2.124% +1.5% at the year-end. Both tranches were fully utilized and fall due in 2035.
\u2013 Liquidity tranche (tranche C) with a balance of EUR 38.2 million as of December 31, 2025 (the year-end interest rate is the 6-month EURIBOR
+2.124% +1.5%).
\u2013 It should also be noted that this company has an interest rate derivative with a notional amount of EUR 529.5 million, a guaranteed interest
rate of 5.0880% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d, Note 5.5) was
EUR -59.2 million as of December 31, 2025.
Autov\u00eda de Arag\u00f3n
Regarding Autov\u00eda de Arag\u00f3n project, the current debt as of December 31, 2025 stood at EUR 5 million (EUR 5 million non-current and EUR 14
million of current as of December 31, 2024).
Breakdown of borrowings in other infrastructure projects:
The following table shows the details of the borrowings for infrastructure projects other than highways:
2025
2024
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 25/24
Airports
62
15
77
\u2013
94
94
(17)
Dalaman International Airport
62
15
77
\u2013
94
94
(17)
Construction
92
5
97
98
6
103
(6)
Conc. Prisiones Lledoners,S.A.
58
2
60
61
3
63
(3)
Depusa Arag\u00f3n S.A.
20
2
22
22
2
24
(2)
Budimex Group
14
1
15
15
1
16
(1)
Energy
187
121
307
210
2
211
96
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
\u2013
\u2013
\u2013
105
\u2013
105
(105)
Centella Transmisi\u00f3n, S.A.
90
2
91
105
2
106
(15)
Misae Solar IV LLC
80
119
199
\u2013
\u2013
\u2013
199
AZALIA, SP. Z O.O
17
\u2013
17
\u2013
\u2013
\u2013
17
Other
39
2
42
44
3
47
(5)
Waterbeach
39
2
42
44
3
47
(5)
TOTAL Other infrastructure project company borrowings
380
143
523
352
105
455
68
Other project borrowings increased by EUR 68 million against December 2024, mainly due to the drawdowns in Misae Solar IV LLC (EUR 199
million) to finance the construction of the solar plant, partially offset by the decrease in Transchile Charr\u00faa Transmisi\u00f3n, S.A. (EUR -105 million)
resulting from its classification as held for sale, with the disposal expected to be completed in 2026.
Also noteworthy is Dalaman International Airport, whose loans were reclassified as long-term (EUR 62 million) once the December 2024
exemption was fulfilled.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
December 31, 2025
(Million euro)
Currency
Fair value
2025
Carrying
amount
2025
2026
2027
2028
2029
2030
2031+
Total
maturities
Infrastructure project company
obligations
4,313
4,781
7
1
189
1
41
4,317
4,556
HIGHWAYS
4,313
4,781
7
1
189
1
41
4,317
4,556
USD
4,313
4,781
7
1
189
1
41
4,317
4,556
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
2,836
2,836
359
105
75
179
83
2,399
3,199
HIGHWAYS
2,314
2,314
214
77
44
52
63
2,211
2,662
USD
1,724
1,724
180
42
\u2013
\u2013
\u2013
1,853
2,075
EUR
589
589
34
35
44
52
63
358
587
AIRPORTS
77
77
16
18
20
21
7
\u2013
82
EUR
77
77
16
18
20
21
7
\u2013
82
CONSTRUCTION
97
97
4
5
5
5
6
72
97
EUR
82
82
4
5
5
5
6
58
83
PLN
15
15
\u2013
\u2013
\u2013
\u2013
\u2013
14
14
ENERGY
307
307
121
2
2
95
2
92
315
USD
290
290
121
2
2
95
2
76
298
PLN
17
17
1
\u2013
\u2013
\u2013
\u2013
16
17
OTHER
42
42
3
3
4
5
5
23
43
GBP
42
42
3
3
4
5
5
23
43
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,149
7,617
366
106
265
180
124
6,715
7,755
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
HIGHWAYS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
HIGHWAYS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
At December 31, 2025 the difference between the total maturities of bank borrowings of EUR 7,755 million (EUR 8,554 million in 2024) and the
carrying amounts recognized at December 31, 2025 in the amount of EUR 7,617 million (EUR 8,400 million in 2024) is explained mainly by the
difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable
accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 138 million (EUR
154 million in 2024), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
\u2022 For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the
related market value is used.
\u2022 For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a
market interest rate, calculated using an internal valuation model.
\u2022 Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their
carrying amount and therefore the carrying amount is used.
a.3) Information on credit limits and credit drawable for infrastructure projects
There follows is a comparative analysis of borrowings not drawn down at December 31, 2025 and 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Highways
7,218
7,218
\u2013
7,094
8,091
8,082
9
7,945
US highways
6,631
6,631
\u2013
6,505
7,479
7,479
\u2013
7,338
Spanish highways
587
587
\u2013
589
614
603
9
606
Airports
82
82
\u2013
77
105
105
\u2013
94
Construction
97
97
\u2013
97
103
102
\u2013
103
Energy
341
315
26
307
220
216
4
211
Other
43
43
\u2013
42
49
49
\u2013
47
TOTAL BORROWINGS
7,781
7,755
26
7,617
8,567
8,554
13
8,400
At December 31, 2025 the difference between the total bank borrowings utilized of EUR 7,755 million (EUR 8,554 million in 2024) and the carrying
amounts recognized at December 31, 2025 in the amount of EUR 7,617 million (EUR 8,400 million in 2024) is mainly due to the difference
between the nominal values and amortized cost calculated in accordance with applicable accounting rules.
a.4) Guarantees and covenants for project borrowings
The borrowings classified as project borrowings are without recourse to the project shareholders or with recourse limited to the guarantees given.
The guarantees given by Ferrovial subsidiaries for project borrowings are described in Note 6.5, Contingent liabilities.
After reviewing the information reported by the businesses and conducting a subsequent review, we have concluded that there is no default event
for the fully-consolidated project companies as of December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-946": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2025, 2024 and 2023.
Net financial income/(expense) for these years from the infrastructure project companies (see Note 1.1.2) is presented separately from that of ex-
infrastructure project companies. In each case, a distinction is made between net financial income/(expense) from financing (which includes
borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial income/(expense) from
derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income and expenses not directly
related to financing).
For 2025, as compared to 2024:
(Million euro)
2025
2024
Var. %
Financial income from infrastructure project financing
24
43
(44)%
Financial expense from infrastructure project financing
(372)
(382)
(3)%
Net financial income/(expense) from financing, infrastructure project companies
(348)
(339)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure project
companies
8
9
(11)%
Other net financial income/(expense), infrastructure project companies
(84)
(81)
4%
Net financial income/(expense) from derivatives and other, infrastructure project companies
(76)
(72)
6%
Net financial income/(expense) from infrastructure projects
(424)
(411)
3%
Financial income, ex-infrastructure project companies
123
169
(27)%
Financial expense, ex-infrastructure project companies
(66)
(95)
(31)%
Net financial income/(expense) from financing, ex-infrastructure project companies
57
74
(23)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-infrastructure project
companies
82
574
(86)%
Other net financial income/(expense), ex-infrastructure project companies
(80)
37
(316)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project companies
2
611
(100)%
Net financial income/(expense), ex-infrastructure project companies
59
685
(91)%
Total net financial income/(expense)
(365)
274
(233)%
For 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Net financial income/(expense) from derivatives and other, infrastructure project
companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, ex-infrastructure project companies
169
216
(22)%
Financial expense, ex-infrastructure project companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, ex-infrastructure project companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-
infrastructure project companies
574
11
5118%
Other net financial income/(expense), ex-infrastructure project companies
37
66
(44)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project
companies
611
77
694%
Net financial income/(expense), ex-infrastructure project companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
The main difference between total net financial income /(expense) for 2025 (EUR -365 million) compared to 2024 (EUR 274 million) is explained
by the impact in the line item \"Net financial income/(expense) from derivatives and other fair value adjustments, other companies\" which included
a positive effect of EUR 547 million registered in 2024 related to the Heathrow Airports Holding (HAH) divestment, as a consequence of the
recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair value was determined by
referencing the selling price of the recently divested 19.75% stake in FGP Topco.
The following table provides a breakdown of financial expense from infrastructure project companies showing capitalized expenses relating to
highways under construction:
Infrastructure project financing expenses from infrastructures (Million euro)
2025
2024
2023
Accrued financial expenses
(384)
(387)
(379)
Expenses capitalized during the construction period
12
5
17
Financial expenses in P&L
(372)
(382)
(362)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-945": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2025, 2024 and 2023.
Net financial income/(expense) for these years from the infrastructure project companies (see Note 1.1.2) is presented separately from that of ex-
infrastructure project companies. In each case, a distinction is made between net financial income/(expense) from financing (which includes
borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial income/(expense) from
derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income and expenses not directly
related to financing).
For 2025, as compared to 2024:
(Million euro)
2025
2024
Var. %
Financial income from infrastructure project financing
24
43
(44)%
Financial expense from infrastructure project financing
(372)
(382)
(3)%
Net financial income/(expense) from financing, infrastructure project companies
(348)
(339)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure project
companies
8
9
(11)%
Other net financial income/(expense), infrastructure project companies
(84)
(81)
4%
Net financial income/(expense) from derivatives and other, infrastructure project companies
(76)
(72)
6%
Net financial income/(expense) from infrastructure projects
(424)
(411)
3%
Financial income, ex-infrastructure project companies
123
169
(27)%
Financial expense, ex-infrastructure project companies
(66)
(95)
(31)%
Net financial income/(expense) from financing, ex-infrastructure project companies
57
74
(23)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-infrastructure project
companies
82
574
(86)%
Other net financial income/(expense), ex-infrastructure project companies
(80)
37
(316)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project companies
2
611
(100)%
Net financial income/(expense), ex-infrastructure project companies
59
685
(91)%
Total net financial income/(expense)
(365)
274
(233)%
For 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Net financial income/(expense) from derivatives and other, infrastructure project
companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, ex-infrastructure project companies
169
216
(22)%
Financial expense, ex-infrastructure project companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, ex-infrastructure project companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-
infrastructure project companies
574
11
5118%
Other net financial income/(expense), ex-infrastructure project companies
37
66
(44)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project
companies
611
77
694%
Net financial income/(expense), ex-infrastructure project companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
The main difference between total net financial income /(expense) for 2025 (EUR -365 million) compared to 2024 (EUR 274 million) is explained
by the impact in the line item \"Net financial income/(expense) from derivatives and other fair value adjustments, other companies\" which included
a positive effect of EUR 547 million registered in 2024 related to the Heathrow Airports Holding (HAH) divestment, as a consequence of the
recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair value was determined by
referencing the selling price of the recently divested 19.75% stake in FGP Topco.
The following table provides a breakdown of financial expense from infrastructure project companies showing capitalized expenses relating to
highways under construction:
Infrastructure project financing expenses from infrastructures (Million euro)
2025
2024
2023
Accrued financial expenses
(384)
(387)
(379)
Expenses capitalized during the construction period
12
5
17
Financial expenses in P&L
(372)
(382)
(362)
3.3.2. Financial assets from financial asset model concessions
They mainly relate to long-term receivables (more than twelve months) from public administrations in return for services rendered or investments
made under concession arrangements, as a result of applying the IFRIC 12 financial asset model. Movements during 2025 and 2024 are set out
below:
(Million euro)
INFRASTRUCTURE PROJECT
RECEIVABLES 2025
INFRASTRUCTURE PROJECT
RECEIVABLES 2024
OPENING BALANCE
158
162
Additions
8
6
Disposals
(14)
(14)
Foreign exchange effect
(3)
3
YEAR-END BALANCE
149
158
Note: Balances net of provisions
The following tables show financial assets by concession operator for 2025 and 2024:
BALANCES AT 12/31/2025
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
47
3
50
Depusa Arag\u00f3n
20
1
21
Budimex Parking Wroc\u0142aw
11
\u2013
11
CONSTRUCTION
78
4
82
UK Waste Treatment (Thalia)
71
\u2013
71
UK WASTE TREATMENT
71
\u2013
71
GROUP TOTAL
149
4
153
BALANCES AT 12/31/2024
CONCESSION OPERATOR (Million euro)
LONG-TERM
RECEIVABLES
SHORT-TERM
RECEIVABLES
TOTAL
Concesionaria de Prisiones Lledoners
49
3
52
Depusa Arag\u00f3n
21
1
22
Budimex Parking Wroc\u0142aw
11
\u2013
11
CONSTRUCTION
81
4
85
UK Waste Treatment (Thalia)
77
\u2013
77
UK WASTE TREATMENT
77
\u2013
77
GROUP TOTAL
158
4
162
3.6. NON-CURRENT FINANCIAL ASSETS
Set out below is a breakdown of movements at December 31, 2025 and December 31, 2024:
MOVEMENTS (Million euro)
LONG- TERM LOANS
TO ASSOCIATES
RESTRICTED CASH
FROM
INFRASTRUCTURE
PROJECT COMPANIES
AND OTHER FINANCIAL
ASSETS
FINANCIAL
INVESTMENTS CARRIED
AT FAIR VALUE
LOANS ASSOCIATED
WITH DIVESTMENT
TRANSACTIONS
OTHER LONG- TERM
RECEIVABLES
TOTAL
BALANCE AT 31/12/2023
262
628
45
186
27
1,148
Additions
113
18
566
1
32
730
Disposals
(3)
(275)
(2)
(176)
(33)
(489)
Transfers and other
(273)
-
(1)
(13)
-
(287)
Foreign exchange
1
30
2
2
2
37
BALANCE AT 31/12/2024
100
401
610
-
28
1,139
Additions
16
1,375
7
18
29
425
Disposals
(5)
(1,471)
(548)
-
(37)
(1,040)
Transfers and other
-
(4)
(5)
12
3
Foreign exchange
1
(43)
(3)
1
(7)
(52)
BALANCE AT 31/12/2025
113
262
61
13
26
475
Note: Balances net of provisions
Long-term loans to associates
The heading \u201cLong-term loans to associates\u201d includes loans granted to associates in the amount of EUR\u00a0113 million (EUR\u00a0100\u00a0million in 2024),
primarily in the Highways business, worth mentioning the subordinated debt loan granted to Concesionaria Ruta del Cacao, S.A.S. (EUR 81
million), and to Zero Bypass (EUR 32 million).
The main movement under this heading during 2024, disclosed in the line item \"Transfer and others\", corresponds to the reclassification from
long-term financial assets to short-term receivables of the subordinated loans granted to AGS (GBP 195 million; EUR 235 million), derived from
the divestment agreement reached with Avialliance UK Limited for the sale of Ferrovial's entire stake in this asset (Note 1.1.4.), finally completed
on January 28, 2025. Also noteworthy, is the effect of the 24.78% stake divested in Grupo Serveo (EUR -18 million) and the divestment of the
Highways concession assets (EUR -18 million).
Restricted cash from infrastructure project companies
The heading \u201cRestricted cash from infrastructure project companies and other financial assets\u201d primarily relates to deposits made in highway
concession operators, the use of which is limited to certain purposes under the concession, such as payments of future investments, operating
expenditure or debt servicing.
At December 31, 2025 this item amounts to EUR 262 million, which mainly corresponds to the NTE Mobility Partners (EUR 192 million) and the I-66
Express Mobility Partners (EUR 34 million).
During 2025, the main additions corresponds to NTE Mobility Partners (EUR 884 million) and LBJ Infrastructure Group (EUR 236 million), which
also recorded outflows due to dividend payments: EUR -440 million, EUR -269, and EUR -219 million, respectively, at NTE Mobility Partners, I-66
Express Mobility Partners LLC, and at LBJ Infrastructure Group.
Financial investment recognized at fair value
During 2024, the main movement was related to the stake in Heathrow Airport Holdings Limited (HAH). After the sale of the 19.75% stake,
Ferrovial held shares representing 5.25% of share capital, recognized as a financial asset at fair value. The fair value of the remaining stake
amounted at December 31, 2024 to EUR 547 million, and full completion of the divestment was achieved on July 3, 2025 (Note 1.1.4).
For the year 2025, this heading primarily relates to investments in technology and innovation funds, that at December 31, 2025 reached EUR 61
million (EUR 610 million in 2024).
Loans associated with divestment transactions
During 2025 a new vendor loan was provided to a Chilean company, in relation to the divestment of the services business in Chile (VELTIS). The
total amount of the loan is EUR 17.9 million, of which EUR 13 million is long term (Note 1.1.4.).
Other long-term receivables
The main components of this heading are the earn-outs associated with the disposal of the Services Business carried out in previous years (EUR 11
million) and other trade receivables, mainly from various public authorities under long-term contracts, primarily relating to companies in the
Construction and Highways business lines.
The main movements during 2025 are related to:
\u2022 The update of the estimated earn-outs associated with the disposal of the services business (EUR 10 million), the collection of EUR-16 million,
and the reclassification to long-term risk provisions of the indemnities (EUR 10 million),
\u2022 The final settlement of the deferred payment for the sale of Serveo (receivable previously registered at a present value of EUR -12 million).
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2025 AND 2024
This section contains the notes related to Inventories (Note 4.1), Short-term trade and other receivables (Note 4.2) and Short-term trade and
other payables (Note 4.3). The net balance of these items is referred to as working capital.
The distinction between current and non-current assets and liabilities is made on the basis of whether or not the asset or liability is expected to be
recovered or settled in the ordinary course of the company's business cycle. There is a presumption that normally the business cycle has a duration
of one year, but there could be assets and liabilities used in activities in which operations are considered to mature over more than one year that
should be considered as current assets and liabilities, specifically in relation to the construction activity, since the life of a construction contract is
greater than one year.
The main movements during 2025 correspond to the increase in short-term trade payables, mainly due to the increase in works certified in
advance and in trade payables, primarily in the Construction business, partially offset by the reduction of short-terms receivables, mainly due to
the settlement of the loan with AGS (EUR 235 million), following the completion of the sale of the Group\u2019s stake in AGS (Note 1.1.4.).
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Inventories
492
(28)
\u2014
76
540
Short-term trade receivables
1,625
(68)
(54)
257
1,761
Short-term other receivables
602
(14)
(3)
(101)
484
Short-term trade payables
(3,401)
174
14
(415)
(3,627)
Short-term other payables
(502)
10
24
(84)
(553)
TOTAL
(1,182)
75
(19)
(267)
(1,395)
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Inventories
458
13
\u2014
21
492
Short-term trade receivables
1,354
24
1
248
1,625
Short-term other receivables
324
5
\u2014
274
602
Short-term trade payables
(3,227)
(57)
(3)
(115)
(3,401)
Short-term other payables
(419)
(6)
6
(83)
(502)
TOTAL
(1,511)
(21)
4
345
(1,182)
Section 4.4 contains a more detailed analysis of the balance sheet items relating to the recognition of revenue from contracts with customers in
the Construction business, including the disclosures required by IFRS 15 in relation to those contracts.
4.2. SHORT-TERM TRADE AND OTHER RECEIVABLES
Set out below is a breakdown of this heading at December 31, 2025 and December 31 2024:
Million euro
2024
Exchange rate
Consolidation scope changes
Other
2025
Trade receivables for sales and services
1,625
(68)
(54)
257
1,761
Other receivables
602
(14)
(3)
(101)
484
TOTAL RECEIVABLES
2,228
(81)
(57)
156
2,245
Million euro
2023
Exchange rate
Consolidation scope changes
Other
2024
Trade receivables for sales and services
1,353
24
1
248
1,625
Other receivables
324
5
\u2014
274
602
TOTAL RECEIVABLES
1,677
29
1
522
2,228
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2025 and December 31 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Trade receivables
1,088
(37)
(27)
121
1,145
Bad debt provisions
(227)
2
\u2014
10
(215)
Net trade receivables
861
(35)
(26)
130
929
Completed work pending certification
573
(21)
(25)
160
686
Retentions
191
(11)
(2)
(32)
145
TRADE RECEIVABLES FOR SALES AND SERVICES
1,625
(68)
(54)
257
1,761
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade receivables
963
13
1
111
1,088
Bad debt provisions
(216)
(1)
\u2014
(10)
(227)
Net trade receivables
748
12
1
101
861
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
TRADE RECEIVABLES FOR SALES AND SERVICES
1,353
24
1
248
1,625
The change under the heading \u201cOther\u201d (EUR 257 million) is explained primarily by the increase in Construction (EUR 197 million in 2025; EUR 288
million in 2024), driven by the activity growth in the year.
Additionally, the heading \"Trade receivables\" includes non- recourse factoring collections amounting to EUR 11 million in 2024. No balance
related to non-recourse factoring was recognized in 2025.
Set out below is a breakdown of the main trade receivables by debtor type at December 31, 2025 and December 31, 2024:
At 12.31.2025
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
1,080
68%
105
n.a.
1,185
67%
Private sector
367
23%
95
n.a.
461
26%
Group companies and associates
146
9%
(31)
n.a.
115
7%
TOTAL
1,593
100%
168
N.A.
1,761
100%
At 12.31.2024
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
820
57%
138
n.a.
958
60%
Private sector
458
31%
75
n.a.
533
32%
Group companies and associates
186
12%
(52)
n.a.
134
8%
TOTAL
1,465
100%
161
N.A.
1,625
100%
The Group has pre and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or solvency
studies, etc. and monitoring incidents and default, etc. while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2025
2024
Opening balance
227
216
Amounts charged to the income statement:
(2)
10
Charges
8
16
Reversals
(10)
(7)
Applications
(7)
\u2014
Foreign exchange effect
(2)
1
Transfers and other
\u2014
\u2014
Closing balance
215
227
Group management considers that the carrying amount of trade receivables approximates fair value.
b) Other receivables
Other receivables breakdown as follows at December 31, 2025 and December 31 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Advance payments to suppliers
83
(8)
\u2014
37
112
Sundry receivables and other short term financial assets
343
(3)
(4)
(154)
182
Infrastructure project receivables
4
\u2014
\u2014
\u2014
4
Amounts receivable from Public Administrations
172
(2)
1
15
185
OTHER RECEIVABLES
602
(14)
(3)
(101)
484
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Advance payments to suppliers
67
3
\u2014
13
83
Sundry receivables and other short term financial assets
110
1
\u2014
233
343
Infrastructure project receivables
4
\u2014
\u2014
\u2014
4
Amounts receivable from Public Administrations
144
1
\u2014
28
172
OTHER RECEIVABLES
324
5
\u2014
274
602
The main movement under this heading during 2025, disclosed in the line item \"Sundry receivables and other short term financial assets\",
corresponds to the settlement of the loan with AGS (GBP 195 million; EUR 235 million) following the completion of the sale of the Group\u2019s stake in
AGS (Note 1.1.4).
4.3. SHORT-TERM TRADE AND OTHER PAYABLES
Set out below is a breakdown of this heading at December 31, 2025 and December 31, 2024:
Million euro
2024
Exchange rate
Consolidation scope changes
Other
2025
Trade payables
1,781
(54)
(11)
87
1,803
Work certified in advance
1,227
(101)
(3)
323
1,445
Advance payments
392
(19)
\u2014
6
379
Other non-trade payables
502
(10)
(24)
84
553
TRADE AND OTHER PAYABLES
3,902
(184)
(38)
500
4,180
Million euro
2023
Exchange rate
Consolidation scope changes
Other
2024
Trade payables
1,698
29
2
53
1,781
Work certified in advance
1,124
26
\u2014
77
1,227
Advance payments
406
1
\u2014
(14)
392
Other non-trade payables
419
6
(6)
83
502
TRADE AND OTHER PAYABLES
3,646
63
(4)
198
3,902
a) Trade payables
Set out below is a breakdown of trade payables at December 31, 2025 and December 31, 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Trade payables
1,203
(47)
(13)
17
1,160
Trade payables sent for reverse factoring
317
\u2014
2
53
372
Withholdings made from suppliers
261
(8)
\u2014
17
271
TRADE PAYABLES
1,781
(54)
(11)
87
1,803
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade payables
1,158
24
2
20
1,203
Trade payables sent for reverse factoring
281
\u2014
\u2014
35
317
Withholdings made from suppliers
259
5
\u2014
(2)
261
TRADE PAYABLES
1,698
29
2
53
1,781
Trade payables increased by EUR 23 million compared to the balance recognized at December 31, 2024. Excluding the foreign exchange effect
and scope changes, trade payables grew by EUR 87 million, primarily in the Construction business (EUR 43 million), mainly in Spain and Poland as
well as in the Energy business (EUR 23 million) and particularly in the activity in Spain and Chile.
The Group offers its suppliers the option of utilizing reverse factoring arrangements to receive early payment of their invoices through banks.
Suppliers may choose to participate in this arrangement at their discretion.
Suppliers that participate in these reverse factoring arrangements will receive early payment on invoices from the banks, paying a fee to the
finance provider. On the due dates and without any extension beyond the original dates agreed with the suppliers, the Group will make payment
to the banks on the same terms. Additionally, there are no special guarantees securing these payments.
All trade payables for which suppliers can use these reverse factoring arrangements are included in trade and other payables in the consolidated
statement of financial position and within trade payables in the table above, regardless of whether they have made use of the early payment. Of
the EUR 372 million (EUR 317 million in 2024) in trade payables sent for reverse factoring, EUR 172 million has been paid early to suppliers at
December 31, 2025.
As disclosed in the table above, trade payables pending payment to suppliers under reverse factoring arrangements increased by EUR 53 million,
compared to the balance at December 31, 2024. This increase relates to the difference between payments made during the year and new invoices
pending payment at December 2025.
There were no significant non-cash changes in the carrying amount of the trade payables such as the effect of business combinations or exchange
differences, included in the Group's supplier finance arrangements.
Group management considers that the carrying amount of trade payables approximates fair value.
c) Other non-trade payables
\u201cOther non-trade payables\u201d break down as follows:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Accrued wages and salaries
254
(4)
(19)
22
252
Taxes payable
176
(3)
(6)
6
173
Other payables
72
(3)
1
57
127
OTHER NON- TRADE PAYABLES
502
(10)
(24)
84
553
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Accrued wages and salaries
227
3
(1)
25
254
Taxes payable
162
2
(5)
17
176
Other payables
30
2
\u2014
41
72
OTHER NON- TRADE PAYABLES
419
6
(6)
83
502
The main movement during the period relates to the reclassification of participating loans bearing interest, granted by Spain\u2019s Central
Government to the Autov\u00eda de Arag\u00f3n concession within the Highways business line, from non-current to current liabilities for an amount of EUR
57 million (Note 6.4).
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT DECEMBER 31, 2025 AND 2024
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2024
8,400
Net drawdowns
214
Exchange rate effects
(904)
Changes in scope of consolidation
(93)
Closing balance at 12.31.2025
7,617
Regarding ex-infrastructure project borrowings, the variation during the year is primarily due to the repayment of the syndicated loan in January
2025 (EUR -252 million), as well as to the reduction in Euro Commercial Paper (ECPs) issued at the December 2025 closing (EUR -199 million),
partially offset by the variation in corporate bonds during the year. It is also, worth mentioning the repayment of the bond issued in March 2017
and maturing in March 2025 (EUR 500 million), and the issuance of a new bond on January 16, 2025 (EUR 500 million) with an interest rate of
3.250% and maturity on January 2030, and a new non-dilutive convertible bond issued on November 20, 2025, with a book value of EUR 355
million.
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2024
2,886
Net drawdowns
(65)
Exchange rate effects
(5)
Changes in scope of consolidation
(7)
Closing balance at 12.31.2025
2,810
5.2. CASH AND CASH EQUIVALENTS AND BORROWINGS
In order to aid understanding of the Group\u2019s financial performance, and as mentioned in Note 1.1.4, the Group analyzes cash and cash equivalents
and borrowings for each corresponding period distinguishing between infrastructure project companies and ex infrastructure companies.
The main items forming the Group\u2019s cash and cash equivalents and borrowings, are described below.
5.2.1. Cash and cash equivalents
a) Cash and cash equivalents and restricted cash of infrastructure project companies
The cash and cash equivalents of infrastructure project companies as at December 31, 2025 and December 31, 2024 stood at EUR 201 million and
EUR 175 million, respectively.
Infrastructure project financing agreements often impose the obligation to arrange certain restricted accounts to cover short-term or long-term
obligations relating to the payment of principal or interest on the borrowings and infrastructure maintenance and operation. These funds are
invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is also
restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group\u2019s policy for the
placement of cash surpluses.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less or more than one year. Short-term
balances, which stood at EUR 29 million, are recognized under cash and cash equivalents in the balance sheet. Long-term balances reached EUR
252 million and are carried as financial assets.
The total of short-term and long-term restricted cash recognized at December 31, 2025 reached EUR 282 million and relates to the NTE Segment
3, LBJ, I-66 and NTE highways (EUR 27 million, EUR 26 million, EUR 35 million and EUR 165 million, respectively), as well as to other concessions in
the amount of EUR 28 million, primarily the Waterbeach treatment plant in the United Kingdom, and the Autov\u00eda de Arag\u00f3n highway (EUR 8
million and EUR 20 million, respectively). The variation of EUR -116 million compared to December 2024 is explained by:
\u2022 A net decrease in restricted cash of EUR -75 million (excluding exchange rate effects), essentially relating to NTE Segment 3 (EUR 9 million),
NTE highway (EUR -86 million), I-66 (EUR -16 million) and LBJ (EUR 16 million), mainly driven by construction and debt\u2011related payments,
along with dividend distributions, partially offset by toll collections.
\u2022 The exchange rate effect reached EUR -41 million, mainly generated by US dollar fluctuations (Note 1.4).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
b) Cash and cash equivalents and restricted cash of ex-infrastructures projects
Cash and cash equivalents of ex-infrastructure project companies at December 31, 2025 and December 31, 2024 amounted to EUR 4,070 million
and EUR 4,653 million, respectively.
The following table shows the breakdown of cash and cash equivalents of ex-project companies by currency.
Million EUR
2025.DEC
EUR
2,022
PLN
682
USD
535
CAD
372
GBP
225
AUD
154
Other
80
Total Cash and Cash equivalents
ex-infrastructure projects
4,070
5.2.2. Borrowings
a) Infrastructure project companies
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by the project cash flows, distinguishing between bonds and bank borrowings, short- and long-
term, and changes during 2025 and 2024:
2025
2024
Change 25/24
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
4,774
2,660
7,434
5,198
3,058
8,256
(424)
(398)
(822)
Highways
4,774
2,279
7,053
5,198
2,707
7,905
(424)
(428)
(852)
US highways
4,774
1,724
6,498
5,198
2,138
7,337
(424)
(414)
(838)
Spanish highways
\u2013
555
555
\u2013
569
569
\u2013
(14)
(14)
Airports
\u2013
62
62
\u2013
\u2013
\u2013
\u2013
62
62
Construction
\u2013
92
92
\u2013
97
97
\u2013
(5)
(5)
Energy
\u2013
187
187
\u2013
209
209
\u2013
(22)
(22)
Other
\u2013
39
39
\u2013
44
44
\u2013
(5)
(5)
Short term
7
177
184
1
142
143
6
35
41
Highways
7
34
41
1
38
39
6
(4)
2
US highways
7
\u2013
7
1
\u2013
1
6
\u2013
6
Spanish highways
\u2013
34
34
\u2013
38
38
\u2013
(4)
(4)
Airports
\u2013
15
15
\u2013
94
94
\u2013
(79)
(79)
Construction
\u2013
5
5
\u2013
5
5
\u2013
\u2013
\u2013
Energy
\u2013
120
120
\u2013
2
2
\u2013
118
118
Other
\u2013
2
2
\u2013
3
3
\u2013
(1)
(1)
TOTAL
4,781
2,836
7,617
5,199
3,200
8,400
(418)
(364)
(782)
The following table shows, for 2025 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2024
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec.25
Infrastructure project borrowings
8,400
229
(904)
(93)
(15)
7,617
Infrastructure project borrowings decreased by EUR -782 million in 2025 with respect to December 2024, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR -904 million, mainly generated by US dollar fluctuations.
\u2022 Effect of scope changes, excluding the foreign exchange effect, due to the classification as held for sale of Transchile Charr\u00faa Transmisi\u00f3n,
S.A. (Note 1.1.3) totaling EUR -93 million.
\u2022 Increase of EUR 214 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the Misae Solar LLC project
(EUR 206 million) and attributable to the debt drawn down, capitalization of interest and accrued unmatured interest.
US highways:
NTE Mobility Partners, LLC
Regarding NTE Mobility Partners, the total debt at December 31, 2025 reached USD 1,600 million as follows:
\u2013 A taxable bond issue of USD 871.1 million, maturing between 2040 and 2049 at a fixed interest rate of 3.92%, and a PAB (Private Activity
Bonds) issue of USD 331.8 million, maturing between 2030 and 2039 at a fixed interest rate of 4.00% for USD 122.7 million and 5.00% for
USD 209.0 million.
\u2013 USD 397.3 million in PABs bonds (Private Activity Bonds) issued on August 3, 2023 (PAB-Private Activity Bonds), at a fixed interest rate of
5.50%, maturing between 2052 and 2058, to fund the Mandatory Capacity Improvement (UCI) project.
NTE Mobility Partners Seg 3 LLC
In relation to NTE Mobility Partners Seg 3 LLC, the total debt at December 31, 2025 reached USD 1,598 million. This debt consists of:
\u2013 Issuance of USD 265.9 million in PABs related to the debt of the 3A-3B segments at a rate of 5.00% fixed interest on USD 32.4 million, 5.13%
on USD 22.5 million, 5.25% on USD 23.7 million, 5.38% on USD 64.7 million and 5.50% on USD 122.6 million.
\u2013 TIFIA loan in the amount of USD 211.2 million at a fixed rate of 3.84%, on December 31, 2025, with final maturity in 2053.
\u2013 Issuance of USD 467.3 million in Barclays bonds, maturing in 2028 with USD 221 million at a fixed swap rate of 5.30% and USD 246.3 million
at a fixed swap rate of 5.85% maturing in 2040.
\u2013 Issuance of USD 653.9 million in PABs repayable from 2047 to 2058 at a fixed interest rate of 5.00% for the debt of segment 3C (total of USD
750 million including the issuance premium).
LBJ Infr. Group LLC
The total debt of this company on December 31, 2025 reached USD 2,038 million. This debt consists of:
\u2013 PABs issuance of USD 537.5 million (total of USD 615 million including the premium) at a fixed interest rate of 4.00%, maturing between
2030 to 2040.
\u2013 Taxable bond issuance of USD 615.5 million (of which USD 7 million bears a fixed interest rate of 2.75% and matures in 2026, and USD 608.5
million bears a fixed interest rate of 3.80% and matures in 2057).
\u2013 TIFIA loan valued at USD 835.6 million with fixed interest rate of 4.22% and maturing between 2035 to 2050.
\u2013 Credit line maturing in 2027 with an interest rate of 4.51%, of which USD 48.9 million had been drawn as of December 31, 2025.
I-77 Mobility Partners, LLC
The total debt of I-77 Mobility Partners, LLC at December 31, 2025 reached USD 469.9 million. This debt consists of:
\u2013 On May 1, 2015, the company issued USD 100 million in PABs at a fixed rate of 5.00%. On December 31, 2025, the outstanding amount was
USD 98.9 million maturing between 2026 and 2054.
\u2013 On April 25, 2024, the issuance of USD 371 million in Senior Secured Notes was completed, the proceeds of which were used to refinance the
TIFIA debt, thereby increasing the average maturity of the outstanding debt. The Senior Secured Notes bear interest at a fixed rate of 6.57%
and mature in 2051.
\u2013 On April 26, 2024, the TIFIA debt was repaid in full.
I-66 Mobility Partners, LLC
Regarding I-66 Mobility Partners, LLC, the total debt of this company at December 31, 2025, reached USD 2,076.1 million. This debt consists of:
\u2013 USD 737 million in PABs (a total of USD 800.4 million including the premium) at a fixed rate of 5.00%, maturing between 2047 and 2056.
\u2013 A TIFIA loan balance of USD 1,339.1 million, of which USD 29.0 million had been prepaid as of December 31, 2025. This loan bears interest at
a fixed rate of 2.8% and finally matures in 2057.
Spanish highways:
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa Manresa highway)
In relation to Cintra Inversora Autopistas de Catalu\u00f1a , this company\u2019s debt at December 31, 2025 totaled EUR 582.2 million, consisting in:
\u2013 Tranches A and B amounting to EUR 264.9 million and EUR 279.1 million as of December 31, 2025, accruing interest at the 6-month
EURIBOR rate +2.124% +1.5% at the year-end. Both tranches were fully utilized and fall due in 2035.
\u2013 Liquidity tranche (tranche C) with a balance of EUR 38.2 million as of December 31, 2025 (the year-end interest rate is the 6-month EURIBOR
+2.124% +1.5%).
\u2013 It should also be noted that this company has an interest rate derivative with a notional amount of EUR 529.5 million, a guaranteed interest
rate of 5.0880% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d, Note 5.5) was
EUR -59.2 million as of December 31, 2025.
Autov\u00eda de Arag\u00f3n
Regarding Autov\u00eda de Arag\u00f3n project, the current debt as of December 31, 2025 stood at EUR 5 million (EUR 5 million non-current and EUR 14
million of current as of December 31, 2024).
Breakdown of borrowings in other infrastructure projects:
The following table shows the details of the borrowings for infrastructure projects other than highways:
2025
2024
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 25/24
Airports
62
15
77
\u2013
94
94
(17)
Dalaman International Airport
62
15
77
\u2013
94
94
(17)
Construction
92
5
97
98
6
103
(6)
Conc. Prisiones Lledoners,S.A.
58
2
60
61
3
63
(3)
Depusa Arag\u00f3n S.A.
20
2
22
22
2
24
(2)
Budimex Group
14
1
15
15
1
16
(1)
Energy
187
121
307
210
2
211
96
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
\u2013
\u2013
\u2013
105
\u2013
105
(105)
Centella Transmisi\u00f3n, S.A.
90
2
91
105
2
106
(15)
Misae Solar IV LLC
80
119
199
\u2013
\u2013
\u2013
199
AZALIA, SP. Z O.O
17
\u2013
17
\u2013
\u2013
\u2013
17
Other
39
2
42
44
3
47
(5)
Waterbeach
39
2
42
44
3
47
(5)
TOTAL Other infrastructure project company borrowings
380
143
523
352
105
455
68
Other project borrowings increased by EUR 68 million against December 2024, mainly due to the drawdowns in Misae Solar IV LLC (EUR 199
million) to finance the construction of the solar plant, partially offset by the decrease in Transchile Charr\u00faa Transmisi\u00f3n, S.A. (EUR -105 million)
resulting from its classification as held for sale, with the disposal expected to be completed in 2026.
Also noteworthy is Dalaman International Airport, whose loans were reclassified as long-term (EUR 62 million) once the December 2024
exemption was fulfilled.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
December 31, 2025
(Million euro)
Currency
Fair value
2025
Carrying
amount
2025
2026
2027
2028
2029
2030
2031+
Total
maturities
Infrastructure project company
obligations
4,313
4,781
7
1
189
1
41
4,317
4,556
HIGHWAYS
4,313
4,781
7
1
189
1
41
4,317
4,556
USD
4,313
4,781
7
1
189
1
41
4,317
4,556
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
2,836
2,836
359
105
75
179
83
2,399
3,199
HIGHWAYS
2,314
2,314
214
77
44
52
63
2,211
2,662
USD
1,724
1,724
180
42
\u2013
\u2013
\u2013
1,853
2,075
EUR
589
589
34
35
44
52
63
358
587
AIRPORTS
77
77
16
18
20
21
7
\u2013
82
EUR
77
77
16
18
20
21
7
\u2013
82
CONSTRUCTION
97
97
4
5
5
5
6
72
97
EUR
82
82
4
5
5
5
6
58
83
PLN
15
15
\u2013
\u2013
\u2013
\u2013
\u2013
14
14
ENERGY
307
307
121
2
2
95
2
92
315
USD
290
290
121
2
2
95
2
76
298
PLN
17
17
1
\u2013
\u2013
\u2013
\u2013
16
17
OTHER
42
42
3
3
4
5
5
23
43
GBP
42
42
3
3
4
5
5
23
43
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,149
7,617
366
106
265
180
124
6,715
7,755
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
HIGHWAYS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
HIGHWAYS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
At December 31, 2025 the difference between the total maturities of bank borrowings of EUR 7,755 million (EUR 8,554 million in 2024) and the
carrying amounts recognized at December 31, 2025 in the amount of EUR 7,617 million (EUR 8,400 million in 2024) is explained mainly by the
difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable
accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 138 million (EUR
154 million in 2024), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
\u2022 For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the
related market value is used.
\u2022 For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a
market interest rate, calculated using an internal valuation model.
\u2022 Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their
carrying amount and therefore the carrying amount is used.
a.3) Information on credit limits and credit drawable for infrastructure projects
There follows is a comparative analysis of borrowings not drawn down at December 31, 2025 and 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Highways
7,218
7,218
\u2013
7,094
8,091
8,082
9
7,945
US highways
6,631
6,631
\u2013
6,505
7,479
7,479
\u2013
7,338
Spanish highways
587
587
\u2013
589
614
603
9
606
Airports
82
82
\u2013
77
105
105
\u2013
94
Construction
97
97
\u2013
97
103
102
\u2013
103
Energy
341
315
26
307
220
216
4
211
Other
43
43
\u2013
42
49
49
\u2013
47
TOTAL BORROWINGS
7,781
7,755
26
7,617
8,567
8,554
13
8,400
At December 31, 2025 the difference between the total bank borrowings utilized of EUR 7,755 million (EUR 8,554 million in 2024) and the carrying
amounts recognized at December 31, 2025 in the amount of EUR 7,617 million (EUR 8,400 million in 2024) is mainly due to the difference
between the nominal values and amortized cost calculated in accordance with applicable accounting rules.
a.4) Guarantees and covenants for project borrowings
The borrowings classified as project borrowings are without recourse to the project shareholders or with recourse limited to the guarantees given.
The guarantees given by Ferrovial subsidiaries for project borrowings are described in Note 6.5, Contingent liabilities.
After reviewing the information reported by the businesses and conducting a subsequent review, we have concluded that there is no default event
for the fully-consolidated project companies as of December 31, 2025.
b) Ex-infrastructure projects
b.1) Breakdown of short- and long-term borrowings, changes during 2025 and main features
2025
2024
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
1,844
809
2,653
1,773
518
2,292
Euro Commercial Paper
\u2013
50
50
\u2013
249
249
Corporate liquidity lines
60
\u2013
60
60
252
312
Other borrowings
19
28
47
3
33
36
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
1,923
887
2,810
1,836
1,052
2,889
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in
cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2025, which do not
affect period cash positions:
(Million euro)
Dec. 2024
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec.25
Borrowings
2,889
(130)
(5)
(7)
63
2,810
Cross- currency swaps
(2)
2
\u2013
\u2013
\u2013
\u2013
Ex-infrastructure project borrowings
2,886
(128)
(5)
(7)
63
2,810
The movement in ex-infrastructure projects borrowings is mainly attributable to the repayment of the revolving facility (EUR -252 million), the
reduction of Euro Commercial Paper (EUR -199 million), partially offset by the variation in corporate bonds during the year, worth mentioning the
repayment of the bond issued in March 2017 and maturing in March 2025 (EUR 500 million), and the issuance of a new bond on January 16, 2025
(EUR 500 million) with an interest rate of 3.250% and maturity on January 2030, and a new non-dilutive convertible bond of EUR 400 million
notional issued on November 20, 2025, with a book value of EUR 355 million.
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR 2,653 million at December 31, 2025 (EUR 2,292 million at December, 31 2024). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
5/14/2020
780
5/14/2026
1.38%
11/12/2020
500
11/12/2028
0.540%
9/10/2023
500
9/13/2030
4.375%
1/16/2025
500
1/16/2030
3.250%
11/20/2025
400
5/20/2031
0.750%
Total
2,680
Regarding the variation in corporate bonds during 2025, worth mentioning the repayment of the bond issued in March 2017 and maturing in
March 2025 (EUR 500 million), the issuance of a new bond on January 16, 2025 (EUR 500 million) with an interest rate of 3.250% and maturity
on January 2030, and a new non-dilutive convertible bond issued on November 20, 2025 (EUR 400 million), with an interest rate of 0.75% and
maturity in May 2031.
This latter debt instrument is a non\u2011dilutive cash\u2011settled convertible bond linked to the performance of Ferrovial SE shares, and mirrors the
mechanics of traditional convertible bonds. From an accounting standpoint, this bond is treated as a hybrid instrument, combining the recognition
of two elements: EUR 355 million recognized as a financial debt, and an embedded derivative consisting in a call option on Ferrovial shares
measured at fair value (EUR 45 million), recognized under the heading of non-current derivatives at fair value (see Note 5.5). This bond is
redeemable solely for cash, thereby achieving a neutral impact in terms of equity, ensuring that there is no dilutive impact on existing
shareholders. At the same time of this call option issuance, Ferrovial has acquired a purchased call option which mirrors the terms of the call
embedded in the bond, offsetting its impact.
All issues completed for 2020 and up to 2025 are admitted to trading on the AIAF fixed income market (Spain). All these issuances except the
2023 bond, are guaranteed by the Company. The bond issued by Ferrovial SE in 2023 is listed on Euronext Dublin.
Euro Commercial Paper:
In the third quarter of 2023, we formalized a program to issue promissory notes for a maximum amount of EUR 1,5 billion, with maturities
between 1 and 364 days as from the issue date, allowing further diversification of capital market funding and more efficient liquidity
management.
The notes outstanding during 2025 were issued under the EUR 50 million Sustainability Target STEP label compliant Euro-commercial paper
program registered on July 31, 2023, at an average rate of 2.62% (2024: 3.74%). Regarding the notes outstanding as of December 31, 2025, the
average cost was 2.04% (2024: 3.17%).
Regarding the movement during 2025, the variation in the Euro Commercial Paper issued at the December 2025 closing (EUR 50 million)
compared to December 2024 (EUR 249 million), is worth noting, representing a reduction of EUR -199 million.
Other corporate debt:
Ferrovial had a syndicated credit facility available with a limit of EUR 788 million since 2024, that could be drawn-down in EUR, USD, CAD and
GBP, out of which EUR 250 million had been utilized. In January 2025, this credit facility was repaid, and was immediately refinanced with a new
limit of EUR 900 million, which at 31 December 2025 has not been drawn down.
Additionally, at December 31, 2025 Ferrovial also has a corporate liquidity line available, which has been fully drawn down, that reached EUR 60
million and matures in 2027, at a fixed rate of 0.425%. This corporate liquidity line was already fully drawn down at December 31, 2024.
The Group\u2019s liquidity (including long-term restricted cash) stood at EUR 5,088 million and EUR 5,320 million (Note 5.4.d) at December 31, 2025
and 2024, respectively. This liquidity can be explained as follows:
- Cash and cash equivalents: EUR 4070.000 million and EUR 4653.000 million at December 31, 2025 and 2024, respectively.
-Long-term restricted cash: EUR 10 million and EUR 21 million at December 31, 2025 and 2024, respectively.
- Undrawn debt: EUR 1,008 million and EUR 652 million at December 31, 2025 and 2024, respectively.
b.1.2) Information on corporate debt limits and drawable balances.
Set out below is a breakdown of corporate debt limits and drawable balances at December 31, 2025 and at December 31, 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,680
2,680
\u2014
2,653
2,280
2,280
\u2014
2,292
Syndicated facility
900
\u2014
900
\u2014
788
250
538
252
ECPs
50
50
\u2014
50
249
249
\u2014
249
Credit lines
60
60
\u2014
60
60
60
\u2014
60
TOTAL CORPORATE
DEBT
3,690
2,790
900
2,763
3,377
2,839
538
2,852
As explained before, the variation in corporate debt compared to December 2024 (EUR -89 million) is explained mainly by the variation in bonds
(EUR 362 million), by the repayment of the syndicated facility in January 2025 (EUR -252 million) and by the lower volume of ECPs outstanding
(EUR -199 million). The syndicated facility was refinanced for a limit of EUR 900 million in January 2025.
The Company's credit rating
The credit rating agencies Standard & Poor\u2019s and Fitch maintained their opinion regarding the financial rating of Ferrovial\u2019s corporate debt in
2025 and 2024, respectively rating it at BBB and BBB with stable outlook and, therefore, within the \u201cInvestment Grade\u201d category.
b.1.3) Other borrowings
At December 31, 2025 \u201cOther borrowings\u201d of EUR 47 million (EUR 36 million at December 31, 2024) related primarily to Construction bank
borrowings.
b.1.4) Information on limits and drawable balances of other borrowings:
Set out below is a breakdown of debt limits and drawable balances at December 31, 2025 and 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
149
41
108
42
131
17
114
14
Airports
3
3
\u2013
3
\u2013
\u2013
\u2013
14
Energy
1
1
\u2013
1
\u2013
\u2013
\u2013
\u2013
Other
1
1
\u2013
1
8
8
\u2013
8
OTHER BORROWINGS
154
46
108
47
140
26
114
36
The differences between total utilized other borrowings (EUR 46 million) mainly bank borrowings, and the carrying amount at December 31, 2025
(EUR 47 million) are explained mainly by the difference between the nominal values and carrying amounts of the borrowings, as certain
adjustments are made in accordance with applicable accounting rules.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2025
Borrowings (Million euro)
Currency
Fair value
2025
Carrying
amount
2025
2026
2027
2028
2029
2030
2031+
Total maturities
Corporate debt
2,824
2,763
830
60
500
\u2013
1,000
400
2,790
EUR
2,824
2,763
830
60
500
\u2013
1,000
400
2,790
Other borrowings
47
47
9
\u2013
\u2013
1
\u2013
13
23
EUR
10
10
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
PLN
23
23
9
\u2013
\u2013
\u2013
\u2013
12
22
Other
14
14
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,871
2,810
839
60
500
1
1,000
413
2,813
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2025 (EUR 2,813 million
compared to EUR 2,810 million) is mainly due to the new non-dilutive convertible bond issued, recognized with a carrying amount of EUR 355
million and with a nominal value of EUR 400 million (Note 5.5). This effect is partially offset by the interest accrued and not paid, recognized in
the carrying amount of the balance sheet but not in the nominal value, together with other adjustments made in accordance with applicable
accounting legislation (basically the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are
tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2025 and
December 31, 2024 amounted to EUR 2,871 million and EUR 2,866 million, respectively.
The 2026 maturities total EUR 839 million and relate to the Euro Commercial Paper (EUR 50 million) and corporate bonds (EUR 780 million). The
debt maturities do not include interest.
5.4. FINANCIAL RISK AND CAPITAL MANAGEMENT
The Group\u2019s businesses are affected by changes to financial variables, such as interest rates, exchange rates, inflation, credit, liquidity and
equities.
There follows specific data on the Group's exposure to each of these risks and an analysis of the sensitivity to a change in the various variables,
together with a brief description of the way in which each risk is managed.
a) Exposure to interest rate fluctuations
Ferrovial's businesses are exposed to interest rate fluctuations, which may affect the Company\u2019s net financial expense through variable interest on
financial assets and liabilities, as well as the measurement of financial instruments arranged at fixed interest rates.
Ferrovial manages interest rate risk so as to optimize the financial expense borne by the Group and achieve suitable proportions of fixed- and
variable-rate debt based on market conditions. Therefore, when interest rates are low, the Group seeks to fix future amounts at the ex-
infrastructure project company level, although such hedging can affect liquidity in the event of cancellation.
At the infrastructure project company level, banks and rating agencies require a higher percentage of fixed-rate debt. These strategies are
implemented by issuing fixed-rate debt or by arranging financial derivative hedges, a breakdown of which is provided in Note 5.5 Financial
derivatives at fair value.
The accompanying tables show a breakdown of the Group\u2019s borrowings, indicating the percentage of borrowings that is considered to be hedged
(either by a fixed rate or by derivatives).
BORROWINGS
2025
2024
(Million euro)
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Ex-infrastructure project companies
2,810
99%
22
\u2014
2,886
91%
255
3
Highways
7,094
96%
258
3
7,945
97%
237
2
Airports
77
64%
28
\u2014
94
96%
4
\u2014
Construction
97
90%
10
\u2014
103
90%
10
\u2014
Energy
307
95%
17
\u2014
211
100%
\u2014
\u2014
Other
42
100%
\u2014
\u2014
47
100%
\u2014
\u2014
Infrastructure project companies
7,617
96%
313
3
8,400
97%
251
2
Total borrowings
10,427
97%
336
3
11,288
96%
503
5
At 2025 year-end, 97% of the debt is hedged at a fixed rate (96% in 2024), so regarding fully consolidated companies, a linear increase of 100
basis points in market interest rate curves as of December 31, 2025, and 2024 would not have a significant impact on the income statement.
The Group's cash amounted to EUR 4,271 million in 2025 (EUR 4,828 million in 2024) of which EUR 4,070 million (EUR 4,653 million in 2024)
corresponded to the cash held by the ex - infrastructure project companies. A linear variation of 100 basis points in the market yield curves at
December 31, 2025 would have an impact of approximately EUR 43 million in the financial result for the year.
It is also necessary to take into account changes in the fair value of the financial derivatives arranged, which are indicated in Note 5.5.
As regards these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2025 would, in
the case of the effective hedges, have a positive impact of approximately EUR 109 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 109 million at December 31, 2024), while a decrease of 100 basis points would have a negative impact of
approximately EUR 96 million (EUR 41 million at December 31, 2024).
Finally it should be noted that a drop in interest rates would trigger an increase in the value of the projects, through a lower discount rate.
b) Exposure to foreign exchange fluctuations
Ferrovial regularly monitors net exposure to each currency over the coming years for dividends receivable, investments in new projects and
potential divestments.
Ferrovial establishes its hedging strategy by analyzing past fluctuations in both short-term and long-term exchanges rates and has monitoring
mechanisms in place, such as future projections and long-term equilibrium exchange rates. These hedges consist of foreign currency deposits or
forex derivatives (see Note 5.5 for more details).
The following tables show, by type of currency, the value of assets, liabilities, non-controlling interests and shareholders\u2019 funds attributed to the
parent company at December 2025 and 2024, adjusted to account for the above-mentioned forex derivatives relating to each currency:
DEC. 2025
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
7,596
4,997
2,398
200
Pound sterling
670
399
270
1
US dollar
13,354
11,700
318
1,336
Canadian dollar
2,104
631
1,473
\u2014
Australian dollar
240
148
92
\u2014
Polish zloty
2,056
1,658
177
220
Chilean peso
163
67
96
\u2014
Colombian peso
266
136
130
\u2014
Indian rupee
884
1
882
\u2014
Other
88
17
72
(1)
GROUP TOTAL
27,420
19,755
5,908
1,757
DEC. 2024
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
8,145
4,815
3,119
211
Pound sterling
602
382
219
1
US dollar
15,561
13,131
796
1,634
Canadian dollar
882
457
425
\u2014
Australian dollar
289
215
74
\u2014
Polish zloty
1,918
1,576
144
199
Chilean peso
251
132
120
\u2014
Colombian peso
233
133
100
\u2014
Indian rupee
1,026
3
1,023
\u2014
Other
91
36
56
\u2014
GROUP TOTAL
28,999
20,879
6,075
2,045
The details by currency of the main forex derivatives that are considered in this analysis are as follows:
(Millions)
2025
Notional
Mark to Market
Local currency
EUR
EUR
USD
2,847
2,606
140
CAD
538
349
7
(Millions)
2024
Notional
Mark to Market
Local currency
EUR
EUR
USD
2,347
2,202
6
CAD
932
624
(4)
Note 1.4 contains a breakdown of year-end exchange rates. As a result of these changes, the impact of currency translation differences on equity
at December 31, 2025 was EUR -434 million (EUR 33 million at December 31, 2024) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2025 Ferrovial estimates that a 10% appreciation in the value of the main currencies in
which the Group holds investments against the euro at the year-end would have an impact on the parent company shareholders' funds of EUR
382 million, of which 26% would relate to the effect of the Indian rupee, 9% to the US dollar and 43% to the Canadian dollar.
Note 1.4 contains a breakdown of average exchange rates for 2025 and 2024. In this regard, the impact on the income statement of a 10%
appreciation of the euro against other currencies would have amounted to a change of EUR 95 million in 2025 (EUR 56 million in 2024).
c) Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
(Million euro)
2025
2024
Var 25/24
Investments in financial assets (1)
2,038
1,945
93
Non-current financial assets
624
1,297
(673)
Net financial derivatives (assets)
338
241
97
Trade and other receivables
2,249
2,223
26
(1) Included in cash and cash equivalents
\u2022 Ferrovial actively and continuously monitors counterparty risk affecting financial transactions and performs internal credit quality analyses on
each of the financial institutions with which there is exposure. The Company's internal policy for the investment of cash surpluses establishes
the minimum counterparty risk as investment grade rating.
\u2022 The internal rules for managing cash surpluses impose maximum investment limits for each counterparty, based on objective criteria:
minimum acceptable risk requirements for the investment of cash surpluses and limits on the amounts invested in line with the defined risk in
each case. In addition, the Risk Department monitors each counterparty\u2019s performance and proposes appropriate protective or corrective
measures depending on the specific circumstances.
\u2022 Geographies: Ferrovial monitors trends in markets (geographies) where it has operations, as well as in its target markets. The Financial Risk
Department proposes potential actions to be taken should changes in risk levels be expected in a particular geography or market.
\u2022 Customers: Ferrovial analyses and monitors customer credit risk by means of an internal method used by all the Group companies to assign
credit ratings to Ferrovial\u2019s customers.
d) Exposure to liquidity risk
The Group has the necessary mechanisms in place to preserve the required liquidity through periodic procedures that take account of cash flow
projections, cash needs, short-term collections and payments, and long-term obligations.
Ex-infrastructure project companies
At December 31, 2025, cash and cash equivalents amounted to EUR 4,070 million (EUR 4,653 million in 2024. At that date, undrawn credit lines
totaled EUR 1,008 million (EUR 652 million in 2024), forwards hedging cash flows denominated in a currency other than the euro amounted to
EUR 0 million (EUR -5 million in 2024) and long term restricted cash stood at EUR 10 million (EUR 21 million in 2024).
Therefore, liquidity totaled EUR 5,088 million (EUR 5,320 million in December 2024) (Note 5.2).
Infrastructure project companies
At December 31, 2025, cash and cash equivalents (including short-term restricted cash) amounted to EUR 201 million (EUR 175 million in
December 2024). Also, at that date undrawn credit lines stood at EUR 26 million (EUR 13 million in 2024), and were primarily arranged to cover
committed investment needs. Long-term restricted cash amounted to EUR 252 million (EUR 380 million in December 2024).
Liquidity (including long-term restricted cash) totaled EUR 480 million (EUR 557 million in December 2024).
e) Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises from equity swaps used in relation to the share-based
remuneration schemes, the detail of which is shown in Note 5.5 to these consolidated financial statements.
As the equity swaps are not classified as accounting hedges, the market value has an impact on profit or loss. Accordingly, a EUR 1 increase/
decrease in Ferrovial\u2019s share price would have a positive/negative impact of EUR 2.8 million on Ferrovial\u2019s net profit/(loss) in 2025.
f) Exposure to inflation risk
Most of the revenue from infrastructure projects is associated with prices tied directly to inflation. Therefore, an increase in inflation as is currently
the case will increase cash flows from assets of this kind.
The rise in inflation may have an adverse effect on operating margins under the construction contracts. However, a substantial part of the
business portfolio is protected against the effects of rising inflation due to the existence of price adjustment contract clauses linked to inflation in
certain jurisdictions, such as Poland or, in certain contracts, such as in Spain. In the absence of such clauses, the risk is hedged by closing the main
direct costs at the time of bidding.
g) Capital management
The Group aims to achieve a debt-equity ratio that makes it possible to optimize costs while safeguarding the capacity to continue managing
recurring activities and the capacity to continue to grow through new projects in order to create shareholder value.
With regard to borrowings, the Ferrovial Group seeks to maintain a level of indebtedness, excluding infrastructure project companies, so as to
retain an investment grade credit rating. To achieve this, a clear and consistent financial policy has been established in which a relevant metric
refers to the maintenance of an ex-projects net debt (borrowings less cash and cash equivalents) to EBITDA ratio, plus project dividends, of no
more than 2x.
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2025, as well as the maturity dates of the notional amounts
to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are presented
as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
Balances at
12/31/2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
ASSET BALANCES
382
719
78
5
1
2,840
3,642
Index-Linked Swaps
P
139
(3)
(4)
(3)
(3)
91
78
FX derivatives: Cross Currency Swaps
146
\u2014
\u2014
\u2014
\u2014
2,236
2,236
FX derivatives: Forwards and Options
3
659
6
\u2014
\u2014
\u2014
665
Interest Rate Swaps Energy Business Line
P
2
2
\u2014
\u2014
\u2014
96
98
Interest Rate Swaps Airports Business Line
P
1
22
25
5
\u2014
\u2014
52
Interest Rate Swaps Highways Business Line
P
\u2014
(7)
49
\u2014
\u2014
\u2014
42
Interest Rate Swaps Construction Business Line
P
2
3
2
3
3
17
27
Interest Rate Swaps Other Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity Swaps
44
43
\u2014
\u2014
\u2014
\u2014
43
Power Purchase Agreement
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
45
\u2014
\u2014
\u2014
\u2014
400
400
LIABILITY BALANCES
(150)
517
38
236
(123)
1,302
1,971
Index-Linked Swaps
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Cross Currency Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Forwards and Options
(1)
246
1
1
2
10
260
Interest Rate Swaps Energy Business Line
P
(2)
231
2
2
2
91
329
Interest Rate Swaps Airports Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Highways Business Line
P
(67)
37
32
229
(133)
773
938
Interest Rate Swaps Construction Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Other Business Line
P
(2)
3
3
4
5
29
43
Equity Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Power Purchase Agreement
P
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
(45)
\u2014
\u2014
\u2014
\u2014
400
400
TOTAL
232
1,236
116
241
(123)
4,142
5,613
(P) - project companies; ( ) - ex project companies
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
Balances at
12/31/2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
ASSET BALANCES
382
37
(7)
(6)
(5)
453
472
Index-Linked Swaps
P
139
12
13
14
15
110
165
FX derivatives: Cross Currency Swaps
146
(22)
(20)
(20)
(20)
282
200
FX derivatives: Forwards and Options
3
3
\u2014
\u2014
\u2014
\u2014
3
Interest Rate Swaps Energy Business Line
P
2
(1)
(1)
(1)
\u2014
7
5
Interest Rate Swaps Airports Business Line
P
1
\u2014
\u2014
\u2014
\u2014
\u2014
1
Interest Rate Swaps Highways Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Construction Business Line
P
2
\u2014
\u2014
\u2014
\u2014
1
2
Interest Rate Swaps Other Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity Swaps
44
44
\u2014
\u2014
\u2014
\u2014
44
Power Purchase Agreement
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
45
\u2014
\u2014
\u2014
\u2014
53
53
LIABILITY BALANCES
(150)
(17)
(19)
(18)
(17)
(62)
(133)
Index-Linked Swaps
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Cross Currency Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Forwards and Options
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Energy Business Line
P
(2)
(1)
(1)
(1)
\u2014
2
(1)
Interest Rate Swaps Airports Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Highways Business Line
P
(67)
(16)
(18)
(17)
(16)
(10)
(77)
Interest Rate Swaps Construction Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Other Business Line
P
(2)
\u2014
(1)
\u2014
\u2014
(1)
(2)
Equity Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Power Purchase Agreement
P
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
(45)
\u2014
\u2014
\u2014
\u2014
(53)
(53)
TOTAL
232
20
(26)
(24)
(22)
391
339
(P) - project companies; ( ) - ex project companies
Index-linked swaps (ILS)
They relate solely to Autema project, which arranged an index-linked swap fixing the annual inflation rate at 2.5% in 2008 to hedge revenue
variability, with a total notional of EUR 78 million. The underlying hedged items are the toll flows and price compensation flows received by the
Catalan Regional Government, which are inflation-adjusted. The rise in inflation during 2025 had an impact of EUR -3 million on reserves and a
fair value impact of EUR 7 million on results.
Within the categories of foreign exchange derivatives, some of them are intended to hedge investments denominated in USD and CAD (see
disclosure in Note 5.4.b), highlighting the following instruments:
Foreign exchange derivatives: Cross-currency swaps (CCS)
At December 31, 2024 Ferrovial SE recorded cross-currency swaps to hedge a corporate liquidity line in US dollars (Note 5.2.2). These instruments
had a notional value of USD 260 million (EUR 250 million agreed equivalent value) and matured in 2025. They were cancelled on January 15,
2025.
The group companies Cintra Infrastructure SE and 407 Toronto Highway BV have cross-currency swaps (CCS) hedging the net investment in USD
and CAD, respectively. These instruments have a notional amount of EUR 1,971 million and EUR 139 million, respectively, with maturities from
2032 onward and a fair value of EUR 137 million and EUR 7 million.
The result of the effectiveness tests carried out show that most of these derivatives are effective. The interest rate component of these derivatives,
treated as cost of hedging, amounts to EUR -49 million and is recorded as reserves through other comprehensive income (OCI). As the coupons for
the interest rate spread are paid, this cost is directly recognized as income. In addition, the impact of the investment hedges was EUR 216 million
and was recognized as a translation difference through OCI.
Additionally, 407 Toronto Highway BV has cross-currency swaps (CCS) with a notional amount of EUR 126 million that are not classified as
accounting hedges and are recognized in net financial income/(expense) at fair value (EUR 2 million).
Foreign exchange derivatives: Forwards and Options (FX)
There are foreign exchange hedges, designed for the Group's CAD and USD investments. The notional amounts are EUR 210 million and EUR 635
million at December 31, 2025 (CAD 338 million and USD 747 million) (Note 1.3) and the fair value amounts are EUR -0.44 million and EUR 2.7
million, respectively.
Value changes are recognized under currency translation differences in the amount of EUR 86 million in 2025. Additionally, movements of
settlements and accruals would have an impact on the financial result (EUR 0 million in the current exercise), and a positive impact of EUR 43
million on cash.
There are also hedges of foreign currency risk, for the volatility of future cash flows in foreign currencies or assets denominated in foreign
currencies (primarily the Polish zloty). Their notional value stood at EUR 81 million at December 31, 2025, of which EUR 60 million corresponds to
the Polish zloty. All of them expire in the short-term.
Foreign exchange hedges for assets denominated in foreign currencies, recognized value changes as translation differences and amounted to
EUR -5 million in 2025 (for effective derivatives).
Finally, options, which are not classified as accounting hedges, are recognized in net financial income/(expense) at fair value, entailing nil expense
during the year.
Interest Rate Swaps (IRS)
To hedge interest rate risk in infrastructure projects, the borrowings of which accrue variable interest (primarily Cintra Inversora Autopistas de
Catalu\u00f1a, S.A., NTE Mobility Partners, LLC, LBJ Infr. Group LLC, Autov\u00eda de Arag\u00f3n, Centella, Misae Solar Plant, Depusa Arag\u00f3n, Dalaman
International Airport, and the UK Waste Treatment Business, Thalia - Waterbeach Plant), the companies have contracted interest rate hedges on
project debt, establishing a fixed or increasing interest rate, for a total notional amount of EUR 1,530 million at December 31, 2025. Overall, the
fair value of these hedges has changed from EUR -57 million at December 2024 to EUR -66 million at December 2025.
In general terms, periodic hedge effectiveness measurements show that derivatives are effective, so changes in their fair value are recorded in
reserves, amounting to EUR 15 million.
The movement in settlements, accruals and also in ineffectiveness, had an impact on net financial income/(expense) of EUR -16 million and on
cash of EUR 13 million (negative).
Equity swaps (ES)
The Company has arranged equity swaps for the potential financial impact of the exercise of share-based remuneration schemes granted to
employees. The value of these swaps contracted by the Company change as the value of Ferrovial shares changes, and are therefore, treated as
derivatives but not as accounting hedges (speculative), so the change in fair value of these derivatives is recognized through profit or loss as a fair
value adjustment.
These contracts are described below:
\u2022 The calculation base comprises a given number of Ferrovial shares and a reference price, which is usually the share price on the execution
date.
\u2022 During the swap term, Ferrovial pays interest at a given interest rate (EURIBOR plus a spread to be applied to the result of multiplying the
number of shares by the strike price) and receives remuneration equal to the dividends on those shares.
\u2022 When the swap expires, if the share price has risen, Ferrovial will receive in cash the difference between the arithmetic mean of the share price
during the observation period and the reference price, multiplied by the number of shares contracted. Otherwise, Ferrovial will pay the
difference to the financial institution.
Its fair value at December 31, 2025 is EUR 44 million. The change in value during the year was due to the increase in Ferrovial's share price from
EUR 40.60 at December 31, 2024 to EUR 55.34 at December 31, 2025, entailing an impact of EUR 27 million under the income statement
heading \u201cChanges in the fair value of financial instruments\u201d. The column \u201cImpact on Net financial income/(expense)\u201d includes the remuneration
as income and the finance cost of these instruments as an expense in the amount of EUR -2 million (Note 2.6). The total impact of these
instruments on cash resources amounted to EUR 10 million (positive).
At December 2025, these derivatives had a notional value equivalent to 1,580,364 shares which, based on the strike price of the equity swaps
(price at which they must be settled with the banks), represented a total notional amount of EUR 43 million.
Power Purchase Agreements (PPAs)
Ferrovial has entered into power purchase agreements (PPAs) for the sale of energy in connection with the solar energy plants in Texas (Misae and
Milano projects), currently under construction. These virtual or financial PPAs that do not involve the physical delivery to its end user of energy and
are settled for the cash difference between the contract price and the market price, are classified as derivatives that fall within the scope of IFRS 9.
For such financial contracts, Ferrovial applies cash flow hedge accounting, recognizing the variation in the fair value of these hedging instruments
through other comprehensive income (OCI). The fair value reached EUR -33 million at December 2025 (EUR -33 million Misae, and EUR 0.1 million
Milano).
Other derivatives
As other derivatives recognized in the liabilities heading, the Company includes the equity option related to the non-dilutive cash settled
convertible bond issued on November 2025, as mentioned in Note 5.2 b.1.1.
This bond is treated as a hybrid instrument, combining the financial debt, and an embedded derivative with a notional value of EUR 400 million,
measured at fair value (EUR -45 million) as a liability. Additionally, Ferrovial has purchased a call option on its own shares, mirroring the call
embedded in the bond to offset its impact, with a fair value of EUR 45 million, recognized in the derivative assets heading.
b) Main effects on the income statement and equity
Set out below is a breakdown of the main derivatives arranged by fully-consolidated companies showing movements in fair values at December
31, 2025 and December 2024 and the effect on reserves, profit/(loss) and other balance sheet items:
TYPE OF INSTRUMENT
(Million euro)
FAIR VALUE
EFFECTS
Balances at
12/31/2025
Balances at
12/31/2024
Var.
EFFECT ON
RESERVES
(I)
FAIR VALUE
EFFECT ON
PROFIT/
(LOS S) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Index-linked derivatives
139
134
5
(3)
7
5
(12)
\u2013
8
5
Cash flow hedges
139
134
5
(3)
7
5
(12)
\u2013
8
5
Interest rate derivatives
(66)
(57)
(9)
15
4
(16)
14
(2)
(25)
(9)
Cash flow hedges
(66)
(57)
(9)
7
4
(16)
14
(2)
(16)
(9)
Fair value hedges
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Speculative
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross-currency swaps
146
43
103
(112)
1
(18)
14
217
1
103
Cash flow hedges
\u2013
2
(2)
1
\u2013
1
(3)
\u2013
1
(2)
Net foreign investment hedges
144
41
103
(112)
\u2013
(18)
18
217
\u2013
103
Speculative
2
\u2013
2
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
Foreign exchange derivatives
2
(40)
41
5
(12)
\u2013
(52)
81
21
41
Cash flow hedges
\u2013
(2)
2
2
\u2013
\u2013
(3)
\u2013
3
2
Fair value hedges
(1)
(5)
4
\u2013
(3)
\u2013
(6)
(5)
17
4
Net foreign investment hedges
2
(39)
41
3
(4)
\u2013
(43)
86
\u2013
41
Speculative
1
6
(5)
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Equity swaps
44
29
15
\u2013
27
\u2013
(10)
\u2013
(2)
15
Speculative
44
29
15
\u2013
27
\u2013
(10)
\u2013
(2)
15
Power purchase agreement (PPA)
(33)
\u2013
(33)
(35)
1
\u2013
\u2013
1
\u2013
(33)
Cash flow hedges
(33)
\u2013
(33)
(35)
1
\u2013
\u2013
1
\u2013
(33)
Equity Options
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Speculative
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL
232
109
123
(130)
28
(29)
(46)
297
3
123
Derivatives are recognized at market value at inception and at fair value at later dates. Changes in the value of these derivatives are recognized
for accounting purposes as follows:
\u2022 Fair value changes during the year to the effective portion of cash flow hedging derivatives are recognized, with a balancing entry in reserves
(column I).
\u2022 Fair value changes to derivatives that do not qualify for hedge accounting or are deemed to be speculative are recognized separately as a fair
value adjustment in the Group\u2019s income statement (column II).
\u2022 \u201cEffect on net financial income/(expense)\u201d (column III) reflects the effects of the financing of interest flows accrued during the year.
\u2022 The \u201cCash\u201d column (IV) refers to net settlements of receipts and payments during the year. Receipts are in negative, and payments in
positives.
\u2022 The effect of foreign exchange fluctuations on currency translation differences from December 31, 2024 to December 31, 2025 is also
presented separately (column V).
\u2022 The \u201cOther effects on balance sheet or income\u201d column shows the effects on operating profit/(loss), net financial income/(expense) (exchange
rate) and other effects not previously mentioned (column VI).
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.
6.4. OTHER LONG-TERM PAYABLES
This heading mainly includes:
\u2022 Participating loans accruing interest granted by Spain\u2019s Central Government to Autov\u00eda de Arag\u00f3n concession in the Highways business line, of
which EUR 57 million at December 31, 2024 has been reclassified as short-term debt in 2025.
\u2022 Debt owed by Dalaman International Airport to the administration for the concession fee, which amounted to EUR 231 million in the long term
at the year-end (EUR 247 million at December 31, 2024).
\u2022 Contractual payments to the Department of Transportation in Virginia under the concession agreement on the I-66 project related to the
transit funding payment and the support for corridor improvement, which amounted to EUR 841 million (EUR 915 million at December 31,
2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-944": { "value": "
2.5 NET FINANCIAL INCOME/(EXPENSE)
The following tables provide an itemized breakdown of changes in net financial income/(expense) in 2025, 2024 and 2023.
Net financial income/(expense) for these years from the infrastructure project companies (see Note 1.1.2) is presented separately from that of ex-
infrastructure project companies. In each case, a distinction is made between net financial income/(expense) from financing (which includes
borrowing costs on bank borrowings and bonds, and returns on financial investments and loans granted) and net financial income/(expense) from
derivatives and other items (including the effect of the fair value measurement of ineffective hedges, and other income and expenses not directly
related to financing).
For 2025, as compared to 2024:
(Million euro)
2025
2024
Var. %
Financial income from infrastructure project financing
24
43
(44)%
Financial expense from infrastructure project financing
(372)
(382)
(3)%
Net financial income/(expense) from financing, infrastructure project companies
(348)
(339)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure project
companies
8
9
(11)%
Other net financial income/(expense), infrastructure project companies
(84)
(81)
4%
Net financial income/(expense) from derivatives and other, infrastructure project companies
(76)
(72)
6%
Net financial income/(expense) from infrastructure projects
(424)
(411)
3%
Financial income, ex-infrastructure project companies
123
169
(27)%
Financial expense, ex-infrastructure project companies
(66)
(95)
(31)%
Net financial income/(expense) from financing, ex-infrastructure project companies
57
74
(23)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-infrastructure project
companies
82
574
(86)%
Other net financial income/(expense), ex-infrastructure project companies
(80)
37
(316)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project companies
2
611
(100)%
Net financial income/(expense), ex-infrastructure project companies
59
685
(91)%
Total net financial income/(expense)
(365)
274
(233)%
For 2024, as compared to 2023:
(Million euro)
2024
2023
Var. %
Financial income from infrastructure project financing
43
34
26%
Financial expense from infrastructure project financing
(382)
(362)
6%
Net financial income/(expense) from financing, infrastructure project companies
(339)
(328)
3%
Net financial income/(expense) from derivatives and other fair value adjustments, infrastructure
project companies
9
13
(31)%
Other net financial income/(expense), infrastructure project companies
(81)
(57)
42%
Net financial income/(expense) from derivatives and other, infrastructure project
companies
(72)
(44)
64%
Net financial income/(expense) from infrastructure projects
(411)
(372)
10%
Financial income, ex-infrastructure project companies
169
216
(22)%
Financial expense, ex-infrastructure project companies
(95)
(105)
(10)%
Net financial income/(expense) from financing, ex-infrastructure project companies
74
111
(33)%
Net financial income/(expense) from derivatives and other fair value adjustments, ex-
infrastructure project companies
574
11
5118%
Other net financial income/(expense), ex-infrastructure project companies
37
66
(44)%
Net financial income/(expense) from derivatives and other, ex-infrastructure project
companies
611
77
694%
Net financial income/(expense), ex-infrastructure project companies
685
188
264%
Total net financial income/(expense)
274
(184)
(249)%
The main difference between total net financial income /(expense) for 2025 (EUR -365 million) compared to 2024 (EUR 274 million) is explained
by the impact in the line item \"Net financial income/(expense) from derivatives and other fair value adjustments, other companies\" which included
a positive effect of EUR 547 million registered in 2024 related to the Heathrow Airports Holding (HAH) divestment, as a consequence of the
recognition of the remaining 5.25% stake in HAH as a financial asset at fair value through profit or loss. The fair value was determined by
referencing the selling price of the recently divested 19.75% stake in FGP Topco.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-949": { "value": "
2.7.CORPORATE INCOME TAX AND DEFERRED TAXES
2.7.1 Breakdown of current and deferred tax expense and tax paid for 2025, 2024 and 2023
The breakdown of income tax expense for 2025, 2024, and 2023, distinguishing between current tax, deferred tax, withholdings on foreign
operations and changes in prior year tax estimates and other items, is as follows.
(Million euro)
2025 DEC
2024 DEC
2023. DEC
Income Tax (expense) for the year
60
(145)
(42)
Current tax expense
(89)
(107)
(146)
Deferred tax expense
58
(28)
65
Withholdings on a foreign operation
(3)
(36)
(73)
Change to the prior-year tax evaluation and other
94
26
112
2.7.2. Explanation of corporate income tax expense for the year and the applicable tax rate
In 2025, corporate tax expense was recognized in the amount of EUR 60 million (EUR -145 million in 2024 and EUR -115 million in 2023) as shown
in the following tables::
(Million euro)
2025 DEC
2024 DEC
2023.DEC
Profit/(loss) before tax on continuing operations
1,070
3,621
656
Results of associates
(258)
(239)
(215)
Pass-through tax rules (US)
(172)
(147)
(93)
Divestments completed during the year (Note 1.1.3)
(275)
(2,814)
\u2014
Profit/(loss) before tax on continuing operations adjusted
365
421
348
Theoretical income tax expense (25.8%)
(94)
(109)
(90)
Recognition of previously unrecognized tax losses / Unrecognized tax losses for the year
119
(16)
17
Ruling related to Royal Decree-Law 3/2016 (Spain)
\u2014
31
\u2014
Witholding tax
(3)
(36)
(73)
Other adjustments
38
(15)
102
Income Tax (expense) for the year
60
(145)
(42)
Effective tax rate (%)
(5.6)%
4.0%
6.4%
For the analysis of the corporate income tax, we have to consider the following adjustments:
\u2022 Results of associates: the results of the equity method companies already include the tax effect, so they must be adjusted for the analysis.
\u2022 Pass-through tax rule: Primarily relates to profits/losses in concession project companies in the US, which are fully consolidated. However, the
associated tax expense/credit is recognized based solely on Ferrovial's ownership interest, as these companies are taxed under pass-through
tax rules, whereby the shareholders are the taxpayers according to their stake in the concession.
\u2022 Non-taxable capital gains (EUR 275 million), mainly explained by the sale of the entire stake in AGS Airports Holdings Limited (AGS), and the
mining services business in Chile (see Note 1.1.3).
The main adjustments to the theoretical income tax expense for the year are as follows:
\u2022 Recognition of previously unrecognized tax losses, mainly in the US and Spain, on the back of the annual assessment of the expected
recoverability of these assets.
\u2022 Other adjustments, which primarily correspond to the effect of different tax rates of subsidiaries operating in other jurisdictions, the
recognition of other deferred tax assets based in its recoverability, and the prior year tax effects mainly related to the 2024 true-up
recognition in Spain and in UK.
2.7.3. Movements in deferred tax assets and liabilities
Set out below is a breakdown of movements in deferred tax assets and liabilities for 2025 and 2024:
2025
2024
Var.
Tax Credits
608
537
71
Other deferred Tax Assets
350
622
-272
TOTAL DEFERRED TAX ASSETS
958
1,159
-201
Deferred taxes Liabilities
889
1,239
-350
TOTAL DEFERRED TAX LIABILITIES
889
1,239
-350
Deferred tax assets
a) Tax credits
This item manly relates to tax losses that have not been used yet by the Group companies.
It does not include all the tax credits available, only those that the Group expects to be able to use in the short or medium term, based on a 10
year-period financial projections performed. The total balance recognized amounts to EUR 608 million (EUR 537 million in 2024), of which EUR
594 million relates to tax credits for tax-loss carryforwards (EUR 517 million in 2024) and EUR 14 million to other tax credits (EUR 20 million in
2024).
Set out below is a breakdown of tax-loss carryforwards pending offset, and showing the maximum tax credit and the tax credit recognized
2025
(Million euro)
Country
Tax-loss
carryforwards
Limitation period
Maximum tax credit
Tax credit recognized
US Tax Group
2,188
No expiry date
501
501
Spanish Tax Group
488
No expiry date
122
15
Netherlands Tax Group
331
No expiry date
86
\u2014
UK
234
No expiry date
58
8
Turkey
234
2026-2030
59
18
Chile
136
No expiry date
37
35
Colombia
85
No expiry date
30
\u2014
Canada
43
2036-2046
11
11
Other
259
2025-No expiry date
65
7
Total
3,998
969
594
2024
(Million euro)
Country
Tax-loss
carryforwards
Limitation period
Maximum tax credit
Tax credit
recognized
US Tax Group
2,138
No expiry date
493
443
Spanish Tax Group
303
No expiry date
76
23
Netherlands Tax Group
288
No expiry date
74
10
UK
218
No expiry date
55
\u2014
Turkey
107
2025-2029
27
\u2014
Australia
30
No expiry date
9
\u2014
Canada
28
2035-2045
7
\u2014
Other
579
2024-No expiry date
146
41
Total
3,691
887
517
b) Other deferred tax assets
This item reflects the tax effects arising from the different timing of the recognition of certain expenses and income for accounting and tax
purposes. The recognition of an asset means that certain expenses have been recognized for accounting purposes before they may be recognized
for tax purposes and therefore the company will recover the income or expense for tax purposes in future years.
The main deferred tax assets correspond to provisions recognized that do not have tax effects until they are applied, differences between the tax
and accounting approach related to revenue recognition, mainly in the Construction business line, differences between the tax and accounting
depreciation/amortization, also to losses accumulated in reserves that will have a tax effect when they are realized and are transferred to the
income statement, mostly related to financial derivatives, and finally, to losses recognized derived from the liquidation during the year of holding
companies that hold investments in foreign countries, which could allow for the recognition of future tax shields that will reduce tax payments in
the future, as commented above.
Deferred tax liabilities
This item reflects the tax effects arising from the different timing of the recognition of certain expenses and income for accounting and tax
purposes, and basically represent expenses that are recognized for tax purposes before it may be recognized for accounting purposes, or income
recognized in the financial statements before it is declared in the tax return.
These deferred taxes mainly relates to differences between tax and accounting values recognized due to fair value adjustments to acquisitions,
highlighting the additional stake acquisition in the I-66 highway in 2021 or the Dalaman international airport in 2022, to differences between tax
and accounting amortization and between the tax and accounting methods used to recognize revenue under IFRIC 12, mainly in the Highways
business line, also to profits not yet recognized for tax purposes mostly arising from financial derivatives, and finally, to withholding taxes on the
repatriation of future dividends, mainly related to Canada.
2.7.4. International Tax - Pillar Two
The Pillar Two regulation provides for an international framework of rules aimed at ensuring that the worldwide profits of multinational groups
are subject to tax at a rate not lower than 15% in every jurisdiction in which the groups operate.
The relevant set of rules also provides for a transition period in which the in-scope multinational groups may avoid undergoing the complex
effective tax rate calculation required by the new piece of legislation. In particular, the Pillar Two legislation provides for a transitional safe harbor
(\u201cTSH\u201d) that applies for the first three fiscal years following the entry into force of the relevant regulation; the TSH relies on simplified calculations
(mainly based on data extracted from the Country-by-Country Reporting) and three kinds of alternative tests, relying on pre-tax income and
profits, effective tax rate and routine profits generated in each jurisdiction. Where at least one of the TSH tests is met for a jurisdiction in which
Ferrovial operates, the top-up tax due for such jurisdiction will be deemed to be zero.
The estimations performed for the 2025 fiscal year show that most jurisdictions are covered by the TSH. The limited number of jurisdictions not
covered by the TSH (primarily due to how capital gains and dividends from equity method entities are treated under the Country-by-Country
reporting rules) will not be taxed based on full Pillar Two regime rules. For this reason, there is no pillar-two payment impact for fiscal year 2025.
Finally, as of 2024, each legal entity of Ferrovial applies the mandatory exception to the recognition and disclosure of deferred tax assets and
liabilities relating to Pillar Two income taxes referred to in paragraph 4A of the IAS12.
2.7.5. Years open to tax inspection
In accordance with tax legislation in force, taxes may not be finally settled until the filed returns have been audited by the tax authorities, or until
the legally stipulated statute of limitation period has elapsed.
The following inspections are currently in progress, in the jurisdictions indicated:
Canada
Cintra 4352238 Investments Inc: A tax audit is currently underway with the Canada Revenue Agency (CRA). Scope: Corporate Income Tax /
Transfer Pricing for fiscal years 2018\u20132019. Challenges: the intangible fee charged by Cintra Servicios de Infraestructuras. Based on the CRA\u2019s
prior position in relation to the intangible fee, an adjustment for 2018 and 2019 appears likely. However, the Spanish tax authorities accepted
Ferrovial\u2019s intangible fee policy in the 2017\u20132020 Spanish tax audit. In light of that acceptance, we assess that any Mutual Agreement Procedure
(MAP) outcome is likely to be favorable to the Spanish/Ferrovial position. Accordingly, no provision has been recognized for 2018\u20132019 at this
time.
Peru
Consorcio Vial Chimbote: The start of a tax audit has been notified by local Tax Authorities, for CIT and VAT for FY 2021-2022. The required
documentation is currently being submitted.
Colombia
Ferrovial Construcci\u00f3n S.A Sucursal Colombia: The start of a tax audit has been notified by local Tax Authorities, for CIT for FY 2022-2023. The
required documentation is currently being submitted.
United States
Webber Infrastructure Management Inc. is currently undergoing to a tax audit by the State of Florida for Sales & Use Tax covering the period from
June 2021 through June 2024. The audit is at the informal proposal stage, with a Notice of Proposed Assessment (NOPA) issued on November 13,
2025, in the amount of approximately USD 1.44 million for the audit period. The company filed a informal protest. The disputed items primarily
include insurance recovery amounts and untaxed purchases extrapolated using incorrect sampling methods; the removal of these items would
significantly reduce the proposed tax and interest liability. Following submission of the protest, the Florida Department of Revenue will issue a
Notice of Decision, after which the company may pursue either a Request for Reconsideration or a formal challenge, which could involve litigation
before an administrative law judge or in Florida circuit court.
The companies are subject to a statute of limitations of between three and five years in most of the countries in which the Group operates.
In view of the potential different interpretations of tax regulations, any audit that may be undertaken in the future by the tax authorities for the
years open to review could give rise to tax liabilities, the amount of which cannot currently be objectively quantified. Nonetheless, the likelihood
that significant liabilities in addition to those recognized in the Financial Statements could have a material impact on the Ferrovial Group\u2019s equity
is considered remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-950": { "value": "
2.7.1 Breakdown of current and deferred tax expense and tax paid for 2025, 2024 and 2023
The breakdown of income tax expense for 2025, 2024, and 2023, distinguishing between current tax, deferred tax, withholdings on foreign
operations and changes in prior year tax estimates and other items, is as follows.
(Million euro)
2025 DEC
2024 DEC
2023. DEC
Income Tax (expense) for the year
60
(145)
(42)
Current tax expense
(89)
(107)
(146)
Deferred tax expense
58
(28)
65
Withholdings on a foreign operation
(3)
(36)
(73)
Change to the prior-year tax evaluation and other
94
26
112
2.7.3. Movements in deferred tax assets and liabilities
Set out below is a breakdown of movements in deferred tax assets and liabilities for 2025 and 2024:
2025
2024
Var.
Tax Credits
608
537
71
Other deferred Tax Assets
350
622
-272
TOTAL DEFERRED TAX ASSETS
958
1,159
-201
Deferred taxes Liabilities
889
1,239
-350
TOTAL DEFERRED TAX LIABILITIES
889
1,239
-350
Deferred tax assets
a) Tax credits
This item manly relates to tax losses that have not been used yet by the Group companies.
It does not include all the tax credits available, only those that the Group expects to be able to use in the short or medium term, based on a 10
year-period financial projections performed. The total balance recognized amounts to EUR 608 million (EUR 537 million in 2024), of which EUR
594 million relates to tax credits for tax-loss carryforwards (EUR 517 million in 2024) and EUR 14 million to other tax credits (EUR 20 million in
2024).
Set out below is a breakdown of tax-loss carryforwards pending offset, and showing the maximum tax credit and the tax credit recognized
2025
(Million euro)
Country
Tax-loss
carryforwards
Limitation period
Maximum tax credit
Tax credit recognized
US Tax Group
2,188
No expiry date
501
501
Spanish Tax Group
488
No expiry date
122
15
Netherlands Tax Group
331
No expiry date
86
\u2014
UK
234
No expiry date
58
8
Turkey
234
2026-2030
59
18
Chile
136
No expiry date
37
35
Colombia
85
No expiry date
30
\u2014
Canada
43
2036-2046
11
11
Other
259
2025-No expiry date
65
7
Total
3,998
969
594
2024
(Million euro)
Country
Tax-loss
carryforwards
Limitation period
Maximum tax credit
Tax credit
recognized
US Tax Group
2,138
No expiry date
493
443
Spanish Tax Group
303
No expiry date
76
23
Netherlands Tax Group
288
No expiry date
74
10
UK
218
No expiry date
55
\u2014
Turkey
107
2025-2029
27
\u2014
Australia
30
No expiry date
9
\u2014
Canada
28
2035-2045
7
\u2014
Other
579
2024-No expiry date
146
41
Total
3,691
887
517
b) Other deferred tax assets
This item reflects the tax effects arising from the different timing of the recognition of certain expenses and income for accounting and tax
purposes. The recognition of an asset means that certain expenses have been recognized for accounting purposes before they may be recognized
for tax purposes and therefore the company will recover the income or expense for tax purposes in future years.
The main deferred tax assets correspond to provisions recognized that do not have tax effects until they are applied, differences between the tax
and accounting approach related to revenue recognition, mainly in the Construction business line, differences between the tax and accounting
depreciation/amortization, also to losses accumulated in reserves that will have a tax effect when they are realized and are transferred to the
income statement, mostly related to financial derivatives, and finally, to losses recognized derived from the liquidation during the year of holding
companies that hold investments in foreign countries, which could allow for the recognition of future tax shields that will reduce tax payments in
the future, as commented above.
Deferred tax liabilities
This item reflects the tax effects arising from the different timing of the recognition of certain expenses and income for accounting and tax
purposes, and basically represent expenses that are recognized for tax purposes before it may be recognized for accounting purposes, or income
recognized in the financial statements before it is declared in the tax return.
These deferred taxes mainly relates to differences between tax and accounting values recognized due to fair value adjustments to acquisitions,
highlighting the additional stake acquisition in the I-66 highway in 2021 or the Dalaman international airport in 2022, to differences between tax
and accounting amortization and between the tax and accounting methods used to recognize revenue under IFRIC 12, mainly in the Highways
business line, also to profits not yet recognized for tax purposes mostly arising from financial derivatives, and finally, to withholding taxes on the
repatriation of future dividends, mainly related to Canada.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-951": { "value": "
2.9. PROFIT/(LOSS) FROM NON-CONTROLLING INTERESTS
In 2025, 2024 and 2023 profit/(loss) attributed to non-controlling interests amounted to EUR -262 million, EUR -251 million and EUR -170
million, respectively.
These figures relate to the profits obtained by Group companies attributable to the company\u2019s other shareholders. The positive figures relate to
loss-making companies and the negative figures relate to profit-making companies.
(Million euro)
2025
2024
2023
NON-GROUP
Budimex Group
(91)
(77)
(83)
49.86%
Autop.Terrasa Manresa, S.A.
(9)
(8)
(8)
23.72%
LBJ Infraestructure Group
(31)
(28)
(20)
45.40%
NTE Mobility Partners
(58)
(59)
(60)
37.03%
NTE Mobility Partners Segments 3 LLC
(62)
(60)
(41)
46.33%
FAM Construction LLC
\u2014
9
34
30.00%
D4R7 Construction S.R.O.
2
3
(1)
35.00%
I-77 Mobility Partners
(10)
(9)
(12)
27.77%
I-66 Mobility Partners
(7)
3
16
44.30%
Yda Havalimani Yatrim Ve (Dalaman)
5
(24)
7
40.00%
Webber United LLC
\u2014
\u2014
1
40.00%
Other companies
(1)
(2)
(3)
\u2014%
TOTAL
(262)
(251)
(170)
\u2014%
5.1.4 Non-Group companies with significant ownership interests in subsidiaries.
At December 31, 2025 and 2024, non-controlling interests in the share capital of the most significant fully-consolidated Group companies were
as follows:
At December 31, 2025:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
HIGHWAYS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The financial highlights of the most significant Group companies in which there are non-controlling interests are as follows:
2025
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
565
145
420
29
LBJ Infrastructure Group Holding LLC
1,931
2,204
(274)
37
NTE Mobility Partners Holding LLC
1,886
1,910
(25)
98
NTE Mobility Partners SEG 3 Holding LLC\u00a0
1,861
1,687
174
72
I-77 Mobility Partners, LLC
621
613
8
26
I-66 Mobility Partners, LLC
5,447
2,398
3,050
9
Budimex
1,952
1,580
372
90
Dalaman
659
383
276
(7)
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2025 were as follows:
Company
(Million euro)
Balance at
12.31.2024
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2025
Autopista Terrassa-Manresa, S.A.
103
9
\u2014
\u2014
(12)
\u2014
\u2014
100
LBJ Infrastructure Group Holding LLC
(120)
31
\u2014
15
(49)
\u2014
(1)
(124)
NTE Mobility Partners Holding LLC
4
58
\u2014
\u2014
(71)
\u2014
\u2014
(9)
NTE Mobility Partners Segments 3 LLC
126
62
(6)
(14)
(88)
\u2014
1
81
I-77 Mobility Partners, LLC
5
10
\u2014
\u2014
(13)
\u2014
\u2014
2
I-66 Mobility Partners, LLC
1,595
7
\u2014
(186)
(57)
\u2014
(1)
1,358
FAM Construction LLC (I-66)
14
\u2014
\u2014
(2)
\u2014
6
\u2014
18
Budimex
196
91
\u2014
3
(77)
(1)
1
213
Dalaman
109
(5)
\u2014
\u2014
\u2014
\u2014
\u2014
104
Others
13
(1)
(1)
(2)
(1)
1
5
14
TOTAL
2,045
262
(7)
(186)
(368)
6
5
1,757
The heading \u201cShare capital increase\u201d reflects the impact of the increase in funds attributable to non-controlling interests of FAM Construction LLC
amounting to EUR 6 million.
At December 31, 2024:
FERROVIAL GROUP SUBSIDIARY
NON-GROUP %
NON-GROUP SHAREHOLDER
HIGHWAYS
Autopista Terrassa-Manresa, S.A.
23.72 %
Acesa (Autopista Concesionaria Espa\u00f1ola, S.A.)
LBJ Infrastructure Group Holding LLC
28.33%-17.07%
LBJ Blocker (APG)- Meridiam Infr. S.a.r.l. (MI LBJ)
NTE Mobility Partners Holding LLC
37.03 %
Meridiam Infrastrucuture S.a.r.l.
NTE Mobility Partners SEG 3 Holding LLC\u00a0
28.84%-17.49%\u00a0
NTE Segments 3 Blocker, Inc. (APG) - Meridiam Infraestructure NTE 3A/3B LLC
I-77 Mobility Partners, LLC
24.58%-3.18%
John Laing I-77 Holco Corp./Aberdeen Infr. Invest.
I-66 Mobility Partners, LLC
29.75%-14.55%
Meridiam Infrastrucuture S.a.r.l. - I-66 Blocker (APG)
CONSTRUCTION
Budimex S.A.
9.8%-6.3%-33.8%
AVIVA OFE Aviva BZ WBK-Nationale Nederlanden OFE-Traded
AIRPORTS
Dalaman
40.00 %
YDA Group
The main financial statement aggregates of the most significant Group companies in which other shareholders own interests are as follows:
2024
ASSETS
LIABILITIES
SHAREHOLDERS'
FUNDS
NET PROFIT/(LOSS)
(Millon euro)
Autopista Terrassa-Manresa, S.A.
573
138
436
25
LBJ Infrastructure Group Holding LLC
2,197
2,462
(265)
33
NTE Mobility Partners Holding LLC
2,128
2,117
11
101
NTE Mobility Partners SEG 3 Holding LLC\u00a0
2,129
1,857
272
70
I-77 Mobility Partners, LLC
708
688
20
23
I-66 Mobility Partners, LLC
6,276
2,676
3,600
(4)
Budimex
1,907
1,565
342
74
Dalaman
717
428
289
35
The main movements under \u201cEquity attributable to non-controlling interests\u201d in 2024 were as follows:
Company
(Million euro)
Balance at
12.31.2023
Profit/(loss)
Derivatives
Currency
translation
differences
Dividends
Share capital
increase
Other
movements
Balance at
12.31.2024
Autopista Terrassa-Manresa, S.A.
93
8
2
\u2014
\u2014
\u2014
\u2014
103
LBJ Infrastructure Group Holding LLC
(96)
28
\u2014
(7)
(45)
\u2014
\u2014
(120)
NTE Mobility Partners Holding LLC
5
59
\u2014
\u2014
(61)
\u2014
1
4
NTE Mobility Partners Segments 3 LLC
131
60
2
8
(75)
\u2014
\u2014
126
I-77 Mobility Partners, LLC
74
9
\u2014
2
(79)
\u2014
(1)
5
I-66 Mobility Partners, LLC
1,571
(3)
\u2014
101
(70)
\u2014
(4)
1,595
FAM Construction LLC (I-66)
\u2014
(9)
\u2014
2
\u2014
22
(1)
14
Budimex
234
77
\u2014
\u2014
(111)
\u2014
(4)
196
Dalaman
86
24
(1)
\u2014
\u2014
\u2014
\u2014
109
Others
15
(2)
1
\u2014
(5)
\u2014
4
13
TOTAL
2,113
251
4
106
(446)
22
(5)
2,045
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-953": { "value": "
2.10 NET PROFIT/(LOSS) AND EARNINGS PER SHARE
The calculation of earnings per share attributed to the parent company for 2025, 2024 and 2023 is as follows:
(Million euro, except otherwise indicated)
2025
2024
2023
Net profit/(loss) attributable to ordinary equity holders of the parent:
Continuing operations
868
3,225
444
Discontinued operations
20
14
16
Net cost of subordinated perpetual bond
\u2014
\u2014
(5)
Profit/(loss) attributable to ordinary equity holders of the parent for basic earnings
888
3,239
455
Effects of dilution
\u2014
\u2014
\u2014
Profit/(loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution
888
3,239
455
Weighted average number of ordinary shares for basic EPS (*) (thousands of shares)
718,716
724,191
728,255
Effects of dilution
\u2014
\u2014
\u2014
Weighted average number of ordinary shares adjusted for the effect of dilution (thousands of shares)
718,716
724,191
728,255
Profit/(loss) attributable to ordinary equity holders of the parent from discontinued operations for the
basic EPS calculations
20
14
16
Effects of dilution
\u2014
\u2014
\u2014
Profit/(loss) attributable to ordinary equity holders of the parent from discontinued operations for the
diluted EPS calculations
20
14
16
(*) The weighted average number of ordinary shares is calculated by reducing in this figure the number of treasury shares acquired during the year.
Basic earnings per share have been calculated by dividing profit for the year attributed to the parent company's shareholders by the weighted
average number of ordinary shares outstanding, excluding the average number of treasury shares held during the year.
As regards diluted earnings per share, it should be noted that the Group did not have any dilutive potential ordinary shares, the convertible bond
issued in 2025 is redeemable solely for cash, thereby achieving a neutral impact in terms of equity and ensuring there is no dilutive impact on
existing shareholders (note 5.2.b.1.1.), and the share-based remuneration schemes will not give rise to any share capital increases in the Group.
Consequently, no dilutive impact is envisaged when employee rights under the plans are exercised. Hence there is no difference between basic and
diluted earnings per share, as shown in the following table:
2025
2024
2023
Net earnings per share attributed to the parent company (in euros)
Diluted
1.24
4.47
0.62
Basic
1.24
4.47
0.62
Net earnings per share attributed to the parent company, continuing operations (in euros)
Diluted
1.21
4.45
0.60
Basic
1.21
4.45
0.60
Net earnings per share attributed to the parent company, discontinued operations (in euros)
Diluted
0.03
0.02
0.02
Basic
0.03
0.02
0.02
Profit/(loss) per business segment is shown in Note 1.5 for 2025, 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-952": { "value": "
2.10 NET PROFIT/(LOSS) AND EARNINGS PER SHARE
Basic earnings per share have been calculated by dividing profit for the year attributed to the parent company's shareholders by the weighted
average number of ordinary shares outstanding, excluding the average number of treasury shares held during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-954": { "value": "SECTION 3: NON-CURRENT ASSETS AT DECEMBER 31, 2025 AND 2024
This section includes the notes on non-current assets in the balance sheet, excluding deferred tax assets (Section 2) and financial derivatives
(Section 5).
The main components of Ferrovial\u2019s non-current assets at December 2025 are \u201cFixed assets in infrastructure projects\u201d (Note 3.3), amounting to
EUR 12,509 million (EUR 14,147 million in 2024), \u201cInvestments in Associates\u201d (Note 3.5) totaling EUR 3,955 million (EUR 3,023 million in 2024)
relating mainly to the investments in 407 ETR, IRB Developers, IRB Private InvIT and JFK NTO, and \u201cGoodwill on consolidation\u201d (Note 3.1) reaching
EUR 412 million (EUR 500 million in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-956": { "value": "
Goodwill
The company recognizes goodwill for the consideration transferred in excess of the fair value of the net assets acquired in the context of business
combinations, such as those that involve infrastructure projects.
In addition to the impact of the fluctuation in the US dollar exchange rate (note 1.4), the main change arises in the Construction business due to
the recognition of a goodwill as a result of the acquisition of Powernet, offset by a decrease in Power Transmission Lines in Chile, reclassified to
assets held for sale (Note 1.1.3), and in the Other segment due to the divestment of the mining service in Chile (Note 1.1.4).
3.1. GOODWILL AND ACQUISITIONS
Movements in goodwill during 2025 and 2024 are set out below:
(Million euro)
BALANCE
AT 12.31. 2024
Investments
(divestments)
Exchange rate and
others
BALANCE
AT 31.12. 2025
Construction
140
8
(7)
141
Budimex
71
\u2013
1
72
Webber
69
\u2013
(8)
61
Powernet
\u2013
8
\u2013
8
Highways
276
\u2013
(33)
243
I-66 Express Mobility Partners Hold. LLC
276
\u2013
(33)
243
Airports
27
\u2013
\u2013
27
Dalaman
27
\u2013
\u2013
27
Energy
46
(44)
(2)
\u2013
Power Transmission Lines Chile
46
(44)
(2)
\u2013
Other
10
(10)
\u2014
\u2013
Mining Services Chile
10
(10)
\u2014
\u2013
TOTAL
500
(46)
(42)
412
(Million euro)
BALANCE
AT 12.31. 2023
Investments
(divestments)
Exchange rate and
others
BALANCE
AT 31.12. 2024
Construction
135
\u2013
5
140
Budimex
70
\u2013
1
71
Webber
65
\u2013
4
69
Highways
259
\u2013
17
276
I-66 Express Mobility Partners Hold. LLC
259
\u2013
17
276
Airports
27
\u2013
\u2013
27
Dalaman
27
\u2013
\u2013
27
Energy
43
\u2013
3
46
Power Transmission Lines Chile
43
\u2013
3
46
Other
10
\u2013
(1)
10
Mining Services Chile
10
\u2013
(1)
10
TOTAL
475
\u2013
25
500
In addition to the impact of the fluctuation in the US dollar exchange rate (Note 1.4), the main change arises in the Construction business due to
the recognition of goodwill as a result of the acquisition of Powernet, offset by a decrease in Power Transmission Lines in Chile, reclassified to
assets held for sale (Note 1.1.3), and in the Other segment due to the divestment of the mining service in Chile (Note 1.1.4).
Impairment test
The Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs
an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In
addition, the Group also systematically tests its cash-generating units that include goodwill for impairment in December.
Goodwill recovery is analyzed at cash generating unit level. The projections used in the impairment tests are consistent with the latest business
projections presented to the Board and it was concluded that there is no impairment as of December 31, 2025. The impairment test is a process
that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2025 and 2024 we did not
recognize any impairment loss for goodwill. In the explanatory notes, we disclose the headroom between the recoverable amounts (applying the
Value in Use method) and the carrying amounts of the investments for those entities to which goodwill has been tested.
Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether
additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash
generating unit subject to impairment test, presenting headroom against each carrying amount:
A. Construction business line goodwill (Webber, Budimex and Powernet):
In the case of Webber, in 2025 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 270% with respect to its
carrying amount (245% headroom at December 31, 2024). The cash flows have been discounted at a rate of 8.8% (10.6% before taxes),
calculated using the CAPM based on current market input and in line with the method used in prior years.
As Budimex is listed on the Warsaw Stock Exchange and has a free float, we consider the share price to be representative of its value. Therefore,
the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2025 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2025 was 1,154% higher than its carrying amount (891% at December 31, 2024), so there are no
indications of impairment.
For Powernet, the 2025 goodwill impairment test is based on a 5-year projection, reflecting a headroom of 79% with respect to its carrying
amount. A discount rate of 8.3% has been used (12.1% before taxes).
B. Highways business line goodwill (I-66):
The I-66 highway goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners
Hold. LLC in December 2021. The highway became operational in the last quarter of 2022.
The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and
research (e.g. impact of e-commerce in heavy vehicle traffic or working from home habits in the use of private vehicles); tariffs used are in line with
traffic estimates and contract clauses. The 2025 impairment test reflected a headroom of 80% with respect to the carrying amount (13% in
2024). The cash flows have been discounted at a rate of 8.1% (9.3% before taxes).
A sensitivity analysis shows that, to reach breakeven, a discount rate of 18.6% (after taxes) should be used.
C. Airports Goodwill (Dalaman):
The 2025 impairment test reflected a headroom of 34% in relation to the carrying amount (24% at December 31, 2024). All cash flows until the
end of the concession in 2042 have been discounted at a rate of 10.1% (12.5% before taxes).
A sensitivity analysis shows that, to reach breakeven, a discount rate of 13.8% (after taxes) should be used).
3.2. INTANGIBLE ASSETS
At 2025 year-end, the balance of intangible assets, excluding infrastructure project companies, amounted to EUR 127 million (EUR 128 million in
2024). This heading mainly includes:
\u2022 \u201cComputer software\u201d with a net value of EUR 26 million (EUR 30 million at December 31, 2024).
\u2022 \u201cOther intangible assets\u201d, which differs from IFRIC 12 intangible rights, amounting to EUR 100 million (EUR 95 million at December 31, 2024).
The main movements in 2025 are due to the acquisition of Sien Real S.O. Z.o.o., a Polish company to develop a data center campus in
Warsaw (EUR 19 million), related to the perpetual power grid interconnection rights, and Milano Solar LLC, solar photovoltaic facility, located
in Texas (EUR 12 million), associated with the project license to operate (Note 1.1.4). Additionally, as of December 31, 2025, it is worth
mentioning Budimex services business included in the Construction business line (EUR 21 million), the rights of way (indefinite lifespan rights to
use the land) of the Chilean power transmission lines amounting to EUR 24 million, after the reclassification of EUR 21 million corresponding
to Transchile to assets held for sale (EUR 47 million at December 31, 2024), and the EUR 12 million of the solar SPV project in Leon County,
Texas, related to the project license to operate (EUR 14 million at December 31, 2024).
\u2022 No significant fully-amortized assets were written off during 2025 and 2024.
3.3.1. Intangible asset model
Set out below is a breakdown of the intangible asset model in infrastructure projects at December 31, 2025 and December 31, 2024:
(Million euro)
BALANCE AT 01.01.25
TOTAL NET ADDITIONS/
(DISPOSALS)
FOREIGN EXCHANGE EFFECT
BALANCE AT 12.31.25
Spanish highways
724
1
\u2014
725
US highways
13,757
144
(1,631)
12,270
Other highways
4
\u2014
\u2014
4
Highway investment
14,485
145
(1,631)
12,999
Accumulated amortization
(1,089)
(220)
100
(1,209)
Net investment in Highways
13,396
(75)
(1,531)
11,790
Investment in other infrastructure projects
650
\u2014
\u2014
650
Depreciation of other infrastructure projects
(58)
(23)
\u2014
(81)
Total net investment in other infrastructure
projects
592
(23)
\u2014
569
TOTAL INVESTMENT
15,135
145
(1,631)
13,649
TOTAL AMORTIZATION AND PROVISION
(1,146)
(243)
100
(1,289)
TOTAL NET INVESTMENT
13,989
(98)
(1,531)
12,360
(Million euro)
BALANCE AT 01/01/2024
TOTAL NET ADDITIONS/
(DISPOSALS)
FOREIGN EXCHANGE EFFECT
BALANCE AT 12/31/2024
Spanish highways
721
3
\u2013
724
US highways
12,823
76
858
13,757
Other highways
4
\u2013
\u2013
4
Highways investment
13,549
79
858
14,485
Accumulated amortization
(834)
(209)
(46)
(1,089)
Net investment in highways
12,715
(130)
812
13,396
Investment in other infrastructure projects
650
\u2013
\u2013
650
Depreciation of other infrastructure projects
(34)
(24)
\u2013
(58)
Total net investment in other infrastructure
projects
616
(24)
\u2013
592
TOTAL INVESTMENT
14,199
79
858
15,135
TOTAL AMORTIZATION AND PROVISION
(867)
(233)
(46)
(1,146)
TOTAL NET INVESTMENT
13,333
(154)
812
13,989
The total net investment corresponding to the intangible asset model in infrastructure projects for December 31, 2025 reached EUR 12,360 million
(EUR 13,989 million for December 2024), highlighting the net investment in US Highways, reaching EUR 11,402 million at December 31, 2025 (EUR
12,966 million in 2024).
The most significant changes in 2025 and 2024 were as follows:
\u25e6 Highways additions amounted to a gross EUR 145 million in 2025, mainly related to the ultimate capacity works in North Tarrant Express (EUR
79 million in 2024).
\u25e6 Exchange rate fluctuations resulted in a total change of EUR -1,531 million in 2025, fully attributed to the depreciation of the US dollar
against the Euro on the US highways (EUR 812 million in 2024, due to the appreciation of the US dollar against the Euro - see Note 1.4).
Investments in other infrastructure projects include the intangible assets of Dalaman airport, amounting to EUR 570 million (EUR 592 million in
2024).
All the concession assets of infrastructure project companies are pledged to secure borrowings (Note 6.5.2). The capitalization of borrowing costs
eligible for capitalization in 2025 and 2024 is described in Note 1.3.3.2 and Note 2.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-955": { "value": "
Goodwill
The company recognizes goodwill for the consideration transferred in excess of the fair value of the net assets acquired in the context of business
combinations, such as those that involve infrastructure projects.
In addition to the impact of the fluctuation in the US dollar exchange rate (note 1.4), the main change arises in the Construction business due to
the recognition of a goodwill as a result of the acquisition of Powernet, offset by a decrease in Power Transmission Lines in Chile, reclassified to
assets held for sale (Note 1.1.3), and in the Other segment due to the divestment of the mining service in Chile (Note 1.1.4).
3.1. GOODWILL AND ACQUISITIONS
Movements in goodwill during 2025 and 2024 are set out below:
(Million euro)
BALANCE
AT 12.31. 2024
Investments
(divestments)
Exchange rate and
others
BALANCE
AT 31.12. 2025
Construction
140
8
(7)
141
Budimex
71
\u2013
1
72
Webber
69
\u2013
(8)
61
Powernet
\u2013
8
\u2013
8
Highways
276
\u2013
(33)
243
I-66 Express Mobility Partners Hold. LLC
276
\u2013
(33)
243
Airports
27
\u2013
\u2013
27
Dalaman
27
\u2013
\u2013
27
Energy
46
(44)
(2)
\u2013
Power Transmission Lines Chile
46
(44)
(2)
\u2013
Other
10
(10)
\u2014
\u2013
Mining Services Chile
10
(10)
\u2014
\u2013
TOTAL
500
(46)
(42)
412
(Million euro)
BALANCE
AT 12.31. 2023
Investments
(divestments)
Exchange rate and
others
BALANCE
AT 31.12. 2024
Construction
135
\u2013
5
140
Budimex
70
\u2013
1
71
Webber
65
\u2013
4
69
Highways
259
\u2013
17
276
I-66 Express Mobility Partners Hold. LLC
259
\u2013
17
276
Airports
27
\u2013
\u2013
27
Dalaman
27
\u2013
\u2013
27
Energy
43
\u2013
3
46
Power Transmission Lines Chile
43
\u2013
3
46
Other
10
\u2013
(1)
10
Mining Services Chile
10
\u2013
(1)
10
TOTAL
475
\u2013
25
500
In addition to the impact of the fluctuation in the US dollar exchange rate (Note 1.4), the main change arises in the Construction business due to
the recognition of goodwill as a result of the acquisition of Powernet, offset by a decrease in Power Transmission Lines in Chile, reclassified to
assets held for sale (Note 1.1.3), and in the Other segment due to the divestment of the mining service in Chile (Note 1.1.4).
Impairment test
The Group assesses at least twice a year (in June and December) whether there is any indicator that an asset may be impaired and, if so, performs
an impairment test in accordance with the applicable accounting standards IAS 36 \"Impairment of assets\" and IAS 38 \"Intangible assets\". In
addition, the Group also systematically tests its cash-generating units that include goodwill for impairment in December.
Goodwill recovery is analyzed at cash generating unit level. The projections used in the impairment tests are consistent with the latest business
projections presented to the Board and it was concluded that there is no impairment as of December 31, 2025. The impairment test is a process
that compares the recoverable amount of the cash generating unit with its carrying amount, including goodwill. In 2025 and 2024 we did not
recognize any impairment loss for goodwill. In the explanatory notes, we disclose the headroom between the recoverable amounts (applying the
Value in Use method) and the carrying amounts of the investments for those entities to which goodwill has been tested.
Where a change in a key assumption is deemed to be reasonably possible, the Group will carry out a sensitivity analysis to determine whether
additional risk could arise. Additionally, the Group has carried out a sensitivity analysis applying +100bps to the discount rate on each cash
generating unit subject to impairment test, presenting headroom against each carrying amount:
A. Construction business line goodwill (Webber, Budimex and Powernet):
In the case of Webber, in 2025 the goodwill impairment test, based on a 5-year projection, reflects a headroom of 270% with respect to its
carrying amount (245% headroom at December 31, 2024). The cash flows have been discounted at a rate of 8.8% (10.6% before taxes),
calculated using the CAPM based on current market input and in line with the method used in prior years.
As Budimex is listed on the Warsaw Stock Exchange and has a free float, we consider the share price to be representative of its value. Therefore,
the goodwill was tested for impairment by ascertaining whether Budimex\u2019s closing market price at December 31, 2025 was higher than its carrying
amount. Budimex\u2019s share price at December 31, 2025 was 1,154% higher than its carrying amount (891% at December 31, 2024), so there are no
indications of impairment.
For Powernet, the 2025 goodwill impairment test is based on a 5-year projection, reflecting a headroom of 79% with respect to its carrying
amount. A discount rate of 8.3% has been used (12.1% before taxes).
B. Highways business line goodwill (I-66):
The I-66 highway goodwill arose following the acquisition of an additional 5.704% of the concession operator I-66 Express Mobility Partners
Hold. LLC in December 2021. The highway became operational in the last quarter of 2022.
The impairment test considers the whole concession term. As pointed out in Note 1.3.4, traffic estimates are based on internal projections and
research (e.g. impact of e-commerce in heavy vehicle traffic or working from home habits in the use of private vehicles); tariffs used are in line with
traffic estimates and contract clauses. The 2025 impairment test reflected a headroom of 80% with respect to the carrying amount (13% in
2024). The cash flows have been discounted at a rate of 8.1% (9.3% before taxes).
A sensitivity analysis shows that, to reach breakeven, a discount rate of 18.6% (after taxes) should be used.
C. Airports Goodwill (Dalaman):
The 2025 impairment test reflected a headroom of 34% in relation to the carrying amount (24% at December 31, 2024). All cash flows until the
end of the concession in 2042 have been discounted at a rate of 10.1% (12.5% before taxes).
A sensitivity analysis shows that, to reach breakeven, a discount rate of 13.8% (after taxes) should be used).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-957": { "value": "
3.2. INTANGIBLE ASSETS
At 2025 year-end, the balance of intangible assets, excluding infrastructure project companies, amounted to EUR 127 million (EUR 128 million in
2024). This heading mainly includes:
\u2022 \u201cComputer software\u201d with a net value of EUR 26 million (EUR 30 million at December 31, 2024).
\u2022 \u201cOther intangible assets\u201d, which differs from IFRIC 12 intangible rights, amounting to EUR 100 million (EUR 95 million at December 31, 2024).
The main movements in 2025 are due to the acquisition of Sien Real S.O. Z.o.o., a Polish company to develop a data center campus in
Warsaw (EUR 19 million), related to the perpetual power grid interconnection rights, and Milano Solar LLC, solar photovoltaic facility, located
in Texas (EUR 12 million), associated with the project license to operate (Note 1.1.4). Additionally, as of December 31, 2025, it is worth
mentioning Budimex services business included in the Construction business line (EUR 21 million), the rights of way (indefinite lifespan rights to
use the land) of the Chilean power transmission lines amounting to EUR 24 million, after the reclassification of EUR 21 million corresponding
to Transchile to assets held for sale (EUR 47 million at December 31, 2024), and the EUR 12 million of the solar SPV project in Leon County,
Texas, related to the project license to operate (EUR 14 million at December 31, 2024).
\u2022 No significant fully-amortized assets were written off during 2025 and 2024.
3.3.1. Intangible asset model
Set out below is a breakdown of the intangible asset model in infrastructure projects at December 31, 2025 and December 31, 2024:
(Million euro)
BALANCE AT 01.01.25
TOTAL NET ADDITIONS/
(DISPOSALS)
FOREIGN EXCHANGE EFFECT
BALANCE AT 12.31.25
Spanish highways
724
1
\u2014
725
US highways
13,757
144
(1,631)
12,270
Other highways
4
\u2014
\u2014
4
Highway investment
14,485
145
(1,631)
12,999
Accumulated amortization
(1,089)
(220)
100
(1,209)
Net investment in Highways
13,396
(75)
(1,531)
11,790
Investment in other infrastructure projects
650
\u2014
\u2014
650
Depreciation of other infrastructure projects
(58)
(23)
\u2014
(81)
Total net investment in other infrastructure
projects
592
(23)
\u2014
569
TOTAL INVESTMENT
15,135
145
(1,631)
13,649
TOTAL AMORTIZATION AND PROVISION
(1,146)
(243)
100
(1,289)
TOTAL NET INVESTMENT
13,989
(98)
(1,531)
12,360
(Million euro)
BALANCE AT 01/01/2024
TOTAL NET ADDITIONS/
(DISPOSALS)
FOREIGN EXCHANGE EFFECT
BALANCE AT 12/31/2024
Spanish highways
721
3
\u2013
724
US highways
12,823
76
858
13,757
Other highways
4
\u2013
\u2013
4
Highways investment
13,549
79
858
14,485
Accumulated amortization
(834)
(209)
(46)
(1,089)
Net investment in highways
12,715
(130)
812
13,396
Investment in other infrastructure projects
650
\u2013
\u2013
650
Depreciation of other infrastructure projects
(34)
(24)
\u2013
(58)
Total net investment in other infrastructure
projects
616
(24)
\u2013
592
TOTAL INVESTMENT
14,199
79
858
15,135
TOTAL AMORTIZATION AND PROVISION
(867)
(233)
(46)
(1,146)
TOTAL NET INVESTMENT
13,333
(154)
812
13,989
The total net investment corresponding to the intangible asset model in infrastructure projects for December 31, 2025 reached EUR 12,360 million
(EUR 13,989 million for December 2024), highlighting the net investment in US Highways, reaching EUR 11,402 million at December 31, 2025 (EUR
12,966 million in 2024).
The most significant changes in 2025 and 2024 were as follows:
\u25e6 Highways additions amounted to a gross EUR 145 million in 2025, mainly related to the ultimate capacity works in North Tarrant Express (EUR
79 million in 2024).
\u25e6 Exchange rate fluctuations resulted in a total change of EUR -1,531 million in 2025, fully attributed to the depreciation of the US dollar
against the Euro on the US highways (EUR 812 million in 2024, due to the appreciation of the US dollar against the Euro - see Note 1.4).
Investments in other infrastructure projects include the intangible assets of Dalaman airport, amounting to EUR 570 million (EUR 592 million in
2024).
All the concession assets of infrastructure project companies are pledged to secure borrowings (Note 6.5.2). The capitalization of borrowing costs
eligible for capitalization in 2025 and 2024 is described in Note 1.3.3.2 and Note 2.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-958": { "value": "
3.3. INVESTMENTS IN INFRASTRUCTURE PROJECTS
3.3.3 Cash flow effect
The cash flow effect of project additions primarily accounted for using the intangible asset model amounted to EUR -165 million in 2025 (EUR
-132 million in 2024), which differed from the additions recognized in the balance sheet for the following main reasons:
\u2022 For projects in which the intangible asset model is applied, due to differences between the accrual basis and cash basis of accounting, as well
as capitalized financial costs attributable to projects under construction, which do not give rise to cash outflows.
\u2022 For projects in which the financial asset model is applied, due to increases in receivables as a balancing entry for revenue from services
rendered, which also do not give rise to cash inflows.
3.4. PROPERTY, PLANT AND EQUIPMENT
Cash flow effect:
The 2025 impact on cash flows arising from additions to property, plant and equipment amounted to EUR -486 million (EUR -282 million in
2024), primarily related to the Construction and Energy business lines.
5.2.2. Borrowings
a) Infrastructure project companies
The following table shows, for 2025 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2024
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec.25
Infrastructure project borrowings
8,400
229
(904)
(93)
(15)
7,617
Infrastructure project borrowings decreased by EUR -782 million in 2025 with respect to December 2024, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR -904 million, mainly generated by US dollar fluctuations.
\u2022 Effect of scope changes, excluding the foreign exchange effect, due to the classification as held for sale of Transchile Charr\u00faa Transmisi\u00f3n,
S.A. (Note 1.1.3) totaling EUR -93 million.
\u2022 Increase of EUR 214 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the Misae Solar LLC project
(EUR 206 million) and attributable to the debt drawn down, capitalization of interest and accrued unmatured interest.
b) Ex-infrastructure projects
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in
cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2025, which do not
affect period cash positions:
(Million euro)
Dec. 2024
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec.25
Borrowings
2,889
(130)
(5)
(7)
63
2,810
Cross- currency swaps
(2)
2
\u2013
\u2013
\u2013
\u2013
Ex-infrastructure project borrowings
2,886
(128)
(5)
(7)
63
2,810
The movement in ex-infrastructure projects borrowings is mainly attributable to the repayment of the revolving facility (EUR -252 million), the
reduction of Euro Commercial Paper (EUR -199 million), partially offset by the variation in corporate bonds during the year, worth mentioning the
repayment of the bond issued in March 2017 and maturing in March 2025 (EUR 500 million), and the issuance of a new bond on January 16, 2025
(EUR 500 million) with an interest rate of 3.250% and maturity on January 2030, and a new non-dilutive convertible bond of EUR 400 million
notional issued on November 20, 2025, with a book value of EUR 355 million.
5.3. CASH FLOW
The following table summarizes the cash flows from operating, investing and financing activities for each of the years ended December 31, 2025,
2024 and 2023.
(Million euro)
2025
2024
2023
Cash flows from operating activities ex tax payments
2,023
1,485
1,433
Tax payments
(97)
(192)
(170)
Cash flows from operating activities
1,926
1,293
1,263
Investment
(2,049)
(1,269)
(468)
Divestment
1,158
2,582
43
Cash flows from investing activities
(891)
1,313
(425)
Cash flows before financing activities
1,035
2,606
838
Cash flows from financing activities
(1,592)
(2,567)
(1,179)
Change in cash and cash equivalents
(557)
39
(341)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-959": { "value": "
3.4. PROPERTY, PLANT AND EQUIPMENT
Movements under property, plant and equipment in the consolidated statement of financial position for 2025 and 2024 are set out below:
Movements during
2025 (million euro)
Land and buildings
Plant and machinery
Fixtures, fittings, tooling
and furniture
Total
Investment: Balance at
01.01.2025
186
755
436
1,377
Additions
66
151
209
426
Disposals
-
(38)
(38)
(76)
Scope changes and transfers
33
(86)
(5)
(58)
Foreign exchange effect
(6)
(41)
(26)
(73)
Balances at 12.31.2025
279
741
576
1,596
Accumulated depreciation and impairment losses at
01.01.2025
(42)
(367)
(196)
(605)
Depreciation charge
(6)
(111)
(57)
(174)
Disposals
-
80
48
128
Scope changes and transfers
-
45
1
46
Foreign exchange effect
2
12
7
21
Balances at 12.31.2025
(46)
(341)
(197)
(584)
Carrying amount at
12.31.2025
233
400
379
1,012
Movements during
2024 (million euro)
Land and buildings
Plant and machinery
Fixtures, fittings, tooling
and furniture
Total
Investment: Balance at
01.01.2024
106
523
495
1,124
Additions
75
80
163
318
Disposals
(3)
(49)
(25)
(77)
Scope changes and transfers
5
185
(207)
(17)
Foreign exchange effect
3
16
10
29
Balances at 12.31.2024
186
755
436
1,377
Accumulated depreciation and impairment losses at
01.01.2024
(35)
(323)
(172)
(530)
Depreciation charge
(6)
(104)
(27)
(137)
Disposals
2
66
12
80
Scope changes and transfers
(2)
(2)
(6)
(10)
Foreign exchange effect
(1)
(4)
(3)
(8)
Balances at 12.31.2024
(42)
(367)
(196)
(605)
Carrying amount at
12.31.2024
144
388
240
772
Significant changes in 2025 and 2024 by business line were as follows:
Additions:
(Million euro)
2025
2024
Construction
179
117
Energy
174
107
Other businesses
73
94
TOTAL
426
318
In 2025, additions mainly correspond to the Construction business (EUR 179 million) due to the acquisition of machinery and other equipment, and
to the Energy business line (EUR 174 million), fundamentally due to the acquisition of the Milano Solar, LLC project. This newly launched project
involves the development, construction, financing, operation, and maintenance of a 250MW solar photovoltaic facility located in Milam County,
Texas, with an expected operational lifespan of 40 years. The development of the solar plant in Poland also stands out among the main
additions. Finally, within other businesses, worth mentioning, among other acquisitions, are the additions related to the purchase of two plots of
land in Spain for data center development.
In 2024, additions mainly related to the Construction business line (EUR 117 million) due to the acquisition of machinery and other equipment, and
to the Energy business line (EUR 107 million), particularly the Misae Solar IV project in the United States, a solar SPV project (257MW) in Leon
County, Texas, where the company will perform the design, construction and plant operation, the construction of the Centella project electricity
transmission infrastructure in Chile, and a solar plant of 60MW in Poland. Finally, the main additions in other businesses related to the purchase
of a plot of land in Spain for data center development.
Cash flow effect:
The 2025 impact on cash flows arising from additions to property, plant and equipment amounted to EUR -486 million (EUR -282 million in
2024), primarily related to the Construction and Energy business lines.
Disposals due to sales or retirement:
As of December 31, 2025, disposals due to sales or retirement amount to EUR 76 million (EUR 77 million in 2024). Approximately EUR 57 million of
this amount (EUR 64 million in 2024) relates to Construction, mainly plant, machinery and other equipment.
Other disclosures relating to property, plant and equipment:
The Group has taken out insurance policies to cover the possible risks to which its property, plant and equipment are subject and any claims that
may be brought in the course of business. These policies are considered to provide sufficient coverage for the related risks.
Within the Scope changes section of the table, the transfer to assets held for sale is included, mainly relating to assets from the Energy business
(see note 1.1.3).
Property, plant and equipment under construction totaled EUR 292 million in 2025 (EUR 144 million in 2024).
At December 31, 2025 and 2024, no significant property, plant or equipment were subject to ownership restrictions or pledged as collateral for
liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-960": { "value": "
3.5.2.Disclosures relating to JFK NTO LLC
In addition, JFK NTO contracted interest rate swaps (IRS) associated with the project's bank borrowings and future debt issuances, for a
notional amount of USD 645 million in 2024, which have been treated as effective cash flow hedges and were cleared during 2025. During
the year, there was an impact of USD 26 million on the company's reserves (EUR 10 million at Ferrovial's ownership interest).
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2025, as well as the maturity dates of the notional amounts
to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are presented
as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
Balances at
12/31/2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
ASSET BALANCES
382
719
78
5
1
2,840
3,642
Index-Linked Swaps
P
139
(3)
(4)
(3)
(3)
91
78
FX derivatives: Cross Currency Swaps
146
\u2014
\u2014
\u2014
\u2014
2,236
2,236
FX derivatives: Forwards and Options
3
659
6
\u2014
\u2014
\u2014
665
Interest Rate Swaps Energy Business Line
P
2
2
\u2014
\u2014
\u2014
96
98
Interest Rate Swaps Airports Business Line
P
1
22
25
5
\u2014
\u2014
52
Interest Rate Swaps Highways Business Line
P
\u2014
(7)
49
\u2014
\u2014
\u2014
42
Interest Rate Swaps Construction Business Line
P
2
3
2
3
3
17
27
Interest Rate Swaps Other Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity Swaps
44
43
\u2014
\u2014
\u2014
\u2014
43
Power Purchase Agreement
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
45
\u2014
\u2014
\u2014
\u2014
400
400
LIABILITY BALANCES
(150)
517
38
236
(123)
1,302
1,971
Index-Linked Swaps
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Cross Currency Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Forwards and Options
(1)
246
1
1
2
10
260
Interest Rate Swaps Energy Business Line
P
(2)
231
2
2
2
91
329
Interest Rate Swaps Airports Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Highways Business Line
P
(67)
37
32
229
(133)
773
938
Interest Rate Swaps Construction Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Other Business Line
P
(2)
3
3
4
5
29
43
Equity Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Power Purchase Agreement
P
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
(45)
\u2014
\u2014
\u2014
\u2014
400
400
TOTAL
232
1,236
116
241
(123)
4,142
5,613
(P) - project companies; ( ) - ex project companies
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
Balances at
12/31/2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
ASSET BALANCES
382
37
(7)
(6)
(5)
453
472
Index-Linked Swaps
P
139
12
13
14
15
110
165
FX derivatives: Cross Currency Swaps
146
(22)
(20)
(20)
(20)
282
200
FX derivatives: Forwards and Options
3
3
\u2014
\u2014
\u2014
\u2014
3
Interest Rate Swaps Energy Business Line
P
2
(1)
(1)
(1)
\u2014
7
5
Interest Rate Swaps Airports Business Line
P
1
\u2014
\u2014
\u2014
\u2014
\u2014
1
Interest Rate Swaps Highways Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Construction Business Line
P
2
\u2014
\u2014
\u2014
\u2014
1
2
Interest Rate Swaps Other Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity Swaps
44
44
\u2014
\u2014
\u2014
\u2014
44
Power Purchase Agreement
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
45
\u2014
\u2014
\u2014
\u2014
53
53
LIABILITY BALANCES
(150)
(17)
(19)
(18)
(17)
(62)
(133)
Index-Linked Swaps
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Cross Currency Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Forwards and Options
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Energy Business Line
P
(2)
(1)
(1)
(1)
\u2014
2
(1)
Interest Rate Swaps Airports Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Highways Business Line
P
(67)
(16)
(18)
(17)
(16)
(10)
(77)
Interest Rate Swaps Construction Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Other Business Line
P
(2)
\u2014
(1)
\u2014
\u2014
(1)
(2)
Equity Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Power Purchase Agreement
P
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
(45)
\u2014
\u2014
\u2014
\u2014
(53)
(53)
TOTAL
232
20
(26)
(24)
(22)
391
339
(P) - project companies; ( ) - ex project companies
Index-linked swaps (ILS)
They relate solely to Autema project, which arranged an index-linked swap fixing the annual inflation rate at 2.5% in 2008 to hedge revenue
variability, with a total notional of EUR 78 million. The underlying hedged items are the toll flows and price compensation flows received by the
Catalan Regional Government, which are inflation-adjusted. The rise in inflation during 2025 had an impact of EUR -3 million on reserves and a
fair value impact of EUR 7 million on results.
Within the categories of foreign exchange derivatives, some of them are intended to hedge investments denominated in USD and CAD (see
disclosure in Note 5.4.b), highlighting the following instruments:
Foreign exchange derivatives: Cross-currency swaps (CCS)
At December 31, 2024 Ferrovial SE recorded cross-currency swaps to hedge a corporate liquidity line in US dollars (Note 5.2.2). These instruments
had a notional value of USD 260 million (EUR 250 million agreed equivalent value) and matured in 2025. They were cancelled on January 15,
2025.
The group companies Cintra Infrastructure SE and 407 Toronto Highway BV have cross-currency swaps (CCS) hedging the net investment in USD
and CAD, respectively. These instruments have a notional amount of EUR 1,971 million and EUR 139 million, respectively, with maturities from
2032 onward and a fair value of EUR 137 million and EUR 7 million.
The result of the effectiveness tests carried out show that most of these derivatives are effective. The interest rate component of these derivatives,
treated as cost of hedging, amounts to EUR -49 million and is recorded as reserves through other comprehensive income (OCI). As the coupons for
the interest rate spread are paid, this cost is directly recognized as income. In addition, the impact of the investment hedges was EUR 216 million
and was recognized as a translation difference through OCI.
Additionally, 407 Toronto Highway BV has cross-currency swaps (CCS) with a notional amount of EUR 126 million that are not classified as
accounting hedges and are recognized in net financial income/(expense) at fair value (EUR 2 million).
Foreign exchange derivatives: Forwards and Options (FX)
There are foreign exchange hedges, designed for the Group's CAD and USD investments. The notional amounts are EUR 210 million and EUR 635
million at December 31, 2025 (CAD 338 million and USD 747 million) (Note 1.3) and the fair value amounts are EUR -0.44 million and EUR 2.7
million, respectively.
Value changes are recognized under currency translation differences in the amount of EUR 86 million in 2025. Additionally, movements of
settlements and accruals would have an impact on the financial result (EUR 0 million in the current exercise), and a positive impact of EUR 43
million on cash.
There are also hedges of foreign currency risk, for the volatility of future cash flows in foreign currencies or assets denominated in foreign
currencies (primarily the Polish zloty). Their notional value stood at EUR 81 million at December 31, 2025, of which EUR 60 million corresponds to
the Polish zloty. All of them expire in the short-term.
Foreign exchange hedges for assets denominated in foreign currencies, recognized value changes as translation differences and amounted to
EUR -5 million in 2025 (for effective derivatives).
Finally, options, which are not classified as accounting hedges, are recognized in net financial income/(expense) at fair value, entailing nil expense
during the year.
Interest Rate Swaps (IRS)
To hedge interest rate risk in infrastructure projects, the borrowings of which accrue variable interest (primarily Cintra Inversora Autopistas de
Catalu\u00f1a, S.A., NTE Mobility Partners, LLC, LBJ Infr. Group LLC, Autov\u00eda de Arag\u00f3n, Centella, Misae Solar Plant, Depusa Arag\u00f3n, Dalaman
International Airport, and the UK Waste Treatment Business, Thalia - Waterbeach Plant), the companies have contracted interest rate hedges on
project debt, establishing a fixed or increasing interest rate, for a total notional amount of EUR 1,530 million at December 31, 2025. Overall, the
fair value of these hedges has changed from EUR -57 million at December 2024 to EUR -66 million at December 2025.
In general terms, periodic hedge effectiveness measurements show that derivatives are effective, so changes in their fair value are recorded in
reserves, amounting to EUR 15 million.
The movement in settlements, accruals and also in ineffectiveness, had an impact on net financial income/(expense) of EUR -16 million and on
cash of EUR 13 million (negative).
Equity swaps (ES)
The Company has arranged equity swaps for the potential financial impact of the exercise of share-based remuneration schemes granted to
employees. The value of these swaps contracted by the Company change as the value of Ferrovial shares changes, and are therefore, treated as
derivatives but not as accounting hedges (speculative), so the change in fair value of these derivatives is recognized through profit or loss as a fair
value adjustment.
These contracts are described below:
\u2022 The calculation base comprises a given number of Ferrovial shares and a reference price, which is usually the share price on the execution
date.
\u2022 During the swap term, Ferrovial pays interest at a given interest rate (EURIBOR plus a spread to be applied to the result of multiplying the
number of shares by the strike price) and receives remuneration equal to the dividends on those shares.
\u2022 When the swap expires, if the share price has risen, Ferrovial will receive in cash the difference between the arithmetic mean of the share price
during the observation period and the reference price, multiplied by the number of shares contracted. Otherwise, Ferrovial will pay the
difference to the financial institution.
Its fair value at December 31, 2025 is EUR 44 million. The change in value during the year was due to the increase in Ferrovial's share price from
EUR 40.60 at December 31, 2024 to EUR 55.34 at December 31, 2025, entailing an impact of EUR 27 million under the income statement
heading \u201cChanges in the fair value of financial instruments\u201d. The column \u201cImpact on Net financial income/(expense)\u201d includes the remuneration
as income and the finance cost of these instruments as an expense in the amount of EUR -2 million (Note 2.6). The total impact of these
instruments on cash resources amounted to EUR 10 million (positive).
At December 2025, these derivatives had a notional value equivalent to 1,580,364 shares which, based on the strike price of the equity swaps
(price at which they must be settled with the banks), represented a total notional amount of EUR 43 million.
Power Purchase Agreements (PPAs)
Ferrovial has entered into power purchase agreements (PPAs) for the sale of energy in connection with the solar energy plants in Texas (Misae and
Milano projects), currently under construction. These virtual or financial PPAs that do not involve the physical delivery to its end user of energy and
are settled for the cash difference between the contract price and the market price, are classified as derivatives that fall within the scope of IFRS 9.
For such financial contracts, Ferrovial applies cash flow hedge accounting, recognizing the variation in the fair value of these hedging instruments
through other comprehensive income (OCI). The fair value reached EUR -33 million at December 2025 (EUR -33 million Misae, and EUR 0.1 million
Milano).
Other derivatives
As other derivatives recognized in the liabilities heading, the Company includes the equity option related to the non-dilutive cash settled
convertible bond issued on November 2025, as mentioned in Note 5.2 b.1.1.
This bond is treated as a hybrid instrument, combining the financial debt, and an embedded derivative with a notional value of EUR 400 million,
measured at fair value (EUR -45 million) as a liability. Additionally, Ferrovial has purchased a call option on its own shares, mirroring the call
embedded in the bond to offset its impact, with a fair value of EUR 45 million, recognized in the derivative assets heading.
b) Main effects on the income statement and equity
Set out below is a breakdown of the main derivatives arranged by fully-consolidated companies showing movements in fair values at December
31, 2025 and December 2024 and the effect on reserves, profit/(loss) and other balance sheet items:
TYPE OF INSTRUMENT
(Million euro)
FAIR VALUE
EFFECTS
Balances at
12/31/2025
Balances at
12/31/2024
Var.
EFFECT ON
RESERVES
(I)
FAIR VALUE
EFFECT ON
PROFIT/
(LOS S) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Index-linked derivatives
139
134
5
(3)
7
5
(12)
\u2013
8
5
Cash flow hedges
139
134
5
(3)
7
5
(12)
\u2013
8
5
Interest rate derivatives
(66)
(57)
(9)
15
4
(16)
14
(2)
(25)
(9)
Cash flow hedges
(66)
(57)
(9)
7
4
(16)
14
(2)
(16)
(9)
Fair value hedges
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Speculative
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross-currency swaps
146
43
103
(112)
1
(18)
14
217
1
103
Cash flow hedges
\u2013
2
(2)
1
\u2013
1
(3)
\u2013
1
(2)
Net foreign investment hedges
144
41
103
(112)
\u2013
(18)
18
217
\u2013
103
Speculative
2
\u2013
2
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
Foreign exchange derivatives
2
(40)
41
5
(12)
\u2013
(52)
81
21
41
Cash flow hedges
\u2013
(2)
2
2
\u2013
\u2013
(3)
\u2013
3
2
Fair value hedges
(1)
(5)
4
\u2013
(3)
\u2013
(6)
(5)
17
4
Net foreign investment hedges
2
(39)
41
3
(4)
\u2013
(43)
86
\u2013
41
Speculative
1
6
(5)
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Equity swaps
44
29
15
\u2013
27
\u2013
(10)
\u2013
(2)
15
Speculative
44
29
15
\u2013
27
\u2013
(10)
\u2013
(2)
15
Power purchase agreement (PPA)
(33)
\u2013
(33)
(35)
1
\u2013
\u2013
1
\u2013
(33)
Cash flow hedges
(33)
\u2013
(33)
(35)
1
\u2013
\u2013
1
\u2013
(33)
Equity Options
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Speculative
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL
232
109
123
(130)
28
(29)
(46)
297
3
123
Derivatives are recognized at market value at inception and at fair value at later dates. Changes in the value of these derivatives are recognized
for accounting purposes as follows:
\u2022 Fair value changes during the year to the effective portion of cash flow hedging derivatives are recognized, with a balancing entry in reserves
(column I).
\u2022 Fair value changes to derivatives that do not qualify for hedge accounting or are deemed to be speculative are recognized separately as a fair
value adjustment in the Group\u2019s income statement (column II).
\u2022 \u201cEffect on net financial income/(expense)\u201d (column III) reflects the effects of the financing of interest flows accrued during the year.
\u2022 The \u201cCash\u201d column (IV) refers to net settlements of receipts and payments during the year. Receipts are in negative, and payments in
positives.
\u2022 The effect of foreign exchange fluctuations on currency translation differences from December 31, 2024 to December 31, 2025 is also
presented separately (column V).
\u2022 The \u201cOther effects on balance sheet or income\u201d column shows the effects on operating profit/(loss), net financial income/(expense) (exchange
rate) and other effects not previously mentioned (column VI).
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-961": { "value": "
3.6. NON-CURRENT FINANCIAL ASSETS
Set out below is a breakdown of movements at December 31, 2025 and December 31, 2024:
MOVEMENTS (Million euro)
LONG- TERM LOANS
TO ASSOCIATES
RESTRICTED CASH
FROM
INFRASTRUCTURE
PROJECT COMPANIES
AND OTHER FINANCIAL
ASSETS
FINANCIAL
INVESTMENTS CARRIED
AT FAIR VALUE
LOANS ASSOCIATED
WITH DIVESTMENT
TRANSACTIONS
OTHER LONG- TERM
RECEIVABLES
TOTAL
BALANCE AT 31/12/2023
262
628
45
186
27
1,148
Additions
113
18
566
1
32
730
Disposals
(3)
(275)
(2)
(176)
(33)
(489)
Transfers and other
(273)
-
(1)
(13)
-
(287)
Foreign exchange
1
30
2
2
2
37
BALANCE AT 31/12/2024
100
401
610
-
28
1,139
Additions
16
1,375
7
18
29
425
Disposals
(5)
(1,471)
(548)
-
(37)
(1,040)
Transfers and other
-
(4)
(5)
12
3
Foreign exchange
1
(43)
(3)
1
(7)
(52)
BALANCE AT 31/12/2025
113
262
61
13
26
475
Note: Balances net of provisions
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-962": { "value": ".6. NON-CURRENT FINANCIAL ASSETS
Restricted cash from infrastructure project companies
The heading \u201cRestricted cash from infrastructure project companies and other financial assets\u201d primarily relates to deposits made in highway
concession operators, the use of which is limited to certain purposes under the concession, such as payments of future investments, operating
expenditure or debt servicing.
At December 31, 2025 this item amounts to EUR 262 million, which mainly corresponds to the NTE Mobility Partners (EUR 192 million) and the I-66
Express Mobility Partners (EUR 34 million).
During 2025, the main additions corresponds to NTE Mobility Partners (EUR 884 million) and LBJ Infrastructure Group (EUR 236 million), which
also recorded outflows due to dividend payments: EUR -440 million, EUR -269, and EUR -219 million, respectively, at NTE Mobility Partners, I-66
Express Mobility Partners LLC, and at LBJ Infrastructure Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-963": { "value": "
3.7. RIGHTS-OF-USE ASSETS AND ASSOCIATED LIABILITIES
Set out below are movements in right-of-use assets in the balance sheet:
MOVEMENTS
(Million euro)
LAND
BUILDINGS
VEHICLES
PLANT AND
MACHINERY
OFFICE EQUIPMENT
AND OTHER
TOTAL
BALANCE AT 12/31/2023
12
83
63
33
5
196
Additions
26
25
61
27
4
143
Disposals
\u2014
(7)
(4)
(6)
\u2014
(17)
Transfers and other
\u2014
1
1
4
(1)
5
Depreciation/amortization
(4)
(24)
(41)
(20)
(4)
(93)
Scope changes
(3)
\u2014
\u2014
\u2014
\u2014
(3)
Foreign exchange effect
1
2
3
1
\u2014
7
BALANCE AT 12/31/2024
32
80
83
39
4
238
Additions
17
18
67
81
7
190
Disposals
(1)
\u2014
(3)
(16)
\u2014
(20)
Transfers and other
\u2014
2
3
12
(2)
15
Depreciation/amortization
(4)
(23)
(43)
(27)
(5)
(102)
Scope changes
\u2014
(1)
(3)
(4)
\u2014
(8)
Foreign exchange effect
(3)
(3)
(7)
(4)
\u2014
(17)
BALANCE AT 12/31/2025
41
73
97
81
4
296
The most significant variations under this heading relate to additions totaling EUR 190 million (EUR 143 million in 2024), of which EUR 166 million
(EUR 109 million in 2024) corresponds to the Construction business line leases.
Movements in lease liabilities are set out below:
LEASE LIABILITIES
BALANCE AT 12/31/2023
200
Additions under new leases
143
Associated financial expenses
12
Payments
(104)
Foreign exchange effect
7
Consolidation scope changes and other
(13)
BALANCE AT 12/31/2024
245
Additions under new leases
185
Associated financial expenses
16
Payments
(121)
Foreign exchange effect
(16)
Consolidation scope changes and other
(4)
BALANCE AT 12/31/2025
305
Short-term lease liabilities 2025
86
Long-term lease liabilities 2025
219
Set out below are future maturities of lease liabilities in each business area at December 31, 2025:
2026
2027
2028
2029
2030
2031 and
beyond
TOTAL
Corporation
3
4
4
4
4
6
25
Construction
80
55
35
23
19
32
244
Highways
1
-
-
-
-
-
1
Other
2
3
-
-
-
30
35
TOTAL LEASE LIABILITIES
86
62
39
27
23
68
305
At December 31, 2025 lease expenses related to contracts not meeting IFRS16 requirements are recognized in operating profit/(loss) reaching EUR
296 million (EUR 257 million in 2024 and EUR 251 million in 2023), relating to the following items:
a.Expenses under agreements which though meeting the definition of a lease under IFRS 16, qualify for the exemptions granted by the standard
for short-term leases, and leases for which the underlying asset is of low value. Given the nature of the Group\u2019s business, assets are normally
leased to carry out various phases of a project for periods of less than one year or are considered to have a low value (below EUR 5,000 or
equivalent in other currency).
b.Agreements that are not leases as defined in IFRS 16 as they do not convey the right to control the use of an identified asset or even if an asset
is specified, the supplier has the substantive right to substitute the asset throughout the period of use. This is especially frequent in
construction projects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-965": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2025 AND 2024
This section contains the notes related to Inventories (Note 4.1), Short-term trade and other receivables (Note 4.2) and Short-term trade and
other payables (Note 4.3). The net balance of these items is referred to as working capital.
The distinction between current and non-current assets and liabilities is made on the basis of whether or not the asset or liability is expected to be
recovered or settled in the ordinary course of the company's business cycle. There is a presumption that normally the business cycle has a duration
of one year, but there could be assets and liabilities used in activities in which operations are considered to mature over more than one year that
should be considered as current assets and liabilities, specifically in relation to the construction activity, since the life of a construction contract is
greater than one year.
The main movements during 2025 correspond to the increase in short-term trade payables, mainly due to the increase in works certified in
advance and in trade payables, primarily in the Construction business, partially offset by the reduction of short-terms receivables, mainly due to
the settlement of the loan with AGS (EUR 235 million), following the completion of the sale of the Group\u2019s stake in AGS (Note 1.1.4.).
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Inventories
492
(28)
\u2014
76
540
Short-term trade receivables
1,625
(68)
(54)
257
1,761
Short-term other receivables
602
(14)
(3)
(101)
484
Short-term trade payables
(3,401)
174
14
(415)
(3,627)
Short-term other payables
(502)
10
24
(84)
(553)
TOTAL
(1,182)
75
(19)
(267)
(1,395)
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Inventories
458
13
\u2014
21
492
Short-term trade receivables
1,354
24
1
248
1,625
Short-term other receivables
324
5
\u2014
274
602
Short-term trade payables
(3,227)
(57)
(3)
(115)
(3,401)
Short-term other payables
(419)
(6)
6
(83)
(502)
TOTAL
(1,511)
(21)
4
345
(1,182)
Section 4.4 contains a more detailed analysis of the balance sheet items relating to the recognition of revenue from contracts with customers in
the Construction business, including the disclosures required by IFRS 15 in relation to those contracts.
4.3. SHORT-TERM TRADE AND OTHER PAYABLES
Set out below is a breakdown of this heading at December 31, 2025 and December 31, 2024:
Million euro
2024
Exchange rate
Consolidation scope changes
Other
2025
Trade payables
1,781
(54)
(11)
87
1,803
Work certified in advance
1,227
(101)
(3)
323
1,445
Advance payments
392
(19)
\u2014
6
379
Other non-trade payables
502
(10)
(24)
84
553
TRADE AND OTHER PAYABLES
3,902
(184)
(38)
500
4,180
Million euro
2023
Exchange rate
Consolidation scope changes
Other
2024
Trade payables
1,698
29
2
53
1,781
Work certified in advance
1,124
26
\u2014
77
1,227
Advance payments
406
1
\u2014
(14)
392
Other non-trade payables
419
6
(6)
83
502
TRADE AND OTHER PAYABLES
3,646
63
(4)
198
3,902
a) Trade payables
Set out below is a breakdown of trade payables at December 31, 2025 and December 31, 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Trade payables
1,203
(47)
(13)
17
1,160
Trade payables sent for reverse factoring
317
\u2014
2
53
372
Withholdings made from suppliers
261
(8)
\u2014
17
271
TRADE PAYABLES
1,781
(54)
(11)
87
1,803
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade payables
1,158
24
2
20
1,203
Trade payables sent for reverse factoring
281
\u2014
\u2014
35
317
Withholdings made from suppliers
259
5
\u2014
(2)
261
TRADE PAYABLES
1,698
29
2
53
1,781
Trade payables increased by EUR 23 million compared to the balance recognized at December 31, 2024. Excluding the foreign exchange effect
and scope changes, trade payables grew by EUR 87 million, primarily in the Construction business (EUR 43 million), mainly in Spain and Poland as
well as in the Energy business (EUR 23 million) and particularly in the activity in Spain and Chile.
The Group offers its suppliers the option of utilizing reverse factoring arrangements to receive early payment of their invoices through banks.
Suppliers may choose to participate in this arrangement at their discretion.
Suppliers that participate in these reverse factoring arrangements will receive early payment on invoices from the banks, paying a fee to the
finance provider. On the due dates and without any extension beyond the original dates agreed with the suppliers, the Group will make payment
to the banks on the same terms. Additionally, there are no special guarantees securing these payments.
All trade payables for which suppliers can use these reverse factoring arrangements are included in trade and other payables in the consolidated
statement of financial position and within trade payables in the table above, regardless of whether they have made use of the early payment. Of
the EUR 372 million (EUR 317 million in 2024) in trade payables sent for reverse factoring, EUR 172 million has been paid early to suppliers at
December 31, 2025.
As disclosed in the table above, trade payables pending payment to suppliers under reverse factoring arrangements increased by EUR 53 million,
compared to the balance at December 31, 2024. This increase relates to the difference between payments made during the year and new invoices
pending payment at December 2025.
There were no significant non-cash changes in the carrying amount of the trade payables such as the effect of business combinations or exchange
differences, included in the Group's supplier finance arrangements.
Group management considers that the carrying amount of trade payables approximates fair value.
b) Work certified in advance and advance payments from customers
This heading includes:
\u2022 Work certified in advance (see definition in Notes 4.4 and 1.3.3.4) increased by EUR 323 million against December 2024 (excluding the foreign
exchange effect and scope changes). Out of this EUR 323 million, EUR 280 million relates to Construction business, due to cash collected in
advance based on the projects\u2019 percentage of completion.
\u2022 The balance of advance payments from customers (see definition in Note 4.4) increased by EUR 6 million in relation to December 2024.
c) Other non-trade payables
\u201cOther non-trade payables\u201d break down as follows:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Accrued wages and salaries
254
(4)
(19)
22
252
Taxes payable
176
(3)
(6)
6
173
Other payables
72
(3)
1
57
127
OTHER NON- TRADE PAYABLES
502
(10)
(24)
84
553
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Accrued wages and salaries
227
3
(1)
25
254
Taxes payable
162
2
(5)
17
176
Other payables
30
2
\u2014
41
72
OTHER NON- TRADE PAYABLES
419
6
(6)
83
502
The main movement during the period relates to the reclassification of participating loans bearing interest, granted by Spain\u2019s Central
Government to the Autov\u00eda de Arag\u00f3n concession within the Highways business line, from non-current to current liabilities for an amount of EUR
57 million (Note 6.4).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-964": { "value": "
SECTION 4: TRADE CURRENT ASSETS AND LIABILITIES AT DECEMBER 31, 2025 AND 2024
This section contains the notes related to Inventories (Note 4.1), Short-term trade and other receivables (Note 4.2) and Short-term trade and
other payables (Note 4.3). The net balance of these items is referred to as working capital.
The distinction between current and non-current assets and liabilities is made on the basis of whether or not the asset or liability is expected to be
recovered or settled in the ordinary course of the company's business cycle. There is a presumption that normally the business cycle has a duration
of one year, but there could be assets and liabilities used in activities in which operations are considered to mature over more than one year that
should be considered as current assets and liabilities, specifically in relation to the construction activity, since the life of a construction contract is
greater than one year.
The main movements during 2025 correspond to the increase in short-term trade payables, mainly due to the increase in works certified in
advance and in trade payables, primarily in the Construction business, partially offset by the reduction of short-terms receivables, mainly due to
the settlement of the loan with AGS (EUR 235 million), following the completion of the sale of the Group\u2019s stake in AGS (Note 1.1.4.).
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Inventories
492
(28)
\u2014
76
540
Short-term trade receivables
1,625
(68)
(54)
257
1,761
Short-term other receivables
602
(14)
(3)
(101)
484
Short-term trade payables
(3,401)
174
14
(415)
(3,627)
Short-term other payables
(502)
10
24
(84)
(553)
TOTAL
(1,182)
75
(19)
(267)
(1,395)
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Inventories
458
13
\u2014
21
492
Short-term trade receivables
1,354
24
1
248
1,625
Short-term other receivables
324
5
\u2014
274
602
Short-term trade payables
(3,227)
(57)
(3)
(115)
(3,401)
Short-term other payables
(419)
(6)
6
(83)
(502)
TOTAL
(1,511)
(21)
4
345
(1,182)
Section 4.4 contains a more detailed analysis of the balance sheet items relating to the recognition of revenue from contracts with customers in
the Construction business, including the disclosures required by IFRS 15 in relation to those contracts.
4.2. SHORT-TERM TRADE AND OTHER RECEIVABLES
Set out below is a breakdown of this heading at December 31, 2025 and December 31 2024:
Million euro
2024
Exchange rate
Consolidation scope changes
Other
2025
Trade receivables for sales and services
1,625
(68)
(54)
257
1,761
Other receivables
602
(14)
(3)
(101)
484
TOTAL RECEIVABLES
2,228
(81)
(57)
156
2,245
Million euro
2023
Exchange rate
Consolidation scope changes
Other
2024
Trade receivables for sales and services
1,353
24
1
248
1,625
Other receivables
324
5
\u2014
274
602
TOTAL RECEIVABLES
1,677
29
1
522
2,228
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2025 and December 31 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Trade receivables
1,088
(37)
(27)
121
1,145
Bad debt provisions
(227)
2
\u2014
10
(215)
Net trade receivables
861
(35)
(26)
130
929
Completed work pending certification
573
(21)
(25)
160
686
Retentions
191
(11)
(2)
(32)
145
TRADE RECEIVABLES FOR SALES AND SERVICES
1,625
(68)
(54)
257
1,761
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade receivables
963
13
1
111
1,088
Bad debt provisions
(216)
(1)
\u2014
(10)
(227)
Net trade receivables
748
12
1
101
861
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
TRADE RECEIVABLES FOR SALES AND SERVICES
1,353
24
1
248
1,625
The change under the heading \u201cOther\u201d (EUR 257 million) is explained primarily by the increase in Construction (EUR 197 million in 2025; EUR 288
million in 2024), driven by the activity growth in the year.
Additionally, the heading \"Trade receivables\" includes non- recourse factoring collections amounting to EUR 11 million in 2024. No balance
related to non-recourse factoring was recognized in 2025.
Set out below is a breakdown of the main trade receivables by debtor type at December 31, 2025 and December 31, 2024:
At 12.31.2025
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
1,080
68%
105
n.a.
1,185
67%
Private sector
367
23%
95
n.a.
461
26%
Group companies and associates
146
9%
(31)
n.a.
115
7%
TOTAL
1,593
100%
168
N.A.
1,761
100%
At 12.31.2024
(Million euro)
CONSTRUCTION
OTHER AND ADJUSTMENTS
TOTAL
Public sector
820
57%
138
n.a.
958
60%
Private sector
458
31%
75
n.a.
533
32%
Group companies and associates
186
12%
(52)
n.a.
134
8%
TOTAL
1,465
100%
161
N.A.
1,625
100%
The Group has pre and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or solvency
studies, etc. and monitoring incidents and default, etc. while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2025
2024
Opening balance
227
216
Amounts charged to the income statement:
(2)
10
Charges
8
16
Reversals
(10)
(7)
Applications
(7)
\u2014
Foreign exchange effect
(2)
1
Transfers and other
\u2014
\u2014
Closing balance
215
227
Group management considers that the carrying amount of trade receivables approximates fair value.
b) Other receivables
Other receivables breakdown as follows at December 31, 2025 and December 31 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Advance payments to suppliers
83
(8)
\u2014
37
112
Sundry receivables and other short term financial assets
343
(3)
(4)
(154)
182
Infrastructure project receivables
4
\u2014
\u2014
\u2014
4
Amounts receivable from Public Administrations
172
(2)
1
15
185
OTHER RECEIVABLES
602
(14)
(3)
(101)
484
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Advance payments to suppliers
67
3
\u2014
13
83
Sundry receivables and other short term financial assets
110
1
\u2014
233
343
Infrastructure project receivables
4
\u2014
\u2014
\u2014
4
Amounts receivable from Public Administrations
144
1
\u2014
28
172
OTHER RECEIVABLES
324
5
\u2014
274
602
The main movement under this heading during 2025, disclosed in the line item \"Sundry receivables and other short term financial assets\",
corresponds to the settlement of the loan with AGS (GBP 195 million; EUR 235 million) following the completion of the sale of the Group\u2019s stake in
AGS (Note 1.1.4).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-966": { "value": "
4.1.INVENTORIES
Inventories break down as follows at December 31, 2025 and December 31, 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Goods purchased for resale
26
\u2014
1
10
37
Raw materials and other supplies
343
(17)
(1)
69
394
Bidding and mobilization costs
124
(10)
\u2014
(4)
109
Inventories
492
(28)
\u2014
76
540
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Goods purchased for resale
20
\u2014
\u2014
6
26
Raw materials and other supplies
303
10
\u2014
30
343
Bidding and mobilization costs
135
3
\u2014
(15)
124
Inventories
458
13
\u2014
21
492
Goods purchased for resale relate primarily to the Construction business (EUR 37 million in 2025, compared to EUR 26 million in 2024).
The movement during 2025 in raw materials and other supplies excluding exchange rates (EUR 69 million), mainly relates to the Construction
business, primarily the activity in Poland for EUR 26 million (EUR -4 million in 2024) and the activity in US for an amount of EUR 20 million (EUR
23 million in 2024), as well as the Energy business (EUR 35 million), primarily in Chile (EUR 21 million) and in the US for the amount of EUR 14
million.
Inventories are measured at acquisition cost using the weighted average cost method, consistently applied to items with similar characteristics.
Bidding and mobilization costs are written off systematically as the goods and services relating to the asset are transferred to customers, entailing
a variation of EUR -4 million during 2025, particularly in the United States and Canada.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-967": { "value": "
a) Trade receivables for sales and services
Trade receivables break down as follows at December 31, 2025 and December 31 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Trade receivables
1,088
(37)
(27)
121
1,145
Bad debt provisions
(227)
2
\u2014
10
(215)
Net trade receivables
861
(35)
(26)
130
929
Completed work pending certification
573
(21)
(25)
160
686
Retentions
191
(11)
(2)
(32)
145
TRADE RECEIVABLES FOR SALES AND SERVICES
1,625
(68)
(54)
257
1,761
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Trade receivables
963
13
1
111
1,088
Bad debt provisions
(216)
(1)
\u2014
(10)
(227)
Net trade receivables
748
12
1
101
861
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
TRADE RECEIVABLES FOR SALES AND SERVICES
1,353
24
1
248
1,625
The Group has pre and post-contracting measures in place to manage customer credit risk, such as consulting debtor registers, ratings or solvency
studies, etc. and monitoring incidents and default, etc. while the work is in progress.
Changes to trade provisions are set out below:
(Million euro)
2025
2024
Opening balance
227
216
Amounts charged to the income statement:
(2)
10
Charges
8
16
Reversals
(10)
(7)
Applications
(7)
\u2014
Foreign exchange effect
(2)
1
Transfers and other
\u2014
\u2014
Closing balance
215
227
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-968": { "value": "
4.3. SHORT-TERM TRADE AND OTHER PAYABLES
b) Work certified in advance and advance payments from customers
This heading includes:
\u2022 Work certified in advance (see definition in Notes 4.4 and 1.3.3.4) increased by EUR 323 million against December 2024 (excluding the foreign
exchange effect and scope changes). Out of this EUR 323 million, EUR 280 million relates to Construction business, due to cash collected in
advance based on the projects\u2019 percentage of completion.
\u2022 The balance of advance payments from customers (see definition in Note 4.4) increased by EUR 6 million in relation to December 2024.
4.4. BALANCES UNDER CONTRACTS WITH CUSTOMERS AND OTHER IFRS 15 DISCLOSURES
Balance sheet information under IFRS 15
As indicated in Note 1.3.3.4 in relation to the policy for recognizing contract revenue (IFRS 15), for contracts in which the performance obligations
are measured over time, the difference between the revenues recognized for services rendered and the amounts actually billed to the customer
are systematically analyzed on a contract-by-contract basis.
If the amount billed is lower than the revenue recognized, the difference is recognized as an asset under \u201cTrade receivables for sales and services
\u2013 Net completed work pending certification\u201d (Note 4.2), whereas if the revenue recognized is lower than the amount billed, a liability is recognized
under \u201cShort-term trade and other payables - Work certified in advance\u201d (Note 4.3).
For certain construction contracts, advances are agreed, paid by the customer at contract inception and offset, under a specific calendar, against
progress billings as the works are executed. These amounts are reported as \"advanced payments\".
All these balances are carried on the liabilities side of the balance sheet under the heading \u201cTrade payables\u201d (Note 4.3.a).
In contrast to the advance payments, under some contracts the customer retains a portion of each progress billing payment to guarantee certain
contractual obligations are met, which is not reimbursed until the contract is definitively settled. These balances are carried on the assets side of
the balance sheet as \"Retentions\" under \u201cTrade receivables for sales and services\u201d (Note 4.2.a).
Unlike completed work pending certification and work certified in advance, advances and retentions are balances that will have an impact on
future cash flows, since in the case of the advances a lower amount will be collected in the future as the advances are discounted from the
progress billings, whereas the retentions will give rise to higher collections in the future, since the customer will reimburse the related amounts as
and when the contract work is settled. Therefore, these advance payments are not presented as a contract liability due to their distinct nature and
impact on future cash flows. Consequently, they are not presented on a net basis against contract assets and contract liabilities.
Set out below is a breakdown of the amounts recognized in this connection at December 31, 2025 and December 31, 2024:
Million euro
2024
Exchange rate
Consolidation scope
changes
Other
2025
Completed work pending certification
573
(21)
(25)
160
686
Retentions
191
(11)
(2)
(32)
145
Total customer contract assets
764
(32)
(27)
127
832
Work certified in advance
1,227
(101)
(3)
323
1,445
Advance payments
392
(19)
\u2014
6
379
Total customer contract liabilities
1,619
(120)
(3)
328
1,824
Million euro
2023
Exchange rate
Consolidation scope
changes
Other
2024
Completed work pending certification
446
10
\u2014
118
573
Retentions
160
3
\u2014
28
191
Total customer contract assets
606
13
\u2014
146
764
Work certified in advance
1,124
26
\u2014
77
1,227
Advance payments
406
1
\u2014
(14)
392
Total customer contract liabilities
1,530
27
\u2014
63
1,619
The balance of work completed pending certification at December 31, 2025 and December 31, 2024 related mainly to revenue under the main
contract with the customer since, according to the Group\u2019s general policy, only work that is due and payable, i.e. has been approved by the
customer, may be recognized in the financial statements. Claims only include cases in which it is deemed highly likely that there will be no reversal
of revenue in the future.
In general, performance obligations in the construction business are fulfilled over time. Therefore, the balance relates basically to differences
between work completed and work certified due to timing differences in the customer certification and review process, billing milestones or
certification schedule.
Other disclosures relating to IFRS 15:
Revenue from contracts with customers:
EUR 9,516 million of the total revenue recognized in 2025 (EUR 9,024 million and EUR 8,339 million in 2024 and 2023, respectively) (Note 2.1
Operating income) relates to revenue from contracts with customers, which accounted for 98.9% of revenue recognized ( 98.7% and 97.9% in
2024 and 2023, respectively)
Million euro
2025
2024
2023
Construction
7,455
7,091
6,909
Highways
1,361
1,236
1,071
Airports
111
90
8
Other segments
589
607
351
Revenue from contracts with customers
9,516
9,024
8,339
The table below shows a breakdown of income pending recognition in relation to uncompleted performance obligations by business area at year-
end, and includes an estimate of the years in which it is expected to appear in income.
REVENUE
2025
2026
2027
2028
2029 and beyond
TOTAL
Construction
6,942
4,407
2,572
1,070
2,447
17,438
Energy & Other
523
286
74
60
294
1,237
Total
7,465
4,693
2,646
1,130
2,741
18,675
In 2025, there are a total of 773 contracts in force in the Construction businesses (738 contracts in 2024) and 202 Energy contracts (138 contracts
in 2024).
6.1. DEFERRED INCOME
Deferred income breaks down as follows at December 31, 2025 and 2024:
(Million euro)
2025
2024
Var. 25/24
Capital grants
1,186
1,372
(186)
Other deferred income
1
3
(2)
TOTAL DEFERRED INCOME
1,187
1,375
(188)
Capital grants awarded by government bodies relate entirely to infrastructure projects in the Highways business at December 31, 2025 and 2024.
These grants are primarily related to the following Highways projects: EUR 373 million and EUR 429 million for LBJ Infrastructure Group in 2025
and 2024, respectively. EUR 441 million and EUR 510 million for NTE Mobility Partners, in 2025 and 2024, respectively. EUR 177 million and EUR
205 million for NTE Mobility Partners Segments 3 LLC, in 2025 and 2024, respectively and, lastly, EUR 188 million and EUR 216 million for I-77
Mobility Partners LLC, in 2025 and 2024, respectively.
Amounts received by the US companies decreased by EUR 161 million in 2025, due to the US dollar's depreciation against the euro.
These capital grants are released to the income statement for each year at the same rate as the depreciation charged on the assets. As the
charge estimated for the following 12 months is not significant, the balance as at December 31, 2025 is presented as non-current in the balance
sheet. The impact of the grants on cash flows are presented as a decrease in investments for 2025, 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-971": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT DECEMBER 31, 2025 AND 2024
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2024
8,400
Net drawdowns
214
Exchange rate effects
(904)
Changes in scope of consolidation
(93)
Closing balance at 12.31.2025
7,617
Regarding ex-infrastructure project borrowings, the variation during the year is primarily due to the repayment of the syndicated loan in January
2025 (EUR -252 million), as well as to the reduction in Euro Commercial Paper (ECPs) issued at the December 2025 closing (EUR -199 million),
partially offset by the variation in corporate bonds during the year. It is also, worth mentioning the repayment of the bond issued in March 2017
and maturing in March 2025 (EUR 500 million), and the issuance of a new bond on January 16, 2025 (EUR 500 million) with an interest rate of
3.250% and maturity on January 2030, and a new non-dilutive convertible bond issued on November 20, 2025, with a book value of EUR 355
million.
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2024
2,886
Net drawdowns
(65)
Exchange rate effects
(5)
Changes in scope of consolidation
(7)
Closing balance at 12.31.2025
2,810
5.2.2. Borrowings
a) Infrastructure project companies
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by the project cash flows, distinguishing between bonds and bank borrowings, short- and long-
term, and changes during 2025 and 2024:
2025
2024
Change 25/24
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
4,774
2,660
7,434
5,198
3,058
8,256
(424)
(398)
(822)
Highways
4,774
2,279
7,053
5,198
2,707
7,905
(424)
(428)
(852)
US highways
4,774
1,724
6,498
5,198
2,138
7,337
(424)
(414)
(838)
Spanish highways
\u2013
555
555
\u2013
569
569
\u2013
(14)
(14)
Airports
\u2013
62
62
\u2013
\u2013
\u2013
\u2013
62
62
Construction
\u2013
92
92
\u2013
97
97
\u2013
(5)
(5)
Energy
\u2013
187
187
\u2013
209
209
\u2013
(22)
(22)
Other
\u2013
39
39
\u2013
44
44
\u2013
(5)
(5)
Short term
7
177
184
1
142
143
6
35
41
Highways
7
34
41
1
38
39
6
(4)
2
US highways
7
\u2013
7
1
\u2013
1
6
\u2013
6
Spanish highways
\u2013
34
34
\u2013
38
38
\u2013
(4)
(4)
Airports
\u2013
15
15
\u2013
94
94
\u2013
(79)
(79)
Construction
\u2013
5
5
\u2013
5
5
\u2013
\u2013
\u2013
Energy
\u2013
120
120
\u2013
2
2
\u2013
118
118
Other
\u2013
2
2
\u2013
3
3
\u2013
(1)
(1)
TOTAL
4,781
2,836
7,617
5,199
3,200
8,400
(418)
(364)
(782)
The following table shows, for 2025 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2024
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec.25
Infrastructure project borrowings
8,400
229
(904)
(93)
(15)
7,617
Infrastructure project borrowings decreased by EUR -782 million in 2025 with respect to December 2024, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR -904 million, mainly generated by US dollar fluctuations.
\u2022 Effect of scope changes, excluding the foreign exchange effect, due to the classification as held for sale of Transchile Charr\u00faa Transmisi\u00f3n,
S.A. (Note 1.1.3) totaling EUR -93 million.
\u2022 Increase of EUR 214 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the Misae Solar LLC project
(EUR 206 million) and attributable to the debt drawn down, capitalization of interest and accrued unmatured interest.
US highways:
NTE Mobility Partners, LLC
Regarding NTE Mobility Partners, the total debt at December 31, 2025 reached USD 1,600 million as follows:
\u2013 A taxable bond issue of USD 871.1 million, maturing between 2040 and 2049 at a fixed interest rate of 3.92%, and a PAB (Private Activity
Bonds) issue of USD 331.8 million, maturing between 2030 and 2039 at a fixed interest rate of 4.00% for USD 122.7 million and 5.00% for
USD 209.0 million.
\u2013 USD 397.3 million in PABs bonds (Private Activity Bonds) issued on August 3, 2023 (PAB-Private Activity Bonds), at a fixed interest rate of
5.50%, maturing between 2052 and 2058, to fund the Mandatory Capacity Improvement (UCI) project.
NTE Mobility Partners Seg 3 LLC
In relation to NTE Mobility Partners Seg 3 LLC, the total debt at December 31, 2025 reached USD 1,598 million. This debt consists of:
\u2013 Issuance of USD 265.9 million in PABs related to the debt of the 3A-3B segments at a rate of 5.00% fixed interest on USD 32.4 million, 5.13%
on USD 22.5 million, 5.25% on USD 23.7 million, 5.38% on USD 64.7 million and 5.50% on USD 122.6 million.
\u2013 TIFIA loan in the amount of USD 211.2 million at a fixed rate of 3.84%, on December 31, 2025, with final maturity in 2053.
\u2013 Issuance of USD 467.3 million in Barclays bonds, maturing in 2028 with USD 221 million at a fixed swap rate of 5.30% and USD 246.3 million
at a fixed swap rate of 5.85% maturing in 2040.
\u2013 Issuance of USD 653.9 million in PABs repayable from 2047 to 2058 at a fixed interest rate of 5.00% for the debt of segment 3C (total of USD
750 million including the issuance premium).
LBJ Infr. Group LLC
The total debt of this company on December 31, 2025 reached USD 2,038 million. This debt consists of:
\u2013 PABs issuance of USD 537.5 million (total of USD 615 million including the premium) at a fixed interest rate of 4.00%, maturing between
2030 to 2040.
\u2013 Taxable bond issuance of USD 615.5 million (of which USD 7 million bears a fixed interest rate of 2.75% and matures in 2026, and USD 608.5
million bears a fixed interest rate of 3.80% and matures in 2057).
\u2013 TIFIA loan valued at USD 835.6 million with fixed interest rate of 4.22% and maturing between 2035 to 2050.
\u2013 Credit line maturing in 2027 with an interest rate of 4.51%, of which USD 48.9 million had been drawn as of December 31, 2025.
I-77 Mobility Partners, LLC
The total debt of I-77 Mobility Partners, LLC at December 31, 2025 reached USD 469.9 million. This debt consists of:
\u2013 On May 1, 2015, the company issued USD 100 million in PABs at a fixed rate of 5.00%. On December 31, 2025, the outstanding amount was
USD 98.9 million maturing between 2026 and 2054.
\u2013 On April 25, 2024, the issuance of USD 371 million in Senior Secured Notes was completed, the proceeds of which were used to refinance the
TIFIA debt, thereby increasing the average maturity of the outstanding debt. The Senior Secured Notes bear interest at a fixed rate of 6.57%
and mature in 2051.
\u2013 On April 26, 2024, the TIFIA debt was repaid in full.
I-66 Mobility Partners, LLC
Regarding I-66 Mobility Partners, LLC, the total debt of this company at December 31, 2025, reached USD 2,076.1 million. This debt consists of:
\u2013 USD 737 million in PABs (a total of USD 800.4 million including the premium) at a fixed rate of 5.00%, maturing between 2047 and 2056.
\u2013 A TIFIA loan balance of USD 1,339.1 million, of which USD 29.0 million had been prepaid as of December 31, 2025. This loan bears interest at
a fixed rate of 2.8% and finally matures in 2057.
Spanish highways:
Cintra Inversora Autopistas de Catalu\u00f1a (Terrasa Manresa highway)
In relation to Cintra Inversora Autopistas de Catalu\u00f1a , this company\u2019s debt at December 31, 2025 totaled EUR 582.2 million, consisting in:
\u2013 Tranches A and B amounting to EUR 264.9 million and EUR 279.1 million as of December 31, 2025, accruing interest at the 6-month
EURIBOR rate +2.124% +1.5% at the year-end. Both tranches were fully utilized and fall due in 2035.
\u2013 Liquidity tranche (tranche C) with a balance of EUR 38.2 million as of December 31, 2025 (the year-end interest rate is the 6-month EURIBOR
+2.124% +1.5%).
\u2013 It should also be noted that this company has an interest rate derivative with a notional amount of EUR 529.5 million, a guaranteed interest
rate of 5.0880% and maturity in 2035. The fair value of the derivative (recognized under \u201cDerivative financial instruments\u201d, Note 5.5) was
EUR -59.2 million as of December 31, 2025.
Autov\u00eda de Arag\u00f3n
Regarding Autov\u00eda de Arag\u00f3n project, the current debt as of December 31, 2025 stood at EUR 5 million (EUR 5 million non-current and EUR 14
million of current as of December 31, 2024).
Breakdown of borrowings in other infrastructure projects:
The following table shows the details of the borrowings for infrastructure projects other than highways:
2025
2024
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Change 25/24
Airports
62
15
77
\u2013
94
94
(17)
Dalaman International Airport
62
15
77
\u2013
94
94
(17)
Construction
92
5
97
98
6
103
(6)
Conc. Prisiones Lledoners,S.A.
58
2
60
61
3
63
(3)
Depusa Arag\u00f3n S.A.
20
2
22
22
2
24
(2)
Budimex Group
14
1
15
15
1
16
(1)
Energy
187
121
307
210
2
211
96
Transchile Charr\u00faa Transmisi\u00f3n, S.A.
\u2013
\u2013
\u2013
105
\u2013
105
(105)
Centella Transmisi\u00f3n, S.A.
90
2
91
105
2
106
(15)
Misae Solar IV LLC
80
119
199
\u2013
\u2013
\u2013
199
AZALIA, SP. Z O.O
17
\u2013
17
\u2013
\u2013
\u2013
17
Other
39
2
42
44
3
47
(5)
Waterbeach
39
2
42
44
3
47
(5)
TOTAL Other infrastructure project company borrowings
380
143
523
352
105
455
68
Other project borrowings increased by EUR 68 million against December 2024, mainly due to the drawdowns in Misae Solar IV LLC (EUR 199
million) to finance the construction of the solar plant, partially offset by the decrease in Transchile Charr\u00faa Transmisi\u00f3n, S.A. (EUR -105 million)
resulting from its classification as held for sale, with the disposal expected to be completed in 2026.
Also noteworthy is Dalaman International Airport, whose loans were reclassified as long-term (EUR 62 million) once the December 2024
exemption was fulfilled.
a.2) Maturities by currency and fair value of infrastructure project company borrowings
December 31, 2025
(Million euro)
Currency
Fair value
2025
Carrying
amount
2025
2026
2027
2028
2029
2030
2031+
Total
maturities
Infrastructure project company
obligations
4,313
4,781
7
1
189
1
41
4,317
4,556
HIGHWAYS
4,313
4,781
7
1
189
1
41
4,317
4,556
USD
4,313
4,781
7
1
189
1
41
4,317
4,556
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
2,836
2,836
359
105
75
179
83
2,399
3,199
HIGHWAYS
2,314
2,314
214
77
44
52
63
2,211
2,662
USD
1,724
1,724
180
42
\u2013
\u2013
\u2013
1,853
2,075
EUR
589
589
34
35
44
52
63
358
587
AIRPORTS
77
77
16
18
20
21
7
\u2013
82
EUR
77
77
16
18
20
21
7
\u2013
82
CONSTRUCTION
97
97
4
5
5
5
6
72
97
EUR
82
82
4
5
5
5
6
58
83
PLN
15
15
\u2013
\u2013
\u2013
\u2013
\u2013
14
14
ENERGY
307
307
121
2
2
95
2
92
315
USD
290
290
121
2
2
95
2
76
298
PLN
17
17
1
\u2013
\u2013
\u2013
\u2013
16
17
OTHER
42
42
3
3
4
5
5
23
43
GBP
42
42
3
3
4
5
5
23
43
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,149
7,617
366
106
265
180
124
6,715
7,755
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
HIGHWAYS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
HIGHWAYS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
At December 31, 2025 the difference between the total maturities of bank borrowings of EUR 7,755 million (EUR 8,554 million in 2024) and the
carrying amounts recognized at December 31, 2025 in the amount of EUR 7,617 million (EUR 8,400 million in 2024) is explained mainly by the
difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable
accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 138 million (EUR
154 million in 2024), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
\u2022 For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the
related market value is used.
\u2022 For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a
market interest rate, calculated using an internal valuation model.
\u2022 Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their
carrying amount and therefore the carrying amount is used.
a.3) Information on credit limits and credit drawable for infrastructure projects
There follows is a comparative analysis of borrowings not drawn down at December 31, 2025 and 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Highways
7,218
7,218
\u2013
7,094
8,091
8,082
9
7,945
US highways
6,631
6,631
\u2013
6,505
7,479
7,479
\u2013
7,338
Spanish highways
587
587
\u2013
589
614
603
9
606
Airports
82
82
\u2013
77
105
105
\u2013
94
Construction
97
97
\u2013
97
103
102
\u2013
103
Energy
341
315
26
307
220
216
4
211
Other
43
43
\u2013
42
49
49
\u2013
47
TOTAL BORROWINGS
7,781
7,755
26
7,617
8,567
8,554
13
8,400
At December 31, 2025 the difference between the total bank borrowings utilized of EUR 7,755 million (EUR 8,554 million in 2024) and the carrying
amounts recognized at December 31, 2025 in the amount of EUR 7,617 million (EUR 8,400 million in 2024) is mainly due to the difference
between the nominal values and amortized cost calculated in accordance with applicable accounting rules.
a.4) Guarantees and covenants for project borrowings
The borrowings classified as project borrowings are without recourse to the project shareholders or with recourse limited to the guarantees given.
The guarantees given by Ferrovial subsidiaries for project borrowings are described in Note 6.5, Contingent liabilities.
After reviewing the information reported by the businesses and conducting a subsequent review, we have concluded that there is no default event
for the fully-consolidated project companies as of December 31, 2025.
b) Ex-infrastructure projects
b.1) Breakdown of short- and long-term borrowings, changes during 2025 and main features
2025
2024
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
1,844
809
2,653
1,773
518
2,292
Euro Commercial Paper
\u2013
50
50
\u2013
249
249
Corporate liquidity lines
60
\u2013
60
60
252
312
Other borrowings
19
28
47
3
33
36
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
1,923
887
2,810
1,836
1,052
2,889
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in
cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2025, which do not
affect period cash positions:
(Million euro)
Dec. 2024
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec.25
Borrowings
2,889
(130)
(5)
(7)
63
2,810
Cross- currency swaps
(2)
2
\u2013
\u2013
\u2013
\u2013
Ex-infrastructure project borrowings
2,886
(128)
(5)
(7)
63
2,810
The movement in ex-infrastructure projects borrowings is mainly attributable to the repayment of the revolving facility (EUR -252 million), the
reduction of Euro Commercial Paper (EUR -199 million), partially offset by the variation in corporate bonds during the year, worth mentioning the
repayment of the bond issued in March 2017 and maturing in March 2025 (EUR 500 million), and the issuance of a new bond on January 16, 2025
(EUR 500 million) with an interest rate of 3.250% and maturity on January 2030, and a new non-dilutive convertible bond of EUR 400 million
notional issued on November 20, 2025, with a book value of EUR 355 million.
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR 2,653 million at December 31, 2025 (EUR 2,292 million at December, 31 2024). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
5/14/2020
780
5/14/2026
1.38%
11/12/2020
500
11/12/2028
0.540%
9/10/2023
500
9/13/2030
4.375%
1/16/2025
500
1/16/2030
3.250%
11/20/2025
400
5/20/2031
0.750%
Total
2,680
Regarding the variation in corporate bonds during 2025, worth mentioning the repayment of the bond issued in March 2017 and maturing in
March 2025 (EUR 500 million), the issuance of a new bond on January 16, 2025 (EUR 500 million) with an interest rate of 3.250% and maturity
on January 2030, and a new non-dilutive convertible bond issued on November 20, 2025 (EUR 400 million), with an interest rate of 0.75% and
maturity in May 2031.
This latter debt instrument is a non\u2011dilutive cash\u2011settled convertible bond linked to the performance of Ferrovial SE shares, and mirrors the
mechanics of traditional convertible bonds. From an accounting standpoint, this bond is treated as a hybrid instrument, combining the recognition
of two elements: EUR 355 million recognized as a financial debt, and an embedded derivative consisting in a call option on Ferrovial shares
measured at fair value (EUR 45 million), recognized under the heading of non-current derivatives at fair value (see Note 5.5). This bond is
redeemable solely for cash, thereby achieving a neutral impact in terms of equity, ensuring that there is no dilutive impact on existing
shareholders. At the same time of this call option issuance, Ferrovial has acquired a purchased call option which mirrors the terms of the call
embedded in the bond, offsetting its impact.
All issues completed for 2020 and up to 2025 are admitted to trading on the AIAF fixed income market (Spain). All these issuances except the
2023 bond, are guaranteed by the Company. The bond issued by Ferrovial SE in 2023 is listed on Euronext Dublin.
Euro Commercial Paper:
In the third quarter of 2023, we formalized a program to issue promissory notes for a maximum amount of EUR 1,5 billion, with maturities
between 1 and 364 days as from the issue date, allowing further diversification of capital market funding and more efficient liquidity
management.
The notes outstanding during 2025 were issued under the EUR 50 million Sustainability Target STEP label compliant Euro-commercial paper
program registered on July 31, 2023, at an average rate of 2.62% (2024: 3.74%). Regarding the notes outstanding as of December 31, 2025, the
average cost was 2.04% (2024: 3.17%).
Regarding the movement during 2025, the variation in the Euro Commercial Paper issued at the December 2025 closing (EUR 50 million)
compared to December 2024 (EUR 249 million), is worth noting, representing a reduction of EUR -199 million.
Other corporate debt:
Ferrovial had a syndicated credit facility available with a limit of EUR 788 million since 2024, that could be drawn-down in EUR, USD, CAD and
GBP, out of which EUR 250 million had been utilized. In January 2025, this credit facility was repaid, and was immediately refinanced with a new
limit of EUR 900 million, which at 31 December 2025 has not been drawn down.
Additionally, at December 31, 2025 Ferrovial also has a corporate liquidity line available, which has been fully drawn down, that reached EUR 60
million and matures in 2027, at a fixed rate of 0.425%. This corporate liquidity line was already fully drawn down at December 31, 2024.
The Group\u2019s liquidity (including long-term restricted cash) stood at EUR 5,088 million and EUR 5,320 million (Note 5.4.d) at December 31, 2025
and 2024, respectively. This liquidity can be explained as follows:
- Cash and cash equivalents: EUR 4070.000 million and EUR 4653.000 million at December 31, 2025 and 2024, respectively.
-Long-term restricted cash: EUR 10 million and EUR 21 million at December 31, 2025 and 2024, respectively.
- Undrawn debt: EUR 1,008 million and EUR 652 million at December 31, 2025 and 2024, respectively.
b.1.2) Information on corporate debt limits and drawable balances.
Set out below is a breakdown of corporate debt limits and drawable balances at December 31, 2025 and at December 31, 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,680
2,680
\u2014
2,653
2,280
2,280
\u2014
2,292
Syndicated facility
900
\u2014
900
\u2014
788
250
538
252
ECPs
50
50
\u2014
50
249
249
\u2014
249
Credit lines
60
60
\u2014
60
60
60
\u2014
60
TOTAL CORPORATE
DEBT
3,690
2,790
900
2,763
3,377
2,839
538
2,852
As explained before, the variation in corporate debt compared to December 2024 (EUR -89 million) is explained mainly by the variation in bonds
(EUR 362 million), by the repayment of the syndicated facility in January 2025 (EUR -252 million) and by the lower volume of ECPs outstanding
(EUR -199 million). The syndicated facility was refinanced for a limit of EUR 900 million in January 2025.
The Company's credit rating
The credit rating agencies Standard & Poor\u2019s and Fitch maintained their opinion regarding the financial rating of Ferrovial\u2019s corporate debt in
2025 and 2024, respectively rating it at BBB and BBB with stable outlook and, therefore, within the \u201cInvestment Grade\u201d category.
b.1.3) Other borrowings
At December 31, 2025 \u201cOther borrowings\u201d of EUR 47 million (EUR 36 million at December 31, 2024) related primarily to Construction bank
borrowings.
b.1.4) Information on limits and drawable balances of other borrowings:
Set out below is a breakdown of debt limits and drawable balances at December 31, 2025 and 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
149
41
108
42
131
17
114
14
Airports
3
3
\u2013
3
\u2013
\u2013
\u2013
14
Energy
1
1
\u2013
1
\u2013
\u2013
\u2013
\u2013
Other
1
1
\u2013
1
8
8
\u2013
8
OTHER BORROWINGS
154
46
108
47
140
26
114
36
The differences between total utilized other borrowings (EUR 46 million) mainly bank borrowings, and the carrying amount at December 31, 2025
(EUR 47 million) are explained mainly by the difference between the nominal values and carrying amounts of the borrowings, as certain
adjustments are made in accordance with applicable accounting rules.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2025
Borrowings (Million euro)
Currency
Fair value
2025
Carrying
amount
2025
2026
2027
2028
2029
2030
2031+
Total maturities
Corporate debt
2,824
2,763
830
60
500
\u2013
1,000
400
2,790
EUR
2,824
2,763
830
60
500
\u2013
1,000
400
2,790
Other borrowings
47
47
9
\u2013
\u2013
1
\u2013
13
23
EUR
10
10
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
PLN
23
23
9
\u2013
\u2013
\u2013
\u2013
12
22
Other
14
14
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,871
2,810
839
60
500
1
1,000
413
2,813
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2025 (EUR 2,813 million
compared to EUR 2,810 million) is mainly due to the new non-dilutive convertible bond issued, recognized with a carrying amount of EUR 355
million and with a nominal value of EUR 400 million (Note 5.5). This effect is partially offset by the interest accrued and not paid, recognized in
the carrying amount of the balance sheet but not in the nominal value, together with other adjustments made in accordance with applicable
accounting legislation (basically the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are
tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2025 and
December 31, 2024 amounted to EUR 2,871 million and EUR 2,866 million, respectively.
The 2026 maturities total EUR 839 million and relate to the Euro Commercial Paper (EUR 50 million) and corporate bonds (EUR 780 million). The
debt maturities do not include interest.
6.4. OTHER LONG-TERM PAYABLES
This heading mainly includes:
\u2022 Participating loans accruing interest granted by Spain\u2019s Central Government to Autov\u00eda de Arag\u00f3n concession in the Highways business line, of
which EUR 57 million at December 31, 2024 has been reclassified as short-term debt in 2025.
\u2022 Debt owed by Dalaman International Airport to the administration for the concession fee, which amounted to EUR 231 million in the long term
at the year-end (EUR 247 million at December 31, 2024).
\u2022 Contractual payments to the Department of Transportation in Virginia under the concession agreement on the I-66 project related to the
transit funding payment and the support for corridor improvement, which amounted to EUR 841 million (EUR 915 million at December 31,
2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-970": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT DECEMBER 31, 2025 AND 2024
BORROWINGS OF INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2024
8,400
Net drawdowns
214
Exchange rate effects
(904)
Changes in scope of consolidation
(93)
Closing balance at 12.31.2025
7,617
Regarding ex-infrastructure project borrowings, the variation during the year is primarily due to the repayment of the syndicated loan in January
2025 (EUR -252 million), as well as to the reduction in Euro Commercial Paper (ECPs) issued at the December 2025 closing (EUR -199 million),
partially offset by the variation in corporate bonds during the year. It is also, worth mentioning the repayment of the bond issued in March 2017
and maturing in March 2025 (EUR 500 million), and the issuance of a new bond on January 16, 2025 (EUR 500 million) with an interest rate of
3.250% and maturity on January 2030, and a new non-dilutive convertible bond issued on November 20, 2025, with a book value of EUR 355
million.
BORROWINGS OF EX INFRASTRUCTURE PROJECTS
(Million euro)
Closing balance at 12.31.2024
2,886
Net drawdowns
(65)
Exchange rate effects
(5)
Changes in scope of consolidation
(7)
Closing balance at 12.31.2025
2,810
5.2.2. Borrowings
a) Infrastructure project companies
a.1) Breakdown by project, significant changes during the year and main features of the borrowings
There follows a breakdown of borrowings secured by the project cash flows, distinguishing between bonds and bank borrowings, short- and long-
term, and changes during 2025 and 2024:
2025
2024
Change 25/24
(Million euro)
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Bonds
Bank
borrowings
Total
Long term
4,774
2,660
7,434
5,198
3,058
8,256
(424)
(398)
(822)
Highways
4,774
2,279
7,053
5,198
2,707
7,905
(424)
(428)
(852)
US highways
4,774
1,724
6,498
5,198
2,138
7,337
(424)
(414)
(838)
Spanish highways
\u2013
555
555
\u2013
569
569
\u2013
(14)
(14)
Airports
\u2013
62
62
\u2013
\u2013
\u2013
\u2013
62
62
Construction
\u2013
92
92
\u2013
97
97
\u2013
(5)
(5)
Energy
\u2013
187
187
\u2013
209
209
\u2013
(22)
(22)
Other
\u2013
39
39
\u2013
44
44
\u2013
(5)
(5)
Short term
7
177
184
1
142
143
6
35
41
Highways
7
34
41
1
38
39
6
(4)
2
US highways
7
\u2013
7
1
\u2013
1
6
\u2013
6
Spanish highways
\u2013
34
34
\u2013
38
38
\u2013
(4)
(4)
Airports
\u2013
15
15
\u2013
94
94
\u2013
(79)
(79)
Construction
\u2013
5
5
\u2013
5
5
\u2013
\u2013
\u2013
Energy
\u2013
120
120
\u2013
2
2
\u2013
118
118
Other
\u2013
2
2
\u2013
3
3
\u2013
(1)
(1)
TOTAL
4,781
2,836
7,617
5,199
3,200
8,400
(418)
(364)
(782)
The following table shows, for 2025 movements in infrastructure project borrowings, broken down into variations in borrowings with balancing
entries in cash flows, exchange rate effects and scope changes, as well as movements in borrowings due to the accrual of interest, which do not
affect period cash positions.
(Million euro)
Dec. 2024
Increase/decrease
with impact on
cash flow
Foreign exchange
effect
Impact of\u00a0 scope
changes and other
Capitalized/
accrued interest
Dec.25
Infrastructure project borrowings
8,400
229
(904)
(93)
(15)
7,617
Infrastructure project borrowings decreased by EUR -782 million in 2025 with respect to December 2024, mainly for the following reasons:
\u2022 Exchange rate effect amounting to EUR -904 million, mainly generated by US dollar fluctuations.
\u2022 Effect of scope changes, excluding the foreign exchange effect, due to the classification as held for sale of Transchile Charr\u00faa Transmisi\u00f3n,
S.A. (Note 1.1.3) totaling EUR -93 million.
\u2022 Increase of EUR 214 million in debt, excluding the foreign exchange effect and scope changes, relating primarily to the Misae Solar LLC project
(EUR 206 million) and attributable to the debt drawn down, capitalization of interest and accrued unmatured interest.
a.3) Information on credit limits and credit drawable for infrastructure projects
There follows is a comparative analysis of borrowings not drawn down at December 31, 2025 and 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Debt
recognized
Limit
Utilized
Drawable
Debt
recognized
Highways
7,218
7,218
\u2013
7,094
8,091
8,082
9
7,945
US highways
6,631
6,631
\u2013
6,505
7,479
7,479
\u2013
7,338
Spanish highways
587
587
\u2013
589
614
603
9
606
Airports
82
82
\u2013
77
105
105
\u2013
94
Construction
97
97
\u2013
97
103
102
\u2013
103
Energy
341
315
26
307
220
216
4
211
Other
43
43
\u2013
42
49
49
\u2013
47
TOTAL BORROWINGS
7,781
7,755
26
7,617
8,567
8,554
13
8,400
At December 31, 2025 the difference between the total bank borrowings utilized of EUR 7,755 million (EUR 8,554 million in 2024) and the carrying
amounts recognized at December 31, 2025 in the amount of EUR 7,617 million (EUR 8,400 million in 2024) is mainly due to the difference
between the nominal values and amortized cost calculated in accordance with applicable accounting rules.
b) Ex-infrastructure projects
b.1) Breakdown of short- and long-term borrowings, changes during 2025 and main features
2025
2024
(Million euro)
Long term
Short term
Total
Long term
Short term
Total
Corporate bonds and debentures
1,844
809
2,653
1,773
518
2,292
Euro Commercial Paper
\u2013
50
50
\u2013
249
249
Corporate liquidity lines
60
\u2013
60
60
252
312
Other borrowings
19
28
47
3
33
36
TOTAL BORROWINGS EXCLUDING
INFRASTRUCTURE PROJECT COMPANIES
1,923
887
2,810
1,836
1,052
2,889
The following table shows changes to ex-infrastructure project borrowings, broken down into variations in borrowings with balancing entries in
cash flows, exchange rate effects and scope changes, as well as changes in borrowings due to the accrual of interest during 2025, which do not
affect period cash positions:
(Million euro)
Dec. 2024
Increase/decrease
with impact on cash
flow
Foreign exchange
effect
Impact of\u00a0 scope
changes
Capitalized/accrued
interest and other
Dec.25
Borrowings
2,889
(130)
(5)
(7)
63
2,810
Cross- currency swaps
(2)
2
\u2013
\u2013
\u2013
\u2013
Ex-infrastructure project borrowings
2,886
(128)
(5)
(7)
63
2,810
The movement in ex-infrastructure projects borrowings is mainly attributable to the repayment of the revolving facility (EUR -252 million), the
reduction of Euro Commercial Paper (EUR -199 million), partially offset by the variation in corporate bonds during the year, worth mentioning the
repayment of the bond issued in March 2017 and maturing in March 2025 (EUR 500 million), and the issuance of a new bond on January 16, 2025
(EUR 500 million) with an interest rate of 3.250% and maturity on January 2030, and a new non-dilutive convertible bond of EUR 400 million
notional issued on November 20, 2025, with a book value of EUR 355 million.
b.1.1) Corporate debt
Corporate debt comprises the following debt instruments:
Corporate bonds:
The carrying amount totals EUR 2,653 million at December 31, 2025 (EUR 2,292 million at December, 31 2024). The breakdown is as follows:
Issuance date
Nominal value (Million
euro)
Maturity
Annual coupon
5/14/2020
780
5/14/2026
1.38%
11/12/2020
500
11/12/2028
0.540%
9/10/2023
500
9/13/2030
4.375%
1/16/2025
500
1/16/2030
3.250%
11/20/2025
400
5/20/2031
0.750%
Total
2,680
Regarding the variation in corporate bonds during 2025, worth mentioning the repayment of the bond issued in March 2017 and maturing in
March 2025 (EUR 500 million), the issuance of a new bond on January 16, 2025 (EUR 500 million) with an interest rate of 3.250% and maturity
on January 2030, and a new non-dilutive convertible bond issued on November 20, 2025 (EUR 400 million), with an interest rate of 0.75% and
maturity in May 2031.
This latter debt instrument is a non\u2011dilutive cash\u2011settled convertible bond linked to the performance of Ferrovial SE shares, and mirrors the
mechanics of traditional convertible bonds. From an accounting standpoint, this bond is treated as a hybrid instrument, combining the recognition
of two elements: EUR 355 million recognized as a financial debt, and an embedded derivative consisting in a call option on Ferrovial shares
measured at fair value (EUR 45 million), recognized under the heading of non-current derivatives at fair value (see Note 5.5). This bond is
redeemable solely for cash, thereby achieving a neutral impact in terms of equity, ensuring that there is no dilutive impact on existing
shareholders. At the same time of this call option issuance, Ferrovial has acquired a purchased call option which mirrors the terms of the call
embedded in the bond, offsetting its impact.
All issues completed for 2020 and up to 2025 are admitted to trading on the AIAF fixed income market (Spain). All these issuances except the
2023 bond, are guaranteed by the Company. The bond issued by Ferrovial SE in 2023 is listed on Euronext Dublin.
Euro Commercial Paper:
In the third quarter of 2023, we formalized a program to issue promissory notes for a maximum amount of EUR 1,5 billion, with maturities
between 1 and 364 days as from the issue date, allowing further diversification of capital market funding and more efficient liquidity
management.
The notes outstanding during 2025 were issued under the EUR 50 million Sustainability Target STEP label compliant Euro-commercial paper
program registered on July 31, 2023, at an average rate of 2.62% (2024: 3.74%). Regarding the notes outstanding as of December 31, 2025, the
average cost was 2.04% (2024: 3.17%).
Regarding the movement during 2025, the variation in the Euro Commercial Paper issued at the December 2025 closing (EUR 50 million)
compared to December 2024 (EUR 249 million), is worth noting, representing a reduction of EUR -199 million.
Other corporate debt:
Ferrovial had a syndicated credit facility available with a limit of EUR 788 million since 2024, that could be drawn-down in EUR, USD, CAD and
GBP, out of which EUR 250 million had been utilized. In January 2025, this credit facility was repaid, and was immediately refinanced with a new
limit of EUR 900 million, which at 31 December 2025 has not been drawn down.
Additionally, at December 31, 2025 Ferrovial also has a corporate liquidity line available, which has been fully drawn down, that reached EUR 60
million and matures in 2027, at a fixed rate of 0.425%. This corporate liquidity line was already fully drawn down at December 31, 2024.
The Group\u2019s liquidity (including long-term restricted cash) stood at EUR 5,088 million and EUR 5,320 million (Note 5.4.d) at December 31, 2025
and 2024, respectively. This liquidity can be explained as follows:
- Cash and cash equivalents: EUR 4070.000 million and EUR 4653.000 million at December 31, 2025 and 2024, respectively.
-Long-term restricted cash: EUR 10 million and EUR 21 million at December 31, 2025 and 2024, respectively.
- Undrawn debt: EUR 1,008 million and EUR 652 million at December 31, 2025 and 2024, respectively.
b.1.2) Information on corporate debt limits and drawable balances.
Set out below is a breakdown of corporate debt limits and drawable balances at December 31, 2025 and at December 31, 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Bonds
2,680
2,680
\u2014
2,653
2,280
2,280
\u2014
2,292
Syndicated facility
900
\u2014
900
\u2014
788
250
538
252
ECPs
50
50
\u2014
50
249
249
\u2014
249
Credit lines
60
60
\u2014
60
60
60
\u2014
60
TOTAL CORPORATE
DEBT
3,690
2,790
900
2,763
3,377
2,839
538
2,852
As explained before, the variation in corporate debt compared to December 2024 (EUR -89 million) is explained mainly by the variation in bonds
(EUR 362 million), by the repayment of the syndicated facility in January 2025 (EUR -252 million) and by the lower volume of ECPs outstanding
(EUR -199 million). The syndicated facility was refinanced for a limit of EUR 900 million in January 2025.
The Company's credit rating
The credit rating agencies Standard & Poor\u2019s and Fitch maintained their opinion regarding the financial rating of Ferrovial\u2019s corporate debt in
2025 and 2024, respectively rating it at BBB and BBB with stable outlook and, therefore, within the \u201cInvestment Grade\u201d category.
b.1.3) Other borrowings
At December 31, 2025 \u201cOther borrowings\u201d of EUR 47 million (EUR 36 million at December 31, 2024) related primarily to Construction bank
borrowings.
b.1.4) Information on limits and drawable balances of other borrowings:
Set out below is a breakdown of debt limits and drawable balances at December 31, 2025 and 2024:
2025
2024
(Million euro)
Limit
Utilized
Drawable
Consolidated
debt
Limit
Utilized
Drawable
Consolidated
debt
Construction
149
41
108
42
131
17
114
14
Airports
3
3
\u2013
3
\u2013
\u2013
\u2013
14
Energy
1
1
\u2013
1
\u2013
\u2013
\u2013
\u2013
Other
1
1
\u2013
1
8
8
\u2013
8
OTHER BORROWINGS
154
46
108
47
140
26
114
36
The differences between total utilized other borrowings (EUR 46 million) mainly bank borrowings, and the carrying amount at December 31, 2025
(EUR 47 million) are explained mainly by the difference between the nominal values and carrying amounts of the borrowings, as certain
adjustments are made in accordance with applicable accounting rules.
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2025
Borrowings (Million euro)
Currency
Fair value
2025
Carrying
amount
2025
2026
2027
2028
2029
2030
2031+
Total maturities
Corporate debt
2,824
2,763
830
60
500
\u2013
1,000
400
2,790
EUR
2,824
2,763
830
60
500
\u2013
1,000
400
2,790
Other borrowings
47
47
9
\u2013
\u2013
1
\u2013
13
23
EUR
10
10
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
PLN
23
23
9
\u2013
\u2013
\u2013
\u2013
12
22
Other
14
14
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,871
2,810
839
60
500
1
1,000
413
2,813
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2025 (EUR 2,813 million
compared to EUR 2,810 million) is mainly due to the new non-dilutive convertible bond issued, recognized with a carrying amount of EUR 355
million and with a nominal value of EUR 400 million (Note 5.5). This effect is partially offset by the interest accrued and not paid, recognized in
the carrying amount of the balance sheet but not in the nominal value, together with other adjustments made in accordance with applicable
accounting legislation (basically the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are
tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2025 and
December 31, 2024 amounted to EUR 2,871 million and EUR 2,866 million, respectively.
The 2026 maturities total EUR 839 million and relate to the Euro Commercial Paper (EUR 50 million) and corporate bonds (EUR 780 million). The
debt maturities do not include interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-969": { "value": "
SECTION 5: CAPITAL AND FINANCING STRUCTURE AT DECEMBER 31, 2025 AND 2024
EQUITY ATTRIBUTED TO SHAREHOLDERS
(Million euro)
Closing balance at 12.31.2024
6,075
Net profit/(loss)
888
Income and expense recognized directly in equity
(509)
Amounts transferred to the income statement
93
Cash dividend and treasury share purchases
(657)
Share-based remuneration scheme
15
Other
3
Closing balance at 12.31.2025
5,908
5.1.EQUITY
5.1.1 Changes in equity
There follows a breakdown of the main equity impacts during 2025 and 2024:
Attributed to
shareholders
Attributed to non-
controlling interest
Total equity
Equity at 01.01.2024
3,766
2,113
5,879
Consolidated profit/(loss) for the year
3,239
251
3,490
Impact on hedge reserves
125
4
129
Currency translation differences
33
106
139
Income and expenses recognized directly in equity
158
110
268
Amounts transferred to the income statement
(15)
\u2014
(15)
TOTAL RECOGNIZED INCOME AND EXPENSES
3,382
361
3,743
Cash dividend
(130)
\u2014
(130)
Other dividends
\u2014
(446)
(446)
Treasury share purchases
(701)
\u2014
(701)
CASH DIVIDEND AND TREASURY SHARE PURCHASES
(831)
(446)
(1,277)
Share capital increases/reductions
\u2014
22
22
Share-based remuneration scheme
13
\u2014
13
Other treasury share repurchases
(272)
\u2014
(272)
Other movements
17
(5)
12
OTHER TRANSACTIONS
(242)
17
(225)
Equity at 12.31.2024
6,075
2,045
8,120
Consolidated profit/(loss) for the year
888
262
1,150
Impact on hedge reserves
(75)
(7)
(82)
Currency translation differences
(434)
(186)
(620)
Income and expenses recognized directly in equity
(509)
(193)
(702)
Amounts transferred to the income statement
93
\u2014
93
TOTAL RECOGNIZED INCOME AND EXPENSES
472
69
541
Cash dividend
(156)
\u2014
(156)
Other dividends
\u2014
(368)
(368)
Treasury share purchases
(501)
\u2014
(501)
CASH DIVIDEND AND TREASURY SHARE PURCHASES
(657)
(368)
(1,025)
Share capital increases/reductions
\u2014
6
6
Share-based remuneration scheme
15
\u2014
15
Other treasury share repurchases
\u2014
\u2014
\u2014
Other movements
3
5
8
OTHER TRANSACTIONS
18
11
29
Equity at 12.31.2025
5,908
1,757
7,665
There follows a description of the main movements in shareholders\u2019 funds in 2025 and 2024, which resulted in a decrease of EUR -167 million in
2025 and an increase of EUR 2,309 million in 2024 in equity attributable to shareholders. The decrease for 2025 is essentially due to income and
expenses recognized directly in equity and shareholder distributions, partially offset by the net profit for the year.
Consolidated profit/(loss) for 2025 and 2024 attributed to the parent company reached EUR 888 million and EUR 3,239 million, respectively.
Income and expense recognized directly in equity relate to:
\u2022 Hedging instruments: recognition of changes in the value of the effective portion of derivatives designated as hedges, as detailed in Note 5.5,
with an impact of EUR -75 million in 2025, of which EUR -88 million related to fully-consolidated companies, EUR 18 million to equity-
accounted companies and EUR -5 million to companies held for sale, as compared to EUR 125 million in 2024, of which EUR 104 million
related to fully-consolidated companies, EUR 21 million to equity-accounted companies and EUR 0 million to companies held for sale.
\u2022 Currency translation differences: in 2025, the currencies to which Ferrovial was most exposed in terms of equity (mainly the Indian rupee,
Canadian dollar and US dollar), as detailed in Note 5.4.b, gave rise to currency translation differences of EUR -434 million attributed to the
parent company, relating primarily to the depreciation of the Indian Rupee (EUR -159 million), derived from the investments in IRB
Infrastructure Developers Limited (IRB) and IRB Infrastructure Trust (Private InvIT) described in Note 3.5., and also due to the depreciation of
the US dollar (EUR -188 million) and Canadian dollar (EUR -84 million). In 2024, the currencies to which Ferrovial was most exposed in terms
of equity (mainly the Canadian dollar, US dollar and Indian rupee), gave rise to currency translation differences of EUR 33 million attributed to
the parent company, relating primarily to the US dollar (EUR 33 million), Canadian dollar (EUR -12 million) and Indian rupee (EUR 18 million).
These translation differences are presented net of the effect of foreign exchange hedging instruments contracted by the Group to offset this
impact (Note 5.5), fundamentally related to the US and Canadian dollars. The depreciation of these currencies has impacted the evolution of
the Group\u2019s main assets and liabilities during the year (Note 5.4).
Amounts transferred from other comprehensive income to the income statement:
At December 31, 2025
This impact reflects the reclassification from other comprehensive income to results of the amounts accumulated in equity (EUR 93 million),
mainly related to currency translation differences (EUR 83 million) due the divestment of the mining services business in Chile (EUR 20 million), the
dissolution of some non-euro companies (EUR 63 million), out of which EUR 25 million correspond to the holding company that hold the stake in
AGS, netting the divestment impact executed in January 2025, and derivatives hedging divestment transactions (EUR 3 million) also related to the
divestment of the stake in AGS as described in Note 1.1.4.
At December 31, 2024
This impact reflects the reclassification from other comprehensive income to results of the amounts accumulated in equity (EUR -15 million),
related to currency translation differences (EUR 55 million) and derivatives hedging divestment transactions (EUR -84 million), highlighting the
19.75% HAH divestment, in addition to other divestments described in Note 1.1.4 (5% stake in IRB Infrastructure Developers, 24.78% stake in
Grupo Serveo, S.L. and some equity-accounted availability highway asset sales).
Cash dividend and treasury share purchases:
Ferrovial uses a flexible shareholder distribution scheme (scrip dividend), in which the shareholders may freely choose to receive new shares or an
amount in cash. During 2025, two scrip dividends were approved and executed. Finally, a divided paid in cash was approved in December,
following the same approach used in 2024.
Cash dividend
\u2022 First scrip dividend: On May 13, 2025 Ferrovial SE announced an interim scrip dividend payable in cash or shares at the choice of the
shareholder, against Ferrovial's reserves. On May 21, 2025, Ferrovial announced that the cash dividend amounted to EUR 0.3182 per share.
On June 23, 2025, Ferrovial announced the ratio of this interim scrip dividend, which was one new Ferrovial share for every 140.8733 existing
Ferrovial shares. 82.48% of the outstanding Ferrovial shares received the dividend in the form of new Ferrovial shares and 4,195,421 new
shares were issued. The dividend paid in cash in relation to this first script dividend was EUR 40 million.
\u2022 Second scrip dividend: On October 15, 2025, Ferrovial SE announced an interim scrip dividend payable in cash or shares at the choice of the
shareholder, against Ferrovial's reserves. On October 23, 2025, Ferrovial announced that the cash dividend amounted to EUR 0.4769 per
Ferrovial share. On November 20, 2025, Ferrovial announced the ratio of this interim scrip dividend, which was one new Ferrovial share for
every 114.8368 existing Ferrovial shares. 82.12% of the outstanding Ferrovial shares received the dividend in the form of Ferrovial shares and
for this second scrip dividend, 5,128,453 outstanding treasury shares were delivered to the shareholders. The dividend paid in cash in relation
to this second scrip dividend was EUR 61 million.
\u2022 Finally, a dividend in cash was approved and paid on December 22, 2025, reaching EUR 55 million.
As a result of these three transactions described above, the total dividend paid in cash during 2025 reached EUR 156 million (EUR 130 million in
2024).
Treasury share purchases
In 2025, 11,006,460 of treasury shares were acquired, for an amount of EUR 501 million (EUR 972 million in 2024).
Share-based remuneration schemes:
The impact of our remuneration schemes recognized in the Company's equity was EUR 15 million in 2025 (with a counterparty impact through
income statement of EUR -14 million (Note 6.6.).
5.1.2 Equity components
There follows an explanation of each equity item reflected in the consolidated statement of changes in equity:
a) Share capital
At December 31, 2025, fully subscribed and paid in share capital stood at EUR 7,337,554 (EUR 7,295,600 in 2024), corresponding to Ferrovial SE
as the Group's parent holding company (see Consolidated Statement of Changes in Equity). Share capital consists of 733,755,372 ordinary shares
(729,559,951 ordinary shares in 2024) in a single class with a par value of one euro cent each (EUR 0.01). Movements during the year, broken
down in the following table, relate to the new Ferrovial shares issued mentioned in the preceding section.
SHARES
NUMBER
PAR VALUE
Opening balance 01.01.2025
729,559,951
7,295,600
Scrip dividend
4,195,421
41,954
Share capital reduction
\u2014
\u2014
CLOSING SHARES 12.31.2025
733,755,372
7,337,554
SHARES
NUMBER
PAR VALUE
Opening balance 01.01.2024
740,688,365
7,406,884
Scrip dividend
12,122,194
121,222
Share capital reduction
(23,250,608)
(232,506)
CLOSING SHARES 12.31.2024
729,559,951
7,295,600
At December 31, 2025, the companies with an ownership interest of over 10% were Rijn Capital S.A.R.L., which held 21.53% of the shares and is
controlled by the Chairman of the Company's Board of Directors, Rafael del Pino y Calvo Sotelo and TCI Fund Management Ltd., which held
10.03% of the shares. At December 31, 2024, the only company with an ownership interest of over 10% was Rijn Capital S.A.R.L., which held
21.31% of the shares.
At December 31, 2025, the parent company's shares were traded on the Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V.
(the \u201cDutch Stock Exchange\u201d), the Nasdaq in the United States and the Spanish Stock Exchanges. They all carried the same voting and dividend
rights.
b) Share premium
At December 31, 2025, the share premium reached EUR 4,316 million (EUR 4,316 million at December 31, 2024), as no adjustments were
accounted for against this heading. This share premium is classed as unrestricted reserves.
c) Treasury shares
Movements during 2025 and 2024 were as follows:
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2024
7,753,399
Share capital reduction
\u2014
\u2014
\u2014
Remuneration schemes
\u2014
(502,215)
(502,215)
Treasury shares purchased / applied to purpose
11,006,460
(5,128,453)
5,878,007
Balance at 12.31.2025
11,006,460
(5,630,668)
13,129,191
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2023
4,759,310
Share capital reduction
19,586,744
(23,250,608)
(3,663,864)
Remuneration schemes
\u2014
(511,587)
(511,587)
Treasury shares purchased / applied to purpose
7,169,540
\u2014
7,169,540
Balance at 12.31.2024
26,756,284
(23,762,195)
7,753,399
As commented in the previous section, over the course of 2025, 11,006,460 treasury shares were acquired at an average price of EUR 45.55 per
share with a total cash outflow of EUR 501 million (26,756,284 treasury shares at an average price of EUR 36.34 per share totaling EUR 972
million in 2024). These shares relate to three repurchase programs.
As disclosed in the Group's consolidated financial statements for the year ended December 31, 2024, on August 23, 2024 Ferrovial SE announced
a share repurchase program in accordance with the authorization granted by the Company's General Shareholder's Meeting held on April 11,
2024. The purpose was to repurchase Ferrovial shares in the context of different corporate actions (such as, for instance, employee share
incentives, placement of shares in the market, or redemption of the repurchased shares). The program was authorized for a maximum of up to 30
million shares and a maximum investment of EUR 300 million, and for the period from August 26, 2024 to February 28, 2025 (both inclusive). On
December 13, 2024, Ferrovial SE announced the extension and increase of this repurchase program, extending its duration to May 30, 2025
(inclusive) and increasing its maximum investment by EUR 300 million, bringing the total maximum investment up to EUR 600 million. During
2025, 6,300,460 shares were acquired giving rise to a total disbursement of EUR 266 million. On 2 June 2025, Ferrovial SE announced the
termination of this buy-back program.
On March 14, 2025, Ferrovial SE announced a new share buy-back program, aiming to reduce share capital to offset the capital increase as a
result of this program. The program was authorized for a maximum of up to 15 million shares and a maximum investment of EUR 500 million,
and for a period starting the next trading day following the end of the buy-back program (announced to the market on August 23, 2024) to May
29, 2025 (both inclusive). On December 12, 2025, Ferrovial SE announced the termination of this buyback program. During 2025 4,200,000
shares were acquired, giving rise to a total disbursement of EUR 207 million.
On December 12, 2025, Ferrovial SE also announced a new repurchase program. The purpose was to repurchase Ferrovial shares in the context of
actions related to future projects consistent with the strategic objectives Ferrovial intends to pursue, for industrial projects, or other transactions or
corporate actions involving the assignment or disposal of treasury shares. The program has been authorized for a maximum of up to 15 million
shares and a maximum investment of EUR 800 million, and for the period from December 15, 2025 to October 15, 2026 (both dates inclusive).
During 2025, 506,000 shares were acquired giving rise to a total disbursement of EUR 28 million.
The market value of the treasury shares held by Ferrovial at December 31, 2025 (13,129,191 shares) was EUR 727 million (EUR 315 million in 2024).
d) Measurement adjustment reserves
Measurement Adjustment Reserves refer to the cumulative impact at consolidated level of Other Comprehensive Income (OCI) items and
valuation adjustments other than OCI.
The cumulative impact of Other Comprehensive Income reached EUR -950 million at December 2025, comprising adjustments to currency
translation differences accumulated in reserves net of the effect of foreign currency hedging instruments contracted by the Group to offset this
effect (EUR -661 million), adjustments due to hedging instruments different from the foreign currency hedging instruments described (EUR 166
million) and the impact of pension plans of Group companies already divested (EUR -455 million), as Ferrovial decided, in accordance with IAS
19.122, not to transfer those amounts within equity.
e) Retained earnings and other reserves
This heading includes retained earnings and other reserves totaling EUR 2,785 million in 2025 (EUR 2,536 million in 2024).
Adjustments relating to share-based remuneration schemes and the impact of the subordinated perpetual bond coupons and associated costs
are also recognized under this heading.
5.1.3 Proposed distribution of 2025 profit/(loss)
The Company posted a profit for 2025 of EUR 894 million in its separate financial statements.
The Board of Directors proposes to the Company\u2019s Annual General Meeting the following distribution of Ferrovial's stand-alone profit/(loss), at
December 31, 2025:
Million EUR
2025
Profit/(loss) of Ferrovial SE. (individual company)
894
The Board of Directors proposes to appropriate the profit for the year 2025 in full to (million euros):
Other reserves
894
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-972": { "value": "
Regarding infrastructure project borrowings, the variation during 2025 is primarily due to the foreign exchange effect (EUR -904 million) and the
impact of scope changes relating to the classification as held for sale of Transchile Charr\u00faa Transmisi\u00f3n, S.A. (EUR -93 million). The increase of
EUR 214 million is mainly due to the drawdowns in Misae Solar IV LLC to finance the construction of a solar plant in Texas.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-973": { "value": "
Cash dividend and treasury share purchases:
Ferrovial uses a flexible shareholder distribution scheme (scrip dividend), in which the shareholders may freely choose to receive new shares or an
amount in cash. During 2025, two scrip dividends were approved and executed. Finally, a divided paid in cash was approved in December,
following the same approach used in 2024.
Cash dividend
\u2022 First scrip dividend: On May 13, 2025 Ferrovial SE announced an interim scrip dividend payable in cash or shares at the choice of the
shareholder, against Ferrovial's reserves. On May 21, 2025, Ferrovial announced that the cash dividend amounted to EUR 0.3182 per share.
On June 23, 2025, Ferrovial announced the ratio of this interim scrip dividend, which was one new Ferrovial share for every 140.8733 existing
Ferrovial shares. 82.48% of the outstanding Ferrovial shares received the dividend in the form of new Ferrovial shares and 4,195,421 new
shares were issued. The dividend paid in cash in relation to this first script dividend was EUR 40 million.
\u2022 Second scrip dividend: On October 15, 2025, Ferrovial SE announced an interim scrip dividend payable in cash or shares at the choice of the
shareholder, against Ferrovial's reserves. On October 23, 2025, Ferrovial announced that the cash dividend amounted to EUR 0.4769 per
Ferrovial share. On November 20, 2025, Ferrovial announced the ratio of this interim scrip dividend, which was one new Ferrovial share for
every 114.8368 existing Ferrovial shares. 82.12% of the outstanding Ferrovial shares received the dividend in the form of Ferrovial shares and
for this second scrip dividend, 5,128,453 outstanding treasury shares were delivered to the shareholders. The dividend paid in cash in relation
to this second scrip dividend was EUR 61 million.
\u2022 Finally, a dividend in cash was approved and paid on December 22, 2025, reaching EUR 55 million.
As a result of these three transactions described above, the total dividend paid in cash during 2025 reached EUR 156 million (EUR 130 million in
2024).
Treasury share purchases
In 2025, 11,006,460 of treasury shares were acquired, for an amount of EUR 501 million (EUR 972 million in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-974": { "value": "
a) Share capital
At December 31, 2025, fully subscribed and paid in share capital stood at EUR 7,337,554 (EUR 7,295,600 in 2024), corresponding to Ferrovial SE
as the Group's parent holding company (see Consolidated Statement of Changes in Equity). Share capital consists of 733,755,372 ordinary shares
(729,559,951 ordinary shares in 2024) in a single class with a par value of one euro cent each (EUR 0.01). Movements during the year, broken
down in the following table, relate to the new Ferrovial shares issued mentioned in the preceding section.
SHARES
NUMBER
PAR VALUE
Opening balance 01.01.2025
729,559,951
7,295,600
Scrip dividend
4,195,421
41,954
Share capital reduction
\u2014
\u2014
CLOSING SHARES 12.31.2025
733,755,372
7,337,554
SHARES
NUMBER
PAR VALUE
Opening balance 01.01.2024
740,688,365
7,406,884
Scrip dividend
12,122,194
121,222
Share capital reduction
(23,250,608)
(232,506)
CLOSING SHARES 12.31.2024
729,559,951
7,295,600
At December 31, 2025, the companies with an ownership interest of over 10% were Rijn Capital S.A.R.L., which held 21.53% of the shares and is
controlled by the Chairman of the Company's Board of Directors, Rafael del Pino y Calvo Sotelo and TCI Fund Management Ltd., which held
10.03% of the shares. At December 31, 2024, the only company with an ownership interest of over 10% was Rijn Capital S.A.R.L., which held
21.31% of the shares.
At December 31, 2025, the parent company's shares were traded on the Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V.
(the \u201cDutch Stock Exchange\u201d), the Nasdaq in the United States and the Spanish Stock Exchanges. They all carried the same voting and dividend
rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-975": { "value": "
c) Treasury shares
Movements during 2025 and 2024 were as follows:
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2024
7,753,399
Share capital reduction
\u2014
\u2014
\u2014
Remuneration schemes
\u2014
(502,215)
(502,215)
Treasury shares purchased / applied to purpose
11,006,460
(5,128,453)
5,878,007
Balance at 12.31.2025
11,006,460
(5,630,668)
13,129,191
TRANSACTION PERFORMED/OBJECTIVE
NUMBER OF SHARES
PURCHASED
NUMBER OF SHARES
APPLIED TO PURPOSE
TOTAL NUMBER OF SHARES
Balance at 12.31.2023
4,759,310
Share capital reduction
19,586,744
(23,250,608)
(3,663,864)
Remuneration schemes
\u2014
(511,587)
(511,587)
Treasury shares purchased / applied to purpose
7,169,540
\u2014
7,169,540
Balance at 12.31.2024
26,756,284
(23,762,195)
7,753,399
As commented in the previous section, over the course of 2025, 11,006,460 treasury shares were acquired at an average price of EUR 45.55 per
share with a total cash outflow of EUR 501 million (26,756,284 treasury shares at an average price of EUR 36.34 per share totaling EUR 972
million in 2024). These shares relate to three repurchase programs.
As disclosed in the Group's consolidated financial statements for the year ended December 31, 2024, on August 23, 2024 Ferrovial SE announced
a share repurchase program in accordance with the authorization granted by the Company's General Shareholder's Meeting held on April 11,
2024. The purpose was to repurchase Ferrovial shares in the context of different corporate actions (such as, for instance, employee share
incentives, placement of shares in the market, or redemption of the repurchased shares). The program was authorized for a maximum of up to 30
million shares and a maximum investment of EUR 300 million, and for the period from August 26, 2024 to February 28, 2025 (both inclusive). On
December 13, 2024, Ferrovial SE announced the extension and increase of this repurchase program, extending its duration to May 30, 2025
(inclusive) and increasing its maximum investment by EUR 300 million, bringing the total maximum investment up to EUR 600 million. During
2025, 6,300,460 shares were acquired giving rise to a total disbursement of EUR 266 million. On 2 June 2025, Ferrovial SE announced the
termination of this buy-back program.
On March 14, 2025, Ferrovial SE announced a new share buy-back program, aiming to reduce share capital to offset the capital increase as a
result of this program. The program was authorized for a maximum of up to 15 million shares and a maximum investment of EUR 500 million,
and for a period starting the next trading day following the end of the buy-back program (announced to the market on August 23, 2024) to May
29, 2025 (both inclusive). On December 12, 2025, Ferrovial SE announced the termination of this buyback program. During 2025 4,200,000
shares were acquired, giving rise to a total disbursement of EUR 207 million.
On December 12, 2025, Ferrovial SE also announced a new repurchase program. The purpose was to repurchase Ferrovial shares in the context of
actions related to future projects consistent with the strategic objectives Ferrovial intends to pursue, for industrial projects, or other transactions or
corporate actions involving the assignment or disposal of treasury shares. The program has been authorized for a maximum of up to 15 million
shares and a maximum investment of EUR 800 million, and for the period from December 15, 2025 to October 15, 2026 (both dates inclusive).
During 2025, 506,000 shares were acquired giving rise to a total disbursement of EUR 28 million.
The market value of the treasury shares held by Ferrovial at December 31, 2025 (13,129,191 shares) was EUR 727 million (EUR 315 million in 2024).
6.10. EVENTS AFTER THE REPORTING DATE
Treasury share buy-back program
In connection with the buy-back program for Ferrovial SE own shares explained in Note 5.1, over the course of 2026 until February 24, 1,628,929
treasury shares were acquired at an average price of EUR 58.64 per share totaling EUR 96 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-976": { "value": "
d) Measurement adjustment reserves
Measurement Adjustment Reserves refer to the cumulative impact at consolidated level of Other Comprehensive Income (OCI) items and
valuation adjustments other than OCI.
The cumulative impact of Other Comprehensive Income reached EUR -950 million at December 2025, comprising adjustments to currency
translation differences accumulated in reserves net of the effect of foreign currency hedging instruments contracted by the Group to offset this
effect (EUR -661 million), adjustments due to hedging instruments different from the foreign currency hedging instruments described (EUR 166
million) and the impact of pension plans of Group companies already divested (EUR -455 million), as Ferrovial decided, in accordance with IAS
19.122, not to transfer those amounts within equity.
e) Retained earnings and other reserves
This heading includes retained earnings and other reserves totaling EUR 2,785 million in 2025 (EUR 2,536 million in 2024).
Adjustments relating to share-based remuneration schemes and the impact of the subordinated perpetual bond coupons and associated costs
are also recognized under this heading.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-977": { "value": "
5.1.3 Proposed distribution of 2025 profit/(loss)
The Company posted a profit for 2025 of EUR 894 million in its separate financial statements.
The Board of Directors proposes to the Company\u2019s Annual General Meeting the following distribution of Ferrovial's stand-alone profit/(loss), at
December 31, 2025:
Million EUR
2025
Profit/(loss) of Ferrovial SE. (individual company)
894
The Board of Directors proposes to appropriate the profit for the year 2025 in full to (million euros):
Other reserves
894
g) Capital management
The Group aims to achieve a debt-equity ratio that makes it possible to optimize costs while safeguarding the capacity to continue managing
recurring activities and the capacity to continue to grow through new projects in order to create shareholder value.
With regard to borrowings, the Ferrovial Group seeks to maintain a level of indebtedness, excluding infrastructure project companies, so as to
retain an investment grade credit rating. To achieve this, a clear and consistent financial policy has been established in which a relevant metric
refers to the maintenance of an ex-projects net debt (borrowings less cash and cash equivalents) to EBITDA ratio, plus project dividends, of no
more than 2x.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-978": { "value": "
5.2.1. Cash and cash equivalents
a) Cash and cash equivalents and restricted cash of infrastructure project companies
The cash and cash equivalents of infrastructure project companies as at December 31, 2025 and December 31, 2024 stood at EUR 201 million and
EUR 175 million, respectively.
Infrastructure project financing agreements often impose the obligation to arrange certain restricted accounts to cover short-term or long-term
obligations relating to the payment of principal or interest on the borrowings and infrastructure maintenance and operation. These funds are
invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is also
restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group\u2019s policy for the
placement of cash surpluses.
Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less or more than one year. Short-term
balances, which stood at EUR 29 million, are recognized under cash and cash equivalents in the balance sheet. Long-term balances reached EUR
252 million and are carried as financial assets.
The total of short-term and long-term restricted cash recognized at December 31, 2025 reached EUR 282 million and relates to the NTE Segment
3, LBJ, I-66 and NTE highways (EUR 27 million, EUR 26 million, EUR 35 million and EUR 165 million, respectively), as well as to other concessions in
the amount of EUR 28 million, primarily the Waterbeach treatment plant in the United Kingdom, and the Autov\u00eda de Arag\u00f3n highway (EUR 8
million and EUR 20 million, respectively). The variation of EUR -116 million compared to December 2024 is explained by:
\u2022 A net decrease in restricted cash of EUR -75 million (excluding exchange rate effects), essentially relating to NTE Segment 3 (EUR 9 million),
NTE highway (EUR -86 million), I-66 (EUR -16 million) and LBJ (EUR 16 million), mainly driven by construction and debt\u2011related payments,
along with dividend distributions, partially offset by toll collections.
\u2022 The exchange rate effect reached EUR -41 million, mainly generated by US dollar fluctuations (Note 1.4).
Other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk.
b) Cash and cash equivalents and restricted cash of ex-infrastructures projects
Cash and cash equivalents of ex-infrastructure project companies at December 31, 2025 and December 31, 2024 amounted to EUR 4,070 million
and EUR 4,653 million, respectively.
The following table shows the breakdown of cash and cash equivalents of ex-project companies by currency.
Million EUR
2025.DEC
EUR
2,022
PLN
682
USD
535
CAD
372
GBP
225
AUD
154
Other
80
Total Cash and Cash equivalents
ex-infrastructure projects
4,070
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-979": { "value": "
a.2) Maturities by currency and fair value of infrastructure project company borrowings
December 31, 2025
(Million euro)
Currency
Fair value
2025
Carrying
amount
2025
2026
2027
2028
2029
2030
2031+
Total
maturities
Infrastructure project company
obligations
4,313
4,781
7
1
189
1
41
4,317
4,556
HIGHWAYS
4,313
4,781
7
1
189
1
41
4,317
4,556
USD
4,313
4,781
7
1
189
1
41
4,317
4,556
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
2,836
2,836
359
105
75
179
83
2,399
3,199
HIGHWAYS
2,314
2,314
214
77
44
52
63
2,211
2,662
USD
1,724
1,724
180
42
\u2013
\u2013
\u2013
1,853
2,075
EUR
589
589
34
35
44
52
63
358
587
AIRPORTS
77
77
16
18
20
21
7
\u2013
82
EUR
77
77
16
18
20
21
7
\u2013
82
CONSTRUCTION
97
97
4
5
5
5
6
72
97
EUR
82
82
4
5
5
5
6
58
83
PLN
15
15
\u2013
\u2013
\u2013
\u2013
\u2013
14
14
ENERGY
307
307
121
2
2
95
2
92
315
USD
290
290
121
2
2
95
2
76
298
PLN
17
17
1
\u2013
\u2013
\u2013
\u2013
16
17
OTHER
42
42
3
3
4
5
5
23
43
GBP
42
42
3
3
4
5
5
23
43
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
7,149
7,617
366
106
265
180
124
6,715
7,755
At December 31, 2024
(Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total
maturities
Infrastructure project company
obligations
3,574
5,199
1
8
1
215
1
4,704
4,930
HIGHWAYS
3,574
5,199
1
8
1
215
1
4,704
4,930
USD
3,574
5,199
1
8
1
215
1
4,704
4,930
EUR
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Bank borrowings of
infrastructure project
companies
3,200
3,200
120
233
155
151
274
2,690
3,624
HIGHWAYS
2,745
2,745
98
104
130
122
133
2,565
3,152
USD
2,138
2,138
70
71
95
79
82
2,153
2,549
EUR
607
607
28
33
35
43
51
412
603
AIRPORTS
94
94
14
16
18
20
21
16
105
EUR
94
94
14
16
18
20
21
16
105
CONSTRUCTION
103
103
4
4
5
5
5
79
102
EUR
87
87
4
4
5
5
5
64
87
PLN
16
16
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
ENERGY
211
211
2
106
\u2013
\u2013
109
\u2013
216
USD
211
211
2
106
\u2013
\u2013
109
\u2013
216
OTHER
47
47
3
3
3
4
5
30
49
GBP
47
47
3
3
3
4
5
30
49
TOTAL INFRASTRUCTURE
PROJECT COMPANY
BORROWINGS
6,774
8,400
121
241
156
366
275
7,394
8,554
At December 31, 2025 the difference between the total maturities of bank borrowings of EUR 7,755 million (EUR 8,554 million in 2024) and the
carrying amounts recognized at December 31, 2025 in the amount of EUR 7,617 million (EUR 8,400 million in 2024) is explained mainly by the
difference between the nominal values and carrying amounts of the borrowings, as certain adjustments are made in accordance with applicable
accounting rules. Thus, the accrued interest payable and the application of the amortized cost method had an impact of EUR 138 million (EUR
154 million in 2024), considering that the maturities of the borrowings do not include interest.
The fair value reflected in the table above is calculated as follows:
\u2022 For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the
related market value is used.
\u2022 For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a
market interest rate, calculated using an internal valuation model.
\u2022 Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their
carrying amount and therefore the carrying amount is used
b.2) Maturities by currency and fair value of borrowings excluding infrastructure project companies
At December 31, 2025
Borrowings (Million euro)
Currency
Fair value
2025
Carrying
amount
2025
2026
2027
2028
2029
2030
2031+
Total maturities
Corporate debt
2,824
2,763
830
60
500
\u2013
1,000
400
2,790
EUR
2,824
2,763
830
60
500
\u2013
1,000
400
2,790
Other borrowings
47
47
9
\u2013
\u2013
1
\u2013
13
23
EUR
10
10
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
PLN
23
23
9
\u2013
\u2013
\u2013
\u2013
12
22
Other
14
14
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,871
2,810
839
60
500
1
1,000
413
2,813
At December 31, 2024
Borrowings (Million euro)
Currency
Fair value
2024
Carrying
amount
2024
2025
2026
2027
2028
2029
2030+
Total maturities
Corporate debt
2,830
2,852
999
780
60
500
\u2013
500
2,839
EUR
2,830
2,852
999
780
60
500
\u2013
500
2,839
Other borrowings
36
36
2
9
12
2
1
\u2013
26
EUR
7
7
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
PLN
5
5
2
1
1
\u2013
1
\u2013
5
CLP
7
7
\u2013
\u2013
7
1
\u2013
\u2013
8
Other
17
17
\u2013
8
4
\u2013
\u2013
\u2013
12
TOTAL BORROWINGS EXCLUDING INFRASTRUCTURE
PROJECT COMPANIES
2,866
2,889
1,001
789
72
502
1
500
2,865
The differences between the total maturities of borrowings and the carrying amounts of the debt at December 31, 2025 (EUR 2,813 million
compared to EUR 2,810 million) is mainly due to the new non-dilutive convertible bond issued, recognized with a carrying amount of EUR 355
million and with a nominal value of EUR 400 million (Note 5.5). This effect is partially offset by the interest accrued and not paid, recognized in
the carrying amount of the balance sheet but not in the nominal value, together with other adjustments made in accordance with applicable
accounting legislation (basically the application of the amortized cost method).
The fair value of bank borrowings excluding infrastructure project companies matches the related carrying amount because the borrowings are
tied to floating market interest rates and therefore changes to the benchmark interest rates do not affect fair value.
As corporate debts are quoted in an active market, the related market value is used.
On this basis, the estimated total fair value of bank borrowings and bonds excluding infrastructure project companies at December 31, 2025 and
December 31, 2024 amounted to EUR 2,871 million and EUR 2,866 million, respectively.
The 2026 maturities total EUR 839 million and relate to the Euro Commercial Paper (EUR 50 million) and corporate bonds (EUR 780 million). The
debt maturities do not include interest.
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2025, as well as the maturity dates of the notional amounts
to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are presented
as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
Balances at
12/31/2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
ASSET BALANCES
382
719
78
5
1
2,840
3,642
Index-Linked Swaps
P
139
(3)
(4)
(3)
(3)
91
78
FX derivatives: Cross Currency Swaps
146
\u2014
\u2014
\u2014
\u2014
2,236
2,236
FX derivatives: Forwards and Options
3
659
6
\u2014
\u2014
\u2014
665
Interest Rate Swaps Energy Business Line
P
2
2
\u2014
\u2014
\u2014
96
98
Interest Rate Swaps Airports Business Line
P
1
22
25
5
\u2014
\u2014
52
Interest Rate Swaps Highways Business Line
P
\u2014
(7)
49
\u2014
\u2014
\u2014
42
Interest Rate Swaps Construction Business Line
P
2
3
2
3
3
17
27
Interest Rate Swaps Other Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity Swaps
44
43
\u2014
\u2014
\u2014
\u2014
43
Power Purchase Agreement
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
45
\u2014
\u2014
\u2014
\u2014
400
400
LIABILITY BALANCES
(150)
517
38
236
(123)
1,302
1,971
Index-Linked Swaps
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Cross Currency Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Forwards and Options
(1)
246
1
1
2
10
260
Interest Rate Swaps Energy Business Line
P
(2)
231
2
2
2
91
329
Interest Rate Swaps Airports Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Highways Business Line
P
(67)
37
32
229
(133)
773
938
Interest Rate Swaps Construction Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Other Business Line
P
(2)
3
3
4
5
29
43
Equity Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Power Purchase Agreement
P
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
(45)
\u2014
\u2014
\u2014
\u2014
400
400
TOTAL
232
1,236
116
241
(123)
4,142
5,613
(P) - project companies; ( ) - ex project companies
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
Balances at
12/31/2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
ASSET BALANCES
382
37
(7)
(6)
(5)
453
472
Index-Linked Swaps
P
139
12
13
14
15
110
165
FX derivatives: Cross Currency Swaps
146
(22)
(20)
(20)
(20)
282
200
FX derivatives: Forwards and Options
3
3
\u2014
\u2014
\u2014
\u2014
3
Interest Rate Swaps Energy Business Line
P
2
(1)
(1)
(1)
\u2014
7
5
Interest Rate Swaps Airports Business Line
P
1
\u2014
\u2014
\u2014
\u2014
\u2014
1
Interest Rate Swaps Highways Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Construction Business Line
P
2
\u2014
\u2014
\u2014
\u2014
1
2
Interest Rate Swaps Other Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity Swaps
44
44
\u2014
\u2014
\u2014
\u2014
44
Power Purchase Agreement
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
45
\u2014
\u2014
\u2014
\u2014
53
53
LIABILITY BALANCES
(150)
(17)
(19)
(18)
(17)
(62)
(133)
Index-Linked Swaps
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Cross Currency Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Forwards and Options
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Energy Business Line
P
(2)
(1)
(1)
(1)
\u2014
2
(1)
Interest Rate Swaps Airports Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Highways Business Line
P
(67)
(16)
(18)
(17)
(16)
(10)
(77)
Interest Rate Swaps Construction Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Other Business Line
P
(2)
\u2014
(1)
\u2014
\u2014
(1)
(2)
Equity Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Power Purchase Agreement
P
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
(45)
\u2014
\u2014
\u2014
\u2014
(53)
(53)
TOTAL
232
20
(26)
(24)
(22)
391
339
(P) - project companies; ( ) - ex project companies
b) Main effects on the income statement and equity
Set out below is a breakdown of the main derivatives arranged by fully-consolidated companies showing movements in fair values at December
31, 2025 and December 2024 and the effect on reserves, profit/(loss) and other balance sheet items:
TYPE OF INSTRUMENT
(Million euro)
FAIR VALUE
EFFECTS
Balances at
12/31/2025
Balances at
12/31/2024
Var.
EFFECT ON
RESERVES
(I)
FAIR VALUE
EFFECT ON
PROFIT/
(LOS S) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Index-linked derivatives
139
134
5
(3)
7
5
(12)
\u2013
8
5
Cash flow hedges
139
134
5
(3)
7
5
(12)
\u2013
8
5
Interest rate derivatives
(66)
(57)
(9)
15
4
(16)
14
(2)
(25)
(9)
Cash flow hedges
(66)
(57)
(9)
7
4
(16)
14
(2)
(16)
(9)
Fair value hedges
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Speculative
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross-currency swaps
146
43
103
(112)
1
(18)
14
217
1
103
Cash flow hedges
\u2013
2
(2)
1
\u2013
1
(3)
\u2013
1
(2)
Net foreign investment hedges
144
41
103
(112)
\u2013
(18)
18
217
\u2013
103
Speculative
2
\u2013
2
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
Foreign exchange derivatives
2
(40)
41
5
(12)
\u2013
(52)
81
21
41
Cash flow hedges
\u2013
(2)
2
2
\u2013
\u2013
(3)
\u2013
3
2
Fair value hedges
(1)
(5)
4
\u2013
(3)
\u2013
(6)
(5)
17
4
Net foreign investment hedges
2
(39)
41
3
(4)
\u2013
(43)
86
\u2013
41
Speculative
1
6
(5)
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Equity swaps
44
29
15
\u2013
27
\u2013
(10)
\u2013
(2)
15
Speculative
44
29
15
\u2013
27
\u2013
(10)
\u2013
(2)
15
Power purchase agreement (PPA)
(33)
\u2013
(33)
(35)
1
\u2013
\u2013
1
\u2013
(33)
Cash flow hedges
(33)
\u2013
(33)
(35)
1
\u2013
\u2013
1
\u2013
(33)
Equity Options
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Speculative
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL
232
109
123
(130)
28
(29)
(46)
297
3
123
Derivatives are recognized at market value at inception and at fair value at later dates. Changes in the value of these derivatives are recognized
for accounting purposes as follows:
\u2022 Fair value changes during the year to the effective portion of cash flow hedging derivatives are recognized, with a balancing entry in reserves
(column I).
\u2022 Fair value changes to derivatives that do not qualify for hedge accounting or are deemed to be speculative are recognized separately as a fair
value adjustment in the Group\u2019s income statement (column II).
\u2022 \u201cEffect on net financial income/(expense)\u201d (column III) reflects the effects of the financing of interest flows accrued during the year.
\u2022 The \u201cCash\u201d column (IV) refers to net settlements of receipts and payments during the year. Receipts are in negative, and payments in
positives.
\u2022 The effect of foreign exchange fluctuations on currency translation differences from December 31, 2024 to December 31, 2025 is also
presented separately (column V).
\u2022 The \u201cOther effects on balance sheet or income\u201d column shows the effects on operating profit/(loss), net financial income/(expense) (exchange
rate) and other effects not previously mentioned (column VI).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-981": { "value": "
5.4. FINANCIAL RISK AND CAPITAL MANAGEMENT
The Group\u2019s businesses are affected by changes to financial variables, such as interest rates, exchange rates, inflation, credit, liquidity and
equities.
There follows specific data on the Group's exposure to each of these risks and an analysis of the sensitivity to a change in the various variables,
together with a brief description of the way in which each risk is managed.
a) Exposure to interest rate fluctuations
Ferrovial's businesses are exposed to interest rate fluctuations, which may affect the Company\u2019s net financial expense through variable interest on
financial assets and liabilities, as well as the measurement of financial instruments arranged at fixed interest rates.
Ferrovial manages interest rate risk so as to optimize the financial expense borne by the Group and achieve suitable proportions of fixed- and
variable-rate debt based on market conditions. Therefore, when interest rates are low, the Group seeks to fix future amounts at the ex-
infrastructure project company level, although such hedging can affect liquidity in the event of cancellation.
At the infrastructure project company level, banks and rating agencies require a higher percentage of fixed-rate debt. These strategies are
implemented by issuing fixed-rate debt or by arranging financial derivative hedges, a breakdown of which is provided in Note 5.5 Financial
derivatives at fair value.
The accompanying tables show a breakdown of the Group\u2019s borrowings, indicating the percentage of borrowings that is considered to be hedged
(either by a fixed rate or by derivatives).
BORROWINGS
2025
2024
(Million euro)
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Ex-infrastructure project companies
2,810
99%
22
\u2014
2,886
91%
255
3
Highways
7,094
96%
258
3
7,945
97%
237
2
Airports
77
64%
28
\u2014
94
96%
4
\u2014
Construction
97
90%
10
\u2014
103
90%
10
\u2014
Energy
307
95%
17
\u2014
211
100%
\u2014
\u2014
Other
42
100%
\u2014
\u2014
47
100%
\u2014
\u2014
Infrastructure project companies
7,617
96%
313
3
8,400
97%
251
2
Total borrowings
10,427
97%
336
3
11,288
96%
503
5
At 2025 year-end, 97% of the debt is hedged at a fixed rate (96% in 2024), so regarding fully consolidated companies, a linear increase of 100
basis points in market interest rate curves as of December 31, 2025, and 2024 would not have a significant impact on the income statement.
The Group's cash amounted to EUR 4,271 million in 2025 (EUR 4,828 million in 2024) of which EUR 4,070 million (EUR 4,653 million in 2024)
corresponded to the cash held by the ex - infrastructure project companies. A linear variation of 100 basis points in the market yield curves at
December 31, 2025 would have an impact of approximately EUR 43 million in the financial result for the year.
It is also necessary to take into account changes in the fair value of the financial derivatives arranged, which are indicated in Note 5.5.
As regards these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2025 would, in
the case of the effective hedges, have a positive impact of approximately EUR 109 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 109 million at December 31, 2024), while a decrease of 100 basis points would have a negative impact of
approximately EUR 96 million (EUR 41 million at December 31, 2024).
Finally it should be noted that a drop in interest rates would trigger an increase in the value of the projects, through a lower discount rate.
b) Exposure to foreign exchange fluctuations
Ferrovial regularly monitors net exposure to each currency over the coming years for dividends receivable, investments in new projects and
potential divestments.
Ferrovial establishes its hedging strategy by analyzing past fluctuations in both short-term and long-term exchanges rates and has monitoring
mechanisms in place, such as future projections and long-term equilibrium exchange rates. These hedges consist of foreign currency deposits or
forex derivatives (see Note 5.5 for more details).
The following tables show, by type of currency, the value of assets, liabilities, non-controlling interests and shareholders\u2019 funds attributed to the
parent company at December 2025 and 2024, adjusted to account for the above-mentioned forex derivatives relating to each currency:
DEC. 2025
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
7,596
4,997
2,398
200
Pound sterling
670
399
270
1
US dollar
13,354
11,700
318
1,336
Canadian dollar
2,104
631
1,473
\u2014
Australian dollar
240
148
92
\u2014
Polish zloty
2,056
1,658
177
220
Chilean peso
163
67
96
\u2014
Colombian peso
266
136
130
\u2014
Indian rupee
884
1
882
\u2014
Other
88
17
72
(1)
GROUP TOTAL
27,420
19,755
5,908
1,757
DEC. 2024
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
8,145
4,815
3,119
211
Pound sterling
602
382
219
1
US dollar
15,561
13,131
796
1,634
Canadian dollar
882
457
425
\u2014
Australian dollar
289
215
74
\u2014
Polish zloty
1,918
1,576
144
199
Chilean peso
251
132
120
\u2014
Colombian peso
233
133
100
\u2014
Indian rupee
1,026
3
1,023
\u2014
Other
91
36
56
\u2014
GROUP TOTAL
28,999
20,879
6,075
2,045
The details by currency of the main forex derivatives that are considered in this analysis are as follows:
(Millions)
2025
Notional
Mark to Market
Local currency
EUR
EUR
USD
2,847
2,606
140
CAD
538
349
7
(Millions)
2024
Notional
Mark to Market
Local currency
EUR
EUR
USD
2,347
2,202
6
CAD
932
624
(4)
Note 1.4 contains a breakdown of year-end exchange rates. As a result of these changes, the impact of currency translation differences on equity
at December 31, 2025 was EUR -434 million (EUR 33 million at December 31, 2024) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2025 Ferrovial estimates that a 10% appreciation in the value of the main currencies in
which the Group holds investments against the euro at the year-end would have an impact on the parent company shareholders' funds of EUR
382 million, of which 26% would relate to the effect of the Indian rupee, 9% to the US dollar and 43% to the Canadian dollar.
Note 1.4 contains a breakdown of average exchange rates for 2025 and 2024. In this regard, the impact on the income statement of a 10%
appreciation of the euro against other currencies would have amounted to a change of EUR 95 million in 2025 (EUR 56 million in 2024).
e) Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises from equity swaps used in relation to the share-based
remuneration schemes, the detail of which is shown in Note 5.5 to these consolidated financial statements.
As the equity swaps are not classified as accounting hedges, the market value has an impact on profit or loss. Accordingly, a EUR 1 increase/
decrease in Ferrovial\u2019s share price would have a positive/negative impact of EUR 2.8 million on Ferrovial\u2019s net profit/(loss) in 2025.
f) Exposure to inflation risk
Most of the revenue from infrastructure projects is associated with prices tied directly to inflation. Therefore, an increase in inflation as is currently
the case will increase cash flows from assets of this kind.
The rise in inflation may have an adverse effect on operating margins under the construction contracts. However, a substantial part of the
business portfolio is protected against the effects of rising inflation due to the existence of price adjustment contract clauses linked to inflation in
certain jurisdictions, such as Poland or, in certain contracts, such as in Spain. In the absence of such clauses, the risk is hedged by closing the main
direct costs at the time of bidding.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-980": { "value": "
5.4. FINANCIAL RISK AND CAPITAL MANAGEMENT
The Group\u2019s businesses are affected by changes to financial variables, such as interest rates, exchange rates, inflation, credit, liquidity and
equities.
There follows specific data on the Group's exposure to each of these risks and an analysis of the sensitivity to a change in the various variables,
together with a brief description of the way in which each risk is managed.
a) Exposure to interest rate fluctuations
Ferrovial's businesses are exposed to interest rate fluctuations, which may affect the Company\u2019s net financial expense through variable interest on
financial assets and liabilities, as well as the measurement of financial instruments arranged at fixed interest rates.
Ferrovial manages interest rate risk so as to optimize the financial expense borne by the Group and achieve suitable proportions of fixed- and
variable-rate debt based on market conditions. Therefore, when interest rates are low, the Group seeks to fix future amounts at the ex-
infrastructure project company level, although such hedging can affect liquidity in the event of cancellation.
At the infrastructure project company level, banks and rating agencies require a higher percentage of fixed-rate debt. These strategies are
implemented by issuing fixed-rate debt or by arranging financial derivative hedges, a breakdown of which is provided in Note 5.5 Financial
derivatives at fair value.
The accompanying tables show a breakdown of the Group\u2019s borrowings, indicating the percentage of borrowings that is considered to be hedged
(either by a fixed rate or by derivatives).
BORROWINGS
2025
2024
(Million euro)
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Total debt
% debt
hedged
Net exposed
debt
Impact on
profit/(loss) +
100 bps
Ex-infrastructure project companies
2,810
99%
22
\u2014
2,886
91%
255
3
Highways
7,094
96%
258
3
7,945
97%
237
2
Airports
77
64%
28
\u2014
94
96%
4
\u2014
Construction
97
90%
10
\u2014
103
90%
10
\u2014
Energy
307
95%
17
\u2014
211
100%
\u2014
\u2014
Other
42
100%
\u2014
\u2014
47
100%
\u2014
\u2014
Infrastructure project companies
7,617
96%
313
3
8,400
97%
251
2
Total borrowings
10,427
97%
336
3
11,288
96%
503
5
At 2025 year-end, 97% of the debt is hedged at a fixed rate (96% in 2024), so regarding fully consolidated companies, a linear increase of 100
basis points in market interest rate curves as of December 31, 2025, and 2024 would not have a significant impact on the income statement.
The Group's cash amounted to EUR 4,271 million in 2025 (EUR 4,828 million in 2024) of which EUR 4,070 million (EUR 4,653 million in 2024)
corresponded to the cash held by the ex - infrastructure project companies. A linear variation of 100 basis points in the market yield curves at
December 31, 2025 would have an impact of approximately EUR 43 million in the financial result for the year.
It is also necessary to take into account changes in the fair value of the financial derivatives arranged, which are indicated in Note 5.5.
As regards these interest rate hedging instruments, a linear increase of 100 basis points in the market yield curves at December 31, 2025 would, in
the case of the effective hedges, have a positive impact of approximately EUR 109 million on shareholders\u2019 funds attributable to the parent from
fully consolidated companies (EUR 109 million at December 31, 2024), while a decrease of 100 basis points would have a negative impact of
approximately EUR 96 million (EUR 41 million at December 31, 2024).
Finally it should be noted that a drop in interest rates would trigger an increase in the value of the projects, through a lower discount rate.
b) Exposure to foreign exchange fluctuations
Ferrovial regularly monitors net exposure to each currency over the coming years for dividends receivable, investments in new projects and
potential divestments.
Ferrovial establishes its hedging strategy by analyzing past fluctuations in both short-term and long-term exchanges rates and has monitoring
mechanisms in place, such as future projections and long-term equilibrium exchange rates. These hedges consist of foreign currency deposits or
forex derivatives (see Note 5.5 for more details).
The following tables show, by type of currency, the value of assets, liabilities, non-controlling interests and shareholders\u2019 funds attributed to the
parent company at December 2025 and 2024, adjusted to account for the above-mentioned forex derivatives relating to each currency:
DEC. 2025
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
7,596
4,997
2,398
200
Pound sterling
670
399
270
1
US dollar
13,354
11,700
318
1,336
Canadian dollar
2,104
631
1,473
\u2014
Australian dollar
240
148
92
\u2014
Polish zloty
2,056
1,658
177
220
Chilean peso
163
67
96
\u2014
Colombian peso
266
136
130
\u2014
Indian rupee
884
1
882
\u2014
Other
88
17
72
(1)
GROUP TOTAL
27,420
19,755
5,908
1,757
DEC. 2024
Currency
Assets
Liabilities
Parent company
shareholders\u2019 funds
Non-controlling
interests
(Million euro)
Euro
8,145
4,815
3,119
211
Pound sterling
602
382
219
1
US dollar
15,561
13,131
796
1,634
Canadian dollar
882
457
425
\u2014
Australian dollar
289
215
74
\u2014
Polish zloty
1,918
1,576
144
199
Chilean peso
251
132
120
\u2014
Colombian peso
233
133
100
\u2014
Indian rupee
1,026
3
1,023
\u2014
Other
91
36
56
\u2014
GROUP TOTAL
28,999
20,879
6,075
2,045
The details by currency of the main forex derivatives that are considered in this analysis are as follows:
(Millions)
2025
Notional
Mark to Market
Local currency
EUR
EUR
USD
2,847
2,606
140
CAD
538
349
7
(Millions)
2024
Notional
Mark to Market
Local currency
EUR
EUR
USD
2,347
2,202
6
CAD
932
624
(4)
Note 1.4 contains a breakdown of year-end exchange rates. As a result of these changes, the impact of currency translation differences on equity
at December 31, 2025 was EUR -434 million (EUR 33 million at December 31, 2024) for the parent company. A breakdown by currency is set out in
Note 5.1.1.
After analyzing sensitivity to exchange rate effects, for 2025 Ferrovial estimates that a 10% appreciation in the value of the main currencies in
which the Group holds investments against the euro at the year-end would have an impact on the parent company shareholders' funds of EUR
382 million, of which 26% would relate to the effect of the Indian rupee, 9% to the US dollar and 43% to the Canadian dollar.
Note 1.4 contains a breakdown of average exchange rates for 2025 and 2024. In this regard, the impact on the income statement of a 10%
appreciation of the euro against other currencies would have amounted to a change of EUR 95 million in 2025 (EUR 56 million in 2024).
c) Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
(Million euro)
2025
2024
Var 25/24
Investments in financial assets (1)
2,038
1,945
93
Non-current financial assets
624
1,297
(673)
Net financial derivatives (assets)
338
241
97
Trade and other receivables
2,249
2,223
26
(1) Included in cash and cash equivalents
\u2022 Ferrovial actively and continuously monitors counterparty risk affecting financial transactions and performs internal credit quality analyses on
each of the financial institutions with which there is exposure. The Company's internal policy for the investment of cash surpluses establishes
the minimum counterparty risk as investment grade rating.
\u2022 The internal rules for managing cash surpluses impose maximum investment limits for each counterparty, based on objective criteria:
minimum acceptable risk requirements for the investment of cash surpluses and limits on the amounts invested in line with the defined risk in
each case. In addition, the Risk Department monitors each counterparty\u2019s performance and proposes appropriate protective or corrective
measures depending on the specific circumstances.
\u2022 Geographies: Ferrovial monitors trends in markets (geographies) where it has operations, as well as in its target markets. The Financial Risk
Department proposes potential actions to be taken should changes in risk levels be expected in a particular geography or market.
\u2022 Customers: Ferrovial analyses and monitors customer credit risk by means of an internal method used by all the Group companies to assign
credit ratings to Ferrovial\u2019s customers.
d) Exposure to liquidity risk
The Group has the necessary mechanisms in place to preserve the required liquidity through periodic procedures that take account of cash flow
projections, cash needs, short-term collections and payments, and long-term obligations.
Ex-infrastructure project companies
At December 31, 2025, cash and cash equivalents amounted to EUR 4,070 million (EUR 4,653 million in 2024. At that date, undrawn credit lines
totaled EUR 1,008 million (EUR 652 million in 2024), forwards hedging cash flows denominated in a currency other than the euro amounted to
EUR 0 million (EUR -5 million in 2024) and long term restricted cash stood at EUR 10 million (EUR 21 million in 2024).
Therefore, liquidity totaled EUR 5,088 million (EUR 5,320 million in December 2024) (Note 5.2).
Infrastructure project companies
At December 31, 2025, cash and cash equivalents (including short-term restricted cash) amounted to EUR 201 million (EUR 175 million in
December 2024). Also, at that date undrawn credit lines stood at EUR 26 million (EUR 13 million in 2024), and were primarily arranged to cover
committed investment needs. Long-term restricted cash amounted to EUR 252 million (EUR 380 million in December 2024).
Liquidity (including long-term restricted cash) totaled EUR 480 million (EUR 557 million in December 2024).
e) Equity risk exposure
Ferrovial is exposed to the risk of fluctuations in its own share price. This exposure arises from equity swaps used in relation to the share-based
remuneration schemes, the detail of which is shown in Note 5.5 to these consolidated financial statements.
As the equity swaps are not classified as accounting hedges, the market value has an impact on profit or loss. Accordingly, a EUR 1 increase/
decrease in Ferrovial\u2019s share price would have a positive/negative impact of EUR 2.8 million on Ferrovial\u2019s net profit/(loss) in 2025.
f) Exposure to inflation risk
Most of the revenue from infrastructure projects is associated with prices tied directly to inflation. Therefore, an increase in inflation as is currently
the case will increase cash flows from assets of this kind.
The rise in inflation may have an adverse effect on operating margins under the construction contracts. However, a substantial part of the
business portfolio is protected against the effects of rising inflation due to the existence of price adjustment contract clauses linked to inflation in
certain jurisdictions, such as Poland or, in certain contracts, such as in Spain. In the absence of such clauses, the risk is hedged by closing the main
direct costs at the time of bidding.
g) Capital management
The Group aims to achieve a debt-equity ratio that makes it possible to optimize costs while safeguarding the capacity to continue managing
recurring activities and the capacity to continue to grow through new projects in order to create shareholder value.
With regard to borrowings, the Ferrovial Group seeks to maintain a level of indebtedness, excluding infrastructure project companies, so as to
retain an investment grade credit rating. To achieve this, a clear and consistent financial policy has been established in which a relevant metric
refers to the maintenance of an ex-projects net debt (borrowings less cash and cash equivalents) to EBITDA ratio, plus project dividends, of no
more than 2x.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-982": { "value": "
c) Exposure to credit and counterparty risk
The Group\u2019s main financial assets exposed to credit or counterparty risk are as follows:
(Million euro)
2025
2024
Var 25/24
Investments in financial assets (1)
2,038
1,945
93
Non-current financial assets
624
1,297
(673)
Net financial derivatives (assets)
338
241
97
Trade and other receivables
2,249
2,223
26
(1) Included in cash and cash equivalents
\u2022 Ferrovial actively and continuously monitors counterparty risk affecting financial transactions and performs internal credit quality analyses on
each of the financial institutions with which there is exposure. The Company's internal policy for the investment of cash surpluses establishes
the minimum counterparty risk as investment grade rating.
\u2022 The internal rules for managing cash surpluses impose maximum investment limits for each counterparty, based on objective criteria:
minimum acceptable risk requirements for the investment of cash surpluses and limits on the amounts invested in line with the defined risk in
each case. In addition, the Risk Department monitors each counterparty\u2019s performance and proposes appropriate protective or corrective
measures depending on the specific circumstances.
\u2022 Geographies: Ferrovial monitors trends in markets (geographies) where it has operations, as well as in its target markets. The Financial Risk
Department proposes potential actions to be taken should changes in risk levels be expected in a particular geography or market.
\u2022 Customers: Ferrovial analyses and monitors customer credit risk by means of an internal method used by all the Group companies to assign
credit ratings to Ferrovial\u2019s customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-983": { "value": "
d) Exposure to liquidity risk
The Group has the necessary mechanisms in place to preserve the required liquidity through periodic procedures that take account of cash flow
projections, cash needs, short-term collections and payments, and long-term obligations.
Ex-infrastructure project companies
At December 31, 2025, cash and cash equivalents amounted to EUR 4,070 million (EUR 4,653 million in 2024. At that date, undrawn credit lines
totaled EUR 1,008 million (EUR 652 million in 2024), forwards hedging cash flows denominated in a currency other than the euro amounted to
EUR 0 million (EUR -5 million in 2024) and long term restricted cash stood at EUR 10 million (EUR 21 million in 2024).
Therefore, liquidity totaled EUR 5,088 million (EUR 5,320 million in December 2024) (Note 5.2).
Infrastructure project companies
At December 31, 2025, cash and cash equivalents (including short-term restricted cash) amounted to EUR 201 million (EUR 175 million in
December 2024). Also, at that date undrawn credit lines stood at EUR 26 million (EUR 13 million in 2024), and were primarily arranged to cover
committed investment needs. Long-term restricted cash amounted to EUR 252 million (EUR 380 million in December 2024).
Liquidity (including long-term restricted cash) totaled EUR 480 million (EUR 557 million in December 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-984": { "value": "
5.5. FINANCIAL DERIVATIVES AT FAIR VALUE
a) Breakdown by type of derivative, movements, maturity dates and main features
The table below includes the fair values of the derivatives arranged at December 31, 2025, as well as the maturity dates of the notional amounts
to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are presented
as negative amounts):
TYPE OF INSTRUMENT
FAIR VALUE
NOTIONAL MATURITIES
(Million euro)
Balances at
12/31/2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
ASSET BALANCES
382
719
78
5
1
2,840
3,642
Index-Linked Swaps
P
139
(3)
(4)
(3)
(3)
91
78
FX derivatives: Cross Currency Swaps
146
\u2014
\u2014
\u2014
\u2014
2,236
2,236
FX derivatives: Forwards and Options
3
659
6
\u2014
\u2014
\u2014
665
Interest Rate Swaps Energy Business Line
P
2
2
\u2014
\u2014
\u2014
96
98
Interest Rate Swaps Airports Business Line
P
1
22
25
5
\u2014
\u2014
52
Interest Rate Swaps Highways Business Line
P
\u2014
(7)
49
\u2014
\u2014
\u2014
42
Interest Rate Swaps Construction Business Line
P
2
3
2
3
3
17
27
Interest Rate Swaps Other Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity Swaps
44
43
\u2014
\u2014
\u2014
\u2014
43
Power Purchase Agreement
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
45
\u2014
\u2014
\u2014
\u2014
400
400
LIABILITY BALANCES
(150)
517
38
236
(123)
1,302
1,971
Index-Linked Swaps
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Cross Currency Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Forwards and Options
(1)
246
1
1
2
10
260
Interest Rate Swaps Energy Business Line
P
(2)
231
2
2
2
91
329
Interest Rate Swaps Airports Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Highways Business Line
P
(67)
37
32
229
(133)
773
938
Interest Rate Swaps Construction Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Other Business Line
P
(2)
3
3
4
5
29
43
Equity Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Power Purchase Agreement
P
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
(45)
\u2014
\u2014
\u2014
\u2014
400
400
TOTAL
232
1,236
116
241
(123)
4,142
5,613
(P) - project companies; ( ) - ex project companies
The maturities of cash flows comprising the fair value of the derivatives are set out below:
TYPE OF INSTRUMENT
FAIR VALUE
CASH FLOW MATURITIES
(Million euro)
Balances at
12/31/2025
2026
2027
2028
2029
2030 and
beyond
TOTAL
ASSET BALANCES
382
37
(7)
(6)
(5)
453
472
Index-Linked Swaps
P
139
12
13
14
15
110
165
FX derivatives: Cross Currency Swaps
146
(22)
(20)
(20)
(20)
282
200
FX derivatives: Forwards and Options
3
3
\u2014
\u2014
\u2014
\u2014
3
Interest Rate Swaps Energy Business Line
P
2
(1)
(1)
(1)
\u2014
7
5
Interest Rate Swaps Airports Business Line
P
1
\u2014
\u2014
\u2014
\u2014
\u2014
1
Interest Rate Swaps Highways Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Construction Business Line
P
2
\u2014
\u2014
\u2014
\u2014
1
2
Interest Rate Swaps Other Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity Swaps
44
44
\u2014
\u2014
\u2014
\u2014
44
Power Purchase Agreement
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
45
\u2014
\u2014
\u2014
\u2014
53
53
LIABILITY BALANCES
(150)
(17)
(19)
(18)
(17)
(62)
(133)
Index-Linked Swaps
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Cross Currency Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
FX derivatives: Forwards and Options
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Energy Business Line
P
(2)
(1)
(1)
(1)
\u2014
2
(1)
Interest Rate Swaps Airports Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Highways Business Line
P
(67)
(16)
(18)
(17)
(16)
(10)
(77)
Interest Rate Swaps Construction Business Line
P
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest Rate Swaps Other Business Line
P
(2)
\u2014
(1)
\u2014
\u2014
(1)
(2)
Equity Swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Power Purchase Agreement
P
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other derivatives
(45)
\u2014
\u2014
\u2014
\u2014
(53)
(53)
TOTAL
232
20
(26)
(24)
(22)
391
339
(P) - project companies; ( ) - ex project companies
Index-linked swaps (ILS)
They relate solely to Autema project, which arranged an index-linked swap fixing the annual inflation rate at 2.5% in 2008 to hedge revenue
variability, with a total notional of EUR 78 million. The underlying hedged items are the toll flows and price compensation flows received by the
Catalan Regional Government, which are inflation-adjusted. The rise in inflation during 2025 had an impact of EUR -3 million on reserves and a
fair value impact of EUR 7 million on results.
Within the categories of foreign exchange derivatives, some of them are intended to hedge investments denominated in USD and CAD (see
disclosure in Note 5.4.b), highlighting the following instruments:
Foreign exchange derivatives: Cross-currency swaps (CCS)
At December 31, 2024 Ferrovial SE recorded cross-currency swaps to hedge a corporate liquidity line in US dollars (Note 5.2.2). These instruments
had a notional value of USD 260 million (EUR 250 million agreed equivalent value) and matured in 2025. They were cancelled on January 15,
2025.
The group companies Cintra Infrastructure SE and 407 Toronto Highway BV have cross-currency swaps (CCS) hedging the net investment in USD
and CAD, respectively. These instruments have a notional amount of EUR 1,971 million and EUR 139 million, respectively, with maturities from
2032 onward and a fair value of EUR 137 million and EUR 7 million.
The result of the effectiveness tests carried out show that most of these derivatives are effective. The interest rate component of these derivatives,
treated as cost of hedging, amounts to EUR -49 million and is recorded as reserves through other comprehensive income (OCI). As the coupons for
the interest rate spread are paid, this cost is directly recognized as income. In addition, the impact of the investment hedges was EUR 216 million
and was recognized as a translation difference through OCI.
Additionally, 407 Toronto Highway BV has cross-currency swaps (CCS) with a notional amount of EUR 126 million that are not classified as
accounting hedges and are recognized in net financial income/(expense) at fair value (EUR 2 million).
Foreign exchange derivatives: Forwards and Options (FX)
There are foreign exchange hedges, designed for the Group's CAD and USD investments. The notional amounts are EUR 210 million and EUR 635
million at December 31, 2025 (CAD 338 million and USD 747 million) (Note 1.3) and the fair value amounts are EUR -0.44 million and EUR 2.7
million, respectively.
Value changes are recognized under currency translation differences in the amount of EUR 86 million in 2025. Additionally, movements of
settlements and accruals would have an impact on the financial result (EUR 0 million in the current exercise), and a positive impact of EUR 43
million on cash.
There are also hedges of foreign currency risk, for the volatility of future cash flows in foreign currencies or assets denominated in foreign
currencies (primarily the Polish zloty). Their notional value stood at EUR 81 million at December 31, 2025, of which EUR 60 million corresponds to
the Polish zloty. All of them expire in the short-term.
Foreign exchange hedges for assets denominated in foreign currencies, recognized value changes as translation differences and amounted to
EUR -5 million in 2025 (for effective derivatives).
Finally, options, which are not classified as accounting hedges, are recognized in net financial income/(expense) at fair value, entailing nil expense
during the year.
Interest Rate Swaps (IRS)
To hedge interest rate risk in infrastructure projects, the borrowings of which accrue variable interest (primarily Cintra Inversora Autopistas de
Catalu\u00f1a, S.A., NTE Mobility Partners, LLC, LBJ Infr. Group LLC, Autov\u00eda de Arag\u00f3n, Centella, Misae Solar Plant, Depusa Arag\u00f3n, Dalaman
International Airport, and the UK Waste Treatment Business, Thalia - Waterbeach Plant), the companies have contracted interest rate hedges on
project debt, establishing a fixed or increasing interest rate, for a total notional amount of EUR 1,530 million at December 31, 2025. Overall, the
fair value of these hedges has changed from EUR -57 million at December 2024 to EUR -66 million at December 2025.
In general terms, periodic hedge effectiveness measurements show that derivatives are effective, so changes in their fair value are recorded in
reserves, amounting to EUR 15 million.
The movement in settlements, accruals and also in ineffectiveness, had an impact on net financial income/(expense) of EUR -16 million and on
cash of EUR 13 million (negative).
Equity swaps (ES)
The Company has arranged equity swaps for the potential financial impact of the exercise of share-based remuneration schemes granted to
employees. The value of these swaps contracted by the Company change as the value of Ferrovial shares changes, and are therefore, treated as
derivatives but not as accounting hedges (speculative), so the change in fair value of these derivatives is recognized through profit or loss as a fair
value adjustment.
These contracts are described below:
\u2022 The calculation base comprises a given number of Ferrovial shares and a reference price, which is usually the share price on the execution
date.
\u2022 During the swap term, Ferrovial pays interest at a given interest rate (EURIBOR plus a spread to be applied to the result of multiplying the
number of shares by the strike price) and receives remuneration equal to the dividends on those shares.
\u2022 When the swap expires, if the share price has risen, Ferrovial will receive in cash the difference between the arithmetic mean of the share price
during the observation period and the reference price, multiplied by the number of shares contracted. Otherwise, Ferrovial will pay the
difference to the financial institution.
Its fair value at December 31, 2025 is EUR 44 million. The change in value during the year was due to the increase in Ferrovial's share price from
EUR 40.60 at December 31, 2024 to EUR 55.34 at December 31, 2025, entailing an impact of EUR 27 million under the income statement
heading \u201cChanges in the fair value of financial instruments\u201d. The column \u201cImpact on Net financial income/(expense)\u201d includes the remuneration
as income and the finance cost of these instruments as an expense in the amount of EUR -2 million (Note 2.6). The total impact of these
instruments on cash resources amounted to EUR 10 million (positive).
At December 2025, these derivatives had a notional value equivalent to 1,580,364 shares which, based on the strike price of the equity swaps
(price at which they must be settled with the banks), represented a total notional amount of EUR 43 million.
Power Purchase Agreements (PPAs)
Ferrovial has entered into power purchase agreements (PPAs) for the sale of energy in connection with the solar energy plants in Texas (Misae and
Milano projects), currently under construction. These virtual or financial PPAs that do not involve the physical delivery to its end user of energy and
are settled for the cash difference between the contract price and the market price, are classified as derivatives that fall within the scope of IFRS 9.
For such financial contracts, Ferrovial applies cash flow hedge accounting, recognizing the variation in the fair value of these hedging instruments
through other comprehensive income (OCI). The fair value reached EUR -33 million at December 2025 (EUR -33 million Misae, and EUR 0.1 million
Milano).
Other derivatives
As other derivatives recognized in the liabilities heading, the Company includes the equity option related to the non-dilutive cash settled
convertible bond issued on November 2025, as mentioned in Note 5.2 b.1.1.
This bond is treated as a hybrid instrument, combining the financial debt, and an embedded derivative with a notional value of EUR 400 million,
measured at fair value (EUR -45 million) as a liability. Additionally, Ferrovial has purchased a call option on its own shares, mirroring the call
embedded in the bond to offset its impact, with a fair value of EUR 45 million, recognized in the derivative assets heading.
b) Main effects on the income statement and equity
Set out below is a breakdown of the main derivatives arranged by fully-consolidated companies showing movements in fair values at December
31, 2025 and December 2024 and the effect on reserves, profit/(loss) and other balance sheet items:
TYPE OF INSTRUMENT
(Million euro)
FAIR VALUE
EFFECTS
Balances at
12/31/2025
Balances at
12/31/2024
Var.
EFFECT ON
RESERVES
(I)
FAIR VALUE
EFFECT ON
PROFIT/
(LOS S) (II)
EFFECT ON
FINANCIAL
PROFIT/
(LOSS) (III)
CASH (IV)
EXCHANGE
RATE (V)
OTHER
EFFECTS ON
BALANCE
SHEET OR
INCOME
TOTAL
Index-linked derivatives
139
134
5
(3)
7
5
(12)
\u2013
8
5
Cash flow hedges
139
134
5
(3)
7
5
(12)
\u2013
8
5
Interest rate derivatives
(66)
(57)
(9)
15
4
(16)
14
(2)
(25)
(9)
Cash flow hedges
(66)
(57)
(9)
7
4
(16)
14
(2)
(16)
(9)
Fair value hedges
\u2013
\u2013
\u2013
9
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
Speculative
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cross-currency swaps
146
43
103
(112)
1
(18)
14
217
1
103
Cash flow hedges
\u2013
2
(2)
1
\u2013
1
(3)
\u2013
1
(2)
Net foreign investment hedges
144
41
103
(112)
\u2013
(18)
18
217
\u2013
103
Speculative
2
\u2013
2
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
Foreign exchange derivatives
2
(40)
41
5
(12)
\u2013
(52)
81
21
41
Cash flow hedges
\u2013
(2)
2
2
\u2013
\u2013
(3)
\u2013
3
2
Fair value hedges
(1)
(5)
4
\u2013
(3)
\u2013
(6)
(5)
17
4
Net foreign investment hedges
2
(39)
41
3
(4)
\u2013
(43)
86
\u2013
41
Speculative
1
6
(5)
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Equity swaps
44
29
15
\u2013
27
\u2013
(10)
\u2013
(2)
15
Speculative
44
29
15
\u2013
27
\u2013
(10)
\u2013
(2)
15
Power purchase agreement (PPA)
(33)
\u2013
(33)
(35)
1
\u2013
\u2013
1
\u2013
(33)
Cash flow hedges
(33)
\u2013
(33)
(35)
1
\u2013
\u2013
1
\u2013
(33)
Equity Options
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Speculative
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
TOTAL
232
109
123
(130)
28
(29)
(46)
297
3
123
Derivatives are recognized at market value at inception and at fair value at later dates. Changes in the value of these derivatives are recognized
for accounting purposes as follows:
\u2022 Fair value changes during the year to the effective portion of cash flow hedging derivatives are recognized, with a balancing entry in reserves
(column I).
\u2022 Fair value changes to derivatives that do not qualify for hedge accounting or are deemed to be speculative are recognized separately as a fair
value adjustment in the Group\u2019s income statement (column II).
\u2022 \u201cEffect on net financial income/(expense)\u201d (column III) reflects the effects of the financing of interest flows accrued during the year.
\u2022 The \u201cCash\u201d column (IV) refers to net settlements of receipts and payments during the year. Receipts are in negative, and payments in
positives.
\u2022 The effect of foreign exchange fluctuations on currency translation differences from December 31, 2024 to December 31, 2025 is also
presented separately (column V).
\u2022 The \u201cOther effects on balance sheet or income\u201d column shows the effects on operating profit/(loss), net financial income/(expense) (exchange
rate) and other effects not previously mentioned (column VI).
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-988": { "value": "
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-987": { "value": "
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-986": { "value": "
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-985": { "value": "
c) Derivative measurement methods
All the Group\u2019s financial derivatives and other financial instruments carried at fair value are included in Level 2 of the fair value hierarchy since,
though they are not quoted on regulated markets, they are based on directly or indirectly observable inputs, except the energy power purchase
agreements, which qualify as financial derivatives and are on Level 3.
Most of the fair value measurements are made by the Company using a tool developed in-house based on market best practices. However, all the
internal valuations are reconciled against the values indicated by the counterparty banks on a monthly basis.
Equity swaps are measured as the difference between the quoted share price on the calculation date and the unit settlement (strike) price agreed
at inception, multiplied by the number of shares under the contract.
The other instruments are measured by quantifying net future flows of payments and receipts, discounted to present value, as specified below:
\u2022 Interest rate swaps (IRS): future flows tied to floating reference rates are estimated using market projections on the measurement date for
each currency and settlement frequency. Each flow is discounted using the discount factors on the date of each settlement period and
currency at the measurement date.
\u2022 Index-linked swaps (ILS): future flows are estimated by projecting the future behavior implicit in the market curves on the measurement date
for each currency and settlement frequency, for both reference interest rates and reference inflation rates. As in the cases described above,
the flows are discounted at rates obtained at the measurement date for each flow settlement period and currency.
\u2022 Foreign exchange derivatives (Cross-currency swaps: CCS): future flows tied to floating reference rates are estimated using market projections
on the measurement date for each currency and settlement frequency. Each flow is discounted using the market zero-coupon rate
corresponding to the settlement period and currency at the measurement date, taking account of cross-currency basis spreads. The present
value of the flows in a currency other than the measurement currency is translated at the spot exchange rate prevailing at the measurement
date.
\u2022 Foreign exchange derivatives (forwards and options): as a general rule, future flows are estimated using the exchange rates and market
curves associated with each currency pair (forward points curve), and each flow is discounted using the market discount rate corresponding to
the settlement period and currency at the measurement date. For other more complex instruments (options, etc.), appropriate measurement
methods are used for each instrument, taking into consideration the necessary market data.
\u2022 Power purchase agreements (PPA): The future flows tied to floating energy prices are estimated taking into consideration the expected hourly
energy production of the solar photovoltaic facility and the prices quoted by different future market electricity price providers for the relevant
underlying. Each flow is discounted using the discount factors on the date of each settlement period and currency at the measurement date.
Lastly, credit risk included when measuring derivatives under IFRS 9 is estimated as follows:
\u2022 To calculate the adjustments associated with own and counterparty credit risk (CVA/DVA), Ferrovial applies a method based on calculating
the future exposure of the various financial products using best market practices. A probability of default and a loss given default is applied to
this potential exposure based on the parties\u2019 business and credit quality, as well as a discount factor based on the currency and term at the
measurement date.
\u2022 To calculate probabilities of default for the Ferrovial Group companies, the Financial Risks Department assesses the counterparty\u2019s rating
(company, project, etc.) using an in-house, rating agency-based method. This rating is used to obtain market spread curves for the currency
and term in question (generic curves per rating level).
\u2022 Probability of counterparty default is calculated using the companies\u2019 CDS curves, if they are available. Otherwise, the CDS curves of a similar
entity (proxy) or a generic spread curve per rating level are used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-989": { "value": "
SECTION 6: OTHER DISCLOSURES
6.3. PROVISIONS
The provisions recognized by the consolidated Group cover risks arising in the course of business. They are recognized using best estimates of the
risks. This note provides a breakdown of all provisions disclosed separately on the liabilities side of the balance sheet. In addition to these items,
other provisions net certain asset items and are disclosed in the specific notes on those assets.
Movements in long- and short-term provisions presented separately on the liabilities side of the balance sheet are set out below at December 31,
2025:
(Million euro)
LITIGATION AND
TAXES
REPLACEMENTS
AND UPGRADES,
IFRIC 12
OTHER LONG-
TERM RISKS
TOTAL NON-
CURRENT
PROVISIONS
SHORT-TERM
PROVISIONS
TOTAL
Balance at December 31,2024
182
145
26
353
958
1,311
Scope change and transfers
15
(2)
(4)
9
1
10
CHARGES:
18
71
1
90
117
207
Operating profit (loss)
15
\u2013
1
15
116
131
Net financial income(expense)
3
6
\u2013
9
1
11
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed asset depreciation
\u2013
65
\u2013
65
\u2013
65
REVERSAL:
(20)
\u2013
(1)
(21)
(64)
(85)
Operating profit (loss)
(9)
\u2013
(1)
(10)
(64)
(74)
Net financial income(expense)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
(11)
\u2013
\u2013
(11)
\u2013
(11)
Fixed asset depreciation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
APPLICATIONS
(4)
(12)
\u2013
(16)
(82)
(98)
Foreign exchange differences
(3)
(18)
\u2013
(21)
\u2013
(21)
Balance at December 31, 2025
188
184
22
395
929
1,324
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover possible risks resulting from lawsuits and litigation in progress, amounting to EUR 102 million and EUR 97 million in 2025
and 2024, respectively, and largely relating to the Construction business (EUR 96 million in 2025 and EUR 90 million in 2024). This provision is
recognized and reversed against changes to provisions in operating profit/(loss) (Note 6.5.1).
\u2022 Provisions for tax claims, amounting to EUR 87 million for 2025 and 85 for 2024 , arising in relation to local or central government duties,
taxes or other levies as a result of the different possible interpretations of tax legislation in the various countries in which the Group operates
(Note 6.5.1).
Provision for replacements under IFRIC 12
This heading includes provisions for replacement investments under IFRIC 12 (Note 1.3.3.2), totaling EUR 184 million and EUR 145 million in 2025
and 2024, respectively.
Provisions for other long-term risks
This heading includes provisions recognized to cover certain long-term risks other than those attributable to litigation or tax claims, such as third-
party liability resulting from the performance of contracts, guarantees given and exposed to enforcement risk, and other similar items, which
amounted to EUR 22 million at December 31, 2025 (EUR 26 million at December 31, 2024).
At December 31, 2025, it also contains the estimated cost of landfill closure and post-closure activities mainly related to Budimex. The provision is
calculated based on a technical estimate of total landfill capacity consumed to date. It is recognized and reversed against changes to provisions in
operating profit/loss, as and when the landfill closure costs are incurred. The balance recognized for this item at December 31, 2025 amounted to
EUR 12 million. (EUR 16 million at December 31, 2024)
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
project close-out costs under the contract), amounting to EUR 328 million and EUR 325 million in 2025 and 2024 respectively), and provisions for
budgeted losses totaling EUR 501 million and EUR 531 million in 2025 and 2024 respectively, related primarily to the Construction business line.
The main movement during 2025 is explained by the charges in provisions recognized amounting to EUR 116 million, partially offset by the
reversals (EUR -64 million), and the application of provisions in the amount of EUR -82 million, highlighting the Construction business.
Additionally, the reduction in the UK waste treatment business (Thalia) of EUR -22 million (EUR 4 million and EUR 26 million at December 31,
2025 and 2024, respectively), mainly explained by the agreement reached on December 2025 with the Isle of Wight Council for the early
termination of that contract by the end of March 2026. Under this settlement, there has been a full release of all guarantees issued linked to this
project. The termination payment has not had relevant impact in the P&L of the group as it was covered by the Future Losses Provision recognized
for the Thalia Group.
For the accounting treatment of each provision, see Notes 1.3.3.3.and 1.3.3.4.v.
6.5.1.Litigation
The Group is exposed to risks derived from the resolution of litigation of different kinds arising in the ordinary course of its business. When such risks
are deemed to be probable, provisions are booked using the best estimate of the expected disbursements necessary to settle the obligations
arising from such litigation. These provisions are set out in Note 6.3. When such risks are less likely to materialize, contingent liabilities arise. No
significant liabilities are envisaged to have a material adverse effect on the Group other than those for which provisions have already been
recognized.
There are also contingent assets, meaning assets that could arise from various proceedings in progress. Assets of this kind are not recognized in
the financial statements unless it is virtually certain that they will materialize, as required by accounting legislation.
There follows a description of the most significant litigation, in the Group's various business lines, including proceedings that may generate both
liabilities or assets.
a) Litigation and other contingent liabilities relating to the Highways business.
Ongoing litigation as of December 2025
US Highways: NTE 35W
On February 11, 2021, there was a multiple vehicle accident on the 35W highway in Fort Worth, Texas involving 133 vehicles and resulting in six
deaths and numerous injuries.
As a result of this incident, the concession company NTE Mobility Partners Segment 3 LLC, which is 53.66% owned by Ferrovial, together with other
Group Co-Defendant entities and several non-Group US companies, was a party in 29 claims that were filed. Of these, as of today, the six fatality
cases have been fully resolved by the parties. As to the other 23 claims related to injury cases, 2 have been fully resolved and 1 is partially resolved.
Discovery is still ongoing in the remaining cases.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling, in view of the insurance policies in place.
Therefore, no provision has been recorded to date in relation to this risk.
Portugal: Auto-Estradas Norte Litoral, S.A.
The insolvency estate of J. Gomes - Constru\u00e7\u00f5es do C\u00e1vado, S.A., (the \u201cJ. Gomes Parent\u201d) filed a civil lawsuit against Cintra Infrastructures SE
(\u201cCISE\u201d) seeking the invalidity of its purchase of shares in Auto-Estradas Norte Litoral, S.A. (\"AENL\u201d) (the \u201cAENL Shares\u201d) by CISE from J. Gomes \u2013
Concess\u00f5es Norte, Unipessoal, Lda. (the \u201cJ. Gomes Subsidiary\u201d), a fully-owned subsidiary of J. Gomes Parent.
The claimant, J. Gomes Parent, requested, among other things, that CISE return the AENL Shares to the claimant plus an amount corresponding
to the total dividends received in connection with those shares since the date on which the sale took place.
The Parties decided to settle the lawsuit and negotiated a settlement agreement according to which they withdraw all claims against the other
party and mutually waive (i) the right to claim legal costs, and (ii) the right to appeal or claim nullity of the judgment. The Parties also
acknowledged that there are no outstanding claims, demands or rights between them.
The settlement agreement was approved by the Claimant\u2019s Creditors Committee, then executed on December 9, 2025, and approved by the
Court on December 18, 2025.
The settlement agreement is final as from January 6, 2026. Certification of \u201cres judicata\u201d was issued on January 16, 2026, thus ending the
process.
b) Litigation relating to the Construction business
The Construction business line is involved in several ongoing legal proceedings, relating principally to potential construction defects in the building
work it has completed and claims for civil liability. As indicated in Note 6.3, as of December 31, 2025, provisions amounting to EUR 96 million had
been recorded in relation to these proceedings. The provision for each of the lawsuits corresponds to the best estimate made by Ferrovial on the
possible impact.
Below is a description of the most relevant lawsuits.
Ongoing litigation as of December 2025
Construction business Spain
In 2019, the Spanish National Markets and Competition Commission (CNMC) initiated penalty proceedings against Ferrovial Construcci\u00f3n, S.A. and
other construction firms for alleged anti-competitive behavior.
On July 6, 2022, the CNMC issued a resolution finding that Ferrovial Construcci\u00f3n S.A. had committed a \u201cvery serious infringement\u201d of Article 1 of
Law 15/2007, of July 3, 2007, on the Defense of Competition and Article 101 of the European Union Treaty, and imposing a fine of EUR 38.5
million.
Ferrovial Construcci\u00f3n, S.A. filed a contentious-administrative appeal against the CNMC\u2019s resolution in the Spanish National High Court on
October 4, 2022. The claim also requested a precautionary measure staying enforcement.
On December 9, 2022, the Spanish National High Court agreed to suspend the resolution issued by the CNMC\u2019s Competition Court, pending its
decision on the contentious-administrative appeal.
The Group considers the outcome of this lawsuit is unlikely to be unfavorable and therefore no amount has been provisioned in this respect.
D4R7 project (Slovakia)
There are four environmental matters involving D4R7 Construction s.r.o. (Ferrovial Construction 65% and Porr 35%) relating to technical
violations allegedly committed during execution of the D4R7 highway project in Bratislava, Slovakia. The investigations, though criminal in
nature, seek monetary damages and allege (i) failure to obtain permits for soil excavation in J\u00e1no\u0161\u00edkov\u00e1 (EUR 8.7 million), (ii) extraction of
protected land in Blatn\u00e1 na Ostrove without permits (EUR 6.6 million), (iii) unauthorized handling of recycled material for an embankment in
Jarovce (potential low six-figure fine), and (iv) improper use of recycled material at Eurovea 2 (EUR 15.2 million). These matters are at different
procedural stages, and the Group considers it improbable that they will result in financial risk; therefore, no provisions have been set aside.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (NIA) of Colombia imposed a fine for project delays on the concessionaire for the Ruta del
Cacao project, Concesionaria Ruta del Cacao, S.A.S. The fine flows on a \u201cback-to-back\u201d basis to Consorcio Ferrocol Santander (CJV), the entity
responsible for the construction of the project in which Ferrovial Construcci\u00f3n has a 70% stake. On January 13, 2025, the NIA ratified the amount
of the fine, making it due and payable in February 2025. The concessionaire and CJV then initiated a proceeding seeking a declaration of force
majeure. If the proceeding is successful, the NIA will be compelled to reduce and potentially nullify the fine amount. A decision confirming force
majeure was issued on September 15, 2025. Since then, two arbitration proceedings have been initiated against ANI, one being a domestic
proceeding requesting the annulment and, alternatively, the reduction of the fine, and a second international proceeding regarding whether the
works necessary for the completion of the Project fall within scope. The Group has fully considered the foregoing in its financial statements.
I-66 project (USA)
In 2016, FAM Construction, LLC (in which Ferrovial Construction US Corp. holds a 70% interest and Allan Myers VA holds a 30% interest) was
awarded the design and construction of the Interstate 66 Outside the Beltway project.
In June 2024, project completion was agreed with the Virginia Department of Transportation. FAM Construction, LLC filed a lawsuit in January
2024 for costs incurred due to the COVID-19 pandemic and associated matters, which remains open.
These claims have been considered in the calculation of the Group\u2019s future loss provisions in accordance with IFRS 15.
Power unit in Tur\u00f3w (Poland)
On January 17, 2025, Budimex S.A. received a lawsuit claiming EUR 248.2 million in liquidated damages and other damages for, among other
things, the reduced availability of the power unit and alleged delays in the remediation of disputed defects. The action was brought by the state-
owned energy producer, PGE G\u00f3rnictwo i Energetyka Konwencjonalna S.A. against the consortium responsible for the construction of a new
power unit at the Tur\u00f3w Power Plant. The consortium comprises Mitsubishi Power Europe GmbH (52.84%), T\u00e9cnicas Reunidas, S.A. (23.58%) and
Budimex, S.A. (23.58%).
Taking into account the amount claimed and the associated costs involved with defending this lawsuit, the potential risk has been duly
provisioned in accordance with Budimex's share in the consortium.
Currently the parties are in the process of mediation.
c) Litigation and other contingent liabilities relating to the Energy business
Ongoing contingent liabilities as of December 2025
Centella Project (Chile)
In 2018, the Republic of Chile awarded the design, construction and operation of a new 252 km, 220 KV- 580 MVA-double circuit transmission
line (\"Centella Project\") to Centella Transmisi\u00f3n S.A. (an indirect wholly owned subsidiary of Ferrovial SE).
The project commenced operation on June 27, 2024 as formally acknowledged by the relevant authority on January 15, 2025.
Pursuant to restated terms of the award, commencement of operations of the transmission line should have occurred no later than January 15,
2024, but during construction, the project suffered certain delays due to unforeseen circumstances, including different force majeure events. In
particular, on August 26, 2024, an extension of the final milestone (CoD) of the contract was successfully granted by the Ministry of Energy as a
consequence of one of those force majeure events.
Of the different force majeure events requested by Centella Transmisi\u00f3n S.A. to the Ministry of Energy, there are -as of today- two proceedings
still pending, whose outcome could enable the Authority to call a guarantee bond and may apply certain penalties under the contract.
Although force majeure must be evaluated on a case-by-case basis, in the past the Ministry of Energy has granted different extensions of
milestones due to force majeure events in the Centella Project and in other transmission projects in Chile.
The Group has a provision to cover the estimated risk.
d) Tax-related litigation
Ongoing litigation as of December 2025
As indicated in Note 6.3, Ferrovial has recorded provisions for taxes in its balance sheet for a total amount of EUR 84 million at December 31, 2025
(EUR 84 million at December 31, 2024).
These provisions essentially relate to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
198 million at December 31,2025 (EUR 200 million at December 31, 2024), the most significant amounts relating to corporate income tax (CIT)
and VAT for the periods 2002 to 2019.
Tax proceedings related to the tax amortization of financial goodwill on the acquisitions of Amey and Swissport
Ferrovial, the Kingdom of Spain and other Spanish companies concerned successfully applied to the General Court of the European Union for
annulment of the Third Commission\u2019s decision of October 15, 2014.
The Commission challenged before the Court of Justice the judgments whereby the General Court annulled its decision (Judgments of September
27, 2023). The Court of Justice dismissed the Commission\u2019s appeals (Judgments of Jun 26, 2025).
The Court notes that it is expressly stated in the initial decisions that the exceptions to the cessation and recovery obligations relate to both direct
and indirect acquisitions of shareholdings. Since it had been finally established that those initial decisions were lawful, the General Court was
required to infer from them, as it did, that those exceptions related to both types of shareholding acquisition. Both those types of shareholdings
are therefore protected by the legitimate expectations recognized by the Commission in the initial decisions. In addition, the principle of legal
certainty precludes the Commission from classifying the tax deduction of the financial goodwill resulting from indirect acquisitions of
shareholdings as a new State aid scheme which has been implemented unlawfully.
As a consequence of this Judgment, a favorable decision is expected in the appeal pending before the Spanish Supreme Court regarding this same
tax concept for the audited years 2002\u20132005 (disputed amount of EUR 44 million). As the Group considers there are sound grounds supporting its
procedural stance in this proceeding, no provision has been recorded as of December 31, 2025. Additionally, the Company expects the Group to
recover from the Spanish Tax Agency the initially claimed and paid amount of EUR 45 million, plus delay interest, in relation to the years 2006 to
2021.
Matters previously reported
Unconstitutional Royal Decree-Law 3/2016
On January 18, 2024, the Spanish Constitutional Court announced its ruling related to Royal Decree-Law 3/2016 (RDL 3/2016), on tax measures
aimed at the consolidation of public finances, which amended corporate income taxation by limiting the offsetting of net operating losses (25%
current limit versus 70% prior to RDL 3/2016), establishing limits on the application of double taxation deductions and forcing the inclusion in the
tax base of impairment losses on portfolio investments deducted in previous years.
The Spanish Constitutional Court ruling resolves that the use of the Royal Decree-Law is not suitable for amending the essential elements of
Corporate Income Tax (CIT), and that this practice infringes constitutional requirements. Based on the above-mentioned grounds, the Spanish
Constitutional Court overturned RDL 3/2016, which is considered null and void. The Company filed several lawsuits with respect to its CIT
assessment for tax years 2016 through 2023 based on the same argument.
As a result of the Constitutional Court\u2019s ruling, the Company has obtained favorable decisions in the litigation aimed at challenging Royal Decree-
Law 3/2016. The Spanish Tax Authority is currently in the process of enforcing the decisions favorable to Ferrovial. The Group recognized in
December 2024 a positive impact of EUR 30.6 million, out of which EUR 15 million have already been recovered in 2025 in procedures that have
been executed, and approximately EUR 15 million will also be recovered.
6.5.2. Guarantees
a) Bank guarantees and other guarantees issued by insurance companies
In the course of business, the Group is exposed to possible risks the materialization of which is uncertain, relating to liability under the various
contracts entered into in its business lines.
The Group obtains bank guarantees and other guarantees issued by insurance companies to cover potential liabilities arising in the course of
business. At December 31, 2025, the balance amounted to EUR 7,939 million (EUR 8,260 in 2024).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2025
Dec. 2024
Construction
6,838
7,074
Highways
554
476
Airports
88
355
Energy
319
199
Other
140
157
TOTAL
7,939
8,260
The EUR 7,939 million, by type of instrument, relates to: i) EUR 2,590 million in bank guarantees; ii) EUR 4,531 million in guarantees provided by
bonding agencies and iii) EUR 818 million in bank guarantees provided by insurance companies.
These guarantees cover the liability to customers for the proper performance of construction or services contracts involving Group companies; the
guarantee would be enforced by the customer where a project is not carried out.
Despite the significant amount of these guarantees, the impact that might arise is very low, since the Group companies perform contracts in
accordance with the terms and conditions agreed upon with the customers and recognize provisions within the results of each contract for
potential risks that might arise from such performance (Note 6.3).
During the 2025 financial year EUR 125 million was issued for photovoltaic plants in the United States, EUR 93 million for the Misae Solar IV
project, and EUR 32 million for the Milano Solar project.
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 105 million secures
commitments to invest in the capital of infrastructure project companies, mainly JFK-NTO (Note 6.5.3) and a photovoltaic plant in the United
States.
b) Guarantees given by Group companies for other Group companies
As indicated previously, in general guarantees are provided among the Group companies to cover third-party liability arising from contractual,
commercial or financial relationships.
Although these guarantees do not have any effect at the Group\u2019s consolidated level, there are certain guarantees provided by ex-infrastructure
project companies to infrastructure project companies (Note 1.1.2) which should be noted due to the classification of project borrowings as non-
recourse debt (see Note b.1). Contingent capital guarantees).
b.1) Guarantees provided by ex-infrastructure project companies to infrastructure project companies to secure borrowings, which could
give rise to future additional capital disbursements should the guaranteed events take place (contingent capital guarantees).
Two types of guarantees are given by ex-infrastructure project companies to infrastructure project companies:
\u2022 Guarantees securing the proper performance of construction and service contracts (Note 6.5.2.a).
\u2022 Guarantees related to risks other than the correct performance of construction and service contracts, which could give rise to future additional
capital disbursements should the guaranteed events take place (some of which are also included in note 6.5.2.a) because they are bank
guarantees).
The latter guarantees are explained in further detail in this section since, as mentioned in Note 5.2. on cash and the cash equivalent and
borrowings, infrastructure project company borrowings are without recourse to the shareholders or with limited recourse to the guarantees
provided and, therefore, it is relevant to distinguish the guarantees which, should the guaranteed event occur, could be enforced and lead to
payments to the infrastructure project companies or the holders of their debt, other than the committed capital or investment mentioned in Note
6.5.3. They are referred to as contingent capital guarantees.
The following table details, by beneficiary company, purpose and maximum amount, of outstanding guarantees of this nature at December 31,
2025 relating to fully consolidated infrastructure project companies. It should be noted that these amounts relate to Ferrovial\u2019s share:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2025
Conc. Prisiones Lledoners
Technical guarantee to repay amounts to the bank in the event of termination of the contract. Does not cover
insolvency (default) or breach by the awarding entity.
59
Centella
Guarantee to cover potential contribution of own resources, in the event that fines are imposed for construction
delays.
10
I-66
Several bank guarantees due to disputed amounts owed to Virginia Department of Transport and to replace
reserve accounts.
60
Misae Solar IV
Several parent company guarantees covering the Storm Insurance, the Contingent Equity, the Tax Equity Bridge
Loan and the Cash Diversion
115
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
244
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
During 2025, the Thalia Group has operated waste treatment facilities in Allerton, Northampton, Cambridge, Milton Keynes and the Isle of Wight
in the UK, with the majority of the facilities operated under concession contracts.
In December, Thalia Group reached an agreement with the Isle of Wight Council for the early termination of that contract by the end of March
2026. Under this settlement, there has been a full release of all guarantees issued in relation to this project. The termination payment has not
had a relevant impact on the Group\u2019s P&L, as it was covered by the Future Loss Provision recognized for the Thalia Group.
As indicated in Note 6.3., at year-end 2025, the Group has a provision for future losses relating to these plants in the amount of GBP 3 million
(GBP 22 million as of December 31, 2024). The provision does not include business overheads estimated at GBP 9 million per annum.
For the Milton Keynes and Allerton projects, the current status is: the Milton Keynes\u2019 contract is expected to expire in 2026 and no material issues
are open; and the Allerton plant had performance issues during 2025, and the superheater has been replaced.
After the settlement with the Isle of Wight Council, the exposure to outstanding guarantees issued by the Thalia Group is estimated at GBP 97
million (GBP 295 million as of December 31, 2024). Ferrovial\u2019s exposure is limited to the guaranteed amount, but this limitation may be disapplied
under certain scenarios, e.g. death or personal injury, fraud, willful misconduct and /or criminal conduct or abandonment.
c) Guarantees given in divestment processes
The sale agreements entered into during the divestment of the former Services business include various guarantees given to the buyers in
connection with a number of potential lawsuits or litigation in progress on the transaction dates.
Guarantees that met the relevant requirements of accounting legislation (IAS 37) were provisioned at the year-end. These provisions amount to
EUR 19 million.
The main guarantees are as follows:
Litigation relating to the penalty proceedings opened by the Spanish National Markets and Competition Commission (CNMC) in relation to the road
maintenance sector:
In July 2019, the CNMC initiated penalty proceedings against Ferroser Infraestructuras, S.A. (currently Serveo Infraestructuras S.A.), as well as
against other companies in the sector, due to alleged anti-trust practices during tendering for maintenance and operation services for the State
Road Network, arranged by the Ministry of Public Works.
In August 2021, notice was received of a Resolution by the CNMC\u2019s Board declaring a very serious infringement of Article 1 of the Spanish
Competition Law (LDC) and Article 101 of the Treaty on the Functioning of the European Union (TFUE). The Board imposed a fine of EUR 5.7
million.
A contentious-administrative appeal was filed against the resolution at the National High Court. In December 2021, notification was received of
the admission of the appeal. On February 22, 2022, notification was received of the decision to suspend the penalty resolution in relation to both
the fine and the prohibition on contracting. The appeal was suspended on May 10, 2022.
Ferroser Infraestructuras, S.A. (now Serveo Infraestructuras, S.A.) is one of the companies sold as a result of the divestment of the infrastructure
maintenance business in Spain completed on January 31, 2022 and is therefore no longer controlled by Ferrovial SE.
Ferrovial gave a guarantee of EUR 6 million to the buyer in relation to this lawsuit. This guarantee will remain valid until the Court authorizes its
cancellation, either following the settlement of the sanction amount by Serveo Infraestructuras, S.A. or as otherwise determined by the Court's
ruling (e.g., in the event of the sanction is reduced and the amount is paid or the sanction is declared null and void). This amount has been
provisioned.
Tax proceedings
At December 31, 2022, guarantees had been granted to PREZERO in connection with various ongoing tax proceedings. The guarantees, which
have been provisioned, amount to EUR 4.4 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-990": { "value": "
6.1. DEFERRED INCOME
Deferred income breaks down as follows at December 31, 2025 and 2024:
(Million euro)
2025
2024
Var. 25/24
Capital grants
1,186
1,372
(186)
Other deferred income
1
3
(2)
TOTAL DEFERRED INCOME
1,187
1,375
(188)
Capital grants awarded by government bodies relate entirely to infrastructure projects in the Highways business at December 31, 2025 and 2024.
These grants are primarily related to the following Highways projects: EUR 373 million and EUR 429 million for LBJ Infrastructure Group in 2025
and 2024, respectively. EUR 441 million and EUR 510 million for NTE Mobility Partners, in 2025 and 2024, respectively. EUR 177 million and EUR
205 million for NTE Mobility Partners Segments 3 LLC, in 2025 and 2024, respectively and, lastly, EUR 188 million and EUR 216 million for I-77
Mobility Partners LLC, in 2025 and 2024, respectively.
Amounts received by the US companies decreased by EUR 161 million in 2025, due to the US dollar's depreciation against the euro.
These capital grants are released to the income statement for each year at the same rate as the depreciation charged on the assets. As the
charge estimated for the following 12 months is not significant, the balance as at December 31, 2025 is presented as non-current in the balance
sheet. The impact of the grants on cash flows are presented as a decrease in investments for 2025, 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-991": { "value": "
6.2. EMPLOYEE BENEFIT PLANS
This heading reflects the deficit in defined contribution pension plans and other employee retirement benefit plans. At December 31, 2025, the
provision recognized in the balance sheet amounted to EUR 4 million and solely relates to Budimex (EUR 4 million at December 31, 2024).
6.3. PROVISIONS
The provisions recognized by the consolidated Group cover risks arising in the course of business. They are recognized using best estimates of the
risks. This note provides a breakdown of all provisions disclosed separately on the liabilities side of the balance sheet. In addition to these items,
other provisions net certain asset items and are disclosed in the specific notes on those assets.
Movements in long- and short-term provisions presented separately on the liabilities side of the balance sheet are set out below at December 31,
2025:
(Million euro)
LITIGATION AND
TAXES
REPLACEMENTS
AND UPGRADES,
IFRIC 12
OTHER LONG-
TERM RISKS
TOTAL NON-
CURRENT
PROVISIONS
SHORT-TERM
PROVISIONS
TOTAL
Balance at December 31,2024
182
145
26
353
958
1,311
Scope change and transfers
15
(2)
(4)
9
1
10
CHARGES:
18
71
1
90
117
207
Operating profit (loss)
15
\u2013
1
15
116
131
Net financial income(expense)
3
6
\u2013
9
1
11
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fixed asset depreciation
\u2013
65
\u2013
65
\u2013
65
REVERSAL:
(20)
\u2013
(1)
(21)
(64)
(85)
Operating profit (loss)
(9)
\u2013
(1)
(10)
(64)
(74)
Net financial income(expense)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment and disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Corporate income tax
(11)
\u2013
\u2013
(11)
\u2013
(11)
Fixed asset depreciation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
APPLICATIONS
(4)
(12)
\u2013
(16)
(82)
(98)
Foreign exchange differences
(3)
(18)
\u2013
(21)
\u2013
(21)
Balance at December 31, 2025
188
184
22
395
929
1,324
Litigation and tax provisions
This includes the following provisions:
\u2022 Provisions to cover possible risks resulting from lawsuits and litigation in progress, amounting to EUR 102 million and EUR 97 million in 2025
and 2024, respectively, and largely relating to the Construction business (EUR 96 million in 2025 and EUR 90 million in 2024). This provision is
recognized and reversed against changes to provisions in operating profit/(loss) (Note 6.5.1).
\u2022 Provisions for tax claims, amounting to EUR 87 million for 2025 and 85 for 2024 , arising in relation to local or central government duties,
taxes or other levies as a result of the different possible interpretations of tax legislation in the various countries in which the Group operates
(Note 6.5.1).
Provision for replacements under IFRIC 12
This heading includes provisions for replacement investments under IFRIC 12 (Note 1.3.3.2), totaling EUR 184 million and EUR 145 million in 2025
and 2024, respectively.
Provisions for other long-term risks
This heading includes provisions recognized to cover certain long-term risks other than those attributable to litigation or tax claims, such as third-
party liability resulting from the performance of contracts, guarantees given and exposed to enforcement risk, and other similar items, which
amounted to EUR 22 million at December 31, 2025 (EUR 26 million at December 31, 2024).
At December 31, 2025, it also contains the estimated cost of landfill closure and post-closure activities mainly related to Budimex. The provision is
calculated based on a technical estimate of total landfill capacity consumed to date. It is recognized and reversed against changes to provisions in
operating profit/loss, as and when the landfill closure costs are incurred. The balance recognized for this item at December 31, 2025 amounted to
EUR 12 million. (EUR 16 million at December 31, 2024)
Short-term provisions
This heading relates essentially to provisions for contracts with customers, such as provisions for deferred expenses (relating to construction
project close-out costs under the contract), amounting to EUR 328 million and EUR 325 million in 2025 and 2024 respectively), and provisions for
budgeted losses totaling EUR 501 million and EUR 531 million in 2025 and 2024 respectively, related primarily to the Construction business line.
The main movement during 2025 is explained by the charges in provisions recognized amounting to EUR 116 million, partially offset by the
reversals (EUR -64 million), and the application of provisions in the amount of EUR -82 million, highlighting the Construction business.
Additionally, the reduction in the UK waste treatment business (Thalia) of EUR -22 million (EUR 4 million and EUR 26 million at December 31,
2025 and 2024, respectively), mainly explained by the agreement reached on December 2025 with the Isle of Wight Council for the early
termination of that contract by the end of March 2026. Under this settlement, there has been a full release of all guarantees issued linked to this
project. The termination payment has not had relevant impact in the P&L of the group as it was covered by the Future Losses Provision recognized
for the Thalia Group.
For the accounting treatment of each provision, see Notes 1.3.3.3.and 1.3.3.4.v.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-992": { "value": "
6.4. OTHER LONG-TERM PAYABLES
This heading mainly includes:
\u2022 Participating loans accruing interest granted by Spain\u2019s Central Government to Autov\u00eda de Arag\u00f3n concession in the Highways business line, of
which EUR 57 million at December 31, 2024 has been reclassified as short-term debt in 2025.
\u2022 Debt owed by Dalaman International Airport to the administration for the concession fee, which amounted to EUR 231 million in the long term
at the year-end (EUR 247 million at December 31, 2024).
\u2022 Contractual payments to the Department of Transportation in Virginia under the concession agreement on the I-66 project related to the
transit funding payment and the support for corridor improvement, which amounted to EUR 841 million (EUR 915 million at December 31,
2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-993": { "value": "
6.5.CONTINGENT LIABILITIES, CONTINGENT ASSETS AND COMMITMENTS
6.5.1.Litigation
The Group is exposed to risks derived from the resolution of litigation of different kinds arising in the ordinary course of its business. When such risks
are deemed to be probable, provisions are booked using the best estimate of the expected disbursements necessary to settle the obligations
arising from such litigation. These provisions are set out in Note 6.3. When such risks are less likely to materialize, contingent liabilities arise. No
significant liabilities are envisaged to have a material adverse effect on the Group other than those for which provisions have already been
recognized.
There are also contingent assets, meaning assets that could arise from various proceedings in progress. Assets of this kind are not recognized in
the financial statements unless it is virtually certain that they will materialize, as required by accounting legislation.
There follows a description of the most significant litigation, in the Group's various business lines, including proceedings that may generate both
liabilities or assets.
a) Litigation and other contingent liabilities relating to the Highways business.
Ongoing litigation as of December 2025
US Highways: NTE 35W
On February 11, 2021, there was a multiple vehicle accident on the 35W highway in Fort Worth, Texas involving 133 vehicles and resulting in six
deaths and numerous injuries.
As a result of this incident, the concession company NTE Mobility Partners Segment 3 LLC, which is 53.66% owned by Ferrovial, together with other
Group Co-Defendant entities and several non-Group US companies, was a party in 29 claims that were filed. Of these, as of today, the six fatality
cases have been fully resolved by the parties. As to the other 23 claims related to injury cases, 2 have been fully resolved and 1 is partially resolved.
Discovery is still ongoing in the remaining cases.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling, in view of the insurance policies in place.
Therefore, no provision has been recorded to date in relation to this risk.
Portugal: Auto-Estradas Norte Litoral, S.A.
The insolvency estate of J. Gomes - Constru\u00e7\u00f5es do C\u00e1vado, S.A., (the \u201cJ. Gomes Parent\u201d) filed a civil lawsuit against Cintra Infrastructures SE
(\u201cCISE\u201d) seeking the invalidity of its purchase of shares in Auto-Estradas Norte Litoral, S.A. (\"AENL\u201d) (the \u201cAENL Shares\u201d) by CISE from J. Gomes \u2013
Concess\u00f5es Norte, Unipessoal, Lda. (the \u201cJ. Gomes Subsidiary\u201d), a fully-owned subsidiary of J. Gomes Parent.
The claimant, J. Gomes Parent, requested, among other things, that CISE return the AENL Shares to the claimant plus an amount corresponding
to the total dividends received in connection with those shares since the date on which the sale took place.
The Parties decided to settle the lawsuit and negotiated a settlement agreement according to which they withdraw all claims against the other
party and mutually waive (i) the right to claim legal costs, and (ii) the right to appeal or claim nullity of the judgment. The Parties also
acknowledged that there are no outstanding claims, demands or rights between them.
The settlement agreement was approved by the Claimant\u2019s Creditors Committee, then executed on December 9, 2025, and approved by the
Court on December 18, 2025.
The settlement agreement is final as from January 6, 2026. Certification of \u201cres judicata\u201d was issued on January 16, 2026, thus ending the
process.
b) Litigation relating to the Construction business
The Construction business line is involved in several ongoing legal proceedings, relating principally to potential construction defects in the building
work it has completed and claims for civil liability. As indicated in Note 6.3, as of December 31, 2025, provisions amounting to EUR 96 million had
been recorded in relation to these proceedings. The provision for each of the lawsuits corresponds to the best estimate made by Ferrovial on the
possible impact.
Below is a description of the most relevant lawsuits.
Ongoing litigation as of December 2025
Construction business Spain
In 2019, the Spanish National Markets and Competition Commission (CNMC) initiated penalty proceedings against Ferrovial Construcci\u00f3n, S.A. and
other construction firms for alleged anti-competitive behavior.
On July 6, 2022, the CNMC issued a resolution finding that Ferrovial Construcci\u00f3n S.A. had committed a \u201cvery serious infringement\u201d of Article 1 of
Law 15/2007, of July 3, 2007, on the Defense of Competition and Article 101 of the European Union Treaty, and imposing a fine of EUR 38.5
million.
Ferrovial Construcci\u00f3n, S.A. filed a contentious-administrative appeal against the CNMC\u2019s resolution in the Spanish National High Court on
October 4, 2022. The claim also requested a precautionary measure staying enforcement.
On December 9, 2022, the Spanish National High Court agreed to suspend the resolution issued by the CNMC\u2019s Competition Court, pending its
decision on the contentious-administrative appeal.
The Group considers the outcome of this lawsuit is unlikely to be unfavorable and therefore no amount has been provisioned in this respect.
D4R7 project (Slovakia)
There are four environmental matters involving D4R7 Construction s.r.o. (Ferrovial Construction 65% and Porr 35%) relating to technical
violations allegedly committed during execution of the D4R7 highway project in Bratislava, Slovakia. The investigations, though criminal in
nature, seek monetary damages and allege (i) failure to obtain permits for soil excavation in J\u00e1no\u0161\u00edkov\u00e1 (EUR 8.7 million), (ii) extraction of
protected land in Blatn\u00e1 na Ostrove without permits (EUR 6.6 million), (iii) unauthorized handling of recycled material for an embankment in
Jarovce (potential low six-figure fine), and (iv) improper use of recycled material at Eurovea 2 (EUR 15.2 million). These matters are at different
procedural stages, and the Group considers it improbable that they will result in financial risk; therefore, no provisions have been set aside.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (NIA) of Colombia imposed a fine for project delays on the concessionaire for the Ruta del
Cacao project, Concesionaria Ruta del Cacao, S.A.S. The fine flows on a \u201cback-to-back\u201d basis to Consorcio Ferrocol Santander (CJV), the entity
responsible for the construction of the project in which Ferrovial Construcci\u00f3n has a 70% stake. On January 13, 2025, the NIA ratified the amount
of the fine, making it due and payable in February 2025. The concessionaire and CJV then initiated a proceeding seeking a declaration of force
majeure. If the proceeding is successful, the NIA will be compelled to reduce and potentially nullify the fine amount. A decision confirming force
majeure was issued on September 15, 2025. Since then, two arbitration proceedings have been initiated against ANI, one being a domestic
proceeding requesting the annulment and, alternatively, the reduction of the fine, and a second international proceeding regarding whether the
works necessary for the completion of the Project fall within scope. The Group has fully considered the foregoing in its financial statements.
I-66 project (USA)
In 2016, FAM Construction, LLC (in which Ferrovial Construction US Corp. holds a 70% interest and Allan Myers VA holds a 30% interest) was
awarded the design and construction of the Interstate 66 Outside the Beltway project.
In June 2024, project completion was agreed with the Virginia Department of Transportation. FAM Construction, LLC filed a lawsuit in January
2024 for costs incurred due to the COVID-19 pandemic and associated matters, which remains open.
These claims have been considered in the calculation of the Group\u2019s future loss provisions in accordance with IFRS 15.
Power unit in Tur\u00f3w (Poland)
On January 17, 2025, Budimex S.A. received a lawsuit claiming EUR 248.2 million in liquidated damages and other damages for, among other
things, the reduced availability of the power unit and alleged delays in the remediation of disputed defects. The action was brought by the state-
owned energy producer, PGE G\u00f3rnictwo i Energetyka Konwencjonalna S.A. against the consortium responsible for the construction of a new
power unit at the Tur\u00f3w Power Plant. The consortium comprises Mitsubishi Power Europe GmbH (52.84%), T\u00e9cnicas Reunidas, S.A. (23.58%) and
Budimex, S.A. (23.58%).
Taking into account the amount claimed and the associated costs involved with defending this lawsuit, the potential risk has been duly
provisioned in accordance with Budimex's share in the consortium.
Currently the parties are in the process of mediation.
c) Litigation and other contingent liabilities relating to the Energy business
Ongoing contingent liabilities as of December 2025
Centella Project (Chile)
In 2018, the Republic of Chile awarded the design, construction and operation of a new 252 km, 220 KV- 580 MVA-double circuit transmission
line (\"Centella Project\") to Centella Transmisi\u00f3n S.A. (an indirect wholly owned subsidiary of Ferrovial SE).
The project commenced operation on June 27, 2024 as formally acknowledged by the relevant authority on January 15, 2025.
Pursuant to restated terms of the award, commencement of operations of the transmission line should have occurred no later than January 15,
2024, but during construction, the project suffered certain delays due to unforeseen circumstances, including different force majeure events. In
particular, on August 26, 2024, an extension of the final milestone (CoD) of the contract was successfully granted by the Ministry of Energy as a
consequence of one of those force majeure events.
Of the different force majeure events requested by Centella Transmisi\u00f3n S.A. to the Ministry of Energy, there are -as of today- two proceedings
still pending, whose outcome could enable the Authority to call a guarantee bond and may apply certain penalties under the contract.
Although force majeure must be evaluated on a case-by-case basis, in the past the Ministry of Energy has granted different extensions of
milestones due to force majeure events in the Centella Project and in other transmission projects in Chile.
The Group has a provision to cover the estimated risk.
d) Tax-related litigation
Ongoing litigation as of December 2025
As indicated in Note 6.3, Ferrovial has recorded provisions for taxes in its balance sheet for a total amount of EUR 84 million at December 31, 2025
(EUR 84 million at December 31, 2024).
These provisions essentially relate to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
198 million at December 31,2025 (EUR 200 million at December 31, 2024), the most significant amounts relating to corporate income tax (CIT)
and VAT for the periods 2002 to 2019.
Tax proceedings related to the tax amortization of financial goodwill on the acquisitions of Amey and Swissport
Ferrovial, the Kingdom of Spain and other Spanish companies concerned successfully applied to the General Court of the European Union for
annulment of the Third Commission\u2019s decision of October 15, 2014.
The Commission challenged before the Court of Justice the judgments whereby the General Court annulled its decision (Judgments of September
27, 2023). The Court of Justice dismissed the Commission\u2019s appeals (Judgments of Jun 26, 2025).
The Court notes that it is expressly stated in the initial decisions that the exceptions to the cessation and recovery obligations relate to both direct
and indirect acquisitions of shareholdings. Since it had been finally established that those initial decisions were lawful, the General Court was
required to infer from them, as it did, that those exceptions related to both types of shareholding acquisition. Both those types of shareholdings
are therefore protected by the legitimate expectations recognized by the Commission in the initial decisions. In addition, the principle of legal
certainty precludes the Commission from classifying the tax deduction of the financial goodwill resulting from indirect acquisitions of
shareholdings as a new State aid scheme which has been implemented unlawfully.
As a consequence of this Judgment, a favorable decision is expected in the appeal pending before the Spanish Supreme Court regarding this same
tax concept for the audited years 2002\u20132005 (disputed amount of EUR 44 million). As the Group considers there are sound grounds supporting its
procedural stance in this proceeding, no provision has been recorded as of December 31, 2025. Additionally, the Company expects the Group to
recover from the Spanish Tax Agency the initially claimed and paid amount of EUR 45 million, plus delay interest, in relation to the years 2006 to
2021.
Matters previously reported
Unconstitutional Royal Decree-Law 3/2016
On January 18, 2024, the Spanish Constitutional Court announced its ruling related to Royal Decree-Law 3/2016 (RDL 3/2016), on tax measures
aimed at the consolidation of public finances, which amended corporate income taxation by limiting the offsetting of net operating losses (25%
current limit versus 70% prior to RDL 3/2016), establishing limits on the application of double taxation deductions and forcing the inclusion in the
tax base of impairment losses on portfolio investments deducted in previous years.
The Spanish Constitutional Court ruling resolves that the use of the Royal Decree-Law is not suitable for amending the essential elements of
Corporate Income Tax (CIT), and that this practice infringes constitutional requirements. Based on the above-mentioned grounds, the Spanish
Constitutional Court overturned RDL 3/2016, which is considered null and void. The Company filed several lawsuits with respect to its CIT
assessment for tax years 2016 through 2023 based on the same argument.
As a result of the Constitutional Court\u2019s ruling, the Company has obtained favorable decisions in the litigation aimed at challenging Royal Decree-
Law 3/2016. The Spanish Tax Authority is currently in the process of enforcing the decisions favorable to Ferrovial. The Group recognized in
December 2024 a positive impact of EUR 30.6 million, out of which EUR 15 million have already been recovered in 2025 in procedures that have
been executed, and approximately EUR 15 million will also be recovered.
6.5.2. Guarantees
a) Bank guarantees and other guarantees issued by insurance companies
In the course of business, the Group is exposed to possible risks the materialization of which is uncertain, relating to liability under the various
contracts entered into in its business lines.
The Group obtains bank guarantees and other guarantees issued by insurance companies to cover potential liabilities arising in the course of
business. At December 31, 2025, the balance amounted to EUR 7,939 million (EUR 8,260 in 2024).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2025
Dec. 2024
Construction
6,838
7,074
Highways
554
476
Airports
88
355
Energy
319
199
Other
140
157
TOTAL
7,939
8,260
The EUR 7,939 million, by type of instrument, relates to: i) EUR 2,590 million in bank guarantees; ii) EUR 4,531 million in guarantees provided by
bonding agencies and iii) EUR 818 million in bank guarantees provided by insurance companies.
These guarantees cover the liability to customers for the proper performance of construction or services contracts involving Group companies; the
guarantee would be enforced by the customer where a project is not carried out.
Despite the significant amount of these guarantees, the impact that might arise is very low, since the Group companies perform contracts in
accordance with the terms and conditions agreed upon with the customers and recognize provisions within the results of each contract for
potential risks that might arise from such performance (Note 6.3).
During the 2025 financial year EUR 125 million was issued for photovoltaic plants in the United States, EUR 93 million for the Misae Solar IV
project, and EUR 32 million for the Milano Solar project.
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 105 million secures
commitments to invest in the capital of infrastructure project companies, mainly JFK-NTO (Note 6.5.3) and a photovoltaic plant in the United
States.
b) Guarantees given by Group companies for other Group companies
As indicated previously, in general guarantees are provided among the Group companies to cover third-party liability arising from contractual,
commercial or financial relationships.
Although these guarantees do not have any effect at the Group\u2019s consolidated level, there are certain guarantees provided by ex-infrastructure
project companies to infrastructure project companies (Note 1.1.2) which should be noted due to the classification of project borrowings as non-
recourse debt (see Note b.1). Contingent capital guarantees).
b.1) Guarantees provided by ex-infrastructure project companies to infrastructure project companies to secure borrowings, which could
give rise to future additional capital disbursements should the guaranteed events take place (contingent capital guarantees).
Two types of guarantees are given by ex-infrastructure project companies to infrastructure project companies:
\u2022 Guarantees securing the proper performance of construction and service contracts (Note 6.5.2.a).
\u2022 Guarantees related to risks other than the correct performance of construction and service contracts, which could give rise to future additional
capital disbursements should the guaranteed events take place (some of which are also included in note 6.5.2.a) because they are bank
guarantees).
The latter guarantees are explained in further detail in this section since, as mentioned in Note 5.2. on cash and the cash equivalent and
borrowings, infrastructure project company borrowings are without recourse to the shareholders or with limited recourse to the guarantees
provided and, therefore, it is relevant to distinguish the guarantees which, should the guaranteed event occur, could be enforced and lead to
payments to the infrastructure project companies or the holders of their debt, other than the committed capital or investment mentioned in Note
6.5.3. They are referred to as contingent capital guarantees.
The following table details, by beneficiary company, purpose and maximum amount, of outstanding guarantees of this nature at December 31,
2025 relating to fully consolidated infrastructure project companies. It should be noted that these amounts relate to Ferrovial\u2019s share:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2025
Conc. Prisiones Lledoners
Technical guarantee to repay amounts to the bank in the event of termination of the contract. Does not cover
insolvency (default) or breach by the awarding entity.
59
Centella
Guarantee to cover potential contribution of own resources, in the event that fines are imposed for construction
delays.
10
I-66
Several bank guarantees due to disputed amounts owed to Virginia Department of Transport and to replace
reserve accounts.
60
Misae Solar IV
Several parent company guarantees covering the Storm Insurance, the Contingent Equity, the Tax Equity Bridge
Loan and the Cash Diversion
115
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
244
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
During 2025, the Thalia Group has operated waste treatment facilities in Allerton, Northampton, Cambridge, Milton Keynes and the Isle of Wight
in the UK, with the majority of the facilities operated under concession contracts.
In December, Thalia Group reached an agreement with the Isle of Wight Council for the early termination of that contract by the end of March
2026. Under this settlement, there has been a full release of all guarantees issued in relation to this project. The termination payment has not
had a relevant impact on the Group\u2019s P&L, as it was covered by the Future Loss Provision recognized for the Thalia Group.
As indicated in Note 6.3., at year-end 2025, the Group has a provision for future losses relating to these plants in the amount of GBP 3 million
(GBP 22 million as of December 31, 2024). The provision does not include business overheads estimated at GBP 9 million per annum.
For the Milton Keynes and Allerton projects, the current status is: the Milton Keynes\u2019 contract is expected to expire in 2026 and no material issues
are open; and the Allerton plant had performance issues during 2025, and the superheater has been replaced.
After the settlement with the Isle of Wight Council, the exposure to outstanding guarantees issued by the Thalia Group is estimated at GBP 97
million (GBP 295 million as of December 31, 2024). Ferrovial\u2019s exposure is limited to the guaranteed amount, but this limitation may be disapplied
under certain scenarios, e.g. death or personal injury, fraud, willful misconduct and /or criminal conduct or abandonment.
c) Guarantees given in divestment processes
The sale agreements entered into during the divestment of the former Services business include various guarantees given to the buyers in
connection with a number of potential lawsuits or litigation in progress on the transaction dates.
Guarantees that met the relevant requirements of accounting legislation (IAS 37) were provisioned at the year-end. These provisions amount to
EUR 19 million.
The main guarantees are as follows:
Litigation relating to the penalty proceedings opened by the Spanish National Markets and Competition Commission (CNMC) in relation to the road
maintenance sector:
In July 2019, the CNMC initiated penalty proceedings against Ferroser Infraestructuras, S.A. (currently Serveo Infraestructuras S.A.), as well as
against other companies in the sector, due to alleged anti-trust practices during tendering for maintenance and operation services for the State
Road Network, arranged by the Ministry of Public Works.
In August 2021, notice was received of a Resolution by the CNMC\u2019s Board declaring a very serious infringement of Article 1 of the Spanish
Competition Law (LDC) and Article 101 of the Treaty on the Functioning of the European Union (TFUE). The Board imposed a fine of EUR 5.7
million.
A contentious-administrative appeal was filed against the resolution at the National High Court. In December 2021, notification was received of
the admission of the appeal. On February 22, 2022, notification was received of the decision to suspend the penalty resolution in relation to both
the fine and the prohibition on contracting. The appeal was suspended on May 10, 2022.
Ferroser Infraestructuras, S.A. (now Serveo Infraestructuras, S.A.) is one of the companies sold as a result of the divestment of the infrastructure
maintenance business in Spain completed on January 31, 2022 and is therefore no longer controlled by Ferrovial SE.
Ferrovial gave a guarantee of EUR 6 million to the buyer in relation to this lawsuit. This guarantee will remain valid until the Court authorizes its
cancellation, either following the settlement of the sanction amount by Serveo Infraestructuras, S.A. or as otherwise determined by the Court's
ruling (e.g., in the event of the sanction is reduced and the amount is paid or the sanction is declared null and void). This amount has been
provisioned.
Tax proceedings
At December 31, 2022, guarantees had been granted to PREZERO in connection with various ongoing tax proceedings. The guarantees, which
have been provisioned, amount to EUR 4.4 million.
d) Security interests in assets
The security interests in assets, are described in the following notes:
\u2022 Guarantees given for fixed assets (Note 3.4).
\u2022 Security interests in deposits or restricted cash (Note 5.2).
e) Guarantees received from third parties
At December 31, 2025, Ferrovial had received guarantees from third parties totaling EUR 1,756 million (EUR 1,575 million at December 31 2024),
mainly in the Ferrovial Construction companies in the United States (EUR 1,360 million), the Budimex Group (EUR 180 million) and other
construction companies (EUR 216 million), highlighting UK (EUR 116 million) and Spain (EUR 36 million).
These third party guarantees are technical guarantees that are offered by certain subcontractors or suppliers mainly in the construction business
in order to guarantee full compliance with their contractual obligations with regard to the work they are engaged to complete, and may not be
sold or pledged.
6.5.3. Commitments
As described in Note 1.1, infrastructure contracts have a long-term nature where the concession operator is a company in which the Group has
interests, either alone or together with other partners, and the borrowings necessary for financing the project are allocated to the project itself,
without recourse to the shareholders or with recourse limited to the guarantees provided, under the terms set forth in Note 5.2. From a
management viewpoint, Ferrovial takes into account only the investment commitments related to project capital, since the investment in the
assets is financed by the project company\u2019s borrowings.
a) Investment commitments
The investment commitments undertaken by the Group in relation to capital contributions to infrastructure projects amount to EUR 149 million
(EUR 427 million in 2024). The decrease during the year 2025 is mainly explained by the capital contributions made by Ferrovial to the New
Terminal One at New York\u2019s JFK Airport. The investment commitments to the New Terminal One at New York's JFK Airport at 31 December 2025
amount to EUR 63 million (EUR 329 million in December 2024).
A breakdown of the Group\u2019s commitments to invest capital in infrastructure project companies is as follows:
(Million euro)
2026
2027
2028
2029
2030
2030 AND
BEYOND
TOTAL
Energy
61
\u2013
5
5
\u2013
\u2013
71
INVESTMENTS IN FULLY- CONSOLIDATED INFRASTRUCTURE PROJECT
COMPANIES
61
\u2013
5
5
\u2013
\u2013
71
Highways
\u2013
15
\u2013
\u2013
\u2013
\u2013
15
Airports
63
\u2013
\u2013
\u2013
\u2013
\u2013
63
Construction
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
INVESTMENTS IN EQUITY- ACCOUNTED INFRASTRUCTURE PROJECT
COMPANIES
63
15
\u2013
\u2013
\u2013
\u2013
78
TOTAL INVESTMENTS
IN INFRASTRUCTURE PROJECT
COMPANIES
124
15
5
5
\u2013
\u2013
149
On top of the committed investments shown above, commitments were made to invest up to EUR 30 million in investment funds in which Ferrovial
holds non-controlling interests that invest in innovation projects.
In addition, commitments were made to invest up to EUR 199 million in projects primarily engaged in highways and renewable energy assets
pending financial close.
b) Environmental commitments
Any operation undertaken mainly to prevent, reduce or repair damage to the environment is treated as an environmental activity.
Costs incurred to protect and improve the environment are taken to profit or loss in the year in which they are incurred, irrespective of when the
resulting monetary or financial flow takes place.
Provisions for probable or certain environmental liability, litigation in progress and indemnities or other outstanding obligations of undetermined
amount not covered by insurance policies are recorded when the liability or obligation giving rise to the indemnity or payment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-994": { "value": "
6.5.1.Litigation
The Group is exposed to risks derived from the resolution of litigation of different kinds arising in the ordinary course of its business. When such risks
are deemed to be probable, provisions are booked using the best estimate of the expected disbursements necessary to settle the obligations
arising from such litigation. These provisions are set out in Note 6.3. When such risks are less likely to materialize, contingent liabilities arise. No
significant liabilities are envisaged to have a material adverse effect on the Group other than those for which provisions have already been
recognized.
There are also contingent assets, meaning assets that could arise from various proceedings in progress. Assets of this kind are not recognized in
the financial statements unless it is virtually certain that they will materialize, as required by accounting legislation.
There follows a description of the most significant litigation, in the Group's various business lines, including proceedings that may generate both
liabilities or assets.
a) Litigation and other contingent liabilities relating to the Highways business.
Ongoing litigation as of December 2025
US Highways: NTE 35W
On February 11, 2021, there was a multiple vehicle accident on the 35W highway in Fort Worth, Texas involving 133 vehicles and resulting in six
deaths and numerous injuries.
As a result of this incident, the concession company NTE Mobility Partners Segment 3 LLC, which is 53.66% owned by Ferrovial, together with other
Group Co-Defendant entities and several non-Group US companies, was a party in 29 claims that were filed. Of these, as of today, the six fatality
cases have been fully resolved by the parties. As to the other 23 claims related to injury cases, 2 have been fully resolved and 1 is partially resolved.
Discovery is still ongoing in the remaining cases.
Following consultation with external legal advisors, the concession company expects no material impact even in the event of an unfavorable
ruling, in view of the insurance policies in place.
Therefore, no provision has been recorded to date in relation to this risk.
Portugal: Auto-Estradas Norte Litoral, S.A.
The insolvency estate of J. Gomes - Constru\u00e7\u00f5es do C\u00e1vado, S.A., (the \u201cJ. Gomes Parent\u201d) filed a civil lawsuit against Cintra Infrastructures SE
(\u201cCISE\u201d) seeking the invalidity of its purchase of shares in Auto-Estradas Norte Litoral, S.A. (\"AENL\u201d) (the \u201cAENL Shares\u201d) by CISE from J. Gomes \u2013
Concess\u00f5es Norte, Unipessoal, Lda. (the \u201cJ. Gomes Subsidiary\u201d), a fully-owned subsidiary of J. Gomes Parent.
The claimant, J. Gomes Parent, requested, among other things, that CISE return the AENL Shares to the claimant plus an amount corresponding
to the total dividends received in connection with those shares since the date on which the sale took place.
The Parties decided to settle the lawsuit and negotiated a settlement agreement according to which they withdraw all claims against the other
party and mutually waive (i) the right to claim legal costs, and (ii) the right to appeal or claim nullity of the judgment. The Parties also
acknowledged that there are no outstanding claims, demands or rights between them.
The settlement agreement was approved by the Claimant\u2019s Creditors Committee, then executed on December 9, 2025, and approved by the
Court on December 18, 2025.
The settlement agreement is final as from January 6, 2026. Certification of \u201cres judicata\u201d was issued on January 16, 2026, thus ending the
process.
b) Litigation relating to the Construction business
The Construction business line is involved in several ongoing legal proceedings, relating principally to potential construction defects in the building
work it has completed and claims for civil liability. As indicated in Note 6.3, as of December 31, 2025, provisions amounting to EUR 96 million had
been recorded in relation to these proceedings. The provision for each of the lawsuits corresponds to the best estimate made by Ferrovial on the
possible impact.
Below is a description of the most relevant lawsuits.
Ongoing litigation as of December 2025
Construction business Spain
In 2019, the Spanish National Markets and Competition Commission (CNMC) initiated penalty proceedings against Ferrovial Construcci\u00f3n, S.A. and
other construction firms for alleged anti-competitive behavior.
On July 6, 2022, the CNMC issued a resolution finding that Ferrovial Construcci\u00f3n S.A. had committed a \u201cvery serious infringement\u201d of Article 1 of
Law 15/2007, of July 3, 2007, on the Defense of Competition and Article 101 of the European Union Treaty, and imposing a fine of EUR 38.5
million.
Ferrovial Construcci\u00f3n, S.A. filed a contentious-administrative appeal against the CNMC\u2019s resolution in the Spanish National High Court on
October 4, 2022. The claim also requested a precautionary measure staying enforcement.
On December 9, 2022, the Spanish National High Court agreed to suspend the resolution issued by the CNMC\u2019s Competition Court, pending its
decision on the contentious-administrative appeal.
The Group considers the outcome of this lawsuit is unlikely to be unfavorable and therefore no amount has been provisioned in this respect.
D4R7 project (Slovakia)
There are four environmental matters involving D4R7 Construction s.r.o. (Ferrovial Construction 65% and Porr 35%) relating to technical
violations allegedly committed during execution of the D4R7 highway project in Bratislava, Slovakia. The investigations, though criminal in
nature, seek monetary damages and allege (i) failure to obtain permits for soil excavation in J\u00e1no\u0161\u00edkov\u00e1 (EUR 8.7 million), (ii) extraction of
protected land in Blatn\u00e1 na Ostrove without permits (EUR 6.6 million), (iii) unauthorized handling of recycled material for an embankment in
Jarovce (potential low six-figure fine), and (iv) improper use of recycled material at Eurovea 2 (EUR 15.2 million). These matters are at different
procedural stages, and the Group considers it improbable that they will result in financial risk; therefore, no provisions have been set aside.
Bucaramanga Project (Colombia)
In December 2023, the National Infrastructure Authority (NIA) of Colombia imposed a fine for project delays on the concessionaire for the Ruta del
Cacao project, Concesionaria Ruta del Cacao, S.A.S. The fine flows on a \u201cback-to-back\u201d basis to Consorcio Ferrocol Santander (CJV), the entity
responsible for the construction of the project in which Ferrovial Construcci\u00f3n has a 70% stake. On January 13, 2025, the NIA ratified the amount
of the fine, making it due and payable in February 2025. The concessionaire and CJV then initiated a proceeding seeking a declaration of force
majeure. If the proceeding is successful, the NIA will be compelled to reduce and potentially nullify the fine amount. A decision confirming force
majeure was issued on September 15, 2025. Since then, two arbitration proceedings have been initiated against ANI, one being a domestic
proceeding requesting the annulment and, alternatively, the reduction of the fine, and a second international proceeding regarding whether the
works necessary for the completion of the Project fall within scope. The Group has fully considered the foregoing in its financial statements.
I-66 project (USA)
In 2016, FAM Construction, LLC (in which Ferrovial Construction US Corp. holds a 70% interest and Allan Myers VA holds a 30% interest) was
awarded the design and construction of the Interstate 66 Outside the Beltway project.
In June 2024, project completion was agreed with the Virginia Department of Transportation. FAM Construction, LLC filed a lawsuit in January
2024 for costs incurred due to the COVID-19 pandemic and associated matters, which remains open.
These claims have been considered in the calculation of the Group\u2019s future loss provisions in accordance with IFRS 15.
Power unit in Tur\u00f3w (Poland)
On January 17, 2025, Budimex S.A. received a lawsuit claiming EUR 248.2 million in liquidated damages and other damages for, among other
things, the reduced availability of the power unit and alleged delays in the remediation of disputed defects. The action was brought by the state-
owned energy producer, PGE G\u00f3rnictwo i Energetyka Konwencjonalna S.A. against the consortium responsible for the construction of a new
power unit at the Tur\u00f3w Power Plant. The consortium comprises Mitsubishi Power Europe GmbH (52.84%), T\u00e9cnicas Reunidas, S.A. (23.58%) and
Budimex, S.A. (23.58%).
Taking into account the amount claimed and the associated costs involved with defending this lawsuit, the potential risk has been duly
provisioned in accordance with Budimex's share in the consortium.
Currently the parties are in the process of mediation.
c) Litigation and other contingent liabilities relating to the Energy business
Ongoing contingent liabilities as of December 2025
Centella Project (Chile)
In 2018, the Republic of Chile awarded the design, construction and operation of a new 252 km, 220 KV- 580 MVA-double circuit transmission
line (\"Centella Project\") to Centella Transmisi\u00f3n S.A. (an indirect wholly owned subsidiary of Ferrovial SE).
The project commenced operation on June 27, 2024 as formally acknowledged by the relevant authority on January 15, 2025.
Pursuant to restated terms of the award, commencement of operations of the transmission line should have occurred no later than January 15,
2024, but during construction, the project suffered certain delays due to unforeseen circumstances, including different force majeure events. In
particular, on August 26, 2024, an extension of the final milestone (CoD) of the contract was successfully granted by the Ministry of Energy as a
consequence of one of those force majeure events.
Of the different force majeure events requested by Centella Transmisi\u00f3n S.A. to the Ministry of Energy, there are -as of today- two proceedings
still pending, whose outcome could enable the Authority to call a guarantee bond and may apply certain penalties under the contract.
Although force majeure must be evaluated on a case-by-case basis, in the past the Ministry of Energy has granted different extensions of
milestones due to force majeure events in the Centella Project and in other transmission projects in Chile.
The Group has a provision to cover the estimated risk.
d) Tax-related litigation
Ongoing litigation as of December 2025
As indicated in Note 6.3, Ferrovial has recorded provisions for taxes in its balance sheet for a total amount of EUR 84 million at December 31, 2025
(EUR 84 million at December 31, 2024).
These provisions essentially relate to ongoing litigation arising from tax assessments raised following tax audits in Spain for a disputed sum of EUR
198 million at December 31,2025 (EUR 200 million at December 31, 2024), the most significant amounts relating to corporate income tax (CIT)
and VAT for the periods 2002 to 2019.
Tax proceedings related to the tax amortization of financial goodwill on the acquisitions of Amey and Swissport
Ferrovial, the Kingdom of Spain and other Spanish companies concerned successfully applied to the General Court of the European Union for
annulment of the Third Commission\u2019s decision of October 15, 2014.
The Commission challenged before the Court of Justice the judgments whereby the General Court annulled its decision (Judgments of September
27, 2023). The Court of Justice dismissed the Commission\u2019s appeals (Judgments of Jun 26, 2025).
The Court notes that it is expressly stated in the initial decisions that the exceptions to the cessation and recovery obligations relate to both direct
and indirect acquisitions of shareholdings. Since it had been finally established that those initial decisions were lawful, the General Court was
required to infer from them, as it did, that those exceptions related to both types of shareholding acquisition. Both those types of shareholdings
are therefore protected by the legitimate expectations recognized by the Commission in the initial decisions. In addition, the principle of legal
certainty precludes the Commission from classifying the tax deduction of the financial goodwill resulting from indirect acquisitions of
shareholdings as a new State aid scheme which has been implemented unlawfully.
As a consequence of this Judgment, a favorable decision is expected in the appeal pending before the Spanish Supreme Court regarding this same
tax concept for the audited years 2002\u20132005 (disputed amount of EUR 44 million). As the Group considers there are sound grounds supporting its
procedural stance in this proceeding, no provision has been recorded as of December 31, 2025. Additionally, the Company expects the Group to
recover from the Spanish Tax Agency the initially claimed and paid amount of EUR 45 million, plus delay interest, in relation to the years 2006 to
2021.
Matters previously reported
Unconstitutional Royal Decree-Law 3/2016
On January 18, 2024, the Spanish Constitutional Court announced its ruling related to Royal Decree-Law 3/2016 (RDL 3/2016), on tax measures
aimed at the consolidation of public finances, which amended corporate income taxation by limiting the offsetting of net operating losses (25%
current limit versus 70% prior to RDL 3/2016), establishing limits on the application of double taxation deductions and forcing the inclusion in the
tax base of impairment losses on portfolio investments deducted in previous years.
The Spanish Constitutional Court ruling resolves that the use of the Royal Decree-Law is not suitable for amending the essential elements of
Corporate Income Tax (CIT), and that this practice infringes constitutional requirements. Based on the above-mentioned grounds, the Spanish
Constitutional Court overturned RDL 3/2016, which is considered null and void. The Company filed several lawsuits with respect to its CIT
assessment for tax years 2016 through 2023 based on the same argument.
As a result of the Constitutional Court\u2019s ruling, the Company has obtained favorable decisions in the litigation aimed at challenging Royal Decree-
Law 3/2016. The Spanish Tax Authority is currently in the process of enforcing the decisions favorable to Ferrovial. The Group recognized in
December 2024 a positive impact of EUR 30.6 million, out of which EUR 15 million have already been recovered in 2025 in procedures that have
been executed, and approximately EUR 15 million will also be recovered.
6.5.2. Guarantees
a) Bank guarantees and other guarantees issued by insurance companies
In the course of business, the Group is exposed to possible risks the materialization of which is uncertain, relating to liability under the various
contracts entered into in its business lines.
The Group obtains bank guarantees and other guarantees issued by insurance companies to cover potential liabilities arising in the course of
business. At December 31, 2025, the balance amounted to EUR 7,939 million (EUR 8,260 in 2024).
The following table contains a breakdown of the risk covered in each business area:
(Million euro)
Dec. 2025
Dec. 2024
Construction
6,838
7,074
Highways
554
476
Airports
88
355
Energy
319
199
Other
140
157
TOTAL
7,939
8,260
The EUR 7,939 million, by type of instrument, relates to: i) EUR 2,590 million in bank guarantees; ii) EUR 4,531 million in guarantees provided by
bonding agencies and iii) EUR 818 million in bank guarantees provided by insurance companies.
These guarantees cover the liability to customers for the proper performance of construction or services contracts involving Group companies; the
guarantee would be enforced by the customer where a project is not carried out.
Despite the significant amount of these guarantees, the impact that might arise is very low, since the Group companies perform contracts in
accordance with the terms and conditions agreed upon with the customers and recognize provisions within the results of each contract for
potential risks that might arise from such performance (Note 6.3).
During the 2025 financial year EUR 125 million was issued for photovoltaic plants in the United States, EUR 93 million for the Misae Solar IV
project, and EUR 32 million for the Milano Solar project.
Lastly, of the total amount of the Group's bank guarantees for continuing operations listed in the above table, EUR 105 million secures
commitments to invest in the capital of infrastructure project companies, mainly JFK-NTO (Note 6.5.3) and a photovoltaic plant in the United
States.
b) Guarantees given by Group companies for other Group companies
As indicated previously, in general guarantees are provided among the Group companies to cover third-party liability arising from contractual,
commercial or financial relationships.
Although these guarantees do not have any effect at the Group\u2019s consolidated level, there are certain guarantees provided by ex-infrastructure
project companies to infrastructure project companies (Note 1.1.2) which should be noted due to the classification of project borrowings as non-
recourse debt (see Note b.1). Contingent capital guarantees).
b.1) Guarantees provided by ex-infrastructure project companies to infrastructure project companies to secure borrowings, which could
give rise to future additional capital disbursements should the guaranteed events take place (contingent capital guarantees).
Two types of guarantees are given by ex-infrastructure project companies to infrastructure project companies:
\u2022 Guarantees securing the proper performance of construction and service contracts (Note 6.5.2.a).
\u2022 Guarantees related to risks other than the correct performance of construction and service contracts, which could give rise to future additional
capital disbursements should the guaranteed events take place (some of which are also included in note 6.5.2.a) because they are bank
guarantees).
The latter guarantees are explained in further detail in this section since, as mentioned in Note 5.2. on cash and the cash equivalent and
borrowings, infrastructure project company borrowings are without recourse to the shareholders or with limited recourse to the guarantees
provided and, therefore, it is relevant to distinguish the guarantees which, should the guaranteed event occur, could be enforced and lead to
payments to the infrastructure project companies or the holders of their debt, other than the committed capital or investment mentioned in Note
6.5.3. They are referred to as contingent capital guarantees.
The following table details, by beneficiary company, purpose and maximum amount, of outstanding guarantees of this nature at December 31,
2025 relating to fully consolidated infrastructure project companies. It should be noted that these amounts relate to Ferrovial\u2019s share:
BENEFICIARY COMPANY (PROJECT)
GUARANTEE PURPOSE
Dec. 2025
Conc. Prisiones Lledoners
Technical guarantee to repay amounts to the bank in the event of termination of the contract. Does not cover
insolvency (default) or breach by the awarding entity.
59
Centella
Guarantee to cover potential contribution of own resources, in the event that fines are imposed for construction
delays.
10
I-66
Several bank guarantees due to disputed amounts owed to Virginia Department of Transport and to replace
reserve accounts.
60
Misae Solar IV
Several parent company guarantees covering the Storm Insurance, the Contingent Equity, the Tax Equity Bridge
Loan and the Cash Diversion
115
TOTAL GUARANTEES FOR FULLY-CONSOLIDATED INFRASTRUCTURE PROJECTS
244
b.2) Other guarantees given to waste treatment plant companies (Note 3.2.)
During 2025, the Thalia Group has operated waste treatment facilities in Allerton, Northampton, Cambridge, Milton Keynes and the Isle of Wight
in the UK, with the majority of the facilities operated under concession contracts.
In December, Thalia Group reached an agreement with the Isle of Wight Council for the early termination of that contract by the end of March
2026. Under this settlement, there has been a full release of all guarantees issued in relation to this project. The termination payment has not
had a relevant impact on the Group\u2019s P&L, as it was covered by the Future Loss Provision recognized for the Thalia Group.
As indicated in Note 6.3., at year-end 2025, the Group has a provision for future losses relating to these plants in the amount of GBP 3 million
(GBP 22 million as of December 31, 2024). The provision does not include business overheads estimated at GBP 9 million per annum.
For the Milton Keynes and Allerton projects, the current status is: the Milton Keynes\u2019 contract is expected to expire in 2026 and no material issues
are open; and the Allerton plant had performance issues during 2025, and the superheater has been replaced.
After the settlement with the Isle of Wight Council, the exposure to outstanding guarantees issued by the Thalia Group is estimated at GBP 97
million (GBP 295 million as of December 31, 2024). Ferrovial\u2019s exposure is limited to the guaranteed amount, but this limitation may be disapplied
under certain scenarios, e.g. death or personal injury, fraud, willful misconduct and /or criminal conduct or abandonment.
c) Guarantees given in divestment processes
The sale agreements entered into during the divestment of the former Services business include various guarantees given to the buyers in
connection with a number of potential lawsuits or litigation in progress on the transaction dates.
Guarantees that met the relevant requirements of accounting legislation (IAS 37) were provisioned at the year-end. These provisions amount to
EUR 19 million.
The main guarantees are as follows:
Litigation relating to the penalty proceedings opened by the Spanish National Markets and Competition Commission (CNMC) in relation to the road
maintenance sector:
In July 2019, the CNMC initiated penalty proceedings against Ferroser Infraestructuras, S.A. (currently Serveo Infraestructuras S.A.), as well as
against other companies in the sector, due to alleged anti-trust practices during tendering for maintenance and operation services for the State
Road Network, arranged by the Ministry of Public Works.
In August 2021, notice was received of a Resolution by the CNMC\u2019s Board declaring a very serious infringement of Article 1 of the Spanish
Competition Law (LDC) and Article 101 of the Treaty on the Functioning of the European Union (TFUE). The Board imposed a fine of EUR 5.7
million.
A contentious-administrative appeal was filed against the resolution at the National High Court. In December 2021, notification was received of
the admission of the appeal. On February 22, 2022, notification was received of the decision to suspend the penalty resolution in relation to both
the fine and the prohibition on contracting. The appeal was suspended on May 10, 2022.
Ferroser Infraestructuras, S.A. (now Serveo Infraestructuras, S.A.) is one of the companies sold as a result of the divestment of the infrastructure
maintenance business in Spain completed on January 31, 2022 and is therefore no longer controlled by Ferrovial SE.
Ferrovial gave a guarantee of EUR 6 million to the buyer in relation to this lawsuit. This guarantee will remain valid until the Court authorizes its
cancellation, either following the settlement of the sanction amount by Serveo Infraestructuras, S.A. or as otherwise determined by the Court's
ruling (e.g., in the event of the sanction is reduced and the amount is paid or the sanction is declared null and void). This amount has been
provisioned.
Tax proceedings
At December 31, 2022, guarantees had been granted to PREZERO in connection with various ongoing tax proceedings. The guarantees, which
have been provisioned, amount to EUR 4.4 million.
d) Security interests in assets
The security interests in assets, are described in the following notes:
\u2022 Guarantees given for fixed assets (Note 3.4).
\u2022 Security interests in deposits or restricted cash (Note 5.2).
e) Guarantees received from third parties
At December 31, 2025, Ferrovial had received guarantees from third parties totaling EUR 1,756 million (EUR 1,575 million at December 31 2024),
mainly in the Ferrovial Construction companies in the United States (EUR 1,360 million), the Budimex Group (EUR 180 million) and other
construction companies (EUR 216 million), highlighting UK (EUR 116 million) and Spain (EUR 36 million).
These third party guarantees are technical guarantees that are offered by certain subcontractors or suppliers mainly in the construction business
in order to guarantee full compliance with their contractual obligations with regard to the work they are engaged to complete, and may not be
sold or pledged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-995": { "value": "
6.5.3. Commitments
As described in Note 1.1, infrastructure contracts have a long-term nature where the concession operator is a company in which the Group has
interests, either alone or together with other partners, and the borrowings necessary for financing the project are allocated to the project itself,
without recourse to the shareholders or with recourse limited to the guarantees provided, under the terms set forth in Note 5.2. From a
management viewpoint, Ferrovial takes into account only the investment commitments related to project capital, since the investment in the
assets is financed by the project company\u2019s borrowings.
a) Investment commitments
The investment commitments undertaken by the Group in relation to capital contributions to infrastructure projects amount to EUR 149 million
(EUR 427 million in 2024). The decrease during the year 2025 is mainly explained by the capital contributions made by Ferrovial to the New
Terminal One at New York\u2019s JFK Airport. The investment commitments to the New Terminal One at New York's JFK Airport at 31 December 2025
amount to EUR 63 million (EUR 329 million in December 2024).
A breakdown of the Group\u2019s commitments to invest capital in infrastructure project companies is as follows:
(Million euro)
2026
2027
2028
2029
2030
2030 AND
BEYOND
TOTAL
Energy
61
\u2013
5
5
\u2013
\u2013
71
INVESTMENTS IN FULLY- CONSOLIDATED INFRASTRUCTURE PROJECT
COMPANIES
61
\u2013
5
5
\u2013
\u2013
71
Highways
\u2013
15
\u2013
\u2013
\u2013
\u2013
15
Airports
63
\u2013
\u2013
\u2013
\u2013
\u2013
63
Construction
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
INVESTMENTS IN EQUITY- ACCOUNTED INFRASTRUCTURE PROJECT
COMPANIES
63
15
\u2013
\u2013
\u2013
\u2013
78
TOTAL INVESTMENTS
IN INFRASTRUCTURE PROJECT
COMPANIES
124
15
5
5
\u2013
\u2013
149
On top of the committed investments shown above, commitments were made to invest up to EUR 30 million in investment funds in which Ferrovial
holds non-controlling interests that invest in innovation projects.
In addition, commitments were made to invest up to EUR 199 million in projects primarily engaged in highways and renewable energy assets
pending financial close.
b) Environmental commitments
Any operation undertaken mainly to prevent, reduce or repair damage to the environment is treated as an environmental activity.
Costs incurred to protect and improve the environment are taken to profit or loss in the year in which they are incurred, irrespective of when the
resulting monetary or financial flow takes place.
Provisions for probable or certain environmental liability, litigation in progress and indemnities or other outstanding obligations of undetermined
amount not covered by insurance policies are recorded when the liability or obligation giving rise to the indemnity or payment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-996": { "value": "
6.7. REMUNERATION OF THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT
6.7.1. Directors\u2019 remuneration in their capacity as such (i.e. for their membership of the Board)
Under the Company\u2019s current remuneration scheme, regulated by Article 8.5 of its Articles of Association, the Company has a policy in respect of
the remuneration of Executive Directors and Non-Executive Directors. This policy, whether or not combined for Executive Directors and Non-
Executive Directors, is proposed by the Board for adoption by the General Meeting.
The new Directors\u2019 Remuneration Policy adopted by the General Meeting of Ferrovial SE on April 24, 2025, and applicable retroactively from
January 1, 2025, introduced the following amendments to the Directors\u2019 remuneration in their capacity as such:
\u2022 The maximum amount of the annual remuneration for all Directors is set at EUR 2,280,000 for the duration of the Policy (vs EUR 1,900,000
in the former Directors\u2019 Remuneration Policy).
\u2022 The Directors\u2019 remuneration comprises the following elements: (i) a fixed allocation, paid on a quarterly basis; (ii) attendance fees for effective
attendance to the Board and Committee meetings; and (iii) payment in shares: Directors may receive up to a maximum of 20% of their total
annual gross remuneration in shares instead of cash. The award of these shares is not linked to any performance metrics and are awarded for
long-term investment purposes, subject to a holding period of the earlier of 3 years or the end of their term as Directors
The remuneration of Directors shall be reasonable in proportion to the importance of the Company, the financial situation in which it finds itself at
each moment and the market standards at comparable companies. It should be sufficient to attract and retain Directors with the desired profile
and compensate the commitment, abilities and responsibility that the post demands, but not so high as to compromise the independent judgment
of the Non-Executive Directors. On the same date, these financial statements are approved, the Board of Directors approves a Remuneration
Report which is published on the Company\u2019s website as part of the Management Report. The report describes in greater detail aspects of the
Company's remuneration policy applicable in the current year, providing an overview of how it has been applied in 2025. The table below shows
the itemized remuneration of the members of the Board of Directors in their capacity as such accrued during 2025 and 2024.
Should more meetings be held than initially envisaged or, for any other reason, the total maximum annual amount for all Directors be exceeded,
the difference will be deducted first from the fixed allocation, proportionally for each Director according to his or her status. If the sum of the
attendance fees and the fixed allocation does not reach the said maximum annual amount, the difference (the \u201cremainder\u201d) may be distributed
among the Directors on a pro rata basis according to their term of office during the year, if so decided by the Board.
The difference between the amounts of attendance fees and fixed allocation in 2025 and 2024 is due to: (i) the increase in the amount of these
elements in 2025 as per the new Director\u2019s Remuneration Policy; and (ii) there were more meetings in 2024 than in 2025.
This table does not include remuneration received by the Executive Directors for discharging executive duties at the Company, as described in Note
6.7.2.
2025
DIRECTOR (Thousand euro) (a)
FIXED ALLOCATION (b)
ATTENDANCE
FEES
TOTAL\u00a0 (c)
NET NUMBER OF
SHARES RECEIVED (d)
Rafael del Pino
174
113
287
428
Oscar Fanjul
160
83
243
469
Ignacio Madridejos
119
56
175
261
Mar\u00eda del Pino
119
56
175
338
Jos\u00e9 Fernando S\u00e1nchez-Junco
119
66
185
357
Philip Bowman
119
56
175
338
Hanne Sorensen
119
44
163
242
Bruno Di Leo
119
55
174
335
Juan Hoyos
119
56
175
338
Gonzalo Urquijo
119
64
183
353
Hildegard Wortmann
119
49
168
324
Alicia Reyes
119
56
175
338
TOTAL
1,524
756
2,280
4,121
(a) The amounts in the table are rounded up.
(b) The fixed allocation includes the pro rata distribution of the remainder.
(c) The Directors\u2019 remuneration for 2025 (EUR 2,280 thousands gross) also comprises the value of the shares delivered. The net number of shares delivered to Directors amounts to 4,121 shares.
(d) As adopted by the Board, the gross value of the shares each Director is entitled to receive represents 16.7% of the Directors\u2019 total annual gross remuneration.
2024
DIRECTOR (Thousand euro) (a)
FIXED ALLOCATION
PER DIEMS
SUPLEMENTARIY\u00a0 FIXED\u00a0
ALLOCATION (b)
TOTAL
Rafael del Pino
35
103
107
245
Oscar Fanjul
35
76
96
206
Ignacio Madridejos
35
51
61
148
Mar\u00eda del Pino
35
51
61
148
Jos\u00e9 Fernando S\u00e1nchez-Junco
35
58
61
154
Philip Bowman
35
49
61
145
Hanne Sorensen
35
35
61
131
Bruno Di Leo
35
49
61
145
Juan Hoyos
35
51
61
148
Gonzalo Urquijo
35
56
61
152
Hildegard Wortmann
35
36
61
132
Alicia Reyes
35
49
61
145
TOTAL
420
665
815
1,900
(a) The amounts in the table are rounded up
(b) The supplementary fixed allocation includes the pro rata distribution of the remainder.
6.7.2. Individual executive directors\u2019 remuneration
a) Remuneration accrued in 2025, 2024 and 2023
In 2025, the following remuneration accrued to the executive directors for the performance of their functions, irrespective of the remuneration
referred to in the preceding section.
The 2025 information is shown in the following table:
2025
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO (2)
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,650
1,600
3,250
Variable remuneration
3,053
2,298
5,351
Life insurance premiums
12
7
19
Other remuneration in kind
3
31
34
Plans linked to shares (1)
2,049
2,049
4,098
Total 2025
6,767
5,985
12,752
*Remuneration as executive directors
(1) In March 2025, a number of shares were delivered based on the level of attainment of the metrics corresponding to the units granted in 2022 , after deducting the applicable withholding taxes.
The shares received by Rafael del Pino and Ignacio Madridejos were reported to the Dutch Authority for the Financial Markets -AFM- (De Autoriteit Financi\u00eble Markten) on 19 March 2025.
With respect the remuneration as recorded as expense by the Company in financial year 2025, the Company recorded an expense for the share-based compensation plans under IFRS 2 in fiscal
year 2025 relating to the 2022, 2023, 2024, and 2025 Performance Share Plans, amounting to EUR 1,235 thousand for the Chairman and EUR 1,827 thousand for the Chief Executive Officer.
The 2024 information is shown in the following table:
2024
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO (2)
IGNACIO MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,450
2,950
Variable remuneration
2,786
2,097
4,883
Life insurance premiums
11
7
18
Other remuneration in kind
3
36
39
Plans linked to shares (1)
1,946
1,946
3,892
Total 2024
6,246
5,536
11,782
*Remuneration as executive directors
(1) In March 2024, a number of shares were delivered based on the level of attainment of the metrics corresponding to the units granted in 2021, after deducting the applicable withholding taxes.
The shares received by Rafael del Pino and Ignacio Madridejos were reported to the Dutch regulator, the AFM (Autoriteit Financi\u00eble Markten), both on 14 March 2024.
The 2023 information is shown in the following table:
2023
EXECUTIVE DIRECTORS\u2019 REMUNERATION * (Thousand euro)
RAFAEL DEL PINO
IGNACIO
MADRIDEJOS (2)
TOTAL
Fixed remuneration
1,500
1,313
2,813
Variable remuneration
2,809
1,926
4,735
Life insurance premiums
10
5
15
Other remuneration in kind
3
13
16
Plans linked to shares (1)
795
795
1,590
Total 2023
5,117
4,052
9,169
*Remuneration as executive directors
(1) In March 2023, a number of shares were delivered based on the level of attainment of the metrics corresponding to the units granted in 2020, after deducting the applicable withholding taxes.
The Spanish Regulator, the CNMV, was notified of the shares received by Rafael del Pino and by Ignacio Madridejos on 13/3/2023 and 9/3/2023, respectively (at that time, Ferrovial shares were
only traded on the Spanish Stock Exchanges).
(2) EUR 1,150 thousand until June 15, 2023 and EUR 1,450 thousand from June 16, 2023 onwards.
b) Share-based remuneration schemes
There follows a breakdown of the share-based remuneration schemes linked to objectives, entitlement to which has not yet vested:
EXECUTIVE DIRECTORS\u2019 PLAN AT 31.12.2025
UNITS
NO. OF VOTING RIGHTS
%\u00a0 NO. OF VOTING
RIGHTS
Rafael del Pino y Calvo-Sotelo
2023 allocation
50,680
50,680
0.007%
2024 allocation
39,241
39,241
0.005%
2025 allocation
32,458
32,458
0.004%
Ignacio Madridejos Fern\u00e1ndez
2023 allocation
69,925
69,925
0.009%
2024 allocation
61,441
61,441
0.008%
2025 allocation
50,820
50,820
0.006%
6.7.3. Pension funds and plans for life insurance premiums
In 2025, no amounts were set aside or accrued by us or our subsidiaries to provide for pensions retirement or similar benefits for former or current
members of the Company\u2019s Board of Directors or for directors of the Company who are members of other Boards of Directors and/or senior
managers of Group companies and associates, except in limited cases in accordance with certain local legal requirements or common market
practices and any related contributions were immaterial in amount, and a contribution to a group savings insurance policy under which the
Company is both the policy holder and beneficiary in relation to an extraordinary remuneration scheme described in Note 6.7.6. on other
disclosures on remuneration.
As regards life insurance premiums, the Company has insurance policies covering death (for which premiums totaling EUR 19 thousand were paid
in 2025; EUR 18 thousand in 2024), under which the executive directors are beneficiaries. No life insurance premiums were paid for Company
directors who are members of other Boards of Directors and/or senior managers of Group companies or associates.
Lastly, the Company has arranged a third-party liability insurance policy covering the directors and managers of the Group companies parented
by the Company. The insured parties include the Company\u2019s directors. The premium paid in 2025 under the aforementioned insurance policy
amounted to EUR 1,594 thousand (EUR 1,757 thousand in 2024).
6.7.4. Advances and loans
At 31 December 2025, no advances or loans had been granted by the Company to the directors in their capacity as such or as members of other
Boards of Directors or senior managers of Group companies or associates.
6.7.5. Senior management remuneration
The overall remuneration accrued to the Company\u2019s senior managers in 2025 is analyzed below:
SENIOR MANAGEMENT REMUNERATION (Thousand euro)
2025
2024
Fixed remuneration
6,054
5,793
Variable remuneration
7,210
6,205
Performance-based share plan
6,776
5,638
Remuneration as members of administrative bodies of other Group companies, jointly-controlled entities or associates
43
39
Insurance premiums
18
20
Separation of members of the Senior Management (1)
5,099
226
Expatriates\u00b4 payments
2,614
1,433
Total
27,814
19,355
(1) amount subject to personal income tax.
\"\"
The remuneration shown corresponds to the holders of the following positions in all or part of 2025: Chief Legal and Compliance Officer, Chief
Financial Officer, Chief Human Resources Officer, Chief Investment Officer, Chief Construction Officer, Chief Airports Officer, Chief Highways
Officer, Chief Energy Officer, Chief Mobility & Services Officer, Chief Information and Innovation Systems Officer, Chief Audit and Risk Officer, Chief
Communications and Corporate Responsibility Officer, Chief Sustainability Officer and Chief Digital Infrastructure Officer. The remuneration of the
members of senior management who have been Executive Directors at the same time is not included, since it is indicated in the Note 6.7.2.
The Company has also implemented a \u201cFlexible Remuneration Scheme\u201d, which allows employees to voluntarily change their remuneration
package based on personal needs, replacing a portion with certain benefits in kind. These products include a life and retirement savings group
insurance scheme. Participants may request that a portion of their gross annual remuneration be paid by the Company in the form of a premium
under a life and retirement savings group insurance policy. The senior managers requested contributions totaling EUR 35 thousand from the
Company, replacing the remuneration shown in the table above (EUR 137 thousand in 2024).
6.7.6. Other disclosures on remuneration
The agreements between the Company and the senior managers specifically provide for the right to receive the indemnities in the event of unfair
dismissal.
In order to encourage loyalty and continuity, a deferred remuneration scheme was granted to twelve senior managers, including one executive
director. The scheme consists of extraordinary remuneration that will only be paid in one of the following circumstances:
\u2022 Exit of the senior manager by mutual agreement upon reaching a certain age.
\u2022 Unfair dismissal or exit at the Company\u2019s discretion without cause for dismissal, before the senior manager reaches the age initially agreed, if
the amount exceeds the figure stipulated in the Labour Statute.
\u2022 Death or disability of the senior manager.
To cover this incentive, each year the Company makes contributions to a group savings insurance policy under which the Company is both
policyholder and beneficiary. The contributions are quantified on the basis of a certain percentage of each senior manager\u2019s total monetary
remuneration. Contributions made in 2025 amounted to EUR 2,432 thousand (EUR 2,391 thousand in 2024), of which EUR 642 thousand relates
to the executive director (EUR 582 thousand in 2024).
a) Transactions between Ferrovial SE and its key management personnel 3
This section sets out reportable transactions between the Company and its key management personnel, their close family members, or companies
in which one or the other holds control or joint control, or over which they could exercise significant influence.
At December 31, 2025:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,273)
\u2014
(20,273)
Banco Sabadell, S.A.
Financial expenses
(47)
(47)
(47)
At December 31, 2024:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financial expenses
(65)
(65)
(65)
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,126)
\u2014
(20,126)
Financial expenses
(158)
(158)
(158)
At December 31, 2023:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financial expenses
(1,268)
\u2014
\u2014
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,110)
\u2014
(20,110)
Banco Sabadell, S.A.
Financial expenses
(1,270)
(1,270)
\u2014
Bank of America
Financing agreements
(112,000)
\u2014
(112,000)
Bank of America
Bank and other guarantees
received
(8,127)
\u2014
(8,127)
Bank of America
Financial expenses
(46)
\u2014
\u2014
Bank of America
Settlement of derivatives
1,415
1,415
\u2014
KBC Bank
Financing agreements
(1,660)
\u2014
(1,660)
KBC Bank
Bank and other guarantees
received
(43,000)
\u2014
(43,000)
b) Transactions between subsidiaries of the Company and the Company\u2019s key management personnel3
This section sets out reportable transactions between Group companies and the Company\u2019s key management personnel, their close family
members, or companies in which one or the other holds control or joint control, or over which they could exercise significant influence.
At December 31, 2025:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Juan del Pino Fdez-Fontecha
Services rendered
111
6
47
Ignacio del Pino Fdez-Fontecha
Services rendered
111
6
48
Rafael del Pino Fdez-Fontecha
Services rendered
112
6
35
EDP
Services received
(1,444)
\u2014
35
EDP
Services rendered
11,305
536
1,431
Marsh McLennan group
Services received
(3,878)
\u2014
12
Holcim group
Services received
(4,144)
\u2014
\u2014
Banco Sabadell, S.A.
Financing agreements
(116,296)
\u2014
(116,296)
Banco Sabadell, S.A.
Bank and other guarantees
(50,251)
\u2014
(50,251)
Banco Sabadell, S.A.
Financial income
592
592
\u2014
Banco Sabadell, S.A.
Financial expenses
(65)
(65)
(65)
Banco Sabadell, S.A.
Settlement of derivatives
435
435
435
KBC Bank
Bank and other guarantees
received
(2)
\u2014
(2)
At December 31, 2024:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Juan del Pino Fdez-Fontecha
Services rendered
554
97
188
Ignacio del Pino Fdez-Fontecha
Services rendered
554
97
29
Rafael del Pino Fdez-Fontecha
Services rendered
554
97
99
EDP
Services received
(31)
\u2014
(11)
EDP
Services rendered
8,392
660
1,348
Cummins
Services received
(15)
\u2014
\u2014
Cummins
Services rendered
1,483
1,593
\u2014
Marsh McLennan
Services received
(2,251)
\u2014
9
Holcim group
Services received
(10,498)
\u2014
(1,178)
Bankinter, S.A.
Financing agreements
(14,286)
\u2014
(14,286)
Bankinter, S.A.
Bank and other guarantees
received
(40,909)
\u2014
(40,909)
Bankinter, S.A.
Financial income
294
294
\u2014
Bankinter, S.A.
Financial expenses
(135)
(135)
(135)
Banco Sabadell, S.A.
Financing agreements
(117,929)
\u2014
(117,929)
Banco Sabadell, S.A.
Bank and other guarantees
received
(47,404)
\u2014
(47,404)
Banco Sabadell, S.A.
Financial income
4,802
4,802
\u2014
Banco Sabadell, S.A.
Financial expenses
(157)
(155)
(155)
Banco Sabadell, S.A.
Settlement of derivatives
435
435
435
KBC Bank
Financing agreements
\u2014
\u2014
\u2014
KBC Bank
Financial expenses
\u2014
\u2014
\u2014
KBC Bank
Settlement of derivatives
\u2014
\u2014
\u2014
Applus Group
Services received
(162)
\u2014
(60)
At December 31, 2023:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Marsh McLennan Group
Services received
(2,051)
\u2014
(51)
Holcim Group
Services received
(7,478)
(7)
(2,094)
Juan del Pino Fdez-Fontecha
Services rendered
25
(12)
27
Ignacio del Pino Fdez-Fontecha
Services rendered
25
(12)
27
Rafael del Pino Fdez-Fontecha
Services rendered
25
(12)
27
Cummins Group
Services rendered
28,012
(666)
833
Bankinter, S.A.
Financing agreements
(27,390)
\u2014
(27,390)
Bankinter, S.A.
Bank and other guarantees
received
(55,279)
\u2014
(55,279)
Bankinter, S.A.
Financial income
602
602
\u2014
Bankinter, S.A.
Financial expenses
\u2014
\u2014
\u2014
Sabadell, S.A.
Financing agreements
(31,011)
\u2014
(31,011)
Sabadell, S.A.
Bank and other guarantees
received
(48,055)
\u2014
(48,055)
Sabadell, S.A.
Financial income
410
410
\u2014
Sabadell, S.A.
Financial expenses
(1,536)
(1,411)
\u2014
Sabadell, S.A.
Derivatives settlement
6
6
\u2014
Bank of America
Financing agreements
(191,028)
\u2014
(191,028)
Bank of America
Financial expenses
(8,302)
(8,250)
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-998": { "value": "
6.8. RELATED-PARTY TRANSACTIONS
Related party transactions are reported in accordance with criteria set forth in the International Accounting Standard 24 (\u201cIAS 24\u201d) 1. These
transactions between the Company (or its Group companies) and related parties, carried out on an arm\u2019s length basis and in the ordinary course of
business in fiscal year 2025, and fiscal years 2024 and 2023 2, are disclosed below, in four separate categories.
If the related party has been a related party for a period shorter than the financial year, as applicable, the transactions during these periods are
disclosed.
a) Transactions between Ferrovial SE and its key management personnel 3
This section sets out reportable transactions between the Company and its key management personnel, their close family members, or companies
in which one or the other holds control or joint control, or over which they could exercise significant influence.
At December 31, 2025:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,273)
\u2014
(20,273)
Banco Sabadell, S.A.
Financial expenses
(47)
(47)
(47)
At December 31, 2024:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financial expenses
(65)
(65)
(65)
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,126)
\u2014
(20,126)
Financial expenses
(158)
(158)
(158)
At December 31, 2023:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Bankinter, S.A.
Financial expenses
(1,268)
\u2014
\u2014
Banco Sabadell, S.A.
Bank and other guarantees
received
(20,110)
\u2014
(20,110)
Banco Sabadell, S.A.
Financial expenses
(1,270)
(1,270)
\u2014
Bank of America
Financing agreements
(112,000)
\u2014
(112,000)
Bank of America
Bank and other guarantees
received
(8,127)
\u2014
(8,127)
Bank of America
Financial expenses
(46)
\u2014
\u2014
Bank of America
Settlement of derivatives
1,415
1,415
\u2014
KBC Bank
Financing agreements
(1,660)
\u2014
(1,660)
KBC Bank
Bank and other guarantees
received
(43,000)
\u2014
(43,000)
b) Transactions between subsidiaries of the Company and the Company\u2019s key management personnel3
This section sets out reportable transactions between Group companies and the Company\u2019s key management personnel, their close family
members, or companies in which one or the other holds control or joint control, or over which they could exercise significant influence.
At December 31, 2025:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Juan del Pino Fdez-Fontecha
Services rendered
111
6
47
Ignacio del Pino Fdez-Fontecha
Services rendered
111
6
48
Rafael del Pino Fdez-Fontecha
Services rendered
112
6
35
EDP
Services received
(1,444)
\u2014
35
EDP
Services rendered
11,305
536
1,431
Marsh McLennan group
Services received
(3,878)
\u2014
12
Holcim group
Services received
(4,144)
\u2014
\u2014
Banco Sabadell, S.A.
Financing agreements
(116,296)
\u2014
(116,296)
Banco Sabadell, S.A.
Bank and other guarantees
(50,251)
\u2014
(50,251)
Banco Sabadell, S.A.
Financial income
592
592
\u2014
Banco Sabadell, S.A.
Financial expenses
(65)
(65)
(65)
Banco Sabadell, S.A.
Settlement of derivatives
435
435
435
KBC Bank
Bank and other guarantees
received
(2)
\u2014
(2)
At December 31, 2024:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Juan del Pino Fdez-Fontecha
Services rendered
554
97
188
Ignacio del Pino Fdez-Fontecha
Services rendered
554
97
29
Rafael del Pino Fdez-Fontecha
Services rendered
554
97
99
EDP
Services received
(31)
\u2014
(11)
EDP
Services rendered
8,392
660
1,348
Cummins
Services received
(15)
\u2014
\u2014
Cummins
Services rendered
1,483
1,593
\u2014
Marsh McLennan
Services received
(2,251)
\u2014
9
Holcim group
Services received
(10,498)
\u2014
(1,178)
Bankinter, S.A.
Financing agreements
(14,286)
\u2014
(14,286)
Bankinter, S.A.
Bank and other guarantees
received
(40,909)
\u2014
(40,909)
Bankinter, S.A.
Financial income
294
294
\u2014
Bankinter, S.A.
Financial expenses
(135)
(135)
(135)
Banco Sabadell, S.A.
Financing agreements
(117,929)
\u2014
(117,929)
Banco Sabadell, S.A.
Bank and other guarantees
received
(47,404)
\u2014
(47,404)
Banco Sabadell, S.A.
Financial income
4,802
4,802
\u2014
Banco Sabadell, S.A.
Financial expenses
(157)
(155)
(155)
Banco Sabadell, S.A.
Settlement of derivatives
435
435
435
KBC Bank
Financing agreements
\u2014
\u2014
\u2014
KBC Bank
Financial expenses
\u2014
\u2014
\u2014
KBC Bank
Settlement of derivatives
\u2014
\u2014
\u2014
Applus Group
Services received
(162)
\u2014
(60)
At December 31, 2023:
NAME / COMPANY NAME (Thousand euro)
TRANSACTIONS
AMOUNT
PROFIT OR LOSS
BALANCE
Marsh McLennan Group
Services received
(2,051)
\u2014
(51)
Holcim Group
Services received
(7,478)
(7)
(2,094)
Juan del Pino Fdez-Fontecha
Services rendered
25
(12)
27
Ignacio del Pino Fdez-Fontecha
Services rendered
25
(12)
27
Rafael del Pino Fdez-Fontecha
Services rendered
25
(12)
27
Cummins Group
Services rendered
28,012
(666)
833
Bankinter, S.A.
Financing agreements
(27,390)
\u2014
(27,390)
Bankinter, S.A.
Bank and other guarantees
received
(55,279)
\u2014
(55,279)
Bankinter, S.A.
Financial income
602
602
\u2014
Bankinter, S.A.
Financial expenses
\u2014
\u2014
\u2014
Sabadell, S.A.
Financing agreements
(31,011)
\u2014
(31,011)
Sabadell, S.A.
Bank and other guarantees
received
(48,055)
\u2014
(48,055)
Sabadell, S.A.
Financial income
410
410
\u2014
Sabadell, S.A.
Financial expenses
(1,536)
(1,411)
\u2014
Sabadell, S.A.
Derivatives settlement
6
6
\u2014
Bank of America
Financing agreements
(191,028)
\u2014
(191,028)
Bank of America
Financial expenses
(8,302)
(8,250)
\u2014
c) Transactions with equity-accounted companies:
This section includes the transactions carried out between Group companies and equity-accounted companies entered into in the ordinary course
of business and at arm's length:
(Million euro)
2025
2024
2023
Services received
(2)
(1)
(3)
Services provided
62
138
111
Net financial expenses/Income
21
42
28
Payables to related parties
50
29
23
Receivables from related parties
29
26
38
Net receivables / (payables) due to financial transactions
139
293
256
d) Transactions between Group companies
This section includes transactions carried out between the Group companies in the ordinary course of business, in terms of purpose and conditions,
which were not eliminated on consolidation for the following reason.
As explained in detail in Note 1.3.2., balances and transactions relating to construction work performed by the Construction business line for the
Group's infrastructure concession operators are not eliminated on consolidation since, at the consolidated level, contracts of this type are classed
as construction contracts in which the work, while being executed, is deemed to be performed for third parties, as the ultimate owner of the works
is the awarding entity from both a financial and a legal viewpoint.
Ferrovial's Construction business billed those concession operators for EUR 179 million in 2025 (EUR 206 million in 2024 and EUR 376 million in
2023) for work performed and related advance payments and, in this respect, recognized sales for that construction work totaling EUR 178 million
in 2025, EUR 303 million in 2024 and EUR 489 million in 2023.
In 2025, the profit from these transactions attributable to the Company\u2019s holdings in the concession operators in question and not eliminated on
consolidation, net of taxes and non-controlling interests, was EUR 4 million. In 2024, this amounted to EUR -14 million and in 2023 to EUR -35
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1", "fn-2", "fn-3", "fn-4", "fn-5", "fn-6", "fn-7", "fn-8" ] } } }, "f-997": { "value": "
6.8. RELATED-PARTY TRANSACTIONS
Related party transactions are reported in accordance with criteria set forth in the International Accounting Standard 24 (\u201cIAS 24\u201d) 1. These
transactions between the Company (or its Group companies) and related parties, carried out on an arm\u2019s length basis and in the ordinary course of
business in fiscal year 2025, and fiscal years 2024 and 2023 2, are disclosed below, in four separate categories.
If the related party has been a related party for a period shorter than the financial year, as applicable, the transactions during these periods are
disclosed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-999": { "value": "
6.9. AUDIT FEES
The following table summarizes the fees for professional services provided by the Principal Accountant, PricewaterhouseCoopers (\"PwC\") and by
Ernst & Young for fiscal years 2025 and 2024, respectively.
Million euros
2025
2024
Fees for audit services
8.98
13.08
Fees for audit related services
0.70
0.71
Tax fees
0.61
0.02
Other non-audit services
\u2014
\u2014
\u201cFees for audit services\u201d relate to the following audit services:
\u2022 Statutory consolidated financial statements;
\u2022 Subsidiaries' statutory financial statements;
\u2022 Consolidated financial statements under PCAOB standards filed with the SEC;
\u2022 Review of the half year interim consolidated financial statements, covering the June figures.
In addition to the PwC audit fees, in 2025 the Group incurred audit fees of other external auditors amounting to c. EUR 1,000 thousand (mainly
EY for Thalia and MKS for several UK holding companies).
\u201cFees for audit related services\u201d are assurance and related services that are reasonably linked to the performance of the audit or review of the
Group\u2019s financial statements. This category includes fees related to the preparation of comfort letters for debt issued and verification of non-
financial information among others.
\"Tax fees\" relate to fees incurred for tax compliance and tax advice.
\"Other non-audit services\" consist of services provided by the principal accountant, other than the services reported in the above-mentioned
sections. During 2024 and 2025, no such services were rendered.
Approval from the Audit and Control Committee is required for non-audit services provided by the external auditor. All the services described
above have been approved by the Audit and Control Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1000": { "value": "
6.10. EVENTS AFTER THE REPORTING DATE
Treasury share buy-back program
In connection with the buy-back program for Ferrovial SE own shares explained in Note 5.1, over the course of 2026 until February 24, 1,628,929
treasury shares were acquired at an average price of EUR 58.64 per share totaling EUR 96 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:72450022R2ZFL41Y6I04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fn-2": { "value": "", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } }, "fn-3": { "value": "
2 The transactions shown in the tables for the year 2023 are presented in accordance with the current applicable regulatory and accounting frameworks, which frameworks differ from those
applicable in 2023. Accordingly, differences may exist in the presentation of these figures compared to the information reported in the financial statements for that period.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } }, "fn-7": { "value": "", "dimensions": { "concept": "xbrl:note", "noteId": "fn-7", "language": "en" } }, "fn-1": { "value": "
1 Sections a) and b) of this note 6.8 also includes transactions carried out with enterprises that have a member of the key management personnel in common with the Company.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-8": { "value": "", "dimensions": { "concept": "xbrl:note", "noteId": "fn-8", "language": "en" } }, "fn-4": { "value": "", "dimensions": { "concept": "xbrl:note", "noteId": "fn-4", "language": "en" } }, "fn-5": { "value": "", "dimensions": { "concept": "xbrl:note", "noteId": "fn-5", "language": "en" } }, "fn-6": { "value": "
3 In this note 6.8, the term \u201ckey management personnel\u201d includes, in accordance with the applicable related party transactions regulations, the Company directors and senior managers who have
the authority and responsibility for planning, directing and controlling the activities of Ferrovial.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-6", "language": "en" } } } }