Ferrovial (FER) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened by the Chairman, who introduced the board and outlined the agenda, confirming compliance with legal and procedural requirements for resolutions.

• Shareholders could participate in person, by proxy, or online, with translation available.

• Voting and question procedures were explained, with voting open after Agenda Item 2 and questions allowed at a designated time.

Financial performance review

• 2024 saw strong growth, with revenues up 6.7% to EUR 9.1 billion and adjusted EBITDA up 38.9% to EUR 1.3 billion.

• Net profit reached EUR 3.2 billion, supported by asset divestments and record dividends from infrastructure assets.

• Major divestments included a 19.75% stake in Heathrow Airport and a 5% stake in IRB Infrastructure Developers.

• Share price appreciated 23% in 2024, with a total shareholder return of 25.7%.

• Cash flow from operating activities reached EUR 1.049 billion, with highways and construction as key contributors.

Board and executive committee updates

• Board composition includes 75% independent directors, with all audit and remuneration committee members independent.

• The board adopted U.S. governance practices following Nasdaq listing, updating key policies.

• Remuneration policy changes for 2025 include a 20% increase in board remuneration, up to 20% paid in shares, and a 10% increase for executive directors.