Ferrovial (FER) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened by the chairman, with board members and the external auditor introduced; the meeting was held in English with Spanish translation available.

• Procedural aspects, including question submission and voting processes, were explained, with voting available both in-person and online.

Financial performance review

• Revenue reached EUR 9.6 billion in 2025, up 8.6% year-over-year; adjusted EBITDA was EUR 1.5 billion, up 12.2%.

• Net profit stood at EUR 888 million; ex-infrastructure liquidity was EUR 5.1 billion, and consolidated net debt was -EUR 1.3 billion.

• Divestments included the sale of Heathrow and AGS Airports stakes, raising over EUR 1 billion; EUR 2 billion was committed to new investments, mainly in highways and airports.

• North American assets drove growth, with significant increases in revenue and EBITDA, and the construction division achieved a record order book.

• Total shareholder return was 38.6% for the period; share price appreciated 36.3% in 2025.

Board and executive committee updates

• Board composition emphasized independence, with over two-thirds independent directors and all audit and nomination committees fully independent.

• Ms. Bou-Balust was proposed as a new non-executive director, bringing expertise in technology and AI.