Ferrovial SE

In 2025, the Construction Business Division had a net profit of EUR 241 million and reached a 4.6% Adjusted EBIT

Margin (Adjusted EBIT Margin is defined as Adjusted EBIT divided by our revenues for the relevant period. See

reconciliation of Adjusted EBIT to our Net profit/(loss) in“Item 5. Operating and financial review and prospects —A.

Operating results —8. Non-IFRS Measures and Other Key Performance Indicators: Operating Results”.

In 2026, stability in sales is anticipated after the favorable level of revenues in 2025, supported by an order book that

has once again reached record levels, with strong exposure to key markets and projects for the Group Companies, in

line with Ferrovial’s strategy. In 2026, the investment efforts in projects is expected to continue in the United States

and other geographies, given the strong pipeline of future projects in other Ferrovial divisionsand third parties.

In terms of profitability, the average long-term target of 3.5% is expected to be met again, thanks to the risk

management measures implemented in recent years and the volume and quality of the backlog, which enables a

selective approach to tenders, focused on risk mitigation and long-term profitability.

The outlook for 2026, by market, is as follows:

▪United States and Canada: following the growth in recent years, revenues are expected to stabilize, supported

by a high number of awards obtained by Webber, LLC (“Webber”) in recent years, which include a number

of diverse sectors such as transportation infrastructure, water treatment plants, and renewable energy projects

in both Texas and the U.S. East Coast, as well as the faster execution of the Ontario Line, the Toronto Metro.

In the medium term, stable investment in transportation infrastructure in states and provinces is expected.

While the most recent surface transportation reauthorization is set to expire on September 30, 2026, renewal

legislation is expected. The Construction division will continue to support the bidding process for P3 projects

of the Group’s investment units, with a particular focus on highway and airport initiatives on the East Coast

of the United States.

▪Spain: A stable level of sales is anticipated, after the high growth in revenues in recent years. In the medium

term, it is estimated that the momentum in the tendering activity will continue, both for public and private

clients, where private initiatives in residential construction, industrial construction, logistics, technology and

data centers stand out, as well as the sustained public demand for railway, sanitary and water treatment

infrastructure projects.

▪Poland: revenues are expected to be in line with the previous year, and the selective tendering strategy,

focusing on profitability and diversification in sectors such as energy, renewables and the specialized

construction of technological and industrial projects, will be maintained. The public tender continues to offer

good prospects thanks to the national investment plans for roads and railways, supported by the high level of

funds allocated under the European Union's 2021-27 Multiannual Financial Framework.

▪Other international markets: The United Kingdom and Australia stand out, where a moderate drop in revenue

is expected, mainly due to lower production of relevant projects in Australia, such as the Sydney Metro,

which is scheduled for completion in 2026. This decline has not been offset by the progress of the three

contracts for the design and construction of the track infrastructure of the HS2 high-speed project in the

United Kingdom, the execution of which is expected to intensify from 2027, once the design phase is

completed.