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 attend in person, by proxy, or online, with translation available and clear instructions for participation and voting.

Financial performance review

• 2024 saw revenues rise 6.7% to EUR 9.1 billion, with adjusted EBITDA up 38.9% to EUR 1.3 billion and net profit at EUR 3.2 billion, driven by asset divestments.

• Highways in North America posted strong revenue growth, and the construction division exceeded profitability targets with a 3.9% EBIT margin.

• Major divestments included a 19.75% stake in Heathrow Airport for EUR 2 billion and a 5% stake in IRB Infrastructure Developers for EUR 211 million.

• Investments totaled EUR 1.6 billion, mainly in highways and airports, including a 24% stake in IRB Infrastructure Trust and equity in JFK Terminal 1.

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

Board and executive committee updates

• Board committee charters and compliance policies were updated to align with U.S. requirements after NASDAQ listing.

• 75% of directors are independent, and all Audit and Remuneration Committee members are independent.

• The Board composition and reappointments were justified by experience, performance, and diversity.