Ferrovial (FER) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened by the chairman, with board members, the secretary, and the external auditor introduced; quorum was established and 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.

• The agenda included review of 2025 financials, dividend policy, remuneration, climate strategy, Board composition, share issuance, and corporate governance matters.

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%, and net profit was EUR 888 million.

• Net debt improved to -EUR 1.3 billion, with ex-infrastructure liquidity at EUR 5.1 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.

• Highways and construction divisions delivered strong growth, with a record order book and profitability.

• 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.

• Proposals for reappointment and appointment of several executive and non-executive directors, including Ms. Bou-Balust, were on the agenda.

• Remuneration policy and long-term incentive plans for executive directors discussed.