In 2022, VKTs increased by +30.5% vs 2021, after the removal of all COVID-19 related restrictions by the government of the Province of Ontario in 1Q 2022, although a slow economic reopening followed throughout the year. In addition, the 4Q traffic performance was negatively impacted by the end of some construction works in the corridor, as well as, higher seasonality impact due to the increase of work flexibility, as well as, the calendar effect (-0.4%).

Quarterly traffic performance vs 2019 & 2021

Revenues were up by +29.7% in 2022, reaching CAD1,327mn.

• Toll revenues (91.1% of total): +29.5% to CAD1,210mn, due to higher traffic volumes compared to 2021, resulting from the removal of all COVID-19 pandemic-related restrictions. Average revenue per trip increased +1.5% vs. 2021.
• Fee revenues (8.4% of total): +25.1% to CAD112mn, on the back of higher traffic.
• Contract revenues (0.5% of total)related to the reconfiguration of the road- side tolling technology in connection with the de-tolling of Highways 412 and 418, amounting to CAD6mn in 2022.

OPEX (+14.8%) was higher in 2022, mainly on the back of higher traffic in the toll road. The main changes in the opex were higher customer operations costs resulting from a higher provision for lifetime expected credit loss, higher billing costs and collection costs, coupled with higher general and administration expenses and higher operations expenses. This was offset by lower system operations expenses resulting from lower consulting and licensing costs, mainly related to the Company’s enterprise resource planning and customer relationship management project due to higher capitalization of costs in 2022.

EBITDA +32.6%, as a result of higher traffic volumes. EBITDA margin was 85.8% vs 84.0% in 2021.

Dividends: In 2022, dividends paid to shareholders amounted to CAD750mn compared to CAD600mn in 2021. The dividends distributed to Ferrovial were EUR237mn in 2022 (EUR164mn in 2021).

Net debt at end of December: CAD9,050mn (average cost of 4.05%). 51% of debt matures in more than 15 years’ time. Upcoming bond maturity dates are CAD21mn in 2023, CAD272mn in 2024 and CAD373mn in 2025.

407 ETR bond maturity profile

407 ETR credit rating

• S&P: “A” (Senior Debt), “A-” (Junior Debt) & “BBB” (Subordinated Debt), with stable outlook, issued on February 24^th, 2022.
• DBRS: “A” (Senior Debt), “A low” (Junior Debt) and “BBB” (Subordinated Debt), all trends with stable outlook, issued on December 21st, 2022.

407 ETR Toll Rates

Toll rates remain unchanged since February 2020.

Schedule 22

The COVID-19 pandemic is considered a Force Majeure event under the provisions of the Concession and Ground Lease Agreement, and therefore the 407 ETR is not subject to Schedule 22 payments for 2020 and until the end of the Force Majeure event.

The 407 ETR and the Province agreed that the Force Majeure event terminates when traffic in 407 ETR and adjacent roads reach pre- pandemic levels (measured as the average of 2017 to 2019), or when there is an increase in toll rates or user charges.

Upon the termination of the Force Majeure event, the 407 ETR will be subject to a Schedule 22 payment, if applicable, commencing the subsequent year.

The average revenue per transaction reached USD6.7 in 2022 vs. USD5.6 in 2021 (+18.8%) positively impacted by higher toll rates.

Dividends: In 2022, NTE distributed two regular dividends in June and December, for a total of USD155mn (EUR92mn FER’s share). In 2021, NTE distributed USD100mn dividend (EUR53mn FER’s share).

NTE net debt reached USD1,223mn in December 2022 (USD1,223mn in December 2021), at an average cost of 4.12%.

The average revenue per transaction reached USD4.0 in 2022 vs. USD3.6 in 2021 (+11.8%) positively impacted by higher toll rates.

Dividends: In 2022

LBJ distributed two regular dividends in June and December, a total of USD59mn (EUR31mn FER’s share). In 2021, LBJ distributed USD360mn dividends (EUR167mn FER’s share) following the issuance of USD609mn secured notes in 2021.

LBJ net debt was USD2,020mn in December 2022 (USD1,998mn in December 2021), at an average cost of 4.03%.

Average revenue per transaction was USD4.8 in 2022, vs. USD4.0 in 2021 (+20.7%), positively impacted by higher toll rates and higher proportion of heavy vehicles.

NTE 35W net debt reached USD1,233mn in December 2022 (USD1,055mn in December 2021), at an average cost of 4.84%, including NTE 3C.

The average revenue per transaction was USD1.8 in 2022 vs. USD1.2 in 2021 (+43.1%).

I-77 net debt was USD257mn in December 2022 (USD263mn in December 2021), at an average cost of 3.65%.

IRB’s financial year starts on April 1st and ends on March 31st of the next year. Full year 2022 information is built adding up the 4Q of the last year and the 9M of its new financial year. Consequently, Ferrovial’s financial statements includes the company’s last 12 months contribution (i.e. January to December 2022). IRB’s equity contribution to Ferrovial’s income statement has had a positive impact of EUR22mn.

IRB showed a solid performance with double digit traffic growth vs. 2021 in its main assets, already above pre-COVID levels: Mumbai- Pune +16.5% and Ahmedabad-Vadodara+10.9%.

In 2022, IRB was able to reach significant milestones within its financing activity following the refinancing processes achieved, such as Mumbai-Pune toll road project. In addition, IRB increased its corporate rating from A+ to AA- by India Ratings (Fitch) in 2022, which was been reaffirmed in February 2023.

• NTE35W Segment 3C (Texas, USA): The project involves the construction of 2 managed lanes in each direction of c.6.7miles. The toll road is expected to open in September 2023. The concession will end in 2061. Design and construction works are 90.3% complete as of December 31st, 2022.
• I-66 (Virginia, USA): the project includes the construction of 35km on I-66 (between Route 29, close to Gainesville, and Washington DC ring road, I-495, in Fairfax County). The concession is for 50 years since commercial agreement closing. In September 2022, a 9 miles section of the I-66 Managed Lanes opened to traffic, ahead of schedule. In November 2022, the full project opened to traffic ahead of schedule. In November 2022, the full project opened to traffic ahead of schedule. Design & construction works are 98.7% complete as of December 31st, 2022. Construction is now mainly focused on deferred work items, scheduling, and conducting punch list inspections.
• Ruta del Cacao (Colombia): 152 km, out of which 81 km are new toll road, including the construction of 16 bridges, 2 viaducts & 2 tunnels with a combined length of 6km. This is a 25-year concession. Design and construction works 94% complete as of December 31st, 2022.
• Silvertown tunnel (London, UK): an availability payment project with a concession term of 25 years. A 1.4 km twin bore road tunnel which will be built under the River Thames. The works are expected to be completed in 2025. Design and construction works are 78% complete as of December 31st, 2022.