Information on the Company C. Organizational Structure Group Structure . Therefore, Key InformationD. Risk Factors and elsewhere in preparing this Annual Report. Furthermore, new risks may emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the Audited Financial Statements, impact of all factors on our business or the Company has decided extent to apply a pooling which any factor, or combination of interest factors, may cause actual results to differ materially from those contained in, or predecessor accounting approach, implied by, any forward-looking statements. You should not rely on forward-looking statements as it considers predictions of future events. We undertake no obligation to update any forward-looking statements made in this approach best reflects Annual Report to reflect events or circumstances after the substance date of the reorganization. Moreover, the Company believes that this approach provides useful Annual Report or to reflect new information about or the Group occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and is you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the best way for users potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. In addition, statements that we believe and similar statements reflect our financial beliefs and opinions on the relevant subject. These statements are based on information available to understand the performance us as of the Groups underlying business. Therefore, the Audited Financial Statements covering the period before the completion date of this Annual Report. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. Additionally, we may provide information herein or on our website, or documents accessible thereby, that is not necessarily material under the Merger were prepared federal securities laws for Securities and Exchange Commission (SEC or the consolidated group headed Commission) reporting purposes, but that is informed by Ferrovial, S.A. In January 2024, we conducted a partial reorganization various environmental, social, and governance (ESG) standards and frameworks (including standards for the measurement of our Business Divisions (for further information, see Item 4. Information on underlying data), and the Company B.Business Overview 1. Overview interests of various investors and Note 1.5 (Segment Reporting) other interested parties, among other things. Much of this information is subject to assumptions, estimates or third-party information that are still evolving and subject to change. For example, our disclosures based on any standards may change due to revisions in framework requirements, availability or quality of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control. You should read this Annual Report and the Audited Financial Statements). Information presented documents that we reference in this Annual Report for historical periods prior and have filed as exhibits to the segment change has been revised to reflect the partial reorganization. The financial information presented in Annual Report of which this Annual Report reflects is a part with the operating and financial understanding that our actual future results, levels of activity, performance and achievements may be different from what we expect. We qualify all of the Group, its cash flows our forward-looking statements by these cautionary statements. vii SUMMARY OF RISKS FACTORS Our business is subject to numerous risks and financial position uncertainties, including those described in It em 3. Key InformationD. Risk Factors. You should carefully consider these risks and resources. The Groups results as reported uncertainties when investing in accordance with IFRS- IASB represent our ordinary shares. Principal risks and uncertainties affecting our business include the Groups overall performance. The Group also uses a number of non-IFRS measures following: Risks related to report our business environment and macroeconomic factors include our diverse geographical footprint, which exposes us to geopolitical uncertainty, including the performance impacts of its business, as described conflicts; we are also subject to risks related to economic contraction and negative effects on demand in Item 5. Operating our sectors, impacts of inflation, interest rate fluctuation, and Financial Review exchange rate volatility. Our reliance on public and ProspectsA. Operating Results8. Non-IFRS Measures: Operating Results private sector projects makes us vulnerable to shifts in regulatory, financial, economic, and B. Liquidity tax policies that may affect funding availability and Capital Resources6. Non-IFRS Measures: Liquidity resource allocation, and Capital Resources. Industry we may be impacted by climaterelated events, natural and Market Data This Annual Report includes statistical data, market data man- made disasters, and other industry data public health emergencies. Risks related to our business, structure, and forecasts obtained from industry include our reliance on a small number of major projects, which, if delayed, terminated, or otherwise affected, could materially impact our financial performance. We also operate in a highly competitive global market research, publicly available information where highvalue opportunities are scarce and independent industry publications competition is intense. Furthermore, we may face risks associated with past and reports future acquisitions or divestments. Risks related to our operations and performance include negative impacts from flaws in our estimates, changes in underlying assumptions, or amendments to project plans any of which could result in delays, budgeting issues, or contractual disputes. We also face risks from accidents at project sites or assets that we believe may disrupt operations, lead to be reliable sources, although we have not verified legal claims, and harm our reputation. Growth of alternative infrastructures, or changes in trends for transport locations and modes, could reduce traffic and revenues for our business We face risks from the accuracy availability and completeness reliability of such third-party data. Forecasts, projections subcontractors and other forward-looking information obtained or derived service providers, as well as access to skilled labor, and we face risks from these sources involve our use of digital systems which exposes us to cyber threats, technology failures, as well as risks associated with emerging technologies, such as artificial intelligence. In addition we are exposed to regulatory compliance risks, including regarding dataprotection, anticorruption, and uncertainties antibribery laws, and we are exposed to risks, including uncertainty and conflicting requirements, in connection with ESG and sustainability requirements and expectations. Risks related to legal, regulatory, and government contracting include delays or challenges in obtaining required permits, rightsofway, and land rights, that could affect project development and execution. We are also subject to government contracting risks including unilateral terminations, amendments or expropriation, or the same qualifications and imposition of additional uncertainties applicable restrictions (including on toll rates). Risks related to financing and joint ventures include our exposure to the financial condition, performance, and actions of our jointventure and other forward- looking statements included partners, and to the impact of the equity swap arrangements we enter into. We also face liquidityrelated risks, including potential limitations in this Annual Report. accessing capital markets, increases in the cost of financing, and credit risk. Risks related to tax matters and to our ordinary shares include our exposure to complex and evolving tax laws in the jurisdictions where we operate, the potential volatility of our share price, the uncertainty of future dividend payments, and, as a foreign private issuer, that we follow certain homecountry governance practices that impact or may limit the rights of holders of our shares. 1 PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT, AND ADVISERS 1.A. Directors and Senior Management Not applicable. 1.B. Advisers Not applicable. 1.C. Auditors Not applicable. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable. ITEM 3. KEY INFORMATION 3.A. [Reserved] 3.B. Capitalization and Indebtedness Not applicable. 3.C. Reasons for the Offer and Use of Proceeds Not applicable. 3.D. Risk Factors You should not place undue reliance on these statements. carefully consider the risks described below, together with all of the other information in this Annual Report, our consolidated financial statements and related notes. Our business, financial condition, and results of operations could be materially and adversely affected if any of the risks described below occur. As a result, the market price of our ordinary shares could decline, and you could lose all or part of your investment. This Annual Report also contains forward-looking statements that involve risks and uncertainties. See Cautionary Statement Regarding Forward-Looking Statements . Foreign Currency Translations Unless stated otherwise, transactions Statements. Our actual results, business and financial condition could differ materially and adversely from those anticipated in foreign currencies these forward-looking statements due to certain important factors, including the risks facing our Group. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations. 3.D.1 Business Environment and Macroeconomic Factors 3.D.1.1 Major conflicts, acts of violence and geopolitical unrest could have a negative impact on our business. Conflict regions, or the occurrence, or threats, of violence (including terrorism), at or close to our activities could adversely affect our business, financial condition, results of operations, and prospects. 2 For example, the closure of Russian airspace and corresponding FAA (Federal Aviation Administration) overflight restrictions are translated into euro causing the U.S.China market to remain well below pre-COVID levels, impacting New Terminal One at John F. Kennedy International Airport (NTO or NTO at JFK) traffic estimations. NTO has significant exposure to Asia traffic and China in particular, and normalization of these factors is critical for demand. Our activities in Poland (through the exchange rates applicable construction business of Budimex S,A - Budimex), as a neighboring country to Ukraine, are at an increased risk of being disrupted by the transaction dates. Monetary assets conflict. While our revenue generated in Poland, which, in 2025, amounted to 23.3% of our revenues was not materially affected as a result of the conflict, the risk that such impact may materialize in the future cannot be excluded. Besides Budimex, the Construction Business Division is particularly vulnerable to such effects due to the potential impact the conflict could have on raw materials within the surrounding area, including cost increases of certain materials and liabilities denominated decreased availability. The ongoing conflicts in foreign currencies are translated into Ukraine and in the functional currency at Middle East have also adversely impacted the applicable reporting date. world economy and markets. For further details discussion on the impact of macroeconomic factors see Note 1.4 (Exchange Rate) 2 Slow economic growth or economic contraction adversely impacts demand in the sectors and industries in which we operate; and 7 We operate in highly regulated environments and those regulations are subject to change, which could have a material adverse effect on our business, financial condition, and results of operations . And further, for example, a serious public order incident took place in December 2025 at our toll road concession Ruta del Cacao in Colombia (where we hold a 30.0% stake), at the Audited Financial Statements. Rounding Amounts La Lizama toll station, that involved a discharge of firearms and detonation of an explosive device resulting in this Annual Report injury to an individual, the destruction of the La Lizama toll infrastructure, and temporary suspension of toll operations. While the overall impact to the Company was limited, other similar types of violent events or threats thereof could have been rounded off a material impact on our operations and business. Moreover, we do not have insurance to cover all of our liabilities related to such hazards or operational risks. The occurrence of a significant uninsured claim, or a claim in excess of the nearest million euros, insurance coverage limits maintained by us, could harm our business, financial condition and results of operations. 3.D.1.2 Slow economic growth or economic contraction adversely impacts demand in certain cases, the nearest thousand euros; there sectors and industries in which we operate. A slowdown or contraction in economic growth is generally connected to a reduction in the use of, and related income from, highways and air travel which may be discrepancies in totals turn have a negative impact on the availability of future projects to expand, manage or build highways and sums airports. A slowdown in economic growth or economic contraction in a country or region in which our businesses operate may have a negative impact on our business, financial condition and results of the amounts listed operations. 3.D.1.3 An inflationary environment could have an adverse effect on our business, financial condition, and results of operations. In our airports and highways businesses, periods of high inflation combined with low or negative economic growth, could significantly impact demand which could offset additional revenue generated by permissible tariff and non- regulated income increases. This decline in demand may stem from reduced disposable income, higher tolls or airfares, and other inflation-driven pressures that impact affordability and customer behavior. Increases in inflation may also have an adverse effect on operating margins under certain of our construction contracts due to rounding. Figures shown as totals increases in certain tables the cost of raw materials and energy, which may affect expected profitability, especially in design and build projects where such risk may not be an arithmetic aggregation of hedged, or mitigated by contract, from the figures preceding them. Trademarks, Service Marks effects of inflation, which could have a material adverse effect on our business, financial condition, and Trade Names v Throughout this Annual Report, we refer results of operations. Price volatility may also introduce uncertainty for our renewable energy business, as counterparties may be disincentivized from punctually negotiating long-term off-take agreements in an uncertain price environment, any of which could impact our ability to various trademarks, service marks generate predictable cash flows and trade names that we use achieve expected rates of return from our investments. In addition, if real rates (interest rates adjusted for the effects of inflation) increase, the value of our assets may be affected, as the effect on present value of discount rates could offset the benefits of inflation in our business. The Ferrovial logo is concessions. Furthermore, lower than anticipated or estimated inflation rates may hinder the property implementation of Ferrovial SE. anticipated price increases across our business divisions, negatively impacting future financial performance. 3.D.1.4 Exchange rate fluctuations could have a material adverse effect on our business, financial condition, and results of operations. We have several exposure to foreign currency, mainly to the Canadian dollar, the U.S. dollar, the Indian rupee, the Polish zloty, the pound sterling, the Chilean peso, the Colombian peso, and the Australian dollar. 3 Our foreign exchange rate risks arise primarily from: (i) our international presence, through our investments and businesses in countries that use currencies other trademarks than the euro and service marks. Solely for convenience, some the expected return that will be generated in local currency; (ii) debt denominated in currencies other than that of the trademarks, service marks country where the business is conducted or the home country of the company incurring such debt; and (iii) trade names referred to receivables or payables in this Annual Report are listed without a foreign currency to the or trademark designations. All rights currency of the company with which the transaction was registered. In analyzing s ensitivity to such trademarks are nevertheless reserved, and other trademarks and service marks appearing exchange rate effects, we estimate that a 10% appreciation in this Annual Report are the property value of their respective owners. vi CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning main currencies in which the Group holds investments against the euro at year-end 2025 would have an impact on our equity attributable to shareholders of EUR 382 million, of which 43% would relate to the safe harbor provisions impact of the Canadian dollar, 9% to the U.S. Private Securities Litigation Reform Act dollar and 26% to the Indian rupee. Although we enter into foreign exchange derivatives to cover certain future expected operations and cash flows, any current or future hedging contracts or foreign exchange derivatives we enter into may not adequately protect our operating results from the effects of 1995. exchange rate fluctuations which could have a material adverse effect on our business, financial condition, and results of operations. We intend such forward-looking statements are subject to be covered by the safe harbor provisions for forward-looking statements contained creditworthiness of, and, in Section 27A certain circumstances, the early termination of the U.S. Securities Act hedging agreements by, hedge counterparties. We cannot assure that future exchange rate fluctuations will not have a material adverse effect on our business, financial condition, and results of 1933, as amended (the Securities Act), operations. 3.D.1.5 Interest rate fluctuations may affect our net financial expense, which could have a material adverse effect on our business, financial condition, and Section 21E results of operations. Interest rate fluctuations may impact our net financial expense due to the U.S. Securities Exchange Act variable interest on financial assets and liabilities, as well as the measurement of 1934, financial instruments arranged at fixed interest rates. 97% of our indebtedness is hedged (either by a fixed rate or by derivatives). The rest of the indebtedness bears interest at variable rates, generally linked to market benchmarks such as amended (the Exchange Act). All statements other than statements EURIBOR, Secured Overnight Financing Rate (SOFR), Canadian Overnight Repo Rate Average (CORRA), and Sterling Overnight Interbank Average Rate (SONIA). Any increase in interest rates would increase our finance costs relating to variable rate indebtedness and such increase may not be offset in part or at all through any hedging arrangements to cover interest rate fluctuations which we may enter into. For example, a linear increase of historical facts contained 100 basis points in this Annual Report, including statements regarding o ur future results market interest rate curves as of operations, December 31, 2025 , and 2024 would not have a significant impact on the income statement. This impact would be offset by any increases in financial condition, results due to the sufficiency expected higher return of our sources cash held by us as of liquidity that specific date. In addition, interest rate fluctuations could increase the costs of refinancing and available working capital, business strategy of issuing new debt. This interest rate fluctuation risk is particularly important in the financing of infrastructure projects and plans other projects, which are heavily leveraged in their early stages and objectives the performance of management for which depends on possible changes in the interest rate. Furthermore, any current or future operations, plans, expectations and estimations related to expenditures and divestitures, expectations surrounding future shareholder distributions, hedging contracts or financial derivatives entered into by us may not adequately protect our anticipated appointment operating results from the effects of interest rate fluctuations, which could have a new independent registered public accounting firm , material adverse effect on our business, financial condition, and results of operations. We are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as anticipate, believe, contemplate, continue, could, estimate, expect, forecast, goal, intend, may, objective, outlook, plan, potential, predict, probability, project, risk, should, target, trends, will, or would, or also subject to the negative creditworthiness of these words or other similar terms or expressions. hedge counterparties and, in certain circumstances, the early termination of the hedging agreements by hedge counterparties . We cannot assure that future interest rate fluctuations would not have based these forward-looking statements largely a material adverse effect on our current expectations business, financial condition, and projections about future events results of operations. 4 3.D.1.6 We depend on public and trends that private sector projects in the countries in which we believe operate, and changes in financial, economic and tax policies, such as a decrease in fund allocation towards such projects, may adversely impact our project volume, which could adversely affect our business, financial condition, and results of operations, business operations. Our ability to develop new projects, including in our Highways Business Division, Airport Business Division and Energy Business Division, depends highly on government infrastructure strategy and financial needs. These forward-looking statements are neither promises nor guarantees, but are subject the continued availability of attractive levels of government funds, and incentives to attract private investments, especially, as it pertains to public- private risk sharing in connection with private highways development. For instance, in the United States, we currently benefit from the Transportation Infrastructure Finance and Innovation Act (TIFIA)s credit assistance program as granted by the United States Department of Transportation to stimulate investment in transportation infrastructure. Our Highways projects in the United States have been granted funds through different financial instruments under the TIFIA credit assistance program (for a number description of known the credit assistance received, see Item 5. Operating and unknown risks, uncertainties, other factors Financial Review and assumptions that could cause ProspectsB. Liquidity and Capital Resources8. Financing). As of December 31, 2025 the balance of these TIFIA loans is USD 2,386 million . Similarly, our actual results, performance or achievements to be materially different Construction Business Division depends on public sector projects and in 2025 clients from any future results, performance, achievements expectations or projections expressed or implied by the forward-looking statements, including public sector accounted for 84% of the risks described in total Order Book of our Construction Business Division, (for further information on the Construction Business Divisions clients, see Item 3. 4.