Ferrovial N.V. · BME:FER
Ferrovial — FY2023 Earnings Presentation
21 slides from Ferrovial's earnings presentation, Feb 27, 2024
Slide 1: FY 2023 Financial Results
Pic: I-66 FY 2023 27 February 2024 FY 2023 Financial Results FINANCIAL RESULTS 1
Slide 2: Disclaimer
DISCLAIMER This presentation has been produced by Ferrovial SE (the “Company”, “we” or “us” and, together with its subsidiaries, the “Group”) for the sole purpose expressed herein. By accessing this presentation, you acknowledge that you have read and understood the following statements. Neither thi
Slide 3: FY 2023 Overview
FY 2023 OVERVIEW Strong growth in our main infrastructure assets • Toll Roads: North American assets posted double-digit revenue growth • Airports: Heathrow reached its third highest traffic in history • Construction: profitability impacted by completion works in the large projects at final stages i
Slide 4: 2023 Main Figures
2023 MAIN FIGURES Revenues Adj. EBITDA2 Construction Order book €8.5Bn €991Mn +13.2% vs 20221 +40.6% vs 20221 €15.6Bn +5.5% vs 20221 Pic: LBJ Dividends Net debt of TSR4 from projects ex-infra3 €741Mn +38.4% €475Mn in 2022 -€1.1Bn vs 2022 (1) Percentages expressed on a Like-for-Like Growth basis. Lik
Slide 5: Strategy on Track
STRATEGY ON TRACK • I-66 ramp up Growth in North American • NTE3C segment opened to traffic in June assets • NTO: project is advancing on budget and on schedule Focus on new greenfield • SR-400 in Atlanta (Georgia) projects in North America • 6 new projects in other states Selected Investments in •
Slide 6: ESG
ESG NEW CORPORATE SUSTAINABILITY STRATEGY APPROVED BY THE BOARD OF DIRECTORS -45.6% -28.9% 33% Scope 1&21 Scope 31 Aligned Revenue (vs 2009) (vs 2012) EU TAXONOMY2 in 2023 in 2023 in 2023 -23.4% -36.2% 25% in 2022 in 2022 in 2022 -31.3% -20.3% 23.7% Water consumption Serious Injuries & (vs 2009) Wom
Slide 7: Toll Roads
TOLL ROADS EUR704MN DIVIDENDS COLLECTED FROM TOLL ROADS 2023 PERFORMANCE vs. 2022 CONTRIBUTION FROM US ASSETS EUR mn 2023 % Ch LfL** Revenues 1,085 42.1% Adj. EBITDA ** 799 48.3% 83% 93% TOLL ROADS’ TOLL ROADS’ Adj. EBITDA mg 73.6% REVENUES EBITDA DIVIDENDS FROM TOLL ROADS (FER STAKE)*: €251mn €146m
Slide 8: 407 ETR
407 ETR SOLID TRAFFIC IMPROVEMENT YOY WITH GROWTH IN ALL TIME PERIODS 2023 PERFORMANCE* vs. 2022 EVOLUTION OF 407 ETR, MAIN ALTERNATIVES & URBAN TRANSIT (vs. 2019)* ** ** CAD mn 2023 VAR. Traffic (VKT mn) 2,535 14.6% Revenues 1,495 12.7% EBITDA 1,284 12.7% EBITDA mg 85.9% • Average rev. per trip (CA
Slide 9: Toll Rate Increases Resumed in 2024
407 ETR TOLL RATE INCREASES RESUMED IN 2024 NEW RATE SCHEDULE FOLLOWING FOUR-YEAR RATE FREEZE TORONTO AREA EXPECTED TO KEEP GROWING » On Dec. 29, 2023, 407 ETR announced a new rate schedule 2023-2045 that came into effect on Feb. 1, 2024 expectation 1 » This toll increase implies the end of the Forc
Slide 10: DFW Managed Lanes
DFW MANAGED LANES STRONG REVENUE/TRANSACTION GROWTH AVG REVENUE PER TRANSACTION NTE LBJ NTE35W +9.0% +10.7% +15.4% +3.4% 2024 Soft Cap update 2023 PERFORMANCE (vs. 2022) NTE Var. LBJ Var. NTE35W Var. Revenues Adj. EBITDA ** Adj. EBITDA mg** TRAFFIC PERFORMANCE (vs. 2022) 20.1% * NTE LBJ 9.0% 9.2% NT
Slide 11: I-77 and I-66
I-77 I-66 OUTSTANDING PERFORMANCE TRAFFIC AND REVENUE RAMPING UP 2023 PERFORMANCE vs. 2022 2023 PERFORMANCE USD mn 2023 VAR. USD mn 2023 $5.5 Transactions 41 18.4% Transactions 29 Revenues 91 50.5% Revenues 167 Adj. EBITDA* 66 72.4% Adj. EBITDA* 129 Toll revenue/transaction in 2023 Adj. EBITDA mg* 7
Slide 12: US Managed Lanes
US MANAGED LANES SERVING HIGH ECONOMIC GROWTH REGIONS DFW (TEXAS) - RANKED 1ST IN THE US FOR ABSOLUTE CHARLOTTE (NORTH CAROLINA) LEAPS INTO TOP 10* OF POPULATION GROWTH BEST-PERFORMING CITIES 2021 to 2045 2021 to 2045 +3.5M +61% +1M +50% Population 1 Population Congestion 1 Population 2 Congestion 2
Slide 13: IRB New Awards
IRB 4 NEW AWARDS 2023 PERFORMANCE EURmn 2023 LfL var.* Revenues 828 11.5% Adj. EBITDA* 406 2.7% Adj. EBITDA mg * 49.1% • Concessions revenue +14.1% vs. 2022, driven by double-digit growth in main assets: Mumbai-Pune +17.0% and Ahmedabad-Vadodara +11.9%, with solid traffic and toll rates increase • C
Slide 14: Heathrow
HEATHROW 2023: THIRD HIGHEST TRAFFIC IN HEATHROW’S HISTORY 2023 PERFORMANCE* vs. 2022 (Heathrow SP) GBP mn 2023 VAR. Revenues 3,687 26.6% Adj. EBITDA 2,228 32.3% Adj. EBITDA mg 60.4% TRAFFIC PERFORMANCE Monthly Traffic (mn passengers) 9 8 7 79.2mn pax 6 +28.6% vs. 2022 5 -2.1% vs. 2019 4 3 2 Jan Feb
Slide 15: Other Airport Assets
OTHER AIRPORT ASSETS AGS - ONGOING TRAFFIC IMPROVEMENT DALAMAN – TRAFFIC AT ALL-TIME HIGH GBP mn 2023 VAR. EUR mn 2023 Revenues 198 18.9% Revenues 71 Adj. EBITDA 1 67 42.0% Adj. EBITDA* 1 55 Adj. EBITDA mg 1 33.8% Adj. EBITDA mg 1 78.1% Traffic performance *Adj. EBITDA post-concession fee for 2023 (
Slide 16: Construction
CONSTRUCTION PROFITABILITY IMPACTED BY US COMPLETION WORKS 2023 PERFORMANCE vs. 2022 EUR mn 2023 2022 % Ch LfL* Revenues 7,070 6,463 9.9% Adj. EBITDA * 218 176 19.6% Adj. EBITDA mg* 3.1% 2.7% Adj. EBIT * 77 63 11.9% Adj. EBIT mg* 1.1% 1.0% Pic: Sydney Metro, Tunnel Boring Machine, Australia Order bo
Slide 17: P&L
P&L SIGNIFICANT ADJUSTED EBITDA GROWTH ON TOLL ROADS EUR mn 2023 2022 Revenues 8,514 7,551 Adjusted EBITDA* 991 728 Period depreciation -401 -299 Adjusted EBIT* 590 429 Disposals & impairments 35 -6 Operating profit/(loss) 625 423 Financial Result from infrastructure projects -372 -365 Financial Res
Slide 18: Consolidated Net Debt of Ex-Infra Project Companies
CONSOLIDATED NET DEBT OF EX-INFRA PROJECT COMPANIES The company has decided to make some modifications in the reporting of “Change in cash and cash equivalents” to align it with the IAS 7 criteria, as explained in the APM of Consolidated Net Debt. The main changes are as follows: • Financial Leases,
Slide 19: Closing Remarks
CLOSING REMARKS • • • • • • Pic: I-77 FY 2023 19 FY 2023 Financial Results *This figure does not include the share buy-back program announced on Nov 30, 2023 (which is under execution until a new buy back program comes into effect). 19 Financial Results
Slide 20: Q&A
Q&A FY 2023 20 FY 2023 Financial Results 20 Financial Results
Slide 21: Investor Relations Department
INVESTOR RELATIONS DEPARTMENT +34 91 586 25 65 +31 207 983 724 [email protected] www.ferrovial.com FY 2023 Financial Results