- Ferrovial reported double digit revenue and EBITDA growth in the first half of 2015, supported by strong performance across toll roads, airports, construction and services. - Toll road traffic and revenues increased, supported by various factors including weather, oil prices and economic recovery. The newly opened NTE 1-2 in Texas performed well. - Heathrow airport traffic was up 1.3% with revenue increasing 6% including a 6.5% rise in aeronautical revenues. UK regional airports also saw increased traffic and revenues. - Construction revenues grew 17% led by international projects, while services revenues rose 12% due to currency effects and contract wins. - The company maintained a strong financial position with

1. Heathrow*
+1.3%
35.5mn pax
IR Department e: ir@ferrovial.com -  +34 915862730 1
ferrovialResults - Executive summary
January – June 2015
Financing activity
Consolidated performance
Business performance
DIVIDENDS RECEIVED
ETR 407
€117mn
Heathrow
€52mn
BACKLOG
ETR 407*
+15%
CAD398mn
Services
+12%
€178mn
Heathrow*
+10%
£749mn
Construction
29%
€197mn
EBITDA
REVENUES
+13.9%
€4,736mn
EBITDA
+23.6%
€538mn
Ex-infrastructure net cash1
€1,450mn
• Services: growth in all areas & magnitudes, helped
by £ appreciation (LfL revenues +3.8%), with stable
margins at 7.5%. Backlog reached €23.8bn (incl. JVs)
• Construction: revenues +17% on strong Int’l activity
(+21.8%). double digit growth in sales, EBITDA &
backlog for Budimex. Backlog €7,690m (-5.0% yoy).
• ETR407 & HAH confirmed resilience. EBITDA +15%
& +10% respectively.
• Traffic at Heathrow +1.3%, at UK Regional airports
+7.4%. In toll roads, growth at all main assets US
(Chicago Skyway, SH130), Europe (Spain, Portugal &
Ireland) & Canada.
• NTE 1-2, opened Oct’14. In 2Q’15, traffic up +24%
(transactions) & EBITDA up +46% vs 1Q’15.
• Double digit growth in Revenues (+14%) & EBITDA
(+24%) supported by good operating performance &
FX appreciation where the company operates.
• Strong traffic growth in its main toll roads, in
Heathrow & the UK regional airports.
• Backlog close to record high. Construction and
Services backlog at €31.5bn (including JVs).
• Strong financial position & flexibility: reduced
borrowing cost & extended its maturity profile: LHR
issued c. £1,100mn; ETR issued CAD 650mn; liquidity
line expended to €1.3bn (5Y, 50bps).
• Net cash (ex-infra projects) at €1.5bn.
• Higher HAH & 407ETR dividends: HAH paid
£150mn (+11%), 407ETR paid CAD375mn (+7%).
LIQUIDITY 2
€4,373mn
TRAFFIC
ETR 407*
+2.9%
1,178mn vkt’000
1 Including JVs
2 Excluding infrastructure projects.
* Consolidated by equity method.
Services €23.8bn
+6%
Construction €7.7bn
-5%
Shareholder remuneration
New scrip dividend programme “Ferrovial Dividendo Flexible” approved in
March 2015 AGM. First of two payments for this year, €0.304 (equivalent to
complementary 2014) paid in May. Second payment, equivalent to 2015 interim
dividend, still pending confirmation of amount and date.
AGM also approved a new share buy back program with a maximum of €250mn
or 18mn shares, to be executed from May 26th to November 18th 2015.
282 308 367
917
477 510
2009 2010 2011 2012 2013 2014
€mn
AIRPORTSCONSTRUCTIONTOLL ROADS SERVICES
AGS
+7.4%
6.5mn pax
Financing close:
• East II ext. of the 407ETR
CAD880mn Investment.
30Y maturity since opening (2017E)
• I-77 toll road
USD648mn Investment.
50Y maturity since opening
Liquidity line:
€1,250mn
Expansion and extension
Cutting cost to 50pbs from the 80pbs of
previous line (€750mn) and maturity in
2020
Bond issues :
• LHR c. £1,100mn
o/w €750mn (15Y & 1.5% coupon)
o/w CAD 500mn (10Y & 3.25% coupon)
• 407ETR CAD650mn
CAD 150mn (30Y, 3.30% coupon)
CAD 500mn ( 31Y, 3.83% coupon)
• A-66 Benavente-Zamora €185mn
(26Y, 3.169% coupon)
Double digit EBITDA growth in services,toll roads & construction
Strong net cash position with improved financial flexibility
Reduced borrowing cost & extended maturities
Focus on Shareholder remuneration remains
BACKLOG1
€31.5bn
Construction & Services
Solid performance across the board
Shareholder remuneration:

2. ferrovial
Revenues +12% mainly as a reflection of good operating performance
and the GBP appreciation (LfL +3.8%). EBITDA margins (7.5%) in line with
1H’14. Backlog reached €23,810mn (including JVs) +6.4% vs Dec’14.
Spain: Sales +6.1%, with contribution from contracts won in 2014 (waste collection
Madrid, Orense Hospital maintenance) and higher revenues from road maintenance
contracts. EBITDA margins improved (by more than 0.5ppts) from higher contribution
from contractswhich began in 1Q’14. Backlog including JV -4.9% at €6,404mn.
UK: 15% revenue growth driven mainly by GBP appreciation (LfL +1.8%). EBITDA
margin (5.3%) better than 1Q’15 (4.7%) but below 2014 on higher capex cost from
Birmingham, explained by usual seasonality from infrastructure maintenance
contracts.Backlog including JV +11.4% at €17,036mn.
International: This division includes mainly Chile (€30mn), Portugal (€13mn) &
Poland (€11mn). Revenues grew by +38.5% (+30.9% LfL), while total EBITDA
increased+77,6% (+53.2% LfL).
Services
Revenues
+12.0%
2,380mn
EBITDA
+12.4%
178mn/7.5%
Backlog
+6.4%
23,810mn
Toll roads
Airports
Double-digit growth in revenues (+23%), thanks to NTE 1-2 contribution
(managed lane opened in October 2014, so not included in 1H’14), traffic
growth in the main toll roads, tariff increase at Chicago Skyway (+13.2%)
and positive FX impact. LfL sales up by +20%, EBITDA +32% & EBIT +33%.
Traffic growth in most toll roads supported by better weather conditions,
lower oil prices and economic recovery (Spain, Portugal & Ireland).
NTE 1-2: 9 months in operation. Traffic +24%, revenues +33% vs 1Q’15.
ITR: Sold to IFM Investors for $5.7bn ($50m inflow for Ferrovial in 2015).
A66 Benavente-Zamora opened on 12th May 2015 (equity accounted).
Developingassets:
LBJ: Over 99% of constructionis now complete, opening expected for summer 2015.
NTE 35W:Work is on schedule,opening expected mid-2018.
407 East I: 70% of constructionis complete.
Revenues
+22.7%
245mn
EBITDA
+34.9%
166mn /67.5%
HAH contribution to Ferrovial’s equity-accounted results in 1H’15 is €9mn vs
€20mn in 1H’14, mainly given higher amortization (+38%); on the back of
T2 opening, T1 early close in June & new T3 integrated baggage system.
Heathrow SP: Traffic +1.3%, reaching 35.5mn pax, explained by the increase in the
number of seatsin larger aircraft (av. seatsper flight of 207.4 vs 203.5 in 1H’14).
Revenues at Heathrow grew by +6% including +6.5% aeronautical, which is impacted
by tariffs increase & traffic growth. HAH expects an increase by +0.3% in aeronautical
revenues for FY15 due to the delayed rate increase (made on July instead of April
2014). EBITDA +6,3% with margins maintained at 57%.
• Record passengersatisfaction(82% rate their experienceas very good or excellent).
• “Best Airport in WesternEurope” (2015)
• “Best Airport for Shopping” (2015 - 6th consecutiveyear)
• T5 “Best Airport Terminal in the World” (2015) by Skytrax World Airports Awards
• “Best Airport in Europe” by Airport Council International
UK Regional airports: Traffic +7.4%, 6.5mn passengers. Revenues +5.3% and
EBITDA +11.6% to £31mn. The airports paid the first dividend to shareholders.
Revenues (HAH)
+6.2%
£1,308mn
EBITDA (HAH)
+10.2%
£749mn/57.3%
Ferrovial controls 25% of HAH (Heathrow) & 50% of AGS
Consolidated by equity method
Debt
£12.7bn
RAB £14.9bn
* Consolidated by equity method **Ausol I
Revenues +16.7% (+7.9% LfL), mainly on strong International growth
(+21.8%), including Budimex growth (+11.9% LfL) ^& the start of works in
new geographies (Chile, Australia, Brasil, Oman), and despite the fall in
Webber. EBITDA +28.8% (+13.9% LfL), explained by the high margins from
the finalization of several contracts and the strong margins of Budimex.
78% of revenues are international. Backlog -5.0% vs Dec’14, not including
c.€1,300mn in contracts awarded after 30th June.
F. Agroman: Revenues +24.3% (+16.7% LfL) supported mainly by the contributions
from new areas such as Australia,Brazil & Middle East.
Budimex: Revenues & EBITDA LfL +11.9% & +48.7%, respectively, cost reduction of
materials & subcontractors.Strong Backlog (+17%, +14.5% LfL) to €1,668mn.
Webber: Revenues -1.6%, given NTE finalization, adverse weather in Dallas & less
contracting. Profitability improved (14.8% vs 10.1% 1H’14) on mgmt of major
projects in their final stages. Backlog -20,7% (local FX) on lack of new large awards
and strongexecution.
Revenues
+16.7%
2,105mn
EBITDA
+28.8%
197mn/9.4%
Backlog
-5.0%
7,690mn
Construction
+14.6%
1,504mn
+38.5%
54mn
+77.6%
4mn/6.9%
+6.1%
822mn
+13.5%
95mn/11.5%
Revenues EBITDA Backlog
+9.3%
79mn/5.3%
+10.3%
370mn
(4.9)%
6,404mn
+11.4%
17,036mn
Spain
UK
International
IR Department e: ir@ferrovial.com -  +34 915862730 2
Revenues EBITDA Backlog
-1.6%
321mn
+44.6%
47mn/14.8%
-13.9%
758mn
+24.3%
1,239mn
+19.3%
120mn/9.7%
-9.0%
5,264mn
+13.4%
546mn
+51.0%
30mn/5.5%
+17.0%
1,668mn
F. Agroman (RoW)
Budimex (Poland)
Webber (USA)
Traffic Revenues EBITDA
Heathrow +1.3%
35.5mn
+5.9%
1,307mn
+6.3%
748mn/57.3%
Glasgow +13.8%
4.0mn
+8.1%
47.1mn
+23.7%
17.2mn/36.6%
Aberdeen (3.4)%
1.7mn
+1.6%
31.7mn
+9.5%
12.4mn/39.1%
Southampton +3.8%
0.9mn
+5.1%
13.3mn
+25.2%
3.5mn/26.7%
Traffic Revenues EBITDA Net debt €
Ausol** (80%) +10.7%
11,415
+9.4%
20mn
0.5mn+ 15.0%
16mn/77.5%
M4 (66%) +6.3%
27,277
+6.5%
12mn
0.0mn+6.3%
8mn/68.2%
407ETR* (43%) +2.9%
1,178mn VKT
+23.4%
340mn
4.5mn+24.9%
288mn/84.6%
Chicago Skyway (55%) 0.4%
37,919
1.3mn+41.2%
39mn
+41.6%
34mn/86.1%
Algarve (85%) +10.8%
8,407
+4.3%
20mn
0.1mn+5.0%
18mn/89.0%
1H’15
€mn
€mn
£ mn

3. • Net debt (cash) structure total
ferrovial
Long Term Assets
19.3bn
Balance sheet
Current Assets
7.0bn
26.3bn
Equity
6.5bn
Long Term Liabilities & others
12.6bn
Current Liabilities
6.2bn
Gross cash (3.0)bn
• Ex.Infrastructure Projects
Net cash (1.5)bn
Gross debt 1.6bn
Ex.Infrastructure Projects (1.5)bn
Infrastructure Projects 7.7bn
Debt maturity calendar
corporate
37mn
2015
47mn
2016
10mn
2017
Liquidity position
Total cash
3.0bn
Total liquidity 4.4bn
Undrawn lines
1.3bn
1.5bn
2018+
Strong balance sheet and liquidity position to finance future growth
opportunities.
At the end of 1H’15, Ferrovial’s net cash position, excluding
infrastructure projects, amounted to EUR1,450mn. The dividends
received from projects reached €206mn (€120mn from Toll Roads,
€70mn from Airports & €16mn from Services).
Corporate rating
IR Department e: ir@ferrovial.com -  +34 915862730
83%
Bonds
BBB / stableFitch (confirmed in July 2015)
BBB / stableStandard & Poor’s (confirmed in Jun 2015)
Total
Net debt 6.2bn
1H’15
€mn
Deferred income
1.0bn
EBITDA
332
ex-infrastructureCash flow generation
Working
capital
(408)
Operations
Flow (aft. tax)
127
Interests paid
(31)
Dividends
(projects)
206
Net
investment
(103)
Construction
(14)
Toll roads
15
Financials
(206)
Dividends
(165)
Construction
191
Services
142
Toll roads
120
Airports
70
Construction
(129)
Services
(222)
Airports
0
Services
16
Services
(104)
Construction
63
Services
(64)
Airports divs
70
Toll roads divs
120
Other
(1)
+ + = + + =
FX impact
(12)
Other & tax
(62)
25%
4%
48%
23%
73%
27%
Cash
Variation
(182)

4. ferrovialHuman resources
Spain
54%
America
4%
UK
27%
Poland
6%
RoW
9%
Environment
Lower energy consumption
-39% Reduction of greenhouse gas emissions
2009 – 2014
Management of
new business
opportunities
Priorities
Say on pay
IR Department e: ir@ferrovial.com -  +34 915862730 4
FER turnoverindex:3,6%.
8 /10 employees would recommend FER as a good company to work for.
• For the last 14 consecutive years, Ferrovial has been included in the DJSI (Dow
Jones SustainabilityIndex)
• Ferrovial has been included in Climate Performance Leadership Index (CPLI) &
Climate Disclosure Leadership Index (CDLI) from the Carbon Disclosure Project
(CDP), with the maximum mark (100A.)
• Ferrovial leads the Supplier Climate Performance Leadership Index (SCPLI), by CDP,
with a maximum A rating. CDP is investors’ main reference for evaluating how
companies deal with the risks and opportunitiesrelated to climate change.
Innovation
636
Participants
677
Ideas
45% teams
1
Reliable
climate
strategy 3
FY2014
€mn
80.000
90.000
100.000
110.000
120.000
130.000
300.000
320.000
340.000
360.000
380.000
400.000
420.000
2009 2010 2011 2012 2013 2014
Fossil fuels Electricity
70%
MALE
30%
FEMALE
69,088
Workforce
43.3 43.8AVERAGE AGE
8.9 9.5YEARS OF SENIORITY
77% 81%PERMANENT CONTRACT
85% 15%MANAGEMENT
2.9% 0.6%ROTATION INDEX
67% 33%NEW RECRUITMENTS
Strong commitment to improve health & safety polices
Total TrainingHours 1,281,414
Hoursper employee 19
Investmentper employee 258 €
% of the Co revenue 0.20%
Talent management: Through
consolidated evaluation processes, such
as 360º feedback, competencies
assessment and talent management
reviews.
Succession Planning: 700 people
assessment to identify 264 successors for
133 key management positions.
Compensation:Total reward policy
equitable and competitive: Fixed and
variable remuneration plus long-term
incentives. Flexible remuneration
including products & services, subject to
employee personal & economic needs
Opportunities based on merit:
Distinguished Equal Opportunities
Company award in 2010, which
remainsin force until 2016.
Present in 25countries
Acknowledgements
14% of electricity consumed by Ferrovial came from renewable
sources (Amey, 100%)
-56% Energy consumption Corporate HQ vs 2008
2014: balanced contribution between fixed, variable
and long term incentives:
Metrics of The Long Term Incentive Grant 2014 are a mix of: EBITDA
/ Net Productive Asset , Cash Flow , TSR *
in comparisonwith 16 internationallisted companies:
*ACS, OHL, FCC, Abertis, Serco, Carrillion, Vinci, Skanska, Strabag, Eiffage, Balfour Beatty,
Bilfinger Berger, SNC Lavalin, Transurban, ADP, Fraport.
21%
Fixed
39%
Variable
40%
Long Term incentives
2011 Grant
Ferrovial compares with IBEX35 and is in the average
compensation of that group.
Euros
0 200,000 400,000
Percentile75
0-25%il
25-50%il
50-75%il
75-90%il
Percentile25 Percentile90
Mean
Media
ferrovial
Board remuneration non executive
President & CEO remuneration as executives
Source: Towers Watson
tCO2eqtCO2eq
2
Risk management
& environmental
responsibility
Increase R&D investment c.30%
Projects on track +100
Ferrovial’scommitment towards innovationas source of growth and value creation
• Partnership with MassachusettsInstituteof Technology (MIT)
• ResearchCentrefor Intelligent Infrastructures(CI3)
• European Union – Horizon 2020 sponsoredprojects
• Relationship with best-in-class academic institutions, start-ups and technology
providers
• REPUTATION - Recent awards:National (Spain) Innovation,SAPQuality, CIO 100
Global innovation ecosystem
29%
14%19%
38%
Services
Toll Roads
Airports
Construction
OPERATING EFFICIENCY
Power to floor, obtaining energy
and improving travel experience
DIGITALISATION
Ciudad 2020, Internet of
the things and its impact on
a city
PROPRIETARY SOLUTIONS
EMMOS, energy management platform
NEW BUSINESS
MODELS
ManagedLanes
SOCIAL VALUE
Madrid Smart Lab
Internal Know-how mobilization – Ferrovial Innovation Awards