Fomento de Construcciones y Contratas S.A. Annual Report 2024

FY2024 Annual Report · Fomento de Construcciones y Contratas S.A.

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Annual Report
2024

2
FCC. Annual Report 2024
Index
1. Letter from the Chairwoman _ 3

Letter from the CEO _ 5
2.
Ethical governance at the highest level _ 8
3.
Strategy and value creation _ 23
4.
FCC in 2024 _ 86
5.
Business lines _ 94
A1. Appendix I. Financial Statements _ 248
A2. Appendix II. Sustainability Report _ 554

3
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Letter from the Chairwoman
Dear shareholders,
This Annual Report includes a detailed account
of the main figures and the most important
milestones that have defined the FCC Group’s
activity in 2024.
It has been a complex year in which we have
faced important challenges, marked by serious
geopolitical tensions, as well as by the aftermath
of natural disasters that devastated the east coast
of Spain.
Against this backdrop, at FCC Group we have
continued to optimise our resources, applying
circular economy principles, managing
environmental services, carrying out end-to-end
water management, building infrastructures and
developing concession projects.
The results that we as a Group have achieved
are extremely satisfying. With a turnover of
9,071.4 million euros, a rise of 10.4 % compared to
the previous year, mainly attributable to increased
activity in all business Areas. The Concessions
Area specifically recorded a notable growth rate
of 26.3 %, followed by the Environment and Water
businesses, which increased by 12.8 % and 12.6 %
respectively, mainly due to the incorporation of new
contracts and various acquisitions in Europe and
the USA.
Gross operating profit (Ebitda) stood at
1,435.3 million euros at the end of 2024, up 11.7 %
year‑on‑year.
This positive performance is due to the growth in
revenues and stable operating margins, to which
the Concessions Area contributed significantly.
With a focus on sustainability
and with great operational
efficiency, we continue to
consolidate our position as a
relevant player in the different
sectors in which we operate
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
Letter from the Chairwoman | Page 1 of 2

4
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Letter from the Chairwoman | Page 2 of 2
I would like to point out that the Cement and
Real Estate business Areas left the FCC Group as
of November 2024 to form Inmocemento. This
contributed to a 27 % decrease in net attributable
profit to 429.9 million euros at year-end.
Consolidated net financial debt closed at 31
December at 2,.990.4 million euros, with a 3.5 %
drop compared to December 2023, mainly due to
the increase in payments made for investments in
the Environment and Water Areas and exclusion of
the financial debt of businesses spun off from the
FCC Group.
Equity stood at 3,736 million euros, down
39.2 % compared to December 2023, largely as
a result of the partial spin-off of FCC in favour
of Inmocemento, which entailed giving FCC
shareholders all net assets of the Real Estate and
Cement business Areas last November.
The FCC Group portfolio closed last 31 December
at 43,043.8 million euros with a 3.8 % rise
compared to 2023.
With a focus on sustainability and with great
operational efficiency, we continue to consolidate
our position as a relevant player in the different
sectors in which we operate. Our willingness and
determined spirit to anticipate, lead and modulate
change have driven us forward, achieving
significant results over the years.
This has also allowed us to meet the announced
objective of proposing the approval of a scrip
dividend of 0.50 euros per share to this General
Meeting, charged to available reserves.
We have also continued to create jobs in 2024.
This year our workforce has increased by 8.27 %
compared to last year. Today, over 71,000 people
belong to the FCC Group, sharing, in the more than
25 countries we operate in, a vision, a mission and
values that distinguish us and that, as the years go
by, become more meaningful and stronger.
Please allow me to again express our gratitude
for the support and trust in our project, and also
mention our best capital: each and every one
of the professionals who make our daily work
at FCC Group possible; I thank them for their
engagement and unconditional commitment.
We have a new year ahead of us full of challenges
as well as opportunities. FCC still has a lot of work
to do. I am convinced that, with our determination
to do things well and our strength as a Group, we
will continue to move forward, together, as we
have been doing for 125 years, generating value
for everyone: shareholders, employees and for the
society we serve and to which we are indebted.
Esther Alcocer Koplowitz
Chairwoman of the FCC Group
With our determination to do things
well and our strength as a Group,
we will continue to move forward,
together, as we have been doing
for 125 years, generating value for
everyone: shareholders, employees
and for the society we serve and
to which we are indebted

5
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Dear shareholders,
I am pleased to present the FCC Group Annual
Report for the 2024 financial year, where you will
be able to consult both the results obtained and
our most significant progress in environmental,
social and corporate governance matters. This
document undoubtedly reflects another year of
growth and achievements for our Group, both
nationally and internationally, and consolidates our
position as a market leader.
This growth is particularly relevant in the
continuing context of instability faced by the
business sector in recent times. In particular,
during 2024, geopolitical tensions in the Middle
East and Eastern Europe have continued and
we have seen growing insecurity in the face of a
possible scenario characterised by trade conflicts
that could impact the evolution of international
markets. At national level, we have suffered the
effects of extreme weather phenomena, such as
the torrential rains of October 2024, which caused
devastating floods and catastrophic losses,
especially in the Valencia Region.
In the face of these challenges, we have
demonstrated our ability to adapt, the resilience
of our business model and our capacity to
support citizens. Even taking into account the
partial financial spin-off, which has meant
transferring the Real Estate and Cement Areas to
Inmocemento, S.A., the Group continues to operate
in more than 25 countries and we have achieved a
turnover of 9,071.4 million euros, 10.4 % more than
the previous year. This result is due to increased
activity in all our business Areas, although
Concessions is particularly noteworthy for its
significant growth. Gross operating profit (Ebitda)
also grew by 11.7 % to 1,435.3 million euros, with
an operating margin of 15.8 % of turnover.
Letter from the CEO
Turnover amounted to
9,071.4 million de euros euros,
10.4 % more than in 2023
The FCC Group improved
its Ebitda by 11.7 %
to 1,435.3 million euros
Letter from the CEO | Page 1 of 3
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines

6
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Letter from the CEO | Page 2 of 3
These results could not have been achieved
without the combined efforts of the more
than 71,000 people who make up our Group,
whom I would like to thank in particular for
their commitment and dedication. Our identity,
guided by our core values, enables us to achieve
ambitious goals and overcome the challenges we
face. We are proud to have a loyal and committed
team, focused on continuous improvement
and characterised by their integrity, service
orientation and awareness of the value that our
services provide.
We are a Group that works tirelessly to improve the
quality of life of citizens and foster the progress
of society. From all our business Areas we seek
to contribute to the 2030 Agenda, supporting the
achievement of the Sustainable Development
Goals, and we are firmly committed to the United
Nations Global Compact. Similarly, the Group has
anticipated regulatory requirements by preparing
the first Sustainability Report in accordance
with the European Sustainability Reporting
Standards (ESRS), which sets out progress made
in environmental, social and governance matters
during the year, as detailed below.
At FCC Group, we support environmental
conservation and protection, and believe that
our company must be part of the solution to
today’s challenges. For this reason, we set
continuous improvement goals, management
systems and we control environmental indicators,
encouraging both our staff and the different
stakeholders to participate in various types of
initiatives. Considering the services we provide,
we focus our attention on climate action, applying
circular economy principles, responsible water
management and natural capital conservation. As
highlights for 2024, we have invested more than
130 million euros in actions related to climate
change and the circular economy, and have
successfully aligned 43.7 % of our turnover with
EU Environmental Taxonomy objectives.
On the social front, our approach is to add value
and contribute to improving the quality of life of
all our stakeholders. With a rise in the number of
employees at year-end of over 8 %, we continue
to foster a working environment that favours the
professional and personal development of our
team. We are committed to an environment in
which our differences bring new perspectives,
always united by a shared culture that has endured
for more than a century. That is why in 2024 we
have renewed our adherence to the Diversity
Charter, reaffirming our commitment to awareness,
inclusion and the prevention of all forms of
discrimination.
We also invest in the communities in which we
operate, supporting initiatives that promote their
development. The Group has donated more than
932,000 euros to foundations and non‑profit
organisations in 2024, and we provided a rapid and
effective response to the flooding. As a Group, we
have provided more than 50,000 masks, as well as
hygiene and cleaning products to ensure the health
and safety of those affected and volunteers. The
Environment Area intensified its waste collection
and clean-up work in the affected areas, while the
Water Area focused its efforts on re-establishing
basic end-to-end water cycle services and the
Construction Area was actively involved in
recovering affected services.
In relation to our governance practices, faced
with a constantly evolving economic and social
environment, at FCC Group we recognise the need
for a robust ethical framework to ensure regulatory
compliance and exemplary business conduct in all
our operations. We have therefore consolidated our
commitment by continuously strengthening our
Compliance Model based on our Code of Ethics
and Conduct.
Along with the above aspects, innovation is a
key issue to improve our efficiency and continue
as an international benchmark. By applying new
technologies we promote the search for solutions
that allow us to improve the services we offer
and provide value to citizens. Our commitment
is clear and in 2024, it has materialised in more
than 50 R&D&I projects under development.
Furthermore, we continue to promote various
research projects, such as those included in the
European Union LIFE programme, which aims to
contribute directly to the goals and objectives of
the European Green Deal.
At FCC we promote the search
for solutions that allow us to
improve the services we offer
and provide value to citizens

7
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Letter from the CEO | Page 3 of 3
For each of our business Areas, I would also like
to highlight some significant milestones during
the year.
Firstly, the Environment Area has strengthened
its international presence in 2024 by completing
relevant acquisitions: the purchase of the Urbaser
group business in the United Kingdom; the
acquisition of Europe Services Groupe (ESG)
operating subsidiaries in France; in the US, the
purchase of Gel Recycling Holdings, one of the
largest recyclable waste material companies
in central Florida; and new contracts have also
been awarded in Florida, Minnesota and North
Carolina, consolidating its growth momentum in
international markets.
In Spain, the Area continues to maintain its
leadership position, where it successfully
renewed the contract for Hospitalet de Llobregat,
in Barcelona, and the street cleaning contract
for San Sebastián, in Guipúzcoa. An urban
service contract for Benalmádena, Málaga, and
management of the solid urban waste treatment,
composting and recovery plant in Badajoz have
also been awarded.
As for the Water Area, several contracts have
materialised in Spain that include the construction
of new infrastructures, including new desalination
and reuse facilities in different provinces, and
we have been awarded projects under the
PERTE for the Digitalisation of the Urban Water
Cycle. Internationally, the company continues to
consolidate its presence in Asia and Africa, it has
strengthened its presence in the United States
with the acquisition of Municipal District Services,
LLC and is strengthening its opportunities in
Latin America, where it has been awarded the
development of a wastewater treatment plant that
will serve more than 345,000 inhabitants in Peru.
The Construction Area, on the other hand,
obtains most of its turnover from international
markets, with a solid presence in major
infrastructure projects in Saudi Arabia, Mexico,
Canada, the United States, Chile, Peru, Norway,
the Netherlands, United Kingdom and Romania,
among others. Highlights in 2024 include the
awards of the Oporto Metro in Portugal; the design
and construction of various projects linked to
rail projects in Toronto and the Ontario region
in Canada; and the construction of 490 social
housing units in Australia. The latter is particularly
relevant as it is supported by the Queensland
Government Housing Investment Fund, an initiative
that aims to support a total of 5,600 social housing
units across the state. Work also commenced
on the Pallas nuclear reactor in the Netherlands;
FCC Industrial’s contract for the storage and
regasification of natural gas in Hamburg, Germany;
the Scarborough Subway Extension Stations, Rail
and Systems project in Canada; and the design
phase and preliminary works phase for the Qiddiya
stadium construction contract in Saudi Arabia.
Several major contracts have also been awarded
in Spain, such as the extension of Metro de
Madrid’s Line 5 to Adolfo Suárez Madrid-Barajas
International Airport, among other contracts.
Finally, the Concessions Area also achieved
important milestones during 2024, notably the
purchase -already agreed in December 2023-
of all Parla Tramway concession shares in Madrid,
with a term of operation until 2045; as well as the
contract for the rehabilitation and operation of
203 kilometres of road in Aragón. These awards
are in addition to current concession contracts
for the Murcia, Barcelona and Zaragoza trams,
the A-3 and A-31 motorways project and, in
the international market, the prison complex in
Brussels, in Belgium, the Lima metro, in Peru,
and the A-465 dual carriageway in Wales in
United Kingdom.
In order to achieve better operational and financial
efficiency, this Area reorganised its corporate
structure and sources of financing in December
2024, increasing its capital by more than
250 million euros.
Thus, 2024 has been a great year for the
FCC Group, with a sustained growth trend and
reinforcement of our position as a benchmark in
citizen services. Our commitment to expansion
into international markets, our vocation to serve
the public and our constant search for innovative
solutions gives us the confidence to look to the
future with optimism.
In conclusion, I must express my sincere thanks to
all our shareholders, investors, strategic partners
and customers. Your trust drives our constant
growth and motivates us to offer the best in each
of our services.
Pablo Colio Abril
CEO of the FCC Group
2024 has been a year of growth
and achievements for our Group,
consolidating our position as a
market leader

8
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Ethical governance
at the highest level
1. Governance with values _ 9
2. The FCC Group’s Risk Management Model _ 19
2

For FCC Group, governance rooted in the principles
of sustainability, integrity and business ethics
is a priority reflected consistently in its values,
decision-making and corporate practices. FCC
thus reinforces and guarantees exemplary
behaviour, ensuring regulatory compliance and
business conduct based on transparency, equity,
ethics and integrity, promoting its commitment to
sustainability and corporate responsibility.
The FCC Group Code of Ethics and Conduct
and its Compliance Model are the foundations
for company governance, setting the standards
of behaviour and integrity of the value chain,
covering all FCC employees, the community and its
stakeholders and including environmental, social,
labour and good governance commitments.
1. Governance with values
As part of its commitment to best corporate
governance practices, FCC Group aligns with
the Unified Good Governance Code of Listed
Companies by the National Securities Market
Commission (CNMV) recommendations,
incorporating around 84% of them and focusing
its efforts on recommendations that include
sustainability as part of the scope of the Board of
Directors.
1.1.
Governance structure
The FCC Group corporate governance structure
comprises various governance bodies that work
and ensure that strategic and efficient decisions
are made that favour a responsible corporate
culture: the General Shareholders’ Meeting, the
Group’s ultimate decision-making body that sets
company strategy; the Board of Directors, which
represents the highest powers for managing,
administering and representing the company;
and three specific committees, the Executive
Committee, the Audit and Control Committee, and
the Appointment and Remuneration Committee,
which collaborate in effective and transparent
management and supervision.
1
Letter from the
Chairwoman and the CEO
Governance with values | Page 1 of 10
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
9

General Shareholders' Meeting
The General Shareholders' Meeting is the
highest decision-making body and its
actions are governed by the provisions of
current legislation, the Company's Articles
of Association, and the Regulations of the
General Meeting. Its powers include:
approval of the annual accounts and
non-financial reports, allocation of profits
and discharge, amendment of the Articles
of Association, appointment of directors,
and approval of remuneration policies for
directors and any system of remuneration
or incentives for directors or senior
management linked to the value of
company shares. The shareholder
structure is reflected in the Board of
Directors and, in accordance with the
Articles of Association, the right to
information, attendance, and voting at the
General Shareholders’ Meeting is
recognised for holders of one or more
shares.
Board of Directors
The Board of Directors is the body
entrusted with the management,
administration, representation and control
of FCC in accordance with the powers set
out in the Articles of Association and the
Board Regulations. It focuses its activity
on supervision and monitoring of ordinary
Group management, entrusted to the
executive directors and senior
management, as well as considering all
other matters of particular importance
for the company.
In order to perform its duties more
efficiently, the Board of Directors has set
up three committees focusing on specific
areas of management and supervision.
At the end of 2024, the FCC Group Board
of Directors had 11 members, with women
representing 36% and various nationalities.
In 2024, the Board met a total of nine times,
with an average attendance of 91.92%.
In relation to the Compliance Model, it
approved a partial modification of the
Compliance regulatory block. This
amendment follows a comprehensive
external review of the Group's current
Compliance Model, five years after its 2018
reform. The latest legislative changes
approved by Law 2/2023, regulating the
protection of persons who report regulatory
infringements and the fight against
corruption, which transposes Directive
2019/1937 on whistleblower protection to
the Spanish legal system, have also been
considered.
The Executive Committee is the permanent
delegation body appointed by the Board of
Directors and entrusted with making
decisions related with FCC Group
investments, access to credits, loans and
As part of its commitment to ethical
management and transparency, the Group
publishes the annual Corporate Governance
Report, which includes detailed information
on the governance structure, best practices,
and monitoring Code of Good Governance
recommendations. This report is available
on FCC corporate website.
other financial instruments, in accordance
with the Board of Directors Regulations.
Specifically, in 2024, the Executive
Committee met seven times, reaching
a total of 29 agreements.
The Audit and Control Committee is a
non-executive body with information,
advisory and proposal-making powers.
It supports the Board in supervising the
internal control, internal audit and risk
management systems, both financial and
non-financial. It also establishes a channel
of communication between the Board and
the external auditor, supervising and
periodically assessing the Compliance
Model.
The Audit and Control Committee held
eight meetings in 2024 in which it
addressed various Compliance and
Sustainability matters as it is in charge of
supervising the corporate environmental,
social and governance policies and
informing the Board of Compliance Model
updates.
The Appointment and Remuneration
Committee is the body responsible for
advising, informing and proposing the
appointment, re-election, ratification and
dismissal of directors, as well as their
remuneration and the remuneration of
FCC Group senior management. It is
responsible for ensuring diversity in the
composition of the Board and its
Committees, as well as for detecting
potential conflicts of interest and
related-party transactions. It also assumes
any duties assigned by law, the FCC Group’s
Articles of Association, or the Board of
Directors’ Regulations. In 2024, the
Appointment and Remuneration Committee
met six times, reaching a total of
17 agreements.
Executive Committee
Audit and Control Committee
Appointment and Remuneration Committee
1
Letter from the
Chairwoman and the CEO
Governance with values | Page 2 of 10
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
10

Members of the Board

of Directors
Board position
Nature
Executive Committee
Audit and Control
Committee
Appointment

and Remuneration

Committee
Esther Alcocer Koplowitz
Chairwoman
Proprietary
Esther Koplowitz Romero de Juseu
First Vice-Chairwoman
Proprietary
Alejandro Aboumrad González
Vice-Chairman
Proprietary
Pablo Colio Abril
Chief Executive Officer
Executive
Carmen Alcocer Koplowitz
Director
Proprietary
Alicia Alcocer Koplowitz
Director
Proprietary
Manuel Gil Madrigal
Director
Independent
Carlos Slim Helú
Director
Proprietary
Gerardo Kuri Kaufmann
Director
Proprietary
Juan Rodríguez Torres
Director
Proprietary
Álvaro Vázquez de Lapuerta
Director
Independent
Composition of the Board of Directors and its Committees
Chairman/Chairwoman
Member
1
Letter from the
Chairwoman and the CEO
Governance with values | Page 3 of 10
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
11

A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
12
1.2.
Remuneration model
For the 2022-2025 period, FCC Group has
established a Remuneration Policy on the
remuneration model for directors. Its purpose is to
foster a culture rooted in ethics and commitment
to sustainable development. This policy ensures
that FCC principles and values are developed and
that director remuneration is fair and reasonable.
Remuneration of executive and non-executive
personnel at FCC Group is determined based on
different criteria, such as position, duties, level of
responsibility, and compentencies, and is aligned
with the circumstances of the company, country,
and market depending on each activity.
According to the Board of Directors Regulations,
the remuneration policy must respect the following
criteria:
The current Remuneration Policy sets out a mixed
remuneration system for directors, consisting of
a share in net profits and per diems for attending
meetings of the Board of Directors and its internal
committees.
Full information on how the Remuneration
Policy was applied in 2024, including detailed
remuneration, is reported and published in the
Annual Report on the Remuneration of Directors,
available on the FCC corporate website.
Remuneration necessary to attract and
retain directors with an adequate profile.
Remuneration aligned with the interests of
shareholders and the Group.
Balanced remuneration that can reward
dedication, qualification and responsibility,
and allow directors to maintain independent
criteria.
Remuneration related with professional
performance of beneficiaries.
1
Letter from the
Chairwoman and the CEO
Governance with values | Page 4 of 10
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines

1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
13
Governance with values | Page 5 of 10
1.3.
Business conduct
The FCC Group integrity and corporate ethics
framework responds to the need for reinforcing
and guaranteeing exemplary behaviour, as well
as regulatory compliance by all Group employees
as a key factor in their firm commitment to due
diligence.
Compliance Model
The FCC Group Compliance Model fosters
transparency, respect for law and due diligence
by means of effective governance and reporting.
The purpose of the Model is the prevention
and detection of risks of non-compliance and
behaviours that could lead to criminal offences; it
is also a guarantee of ethical business conduct.
Approved in 2008 and last updated in 2024, the
Code of Ethics and Conduct is the pillar on which
this Model and the responsible management of
the FCC Group are based. This Code sets out
Code of Ethics and Conduct.
Compliance Policy.
Internal Reporting System Policy.
Anti-corruption Policy.
Policy on Relationships with Partners in relation
to Compliance.
Agent Policy.
Gift Policy.
Human Rights Policy.
FCC Group Participation Policy in Bidding
Processes for Goods or Services.
Competition Policy.
Tax Compliance Policy.
Technological Resources Usage Policy.
Equal Opportunities and Safe Environments,
Diversity and Inclusion Policy.
Crime Prevention Manual.
Compliance Committee Regulations.
Internal Reporting System Procedure.
Internal Investigations Protocol.
Protocol for the Prevention and Eradication
of Harassment
the principles, values and behaviours that must
govern the daily actions of staff, management
teams, suppliers, and contractors, and is developed
through specific policies and procedures.
The FCC Compliance Committee is a top-level
body with independent powers of initiative and
control. It depends on the Audit and Control
Committee of the FCC Board of Directors. The
committee is part of the Model as the Group’s
Criminal Prevention body. Its powers include
monitoring and supervising regulatory compliance
programmes, promoting ethical culture and
preventing illegal behaviours. Compliance
Committees have also been set up in the
businesses with a similar composition and duties
so as to provide support to their decision-making
bodies and the Committee itself.
The FCC Compliance Committee is chaired by the
corporate Compliance Officer and composed of
the General Counsel and the Director of Human
Resources. The business Compliance Officers
attend the Committee as guests. During 2024, the
Compliance Committee met a total of 14 times,
three of which were extraordinary meetings.
Regulatory Compliance Block

FCC. Annual Report 2024
14
Completion of the Compliance
Model review by an independent
external law firm.
Approval of the FCC Group
Compliance Policy and updating of
the regulatory block, in accordance
with the recommendations issued
by the external law firm.
Approval of a Compliance
Committee Regulation for Group
businesses.
Boost in the number of investee
companies and joint ventures
adhering to the FCC Group
Compliance Model, or defining their
own model.
Annual supervision of the
FCC Group Compliance Model by an
Internal Auditor.
Most relevant actions
to the FCC Group Compliance Model 2024
Two six-monthly self-assessments
and certification in the Compliance
Tool of the controls and processes
designed to minimise the most
significant criminal risks.
Implementation of the Compliance
Training Plan 2024 in accordance
with the Three-Year Training Plan
2024-2026.
Launch of dissemination plans on
the Code of Ethics and Conduct for
offline employees (posters, leaflets
and awareness-raising video).
Assessment of supplier risk in
Compliance for 587 new suppliers
in 2024, with 34 of them requiring
specific assessment from the
Compliance department.
236 due diligence assessments
on third parties (potential partners,
agents and suppliers).
Whistleblowing Channel
The FCC Group Whistleblowing Channel is one of
the key instruments adopted to prevent regulatory
non-compliance. It is available to employees
and stakeholders, guaranting their rights and
enabling them to fulfill their duty to report possible
breaches of the Code of Ethics and Conduct,
as well as the Compliance Model. Accessible
via the intranet, corporate website, and by post,
this tool promotes anonymous, confidential, and
consequence-free collaboration in identifying
possible violations.
The Channel is managed by the FCC Group
Compliance Committee in accordance with the
Internal Reporting System Policy and Procedure,
as well as the Internal Investigations Protocol.
In 2024, a total of 270 communications were
received. Of these, 31 were classified as relevant
notifications and 179 as not relevant. Additionally,
52 were classified as “Other communications”, and
three were “queries”. Approximately 89% of the
communications were work-related.
Dissemination and training on the
Compliance Model are fundamental tools
for preventing crimes such as corruption,
fraud, money laundering, and other criminal
offences or regulatory breaches applicable
to the FCC Group. In order to respond to
this need for knowledge and compliance, a
three‑year training plan has been defined,
focusing on three priority topics: Code
of Ethics and Conduct, Competition, and
Corruption, giving prominence in each year
to a specific topic. 2024 was the specific
year for “Anti‑Corruption” training, while
continuing to develop the other two areas.
This training is mainly delivered online
in order to achieve a wider reach, with
face‑to-face sessions when the nature of the
content requires it.
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Compliance with laws and ethical values.
Zero tolerance for bribery and corruption.
Extension of commitments to business partners.
Prevention of money laundering and transparent
communication.
Transparent relationships with the community.
In compliance with these principles, and to
guarantee the proper implementation of this Policy,
the FCC Group has established a Compliance
Committee, a Whistleblowing Channel, a training
plan, and other policies and procedures that
promote transparency, ethics, and the fight against
corruption, such as:
Agent Policy: governs relations with all
commercial agents and business partners.
Gift Policy: sets out the principles for giving and
accepting gifts.
Bid Policy: defines the procedures for
participating in procurement processes initiated
by public and private entities, including the
submission of bids.
Competition Policy: prevents anti-competitive
practices, ensuring compliance with current
regulations.
Prevention and detection
of corruption and bribery
FCC Group maintains a firm commitment to zero
tolerance for corruption, bribery, and all forms
of extorsion. Our Code of Ethics and Conduct is
the cornerstone of the regulatory framework that
ensures transparency, integrity, and the eradication
of corrupt practices in all our operations. This
commitment is embodied in various prevention
and control policies and measures.
Likewise, the Group’s Internal Reporting System
Policy, approved in 2023, regulates the protection
of persons who report regulatory and anti-
corruption breaches. In 2024, the Compliance
Policy was also approved, defining the basic
principles and general framework of action for
the Group in this area, under the supervision and
responsibility of the Board of Directors.
Through regular global analyses that take into
account its operations and jurisdictions, the
FCC Group assesses the risk of exposure to crimes
related with corruption and bribery. It also updates
the list of risk events and controls defined to
prevent crimes.
Monitoring of data ownership and
confidentiality.
Rigour in control, reliability, and transparency.
Management of conflicts of interest.
Promotion of continuous training
in ethics and compliance.
In line with the promotion of a corporate culture of
Compliance, training in anti-corruption is provided
to FCC Group employees and is mandatory for
those in higher-risk roles. By the end of 2024, more
than 5,200 people had received specific anti-
corruption training.
The FCC Anti-corruption Policy, applicable to all Group employees and companies,
sets out the following principles:

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Protection of Human Rights
With its Human Rights Policy, the FCC Group
commits to protecting and respecting Human
Rights as a fundamental element of its corporate
culture and the company’s values.
Approved by the Board of Directors, the Policy
is part of the Group’s Compliance Model and
is aligned with the Global Compact, the United
Nations Guiding Principles on Business and
Human Rights, and the Universal Declaration of
Human Rights (UDHR), as well as the fundamental
principles of the International Labour Organization
(ILO).
Available on the FCC corporate website in
14 languages, the Human Rights Policy applies
to all corporate activities, requiring the same level
of commitment from partners, collaborators, and
suppliers, in accordance with the Code of Ethics
and Conduct and the specific commitments
included in the FCC Sustainability Policy.
The Group also implements due diligence
mechanisms in accordance with the United
Nations Guiding Principles on Business and
Human Rights. The FCC Compliance Model
compiles the commitments, principles, and
standards of conduct applicable that guide the
company’s alignment with the international
benchmark framework and the legislation
applicable in each country where it operates.
FCC Group also has a Whistleblowing Channel
through which anyone can raise questions and
report any irregularities or breaches related to
company activities that may affect Human Rights.
These commitments are implemented and
monitored by the Group’s Sustainability Committee
and the corresponding business committees, in
coordination with the corporate Human Resources
and Procurement departments.
Reinforcing FCC’s commitment, since 2006 the
Group has been a signatory of the United Nations
Global Compact and its 10 principles, which
include companies’ duty to support and respect
the protection of fundamental Human Rights,
also in the value chains. Specifically, in 2024 the
FCC Group took part in the second edition of
the Business and Human Rights Accelerator, a
pioneering international program launched by the
United Nations Global Compact.
Once again, to mark Human Rights Day, the
FCC Group renewed its efforts to promote
awareness of its Human Rights Policy and its
commitment to the Universal Declaration of
Human Rights
* FCC opposes all forms of
violence, harassment, or abuse
in the workplace. Therefore,
the updated Protocol for the
Prevention and Eradication of
Harassment was approved on
10 December 2024.
Freedom of association and collective
bargaining

Recognise workers’ rights to freely associate.
Decent and paid employment*

Guarantee fair and favourable working
conditions and equitable and satisfactory
remuneration.
Forced labour and child labour

Reject all forms of forced or involuntary labor
and uphold the rights of children.
Diversity and inclusion

Reject all forms of discrimination.
Health and Safety

Guarantee the safety of workers and operations.
Data privacy

Make and ensure a responsible use of personal
data.
Respect for communities

Foster respectful and trustworthy relationships
with local communities.
Main Human Rights
commitments by area

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Tax transparency
The Group’s commitment to tax transparency
and compliance is reflected in the FCC tax
strategy, which is supported by an effective tax
risk identification and management system. The
purpose is to ensure compliance with applicable
regulations and to coordinate best tax practices
across all Group operations. This commitment
is further reinforced by FCC voluntary adherence
to the Spanish Tax Agency Code of Best Tax
Practices since 2009.
FCC Group’s tax strategy is defined in its Code of
Tax Conduct, which sets the policies, values, and
principles that must guide the tax behaviour of all
people related to the company. It is also supported
by the Tax Control Framework Standard. The
Board of Directors, supported by the Group’s
governance bodies, is responsible for reviewing
and approving the tax strategy to guarantee its
alignment with tax regulations, and an effective tax
governance based not only on legal compliance
but also on ethical principles.
On 22 March 2023, the FCC Board of Directors
approved the FCC Group Tax Compliance Policy,
aimed at identifying, preventing, managing, and
mitigating tax risks as defined in the Tax Control
Framework Standard. It also seeks to ensure the
efficiency of internal tax control systems to avoid
or mitigate tax risks.
FCC Group has also implemented a Tax
Compliance Management System, certified in
2023 in accordance with the UNE 19602:2019
standard. It is a comprehensive structure
of processes and procedures implemented
throughout the organisation to ensure that tax
practices are ethical, efficient, and aligned with
the FCC Group business objectives and its
commitment to tax transparency and sustainable
development.
The System is implemented and supervised by
the tax Compliance body, composed of members
of the Group’s corporate Tax Department, that
must report to the FCC Group CEO, the Audit
Committee, and the Compliance Committee. It is
also responsible for identifying tax risks inherent
to the Group, classifying and prioritising them, and
proposing prevention or mitigation measures.
To ensure transparency and compliance with best
tax practice standards, FCC Group submits its
Tax Transparency Report annually to the
Spanish Tax Agency, providing stakeholders with
information on its tax contributions in each country
where it operates. Moreover, the FCC Group
Whistleblowing Channel allows any person or
counterparty legally linked to the company to
notify their concerns related to potential unethical
or illegal conducts, irregularities, illegal actions, or
non-compliance with any regulation or Group tax
policy.
In October 2024, in order to raise awareness of the
importance of preventing and reducing tax risks,
online training on Tax Compliance was provided
to over 200 employees whose roles involve
higher exposure to tax-related risks. This training
forms part of the Group’s ongoing commitment
to continuous improvement within the Tax
Compliance Management System.
Code of
Tax Conduct
Tax Control
Framework Standard
Regulations of the Tax
Compliance Body
Tax Compliance Policy
Manuals with possible
tax implications
General and specific
tax procedures by
type of tax
Tax Compliance Management System

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Cybersecurity and data
protection
Protecting the organisation’s information assets,
as well as guaranteeing the privacy, integrity, and
availability of data, is essential for complying with
current regulations and avoiding cybersecurity and
data protection risks.
FCC Group has a Cybersecurity Model that defines
the principles and minimum requirements for the
evolution of its current information systems, in
order to safeguard the confidentiality, integrity, and
availability of corporate information.
In 2023, FCC Group developed its cybersecurity
governance model and strengthened its security
monitoring systems in accordance with technology
changes and to address emerging threats.
Cross-cutting initiatives were implemented,
including: promoting a cybersecurity culture at
all levels of the organisation; conducting risk
and threat analyses to prioritise and implement
protective measures; and monitoring, supervising,
and tracking the cybersecurity status to ensure
regulatory compliance.
Continuous employee knowledge in the use of
technological resources is a key component to
develop the Model. In 2024, FCC launched a new
Cybersecurity training programme covering topics
such as Social engineering and phishing, Web
browsing, Physical security and remote work, and
Passwords and authentication. By the end of the
year, this training was completed by more than
11,400 employees, with the last module scheduled
for 2025.
Principles for guaranteeing information and data security and protection
Guarantee transparency and trust at all
times regarding the secure processing
of personal data.
Undertake responsibility and
commitment in the use of personal data,
based primarily on confidentiality.
Ensure information integrity to prevent
unauthorised manipulation.
Efficiently manage the security of personal data
processed by the FCC Group.
Ensure personal data is available when
necessary, allowing access only to those whose
duties require it.

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2. The FCC
Group’s Risk
Management Model
FCC Group is exposed to various risk factors
inherent to its activities and related to the
environmental, economic, social and geopolitical
evolution in the different countries where those
activities are carried out, as well as to risks deriving
from its third-party relations.
Many of these risk factors are interconnected and
could potentially affect the achievement of various
goals and the FCC Group image and reputation
while also representing opportunities for growth.
In response to this environment, the FCC Group
has developed a Risk Management Model and a
Compliance Model aligned with its strategy, culture
and values and integrated with the operations of
the various business lines. These models establish
integral frameworks for identifying, evaluating,
managing, monitoring and supervising risks,
establishing responsibilities at different levels of
the organisation.
Analysis of the economic, social,
environmental and geopolitical context and
alignment of FCC Group culture and values
with its strategy and objectives, are the keys
to sustainable growth
Geopolitical
and social context
Environmental
Economic outlook
CULTURE
VALUES
Strategy
and objectives
Risk
processing
Monitoring,
supervision and
communication
Identification,
analysis and
assessment
of risk
SUSTAINABLE
GROWTH
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2.1.
Key roles for
risk management
The Risk Management Model is interlocked with
the FCC Group’s corporate governance model,
in which functions, powers and responsibilities
are assigned both at corporate level and in each
of the business units, so that they function in a
coordinated way to boost their effectiveness and
consolidate the control environment.
In this regard, the Risk Management Model is
defined and approved by the Board of Directors,
looking out for the creation and protection of
value and the interests of stakeholders. It is also
responsible for setting the Compliance Policy.
The Audit and Control Committee is ultimately
responsible for supervising both the Risk
Management Model and the Compliance Model,
and for analysing internal control efficiency,
receiving reporting from various functions in
the organisation, including Risk Management,
Compliance and Internal Audit acting as the last
layer of control.
The Model is implanted and developed by
management, which establishes organisational
structures, assigns specific responsibilities for
operational management, support and supervision
and defines reporting lines with a view to attaining
the objectives of the FCC Group.
Responsible for managing risk
generated in operations and
processes under their scope,
establishing and applying
defined controls, and monitoring
and reporting their evolution.
Support, control and supervision
teams responsible for the
effective implementation of the
Risk Management Model and
the Compliance Model, as well
as ensuring that risks are
managed according to the
defined risk appetite.
Corporate functions with
supervising responsibilities and
that report to the Group’s
decision-making bodies,
including the Audit and Control
Committee.
Internal audit function as last
control layer.
Board of Directors
Audit Committee
Committee
Management
THIRD LEVEL
FIRST LEVEL
SECOND LEVEL
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Strategic Risks
Monitoring and analysis of changes in
the environment and their potential
impact on the Group.
Diversified business model in terms of
activity and geographic location.
Maintaining leadership as an essential
services provider in key markets and
targeted growth in new markets.
Projects to accelerate the digital
transformation.
Integration of sustainability,
environmental and climate risk
management in the strategy and
business model.
Governance model rooted in the
principles of integrity and business
ethics.
Search for new public-private
collaboration formulas to develop the
end-to-end water cycle, environmental
services and infrastructure.
Deterioration of the macroeconomic
environment.
Geopolitical and regulatory instability.
Sustainability, climate and
environmental risks.
Impairment of reputation.
Technological disruption.
Risks associated with bidding process.
Contractual disputes.
Loss of human capital.
Damage to the environment.
Price volatility.
Cyber threats.
Response plans
1.
Formal economic and technical, and
contractual management planning
systems with clients and third parties,
applying an active negotiation policy.
Application of purchasing procedures,
monitoring key suppliers and periodic
analysis of deviations.
Inclusion of price review mechanisms in
contracts.
Monitoring plans for specific project
risks.
Investments focusing on environmental
risk prevention.
Monitoring of contractual requirements
in project management plans.
Appropriate insurance coverage.
Remuneration policy based on sector
and geographical competitiveness,
internal equity and level of responsibility,
and talent development programmes.
Development of the Equality
–of Opportunities and Safe
Environments–, Diversity and Inclusion
Policy.
Cybersecurity Governance Model design
to ensure information confidentiality,
integrity and availability.
Operational Risks
2.
Response plans
Significant risk scenarios

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Compliance Risks
Management and certification systems
in different areas according to leading
international standards and regulations.
Internal management systems with
detailed procedures.
Governance structure based on
regulatory compliance.
FCC Group Code of Ethics
and Conduct widely disseminated.
Structured, formalised and periodically
reviewed Compliance Model.
Organisational structure of compliance
at different levels and for the different
businesses, coordinated by the
Compliance Committee.
Training programmes on ethics in the
Compliance, Equality and Diversity
schools of Campus FCC.
Discrepancies in regulatory compliance.
Potential breach of the Code of Ethics
and Code of Conduct.
Credit risk.
Liquidity risk.
Exchange rate fluctuation.
Interest rate fluctuation.
Limitation on access to financial
markets.
Impairment of goodwill.
Recoverability of deferred tax assets.
Response plans
3.
Proactive liquidity management policy,
monitoring cash and forecasts.
Continuously monitoring the credit
quality of clients, liquidity lines and
financing.
Optimisation of floating-rate debt
exposure and analysis of hedging
instruments on interest rate fluctuations.
Search for natural investment hedges on
international markets and collections
and payments in currencies other than
the euro.
Strengthening the financial and equity
structure to improve the balance
between own and third-party funds.
Control of asset risk management and
updating and monitoring goodwill values
and deferred tax assets.
New opportunities to access green
financing.
Financial Risks
4.
Response plans
Significant risk scenarios (continued)

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Strategy and value creation
1. Mission, vision and values _ 24
2. Strengths of the business _ 27
3. Sustainability in action _ 30
4. Response to future challenges _ 50

What we want to be
To be a benchmark international Group in
citizen services, offering global and innovative
solutions for the efficient management of
resources and improvement of infrastructure,
contributing to improving the quality of life of
citizens, and to the sustainable progress of
society.
1. Mission, vision and values
FCC’s vision defines the future sought by the
company and gives a purpose to its action.
Therefore, all its components share the same
culture and are part of the same project:
a single FCC.
To achieve its vision, FCC develops and manages
environmental services, end-to-end water cycle
management, infrastructures, and social and
transport infrastructure concessions while
maintaining the highest standards of operating
excellence and applying the strictest ethical
principles set out in the FCC Group’s Code of Ethics
and Conduct in all its regions and activities.
For the people forming the company, this Code of
Ethics and Conduct represents the highest-ranking
standard in the FCC Group’s range of policies
and procedures, which strengthens the culture of
compliance and supports its project’s creation of
long-term value.
What we do
Design, carry out and manage environmental
services, end-to-end water cycle management,
infrastructures and the development of
projects under concession to improve the
lives of citizens in an efficient and sustainable
manner.
Mission
Vision
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WE SHARE
a common challenge: improve the
quality of life of citizens and
contribute to sustainable progress.
on the same path, guided by the
principles of the FCC Group Code
of Ethics and Conduct.
more than 71,000 professionals
operating in more than 25 countries.
WE CONTINUE
WE ARE
Well-being
and development
of communities
We are aware of the value
that our services bring to
society, and we are
committed to the protection
of the environment and the
development and
wellbeing of
communities.

Results oriented
We pursue the improvement
and achievement of goals
to make FCC a leader
in profitability and
competitiveness.

We want to be recognised for honest
and honourable behaviour, worthy of
the trust of collaborators, clients and
suppliers as long-term benchmark
partners.
Rigour and
professionalism
We work with exemplarity and
a service-minded approach,
developing our ability to seek
efficient and innovative
solutions.

Loyalty and
commitment
We encourage diversity, promote
professional development and
recognise merit and creativity
as a stimulus to productivity
and progress.
Our
Values
Honesty
and respect
Beyond the leadership position in the different
businesses –key in the communities of the
future and as a result of its technical and
professional capacities– FCC has established
certain inalienable conduct guidelines, which are
essential for the Group to operate successfully in a
sustainable and responsible manner. These are the
Group’s values.
These values form part of the FCC Group’s Code of
Ethics and Conduct and are intended to transmit
and instil the principles to everyone working in the
company.

1.1.
FCC Group’s principles
of action
Honesty and Respect
1 We respect legality and ethical values.
2 Zero tolerance of bribery and corruption.
3 We act against money laundering and the
financing of terrorist activities.
4 We protect free competition and good
market practices.
5 We behave ethically on the stock market.
6 We avoid conflicts of interest.
Rigour and Professionalism
7 Rigour in control, reliability and
transparency.
8 We protect the reputation and image of
the Group.
9 We use the company’s resources and assets
efficiently and safely.
10 We monitor the ownership and
confidentiality of data and information.
Loyalty and Commitment
11 Our customers are at the centre.
12 The health and safety of people are
paramount.
13 We promote diversity and fair treatment.
14 We are committed to our environment.
15 We interact with the community
transparently.
16 We extend the commitment to our
business partners.
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Experience
125 years of experience, creating value
for citizens. A service structured around
specialist and quality work by the best
professionals in each of the areas that
make up the FCC Group.
Ethics and Integrity
An ethical, responsible culture that
encompasses the Compliance Model, in
addition to the plans and strategies of the
FCC Group and its business lines.
Health and Safety
Care for the maximum health, safety and
well-being of professionals, in particular for
activities that represent an added risk.
Quality and Innovation
Continuous improvement to identify,
satisfy and anticipate the needs of its
customers (internal and external) and
stakeholders.
Care for the Environment
Caring for and protecting
the environment by implementing the
circular model in the business.
2. Strengths of the business
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Environment
Concessions
Waste collection.
Street cleansing.
Treatment and recycling of municipal
waste.
Ground and green areas maintenance.
Maintenance of sewerage networks.
Treatment and recycling of industrial
waste.
Recovery of polluted soils.
Facility Management.
Civil engineering (bridges, tunnels,
highways, rail projects, underground,
trams, etc.).
Non-residential construction (sports, health
and cultural infrastructures, etc.).
Residential construction.
Industrial.
Infrastructure maintenance.
Prefabricated construction components
Cement.
Brand image.
Road infrastructures.
Urban transport.
Social infrastructures (including
healthcare and public spaces).
Other infrastructures.
Municipal concessions for the
management of the end-to-end water
cycle as a public service.
Infrastructure concessions under the BOT
(Build, Operate and Transfer) model.
O&M services (operation and
maintenance of infrastructures).
EPC models (Engineering, Procurement
and Construction).
Construction
End-to-end Water
Cycle Management
2.1.
Keys to a diversified business
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1. Germany
2. Saudi Arabia
3. Algeria
4. Australia
5. Austria
6. Canada
7. Qatar
8. Czech Republic
9. Chile
10. Colombia
11. USA
12. Egypt
13. United Arab Emirates
14. Slovakia
15. Spain
16. France
17. Georgia
18. Hungary
19. Italy
20. Mexico
21. Norway
22. The Netherlands
23. Peru
24. Poland
25. Portugal
26. United Kingdom
27. Romania
28. Serbia
6
11
20
10
23
9
25
15
3
4
12
2
7
13
16
19
26 23
1
8
5
24
14
18
27
17
28
21
2.2
FCC in the world
With criterion of >5 million euros
turnover/year
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3. Focus on
Sustainability
Sustainability has always been a cornerstone
of the FCC Group’s business strategy, enabling
it to contribute to sustainable development
and improve citizens’ quality of life through the
services it provides.
By adhering to the United Nations Global
Compact in 2006, the FCC Group integrated
its ten principles, covering human rights,
labour standards, the environment, and anti-
corruption, into its corporate policies and its
Code of Ethics and Conduct. Furthermore,
since adopting the 2030 Agenda, the company
has included the Sustainable Development
Goals (SDGs) into its strategy, thus
consolidating an organisational culture based
on responsibility, integrity, and transparency.
3.1.
Sustainable Strategy
The main objective of the FCC Group is to be
recognised for generating a positive impact on its
environment and for supporting the development
of the communities in which it operates through
its activities. It has therefore established a
Sustainability Policy and an ESG framework to
guide the Group’s environmental, social, and
governance performance.
The FCC Group Sustainability Policy, approved
by the Board of Directors, serves as a common
reference that defines the company’s principles of
action and priorities in environmental conservation
and protection, generating positive social impact
and development, and applying principles of good
governance and exemplary performance.
Sustainability
Priorities
Environmental
conservation and
protection
FCC Group is committed to being part of the solution to global warming
mitigation and adaptation, water supply and sanitation, waste management, and
the preservation of biodiversity.
Positive social
impact and
development
Based on a management approach that places people at the core of its
business, FCC Group incorporates social action into its business strategy,
contributing to social, cultural, economic, and labour development and well-
being, promoting job creation, and improving the quality of life of the people and
communities in which it operates.
Good governance,
exemplary
performance
FCC Group reinforces its commitment to good governance by aligning with
international recommendations, integrating sustainability into the oversight
responsibilities of the Board of Directors, and implementing a Code of Ethics
backed by an effective control and supervision system.
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The actions derived from this Policy are overseen
by the highest governance bodies responsible for
this area, whose structure is detailed below:
The FCC Group Board of Directors supervises
compliance through the Audit and Control
Committee, which approves, monitors, and
assesses the sustainability strategy.
The Compliance and Sustainability Department,
which is part of the General Secretariat, develops
systems to monitor sustainability practices,
identify associated risks, and coordinate the
Sustainability Committee.
The FCC Group Sustainability Committee,
composed of the Compliance and Sustainability
Department, the Corporate Human Resources
Department, and the Sustainability Departments
of the business Areas, is responsible for
implementing the sustainability Policy and
strategy.
The Area Sustainability Committees, which
develop, implement, and ensure compliance
with and the rollout of the Group’s sustainability
Policy and strategy in their activities.
Based on this structure, the Group deploys its
ESG strategy through structured programmes
that guide its sustainability actions. To meet
its commitments and align with international
standards, the FCC Group has established an
ESG Framework and programmes to promote
sustainability through various environmental,
social, and governance actions, based on
communication, partnerships, and innovation.
To further strengthen this commitment, the
different business Areas also consolidate their
dedication to sustainable development through
sector-specific strategies.
Through its sustainability priorities, FCC reinforces
its commitment to a sustainable and inclusive
development model, aligned with its corporate
purpose and global challenges.
Dimension
Programme
Environment
Climate action
Circular economy
Responsible use of water resources
Biodiversity protection
Social
Human rights
Social action
Human capital
Health and well-being
Diversity and equal opportunities
Governance
Ethics, integrity and compliance
ESG risk management
Value chain
Transversal
Innovation
Communication
Partnerships
ESG Framework structure
31
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Material ESG issues
To anticipate regulatory requirements and to
be a benchmark in the sector, the FCC Group
has prepared the 2024 Sustainability Report in
accordance with the Corporate Sustainability
Reporting Directive (CSRD) and the European
Sustainability Reporting Standards (ESRS). It also
complies with Law 11/2018, which regulates
the presentation of Non-Financial Information
Statements (NFS) in Spain.
Likewise, during the year, the double materiality
assessment was updated in accordance with the
new ESRS standards. This process has enabled a
deeper analysis of the value chain and a broader
identification of sustainability impacts, risks, and
opportunities.
The FCC Group’s double materiality assessment
includes the following developments:
Review and identification of impacts, risks, and
opportunities aligned with ESRS requirements.
Grouping, prioritization, and classification of
issues according to ESRS criteria.
Direct consultation with management teams
regarding identified ESG impacts, as well as
engagement with key stakeholders: employees,
suppliers, and clients.
Risk and opportunity assessment based on
financial, reputational, operational, and legal
dimensions.
Consolidation of results, defining the resulting
material topics based on both impact materiality
and financial materiality across the three
dimensions: environment, social, and good
governance.
The material topics resulting from the 2024 double
materiality assessment are:
Topic
Sub-topic
ESRS E1 – Climate change
Adaptation, climate change mitigation and energy
ESRS E2 – Pollution
Air, water and soil pollution
Substances of concern and very high concern and
microplastics
ESRS E3 – Water and marine
resources
Water
ESRS E4 – Biodiversity
and ecosystems
Direct impacts on biodiversity loss and species status
ESRS E5 – Circular economy
Resource inflows and outflows of products and services
Waste
ESRS S1 – Own workforce
Working conditions
Equal treatment and opportunities
Privacy
ESRS S2 – Workers in the value
chain
Working conditions
ESRS S3 – Affected communities
Economic, social, cultural, civil, and political rights
ESRS S4 – Consumers and end-
users
Information-related impacts
Consumer/end-user safety
Social inclusion of consumers or end-users
ESRS G1 – Business conduct
Corporate culture
Supplier relationship management
Corruption and bribery
Entity-specific
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Stakeholders
An essential element in building trust-based
relationships is maintaining ongoing and
transparent dialogue with stakeholders. For
this reason, the FCC Group acknowledges
its key role and, in order to reinforce its
commitment to its stakeholders, strives to
foster participatory relationships and maintain
multiple communication channels adapted to the
characteristics of each group.
In addition to the specific mechanisms designed
for different stakeholders, FCC has an active
presence on major social media platforms such
as YouTube, X, Instagram, and LinkedIn. It also
provides users with a contact form and a complete
directory of its headquarters and offices on its
website. Likewise, regularly updated information
on environmental, social, and governance (ESG)
performance is published both on the FCC Group
website and on the websites of its different
business areas.
Main stakeholder communication and participation channels
Stakeholder
Communication channel
Purpose
Shareholders and investors
Company website.
Board of Directors and Committees.
General Shareholders' Meeting.
Shareholders Relations Office.
Investor Roadshows.
Questionnaires and interviews with agencies.
Provide up-to-date information, facilitate strategic
decision-making, foster participation, and strengthen
investor relations.
Clients and communities.
Satisfaction surveys.
Liaisons.
Dialogue channels with clients and local communities according to
the business line.
Strengthen accountable and collaborative
relationships by ensuring that actions are aligned
with their interests and needs.
Workforce
One – corporate intranet.
Whistleblowing Channel.
FCC360 – app tool.
Dissemination and awareness-raising campaigns.
FCC Campus – virtual learning platform.
Employee portal.
We are FCC – online magazine
We are FCC magazine poster in 12 languages.
Meetings with worker representatives.
Optimise internal and effective communication by
promoting an ethical and safe working environment,
and by facilitating access to information, resources,
and professional development.
Suppliers and contractors
Information and awareness-raising sessions.
Platform for supplier approval.
Compliance with the FCC Group Code of Ethics and Code of
Conduct and Anti-Corruption Policy.
Commitment to applying the UN Global Compact.
Report on company policies, ensuring quality,
sustainability and compliance standards, in line with
FCC Group expectations.
Shareholders
Agreements, sponsorships, and donations.
Partnerships.
Business forums.
Publications and presentations.
Due diligence procedures.
Strengthen strategic relationships and partnerships,
ensuring integrity and compliance with ethical and
legal standards.
Public administrations
and regulators
Participation in initiatives for sector self-regulation and legislative
developments.
Promote collaboration and dialogue, encouraging
ethical and transparent behaviour.

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Focus on Sustainability | Page 5 of 20
Innovation
Innovation is a key issue for the Group, as it
enables the development of new solutions that
create value for society and optimise resource
consumption. In a context of technological
disruption, digital transformation, and the
emergence of artificial intelligence, FCC reinforces
its commitment to the development and
implementation of innovative solutions, investing
significantly in R&D&I projects.
A new edition of Innovation Day was held in 2024,
an event now firmly established as a space for
networking, knowledge exchange, and showcasing
solutions aimed at improving operational efficiency
through innovation. This year’s edition has
reinforced the role of DI_Lab as a driving force
for value creation, showcasing the main projects
and initiatives in innovation and digitalisation
of the different business Areas, as well as the
participation of external partners.
The first edition of the ‘roota’ Intrapreneurship
Programme, aimed at all Group employees,
was also launched in 2024. It seeks to harness
internal talent by encouraging the generation of
ideas and the creation of innovative solutions in
the workplace. Sixty-eight teams from different
geographical and functional areas took part in
the programme, collaborating in multidisciplinary
teams following innovation methodologies and
with the support of experts to develop tangible
solutions with real business impact.
The Programme concluded with a Demo Day,
where the five finalist teams presented their
functional prototypes to an assessment committee
composed of the Group’s top executives. This
committee highlighted the creativity and quality
of the proposals, which will continue their
development into real business solutions.
At FCC, innovation is an essential tool to promote
operational efficiency, create competitive
advantages, and commit to sustainable growth,
responding to market and stakeholder needs
through digitalisation and business transformation.
This commitment to innovation also strengthens
the company’s position in an increasingly
demanding and competitive environment.
By generating knowledge synergies, the use of
emerging technologies and a vision focused on
digitalisation, FCC continues to move towards a
more efficient, responsible, and sustainable future.
The company’s main lines of action in innovation
are:
Urban development.
Design of new sustainable products.
Process optimisation.
Technological progress for data processing.
The FCC Group innovation strategy is centered
around the Digital Innovation Lab (DI_Lab)
and the business Area R&D&I teams, that
participate in the Innovation Forum, which is
governed by a framework and promotes cross-
cutting coordination between teams, generating
synergies to anticipate environmental challenges.
This collaborative and systematised approach
drives innovation, knowledge sharing, and the
development of new ideas, solutions, and products.
The model generates a positive impact at business,
social, and environmental level, offering feasible
and sustainable responses accross all sectors in
which FCC operates.
Innovation Day, an event that promotes and fosters innovation
as an essential driving force at FCC Group to optimise
efficiency, address digital challenges, and promote practical
solutions.
FCC Group DI_Lab team at the presentation of the ‘roota’
project: transforming creative ideas into essential solutions,
overcoming the limits of the present to improve the future.
More than
€20 M
More than
200
149
investment
in R&D&i
professionals
involved
projects
in development
Key figures in innovation

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3.2.
Environmental
protection
Environmental management
Aware of the importance that environmental
protection and respect hold for the FCC Group,
the company focuses its efforts toward being
part of the solution to global challenges. From
this perspective, the Group works actively to
minimise its environmental impact and contribute
directly to the conservation of natural resources by
developing actions that respect the environment in
which it operates.
In its Sustainability Policy, the FCC Group defines
its environmental priorities through the following
strategic lines:
Leading climate action by advancing toward a
low-carbon economy.
Applying circular economy principles to optimize
the consumption of natural resources.
Reducing water stress by promoting the
responsible use, consumption, and management
of water.
Contributing to the preservation of natural
capital.
Additionally, the business Areas have specific
environmental policies for their activities to
develop and expand the corporate guidelines. To
bring these commitments to life, environmental
management systems certified according to
international reference standards have been
developed and implemented. These systems
enable the identification and management
of significant environmental aspects of their
operations under the precautionary principle.
In 2024, 81% of the Group’s activities were
environmentally certified under the ISO 14001
standard.
The financial and human resources allocated
annually to improving the organisation’s
environmental performance and fulfilling its
commitments are also noteworthy. Throughout
this year, more than 140 million euros have been
invested in the planning, implementation, and
development of specific environmental actions,
a figure that shows how important it is for FCC to
conserve and protect the environment.
Key figures in environmental management
More than
€140 M
for environmental
actions
81 %
of activities
certified under
ISO 14001

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More than
€57 M
invested in climate
change-related actions
Climate action
The transition to a low-carbon economy and the
fight against climate change is a strategic issue for
FCC. For this reason, the Group develops initiatives
aimed at promoting energy efficiency, encouraging
responsible energy consumption, and integrating
practices that contribute to reducing emissions
and minimising the carbon footprint in all its
business Areas. In addition to meeting stakeholder
expectations, it also aims to build a more resilient
model to guide day-to-day operations.
Innovation: developing the organisation’s
capabilities to increase resilience, enhance
support for clients, and promote a transition to
low-carbon operations.
Communication: reporting on management and
contribution to climate change mitigation and
adaptation.
At the same time, the Areas have defined their
own actions, targets, and metrics in line with their
activities, as well as their own carbon neutrality
commitments and strategies.
To reinforce the implementation of the corporate
strategy, FCC has introduced a specific
methodology for identifying, assessing, and
prioritising climate change-related risks and
Key figures
in climate change
FCC Group has a 2050 Climate Change Strategy,
which details the long-term lines of action to
address the climate challenge. This document sets
out a roadmap for a progressive carbon footprint
reduction and the development of solutions
for adaptation to climate change, based on the
following common pillars:
Monitoring: improving the identification and
quantification of greenhouse gas emissions.
Reduction: limiting process-related emissions
and offering products and services with a lower
environmental impact.
Adaptation: recognising climate-related impacts,
risks, and opportunities.
opportunities. Based on the recommendations
of the TCFD (Task Force on Climate-related
Financial Disclosures), this procedure is applicable
to all Group companies and allows actions to be
adapted to the particularities of each activity and
territory. During 2024, the climate-related risks and
opportunities analysis was updated in all business
Areas, thus ensuring a coherent response that
considers both physical and transitional risks,
as well as the opportunities that may arise in the
current and future context.
It is also worth highlighting FCC Group’s voluntary
participation in the Carbon Disclosure Project
(CDP), an annual initiative that enables the
company to demonstrate and highlight the efforts
made in the fight against climate change.

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Greenhouse gas emissions
The annual measurement of the carbon footprint is
fundamental for FCC Group in its efforts to reduce
greenhouse gas (GHG) emissions and to define
new strategies for environmental improvement.
Based on the principles set out in the GHG
Protocol and the methodologies recognised by
the Spanish Climate Change Office (OECC), the
Group thoroughly analyses the results obtained
in all its business Areas every year. This annual
measurement and assessment process enables
the monitoring of the actual impact of activities,
guiding future actions with accurate and reliable
data.
As part of the actions aimed at reducing its carbon
footprint, FCC Group especially promotes the
transformation of its vehicle fleet, the recovery
from waste, and the use of renewable energies.
Energy
The Group’s daily operations involve intensive
use of both direct energy sources —fuels in
equipment and facilities— and indirect sources,
through electricity consumption. In fact, energy
consumption accounts for the largest share of
the Group’s carbon footprint. For this reason,
FCC is working on the continuous improvement
of its energy efficiency and seeking alternatives
to reduce emissions associated with energy
use. This approach drives the progressive
transformation towards more sustainable
operations, where the optimisation of energy
resources translates into a tangible contribution to
its decarbonisation objectives.
In line with this approach, the FCC Group
implements measures to reduce energy
consumption across all its business Areas. Key
initiatives include process electrification projects,
the use of alternative fuels and degasification, as
well as the progressive incorporation of renewable
energy and more efficient construction materials.
4,236,551
tCO2e
FCC Group carbon footprint
(scopes 1 and 2)
Key figures
in climate change
499,140,087
MWh
direct and indirect energy
consumption
2,974,707
MWh
consumption
of renewable energy
Focus on Sustainability | Page 8 of 20
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Pollution
FCC Group undertakes pollution prevention as a
primary objective within its environmental strategy,
developing specific actions in all its business
Areas to reduce adverse impacts and guarantee
compliance with applicable regulations in the
geographical areas where it operates.
To this end, the Group conducts a thorough
analysis of its operations in order to identify
potential sources of air, water, and soil pollution,
as well as noise and light impacts. Based on
this assessment, specific measures and actions
are established to prevent or mitigate these
effects, with special emphasis on controlling
emissions of NOx, SOx, particulate matter, and
other compounds, as well as ensuring readiness
to respond to potential accidental discharges and
spills. This proactive and preventive approach
enables FCC to act responsibly and significantly
reduce its environmental footprint.
As part of its preventive approach, FCC develops
actions to reduce atmospheric pollution through
technological innovation and process optimization.
Notable initiatives include smart systems for
optimising waste collection routes and container
monitoring sensors, which help reduce travel
distances. Additionally, equipment renewal and
measures such as road watering and on-site speed
control also help to reduce airborne particulate
matter.
At the same time, the Group has set out specific
procedures to control wastewater, conducting
regular analyses to ensure regulatory compliance.
The installation of interceptors and settling
systems, together with monitoring representative
parameters such as nitrogen in leachate, allows
early and effective action. The design of rainwater
harvesting systems or on-site washing areas also
help to prevent water and soil contamination.
Finally, to mitigate acoustic and light impacts, FCC
incorporates solutions such as the use of electric
machinery and the installation of noise barriers.
Adjusting the timing of certain activities, along with
staff training, reinforces responsible management
aimed at minimising nuisances and preserving the
environment.
Water
The growing concern over water scarcity,
exacerbated by climate change, underlines
the urgent need to take action to ensure the
availability of this vital resource and to mitigate
its adverse effects on quality of life through
responsible management. Recognising the
importance of water as an essential resource,
FCC Group focuses on promoting its efficient
use by proposing innovative solutions that seek
to reduce water stress in the regions where it
operates, encouraging balanced consumption, and
mitigating the negative impacts of consumption-
intensive activities.
Although FCC’s commitment extends across the
entire Group, which works to control consumption
and minimise environmental impact, the role of
the Water Area, responsible for end-to-end water
cycle management, stands out. Through its
operations, this division leads projects to optimise
the use of water sources, whether public or private,
guaranteeing end-to-end management for the
benefit of the communities.
Measures implemented across the Group’s
Areas include the efficient distribution network
maintenance, the incorporation of technologies
that reduce consumption, loss monitoring,
improvements in industrial processes, and the
recirculation of used water. It also fosters internal
awareness by promoting a culture of respect and
care for water resources among employees.
255.3
t
SOx emissions
345.1
t
particulate matter
10,318.9
t
NOx emissions
13,837,743
m³
water extraction
Key figures in pollution
Key figures in water

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Biodiversity and ecosystems
Biodiversity, essential to the health of the planet,
faces critical challenges such as deforestation
and climate change, which are speeding up
species extinction and compromising the stability
of ecosystems. Aware of the effects that its
activities may have on natural systems, FCC has
consolidated its commitment to the conservation
of biodiversity and the protection of ecosystems.
For this reason, the company focuses its efforts
on reducing the environmental footprint of its
operations, progressing in the restoration of
spaces and the preservation of natural capital.
These efforts are reflected in the management and
progress towards the targets set, demonstrating
FCC’s ongoing commitment to understanding and
mitigating the impact of its activities, especially
in sensitive areas. Another notable aspect is the
active protection of vulnerable species in the
vicinity of its facilities, highlighting the importance
of preserving natural capital.
Among the actions carried out, FCC implements
measures such as installing elements to support
the presence of wildlife in urban environments,
restoring forest soils, analyzing ecosystem
sensitivity, and developing awareness programs
to prevent impacts. This forms part of a long-term
objective to integrate biodiversity protection into
the Group’s activities, ensuring that each step
taken contributes to the conservation of natural
systems and the stability of ecosystems.
Circular economy
and use of resources
FCC Group promotes a management model based
on efficiency and the maximum use of resources,
aligning with the principles of the circular economy
and guaranteeing a sustainable future. This
approach minimises environmental impact and
strengthens the Group’s ability to adapt to global
challenges such as resource scarcity, climate
change, and biodiversity loss.
On this basis, the circular economy is integrated
transversally across all business Areas through
specific strategies and plans. Adapted to the
nature of each activity, these initiatives enable
the practical application of circular principles,
facilitating a more effective implementation
coherent with the operational and environmental
objectives of each division.
FCC carries out multiple actions focused on
the circular economy. These include increasing
the recycling rate, reaching 95 % in 2024, and
optimising processes to reduce waste generation
and promote the creation of useful by-products.
These practices are complemented by the
commitment to increase the use of recovered
or reused materials, through which FCC aims to
reduce the volume of waste sent for disposal by
reintroducing it into the system as new resources.
More than
€73 M
for related
actions
More than
€6 M
invested in related
actions
95 %
of recycled
waste
Key figures in biodiversity
Key figures in the circular economy
In line with this approach, FCC contributes to
sector initiatives, including its adhesion to the
Pact for a Circular Economy, and collaborates in
research and innovation projects, many of them
within the framework of the European Union LIFE
Programme. These partnerships enable the Group
to advance the implementation of innovative
solutions and work towards a more circular
economic model.
With regard to the circular economy, it is necessary
to highlight the impact generated by the activity
of the Environment Area, providing services for
the collection, transport, treatment and recycling
of urban and industrial waste. The Area is a
major player in the promotion of a circular model,
contributing to extending product life cycles.
The innovative approach of this Group division
also stands, committed to the search for circular
solutions and process optimisation.

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EU Taxonomy
The EU Taxonomy is the framework that identifies
sustainable economic activities, promoting
responsible investments and the transition to
a green economy. It aims to direct investment
towards projects that make a significant
contribution to the ecological transition,
while ensuring transparency and rigour in the
assessment of corporate sustainability.
In this context, the FCC Group has conducted
a detailed analysis of its operations to assess
their degree of eligibility and alignment with
the criteria established by the regulations.
This process involves examining the extent to
which activities contribute to the environmental
objectives defined by the Taxonomy, as well as
analysing whether they comply with technical and
social requirements.
Results for 2024 show significant progress. Of
the total turnover of 9,071.4 million euros, 68.3 %
corresponds to eligible activities and 43.7 % also
meets the criteria to be considered as aligned. Of a
total 1,428.9 million euros in investments (CapEx),
48.7 % is eligible and 31.2 % is aligned. Meanwhile,
operating expenses (OpEx) amounted to 441.9
million euros, with an eligibility rate of 64.9 % and
an alignment rate of 34.2 %.
This exercise is not merely for regulatory
requirement, it also reinforces FCC’s commitment
to sustainability-oriented management. It also
highlights the tangible contribution of its activities
to meeting European climate targets, providing
clear and reliable information.
FCC holds its first conference on European Union Environmental Taxonomy and examines the current and
future situation of this regulation.
€695.9
M
CapEx,
48.7 % of the total
€446.4
M
CapEx,
31.2 % of the total
€286.6
M
OpEx,
64.9 % of the total
€151.1
M
OpEx,
34.2 % of the total
€6,194.2
M
turnover,
68.3 % of the total
€3,967.4
M
turnover,
43.7 % of the total
Key figures in Taxonomy
Eligible
Aligned
40
FCC. Annual Report 2024

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Recruiting and attracting talent
FCC Group continues to grow and extend its
global presence, with a workforce that in 2024
reached 71,371 people in 40 countries. One of the
company’s most defining features is the stability
and quality of its labour relations; 85.49 % of the
workforce have a permanent contract and 86.58 %
work full-time.
3.3.
Growing together:
people-centred
management
Talent management has a prominent
presence among the strategic commitments
included in FCC’s Sustainability Policy, as
well as actions aimed at incorporating and
developing its professionals, promoting safety
and comprehensive well-being and creating
environments that foster equal opportunities and
inclusion.
This commitment to stability is complemented by
a clear determination to attract and retain talent.
One of the Group’s main motivations is to have
professionals with the necessary competencies,
knowledge and skills to contribute to efficient
business maintenance and development.
FCC thus has a Recruiting Policy to attract
and select the most suitable profile, promoting
their development within the organisation
and encouraging professionals to stay with
the company. Likewise, the FCC Group Equal
Opportunities and Safe Environments, Diversity
and Inclusion Policy aims to ensure that the
company’s selection and promotion decisions are
based on merit and on objective and transparent
assessments, guaranteeing equal opportunities
and non‑discrimination.
FCC Group also pays special attention to recruiting
young talent, facilitating their access to their first
job and offering opportunities for professional
growth.
With all these policies and actions, FCC
consolidates a talent management model
focused on people, promoting stable, inclusive
and professional development-oriented work
environments.
More than
71,000
76.24 %
men
23.76 %
women
workers
More than
690,000
training hours
U.S.A.
and Canada
2.74 %
Spain
68.9 %
Rest of the EU
23.52 %
Rest of
the world
2.69 %
Latin
America
2.15 %
Distribution of the workforce by geographical area

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Facilitating work-life balance
FCC Group recognises the importance of
appropriate work-life balance management due
to its direct impact on health and emotional
well‑being, and because it is a key element in
advancing towards effective equality between
women and men.
As a reflection of this commitment, the 15 Equality
Plans of the different FCC Group companies, four
of which are Group Plans, include measures to
disseminate information and raise awareness on
the subject, as well as specific actions aimed at
promoting work-life balance and joint responsibility.
The right to rest and to digital disconnection
of employees is recognised in different Group
policies, such as the Human Rights Policy and in
the FCC Group Policy on the Use of Technological
Means.
FCC Group has also set up specific training
courses on the subject, such as “Joint Family
Responsibility”, together with specific measures
such as flexible working hours and improved leave
for personal and family circumstances.
Building diversity and equality
For FCC, promoting equal opportunities and
guaranteeing diverse, equitable and inclusive work
environments based on respect and free of any
form of discrimination, harassment, intolerance
or violence, is one of the core pillars of growth
and social progress that underpin its corporate
philosophy, as is set out in the FCC Group Equal
Opportunities and Safe Environments, Diversity
and Inclusion Policy.
During 2024, this commitment has continued to be
strengthened and new actions have been added,
including:
Renewal of the Diversity Charter, reaffirming the
commitment to equitable and inclusive work
environments.
FCC and the leading companies of the different business areas
have renewed the Diversity Charter and the commitment to
integration, awareness and dissemination of its principles.
Recognition of the “For Inclusive Travel” project, rewarded by
the Iberian Business Travel Association (IBTA) with the award
for “Best Practice in Diversity and Inclusion Policies”.
Once again this year, we have joined in the
commemoration of International Women’s Day
by implementing different initiatives aimed at
giving visibility to the contribution of women
in the different sectors in which the Group
operates.
Participation in development and leadership
programmes aimed at female talent to favour
the professional projection of women. These
include the Promociona Project, the EOI
development programme, the 1st Edition of
the Explora Programme, the 1st Edition of the
ESADE (Business Management School) Female
Directors Programme and participation in Cross
Mentoringinitiatives.
Launch of the “For Inclusive Travel” project,
which adapts corporate travel policies to the
commitment to diversity, equality, equity and
inclusion, promoting travel in which all people
can feel safe and supported, guaranteeing their
well-being.

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Thus, partnerships have once again been
formalised in 2024 with specialised organisations
that advise on recruitment management and
provide employment support. This year, FCC Group
has seen a 10.84 % increase in the incorporation
of people with disabilities and a 6.47 % rise in the
number of people from vulnerable groups or at
risk of exclusion.
Specific agreements have also been developed
with entities such as CEAR (Spanish Committee
for Refugee Aid), dedicated to the integration of
refugees into the labour market.
Discrimination-free work environments
In line with its commitment to promote respectful
workplaces free of harassment, in 2024 FCC
Group has promoted various initiatives aimed at
raising awareness, prevention and action in these
situations, including:
Maintenance of mandatory training as part of
the Onboarding Programme that specifically
addresses workplace and sexual harassment,
cyber-bullying and the principles of equality,
with the aim of raising awareness among new
recruits from the outset.
Celebration of “European Month of Diversity”,
together with participation in the campaign
“Our Pride is Diversity”, promoted by REDI and
Fundación Diversidad, making visible the Group’s
commitment to the inclusion of LGTBIQ+ people
in all its areas of activity.
Launch of the training course “LGTBIQ+
Movement: For an inclusive environment”,
designed to raise awareness of good practices
and promote respect and the creation of safe
spaces within the work environment.
FCC also works for the inclusion of people
with disabilities and people at risk of exclusion,
supporting talent and promoting their recruitment.
“Sexual and gender-based harassment in the
workplace” course, as well as the development
of specific awareness-raising days to identify
inappropriate behaviour, to understand the limits
that should not be tolerated and to disseminate
existing mechanisms for reporting this type of
situation.
Continuity in the dissemination of informative
content through multiple channels accessible to
the entire workforce, such as FCC’s intranet, the
FCC360 app, the you_diversity platform, posters,
leaflets and other media, thus ensuring clear and
constant communication on the prevention of
harassment.

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Training and development
Training and professional development are key
pillars of talent management at FCC Group,
enabling us to respond to the needs and
challenges of each business area. By implementing
training plans adapted to each Area and a
common transversal plan, a training programme
is offered that combines mandatory and voluntary
content, delivered in different formats (in-person,
online, blended and virtual) in order to achieve
maximum efficiency.
Also within the framework of these training
programmes, FCC promotes specialised
programmes of longer duration, aimed at
reinforcing current skills (upskilling) and preparing
its staff to face future challenges (reskilling), thus
achieving an increase in versatility, satisfaction and
employability and improving their position in the
face of opportunities that may arise, in positions
of equal or greater responsibility, through internal
promotion or even within the same job.
These include various programmes for the
development of Young Talent, Leadership and
People Management and Individual Coaching
Programmes, as well as advanced International
Management Programmes and BIM Masters
applied to building and civil engineering and GIS
(Geographic Information Systems).
In 2024, notable training initiatives promoted as
part of the training plans and launched through
FCC Campus include:
Training programmes designed to enhance
staff skills in data analysis and use for informed
decision making, known as Data&Analytics.
These trainings include the transformation to
a data culture, advanced data analytics with
artificial intelligence, Machine Learning and the
use of Power BI for data visualisation.
The Cybersecurity programme, which aims to
create and strengthen a culture of information
security, thus protecting the company’s data and
systems.
Specialised training in anti-corruption and tax
compliance is also provided to help identify and
prevent risks, reinforce awareness of applicable
regulations, and outline mechanisms for
reporting non-compliance.
Compensation and equal pay
People are remunerated at FCC in such a way that
pay is fair according to the level of contribution to
the business (functional level), responsibility and
value in each job, and is also subject to applicable
collective bargaining agreements.
Two types of wage gap calculations are
considered at FCC Group: gross(1) and adjusted(2),
which stand at 14.77 % and 4.16 % respectively
for 2024.
It should be noted that the percentage difference
does not imply the existence of gender pay
discrimination as factors beyond the company’s
control contribute significantly to gender pay
inequality, such as the masculinisation of the
sectors in which the Group operates, working
conditions linked to subrogation processes,
individual performance, training and experience,
as well as economic, political and socio-cultural
factors.
(1) Calculated by obtaining the percentage different
between total average hourly salary of men and
women.
(2) Calculated considering aspects that compare men
and women in a similar situation, such as functional
level, seniority, applicable collective bargaining
agreement, etc.

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As a new line of action, in 2024 FCC has
incorporated the “Campus Library” as a new
training tool on its platform, expanding the
contents available with practical and accessible
resources for the development of key skills,
making resources available to the workforce to
promote continuous learning.
In total, more than 690,000 hours of training have
been given at FCC Group over 2024, distributed in
the following areas:
Number of training hours by area of knowledge
Health and Safety
Technical
Languages
Competences
Diversity and Sustainability
Leadership and Development
Various
50,636
31,310
39,669
16,733
43,286
234,982
277,891
Health, Safety, and Well-being
Equal opportunities and Diversity
Digital
Innovation
Legal and Compliance
Leadership and Development
Competences
Digital
competences
Data & Analytics
Legal and Compliance

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Creating safe environments and
promoting well-being
Health and safety management at FCC is based
on rigorous control processes that guarantee
compliance with legislation and the Group’s
internal regulations. Furthermore, occupational risk
prevention is an essential element to protect the
integrity of workers, partners, customers and users,
and to promote the continuous improvement of
working conditions and foster safe and healthy
environments.
The FCC Group Health, Safety, and Well-being
Policy, applicable in all geographical areas and to
all stakeholders, integrates these criteria in every
decision and activity, involving all participants in a
preventive culture. In this way, the Group reinforces
its commitment to its members, ensuring the
safety, health and well-being of people as a pillar
of its business strategy and its responsibility as a
social agent.
FCC also has health and safety management
systems in its different business areas, which are
periodically renewed in accordance with ISO 45001
standards. Moreover, road safety systems certified
according to ISO 39001 have been implemented in
activities with high exposure to traffic risks.
As a result of these actions, the number of
occupational accidents has been reduced, with
a frequency rate of 18.79 and a severity rate of
0.89, below the equivalent data published by the
Ministry of Labour and Social Economy.
During 2024, the business areas have implemented
various actions to improve safety, including
culture assessment, performance and reporting;
risk control and working condition audits; and
programmes to control absenteeism, learning,
contractor supervision and integration of
preventive activity.
FCC also continues to promote people’s health and
well-being, creating healthy work environments
and strengthening individual capacity to maintain
and improve physical and emotional health, thus
improving their quality of life.
Different projects, initiatives and milestones have
been rolled out in 2024, such as:
Development of the Comprehensive Well-being
Programme, through a series of workshops in a
virtual classroom, addressing contents related to
physical and emotional well-being, healthy eating
and personal care, incorporating a vision that is
sensitive to gender and different generational
needs.
Promotion of the ASUME Comprehensive
Well-being Development Programme
focused on the personal and professional
development of workers with the aim of
fostering self‑knowledge, strengthening ties and
enhancing interpersonal relationships.
FCC participates in the Popular Heart Race in Madrid, Spain, to
raise awareness of the prevention of cardiovascular diseases
and the fight against sedentary lifestyles, an action that forms
part of the LIVE Healthy project.
Expansion of content in the LIVE Healthy
programme available to staff, sharing
recommendations and practical resources on
healthy habits and general well-being.
7th edition of the LIVE Healthy Awards was
held to recognise the initiatives and actions
of FCC departments, teams, business areas
and individuals who promote a culture of
prevention and encourage health and well‑being
in the workplace. In this edition, more than
30 candidates from different countries
participated in the categories of Occupational
Risk Prevention, Health Promotion and Personal
Mention.

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3.4.
Community support
Commitment to the well-being and development
of communities is one of FCC’s hallmarks. Aware
of the impact that the services it offers can
have, the Group is committed to building strong
relationships and having a positive impact on the
communities in which it operates.
The FCC Group Sustainability Policy establishes
a working framework aimed community
development, promoting solidarity action,
education and social investment:
Solidarity. Participating in solidarity programmes
and campaigns through partnerships to improve
people’s lives.
Education. Collaborating with educational
projects that contribute to social progress and
support future generations.
Social investment. Promoting a positive
socio-economic impact, generating inclusive
environments, creating jobs and hiring local
suppliers.
FCC fosters a culture committed to citizens, which
includes participation in solidarity initiatives,
responding to social and humanitarian challenges;
attending people and families in situations of
vulnerability; supporting education and promoting
knowledge and training; fostering sustainable
social, employment and economic development,
and committing to the creation of inclusive
environments that contribute to building more
equitable societies.
More than 4 million euros were allocated in 2024
to support social actions, such as sponsorships
and contributions to non-profit organisations,
foundations and sectoral associations, through
collaborations in accordance with objective criteria,
which respond to the FCC Group’s commitment to
community development and social welfare.
Social action is linked to the company’s strategy,
reflecting a continuous effort to improve the lives
of citizens and generate a positive impact on
communities, thus contributing to their progress
and development.
More than
€4 M
for social action
Key figures in
community support
FCC’s response to the humanitarian crisis in Valencia (Spain) caused by the heavy rainfall, providing essential supplies
for the people affected and sending support teams to help restore affected structures and services.

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3.5.
Service to the public
The vocation of service is deeply embedded in
FCC’s culture, placing customers at the centre of
all its activities. For this reason, the Group works
continuously to drive innovation and offer solutions
that promote sustainable development and
operational efficiency. By implementing advanced
technologies and responsible practices, FCC
seeks not only to satisfy the current needs of its
customers, but also to anticipate future challenges,
thus contributing to the well-being of society and
care for the environment.
Services offered by FCC aim to improve the quality
of life of a large number of people. Meeting the
needs of communities and customers is a priority
for the company, which seeks excellence by
designing and marketing services of the highest
quality, for which it maintains ISO 9001 certified
management systems, providing differential value
and fostering continuous improvement. This
commitment allows it to adapt to the changing
market demands, guaranteeing efficient and
sustainable solutions that contribute to the
FCC Group’s consolidation as a benchmark that
stands out for its dedication and responsibility in
each of its projects.
MoreIn addition, in order to guarantee customer
and user integrity, various processes have been
developed to assess the services provided and all
necessary actions are carried out to ensure the
security, health and privacy of customer, consumer
and user data.
Finally, FCC has specific communication channels
in its different areas of activity, implementing a
process of active listening, continuous learning
and adaptation to customer needs, with the aim
of understanding and improving the degree of
satisfaction with the services provided. This makes
it possible to respond to demands effectively and to
build lasting relationships based on mutual trust.

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3.6.
Collaboration
with suppliers
At FCC, suppliers and contractors are considered
key partners for its activity, as they provide the
necessary elements to maintain quality standards,
meet the expectations of the different stakeholders
and drive the Group’s growth.
Over the years, the diversification of FCC’s
operations across multiple sectors has resulted in
differentiated and highly specialised value chains.
By 2024, the Group had relationships with more
than 46,000 suppliers, reflecting its capacity to
influence and the extent of its commitment to the
effective management of its value chain.
As part of its contribution to the socio-economic
development of communities, FCC encourages
contracting local suppliers, who represent 98 %
of procurement, which are awarded to those who
come from the country where the operations are
located, stimulating the generation of indirect
employment.
To ensure the quality of these relationships,
FCC requires its business partners to be clearly
aligned with its corporate principles. In addition
to complying with established legal and ethical
standards, all employees are expected to act as
responsible agents promoting good practices in
human rights, working conditions, safety and the
environment.
This commitment is supported by a solid
integrated regulatory framework made up of
instruments such as the FCC Group Code of Ethics
and Conduct, the Procurement Manual and the
General Contracting Conditions. These tools set
out fundamental principles such as transparency,
competitiveness and sustainability, ensuring
relationships based on trust and accountability.
FCC Group organised Supplier Day, an event to foster long-lasting relationships with its business partners, encouraging the
exchange of good practices and strengthening bonds of collaboration.
Within this internal regulatory framework,
supplier management at FCC follows a rigorous
process of approval and assessment that covers
financial, social, ethical, environmental and
governance aspects. Among other requirements,
suppliers must sign a Statement of Compliance
on human rights and anti-corruption, present
quality certifications and demonstrate safe and
sustainable practices.
FCC Group has 1,091 approved suppliers and
contractors and 560 new suppliers were approved
in 2024. Thirty-four have been classified as
high risk, of which 16 have completed approval
following successful due diligence. At year-end, a
total of 2,192 suppliers had been assessed under
Compliance criteria.
FCC’s commitment to its responsible procurement
process was also endorsed in 2024 by renewing
and obtaining prestigious certifications such
as UNE 15896 for Value Added Purchasing
Management and ISO 20400 for Sustainable
Purchasing.
More than
46,000
suppliers
98 %
local suppliers
Key figures
in collaboration with suppliers

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4.1.
Future challenges
FCC Group faces an increasingly dynamic
global scenario marked by large-scale social,
environmental and economic challenges. In this
context, the company reinforces its commitment
to sustainable development, innovation and
continuous improvement of the environments in
which it operates.
In 2024, the Group achieved a turnover of
9.07 billion euros, an increase of 10.4 % compared
to the previous year. This growth reflects not
only the strength of its business model, but also
its ability to adapt to new demands and provide
effective solutions to contemporary challenges.
4. Response to challenges
Through its main areas of activity: environmental
services, end-to-end water management,
infrastructure construction and development
and management of concessions, FCC Group
promotes initiatives aimed at improving the
quality of life and strengthening the resilience of
cities. The strength and scope of these business
lines is supported by a consolidated international
presence in Europe, Latin America, United States,
the Middle East and North Africa, which allows us
to apply a global vision with responses adapted to
each local reality.
With a balanced business model based on three
key pillars: differentiation, competitiveness and
profitability, FCC develops innovative solutions
that generate a positive and lasting impact.
With a strategic vision focused on local needs
and a constant drive towards digitalisation
and sustainability, the company is moving
towards building a more resilient, inclusive and
sustainable future. This unwavering commitment
to innovation and constant adaptation reinforces
its position as an industry leader, responding to
major global challenges and driving progress and
transformation in the markets where it operates.
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4.2.
Global trends
Climate change and water stress
Climate change continues to be one of the most
serious and urgent threats to humanity. Impacts
have been particularly evident in 2024, making it
the warmest year on record. Global temperatures
were well above historical averages, with more
than a year of consecutive monthly record highs(1).
2. World Meteorological Organization. (2025, March 19). State of
the global climate 2024.
3. World Meteorological Organization. (2025, March 19). State of
the global climate 2024.
This new record high is mainly attributed to the
persistent accumulation of greenhouse gases in
the atmosphere compounded by the transition
from La Niña to El Niño, which has amplified global
warming. The result has been an increase in the
frequency and intensity of weather events, such as
heat waves, forest fires and prolonged droughts,
with consequences in many world regions(2).
In Europe, extreme heat and heavy rainfall events
have been erratic and difficult to predict, severely
hampering water resource management. This
climate variability has increased pressure on water
supply systems, especially in the south of the
continent, where water stress has intensified at an
alarming rate(3).
4. UNESCO. (2024, March 29). Water crises threaten world peace
(report).
5. The European Commission has implemented new measures to
improve water resilience, such as the methodology for measuring
microplastics in water and the delegated act on reusing
treated wastewater. An Urban Wastewater Directive was also
adopted; it sets standards for access to sanitation. In terms of
climate, reforms to the EU carbon market to reduce greenhouse
gas emissions have been promoted, as well as proposals to
strengthen the Renewable Energy Directive and the Circular
Economy Initiative.
6. European Parliament. (2025, January 16). Climate change:
Parliament to debate 2024’s record high temperatures.
On a global scale, water scarcity is emerging as
a potential source of instability. UNESCO(4) has
warned that water crises, aggravated by climate
change, are deteriorating ecosystems and affecting
millions of people, especially in vulnerable regions.
Without urgent action for sustainable water
management, conflicts and geopolitical tensions
could intensify around the world.
At institutional level, both the European
Commission and the European Parliament have
intensified their legislative and strategic efforts
to address these challenges. Throughout 2024,
policy frameworks(5) and proposals to strengthen
climate transition and water resilience have been
promoted. In addition, in the run-up to 2025,
discussions are planned at international summits
where new climate mitigation strategies will be
addressed(6).
1. NASA. (2025, January 10). Temperatures Rising: NASA
Confirms 2024 Warmest Year on Record - NASA.
Although the outlook is worrying, the State of the
Global Climate 2024 Report(7) argues that it is still
possible to meet the goal of limiting the long-term
global temperature increase to 1.5°C. This will
require governments to step up their ambition in
national climate action plans and accelerate the
adoption of clean and affordable renewable energy,
the economic and social benefits of which are
becoming increasingly apparent.
7. World Meteorological Organization. (2025, March 19). State
of the global climate 2024.

1 The World Meteorological Organization has
reported there is a 47 % chance that the global
average temperature over the entire five-year
period 2024-2028 will exceed the pre-industrial
era by 1.5°C, compared to 32% in last year’s
report for the period 2023-2027(8).
2 On 22 July 2024, the global daily average
temperature reached a new record high of
17.16°C(9).
3 Global sea levels rose faster than expected in
2024, mainly due to the expansion of ocean
water as it warms, or thermal expansion.
According to a NASA-led analysis, the
rate of increase last year was 0.23 inches
(0.59 centimetres) per year, compared to the
expected rate of 0.17 inches (0.43 centimetres)
per year(10).
4 Five of the last six years have seen the fastest
glacial retreat on record. Between 2022
and 2024, the largest glacier mass loss in
a three‑year period was recorded. In many
regions, what used to be called the “eternal ice”
of glaciers will not survive the 21st century(11).
5 Europe suffered the most widespread flooding
since 2013. Almost one third of the river
network experienced flooding above at least
the “high” flood threshold. Storms and floods
affected some 413,000 people in Europe, with
at least 335 deaths(12).
6 The atmospheric concentration of carbon
dioxide (CO2) has reached its highest levels in
800,000 years(13).
7 Approximately half of the world’s population
currently suffers from severe water shortages
for at least part of the year. A quarter of the
world’s population faces “extremely high” levels
of water stress, using more than 80 % of its
annual renewable freshwater supply(14).
8. UN News. (2024, June 5). Climate change: there is an 80%
chance that the planet will continue to warm above 1.5 degrees
Celsius for the next five years.
9. Copernicus Climate Change Service. (2025, January 17).
Global Climate Highlights 2024.
10. Lee, J. J. (2024, March 13). NASA Sea Level Change Portal.
(2025, March 13). NASA Analysis Shows Unexpected Amount of
Sea Level Rise in 2024. NASA.
11. World Meteorological Organization. (2025, March 21). Glacier
melt will unleash avalanche of cascading impacts.
12. World Meteorological Organization. (2024, April 15). European
State of the Climate: Extreme Events, Warmest Year on Record.
13. World Meteorological Organization. (2025, March 19). WMO
report documents spiralling weather and climate impacts.
14. UNESCO. (2024). The United Nations World Water
Development Report 2024: water for prosperity and peace.
Climate change and water stress Figures
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Urban concentration
We are currently experiencing a migration crisis,
driven by a combination of conflict, extreme
weather events and economic crises that are
forcing millions of people to leave their homes and
move to other regions, especially urban areas(15).
This phenomenon is transforming global urban
development by significantly increasing demand
for housing, infrastructure and basic services in
cities.
Climate change, in particular, is a major cause
of internal displacement(16). Floods, prolonged
droughts and forest fires are damaging
ecosystems, ways of life and livelihoods, forcing
many people to migrate from rural areas to urban
environments. This involuntary climate migration
is reshaping urban dynamics, requiring rapid and
sustainable responses from local governments.
By 2050, cities are expected to be home to
approximately 70 % of the world’s population(17).
In this context, cities face the dual challenge of
adapting to climate change impacts and, at the
same time, reducing their carbon footprint. Urban
areas are both victims and drivers of climate
change, suffering from extreme events such as
heat waves, intense storms and water scarcity,
but also responsible for a significant share of
greenhouse gas emissions due to uncontrolled
sprawl, intensive use of energy and unsustainable
mobility patterns(18). Against this backdrop, it is
urgent to move towards more sustainable, resilient
and inclusive urban models(19).
Solutions such as the restoration of urban
ecosystems, integration of green infrastructure,
expansion of natural spaces in cities and equitable
access to basic services are gaining relevance
to address this challenge. These measures aim
to protect the most vulnerable populations and
accompany a just transition to safer and more
liveable cities(20). It also highlights the need to
develop inclusive public policies that ensure
access to basic services and adequate housing,
especially for people displaced by climate or other
crises(21).
Strengthened international cooperation,
exchanging technical expertise and integrated
urban planning are therefore essential. Only in this
way will it be possible to build cities that are better
prepared for the future, able to face the challenges
of climate change, absorb migratory flows and
offer decent living conditions for all people.
15. UNHCR. (2024, May 22). Climate crisis fuels flooding and
deepens displacement.
18. World Bank (2023). Urban Development Overview.
19. UN-Habitat. (2024). World Cities Report 2024. Cities and
Climate Action.
16. International Organisation for Migration (IOM). (2024).
World Migration Report 2024: Chapter 7 – Climate change, food
insecurity and human mobility: Interlinkages, evidence and action.
17. World Bank (2023). Urban Development Overview.
20. UN-Habitat. (2024). World Cities Report 2024. Cities and
Climate Action.
21. UN-Habitat. (2024). World Cities Report 2024. Cities and
Climate Action.

1 Cities generate 70 % of global CO2 emissions
and are home to more than 50 % of the world’s
population so their transformation is crucial to
achieving the Paris Agreement goals(22).
2 Over the last decade, more than 238 million
internal displacements, or movements, were
recorded globally. Preliminary estimates
for 2024 suggested a 75 % increase in
disaster-related displacement compared
to 2023, underscoring the urgent need to
strengthen disaster monitoring and response
mechanisms(23).
3 Cities are home to half of the world’s population
and 2.4 billion more people are expected to
move to urban areas in the next 20 years(24).
4 Cities are expected to get hotter in the future,
and almost no inhabitant will be left unscathed
in a high-carbon scenario. Assuming the world
continues on a high-emission pathway, more
than 2 billion people currently living in cities
could be exposed to an additional temperature
increase of at least 0.5°C by 2040(25).
Urban concentration. Figures
5 Urban informality is by its very nature a key
vulnerability factor, as slums and informal
settlements are among the most exposed to
disasters and other impacts(26).
6 According to the 2024 World Cities Report by
UN-Habitat of all climate hazards, floods affect
the most people worldwide.
22. UN-Habitat. (2024, November 20). COP29: Cities, key in the
global fight against climate change.
23. Housset, T., & Bishop, N. (2025, March 17). Supporting States
in Measuring the Impacts of Internal Displacement. International
Organization for Migration.
7 Cities need an estimated USD 4.5 to 5.4 trillion
annually to 2030 develop and maintain
climate‑resilient systems. However, by
2021‑2022, only USD 831 billion per year was
secured for urban climate action(27).
24. UN News. (2024, November 20). COP29: Uncontrolled urban
planning poses a threat to the environment.
25. UN-Habitat. (2024). World Cities Report 2024. Cities and
Climate Action.
26. UN-Habitat. (2024). World Cities Report 2024. Cities and
Climate Action.
27. UN-Habitat. (2024). World Cities Report 2024. Cities and
Climate Action.
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Circular economy
The transition to a circular economy has gained
prominence in 2024 as a response to increasing
pressure on natural resources, waste management
and environmental impacts generated by linear
production and consumption systems. In this
context, the need to transform traditional models
has become increasingly urgent, in a scenario
where the European Union and other global
actors are intensifying their commitments to
sustainability. This momentum has resulted
in important regulatory developments(28),
innovative technologies and measures to reduce
environmental impacts and encourage more
efficient and circular use of resources.
In the legislative field, one of the most important
milestones of 2024 was the adoption of the
Right to Repair Directive(29). This directive aims to
facilitate the repair of defective products rather
than their replacement. This is a key initiative
to reduce waste and extend the useful life of
products(30).
In addition to this directive, the European
Commission has continued to implement its
Circular Economy Action Plan, which has been
reinforced in 2024 with new regulations addressing
areas such as eco-design, reducing single-use
plastics and improving recycling infrastructures.
This regulatory push has been accompanied by
a greater emphasis on industrial sectors, such
as automotive and construction, driving material
reuse and waste reduction in the value chain.
Furthermore, the European Environment Agency(31)
has underlined the urgent need to accelerate the
transition towards more circular production and
consumption patterns. Current levels of resource
extraction and use remain unsustainable, requiring
measures such as reducing waste, promoting
eco-design and improving recycling systems.
This transformation requires coordinated action
between governments, businesses and citizens to
effectively move towards a truly circular economy
in Europe.
Thus, at business level, the transformation towards
the circular economy is proving essential for
companies seeking to align with European Green
Deal objectives and to respond to growing demand
for sustainable practices. Adopting circular
principles not only improves resource efficiency
through innovation and the creation of new
business models, but also enables companies to
better position themselves in the face of European
regulatory requirements. Integrating innovative
technologies in production processes is also
helping companies to optimise resources and
reduce environmental impact. This transformation
not only reduces environmental impacts, but
also strengthens business competitiveness and
resilience in an increasingly sustainability-oriented
economic environment(32).
While progress made in 2024 has been significant,
the transition to a circular and sustainable
economy is still an ongoing but essential challenge
to achieve global sustainability goals.
28. European Parliament. (2024, May 17). How does the EU want
to achieve a circular economy by 2050.
29. European Parliament and Council of the European Union.
(2024, June 13). Directive (EU) 2024/1799 of the European
Parliament and of the Council of 13 June 2024 on common rules
promoting the repair of goods and amending Regulation (EU)
2017/2394 and Directives (EU) 2019/771 and (EU) 2020/1828.
Official Journal of the European Union.
30. European Parliament (2024, April 24). Right to repair: the EU’s
actions to make repairs more attractive.
31. European Environment Agency. (2024, 25 April). Now is the
time to accelerate the shift to a more circular Europe.
32. World Economic Forum. (2025). Delivering on the European
Green Deal: A Private-Sector Perspective.

1 Only 9 % of plastics are recycled worldwide,
which means that recycling alone will not
solve the plastic waste problem and innovative
solutions are needed(33).
2 460 million tonnes of plastic are produced
each year(34).
3 If the world adopts a circular economy
approach, by 2050 the volume of municipal
solid waste could be reduced from more than
4.5 billion tonnes per year to less than 2 billion
tonnes(35).
4 Reuse is the most powerful market shift
that must occur in a transition to end plastic
pollution and is a USD 10 billion economic
opportunity(36).
Circular economy. Figures
33. Almeida, T., & Milà i Canals, L. (2025, January 21). How 2025
can become a tipping point for reusable packaging systems.
World Economic Forum.
34. Pomeroy, R., & Marchant, N. (2024, December 19). Global
plastics treaty talks stalled but there is still hope. World Economic
Forum.
35. Masterson, V. (2024, April 4). 4 charts to show why adopting a
circular economy matters. World Economic Forum.
36. Almeida, T., & Milà i Canals, L. (2025, January 21). How 2025
can become a tipping point for reusable packaging systems.
World Economic Forum.
5 Reusable packaging models can reduce total
annual plastic leakage into the environment by
more than 20 % by 2040. In addition, converting
20 % of single-use packaging to reusable
models globally is estimated to represent a
USD 10 billion economic opportunity(37).
37. Almeida, T., & Milà i Canals, L. (2025, January 21). How 2025
can become a tipping point for reusable packaging systems.
World Economic Forum.
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Digital transformation, artificial
intelligence and cybersecurity
Digital transformation is strengthened its position
as one of the main drivers of economic, social
and political change, boosting technological
innovation, business adaptation and regulatory
development in an increasingly interconnected
environment. Emerging technologies such as
artificial intelligence (AI) are redefining key sectors
of the global economy(38), optimising operations
and generating solutions that strengthen
competitiveness.
This is why digitisation continues to be a priority for
the European Union, driven by the Digital Decade
Programme(39), which aims to create a digital single
market based on the principles of sustainability,
accessibility and security. In this context, the EU
has developed regulatory frameworks, such as
the Artificial Intelligence Regulation(40) and the EU
Cybersecurity Regulation(41), which promote the
responsible integration of these technologies.
AI is also being seen as an essential driver in this
transformation process, contributing significantly
to the automation of repetitive tasks, among
other advances. With the adoption of the AI
Regulation in 2024, the EU seeks to ensure that
systems considered high-risk meet strict criteria of
transparency, security and respect for fundamental
rights(42). It has also played a crucial role in
strengthening cybersecurity, improving threat
detection and resilience to cyberattacks(43).
However, as these technologies advance, new
challenges arise, especially in cybersecurity. In
2024, increasing cyberthreats, including attacks on
critical infrastructure and the rise of cyberattacks,
have intensified the need to ensure a secure digital
environment(44). Against this backdrop, the EU has
reinforced its cybersecurity strategy with initiatives,
such as the Cybersecurity Regulation, which
ensures the continued protection of products
against threats.
The private sector has also stepped up its efforts
to improve cybersecurity, investing in advanced
technologies and staff training, demonstrating
that incorporating AI into its security strategies
has proven to be critical. Communication plays a
key role in this context as it becomes an essential
38. OECD. (2024). OECD Digital Economy Outlook 2024 (Vol. 2):
Embracing the Technology Frontier.
39. European Commission. (2024, July 3). State of the Digital
Decade 2024: Report Calls for Strengthened Collective Action.
40. European Union. (2024). Regulation (EU) 2024/1689 of
the European Parliament and of the Council of 13 June 2024
establishing harmonised rules on artificial intelligence (Artificial
Intelligence Act).
41. European Commission. (2024). Commission Implementing
Regulation (EU) 2024/482 of 31 January 2024 laying down rules
for the application of Regulation (EU) 2019/881 as regards the
adoption of the European Common Criteria-based cybersecurity
certification scheme (EUCC).
42. European Commission. Shaping Europe’s digital future: AI Act.
43. CEOE. (2024). Current overview of the impact of artificial
intelligence on cybersecurity.
44. World Economic Forum. (2024). Global Cybersecurity Outlook
2024.
ally of cybersecurity strategies, helping to raise
awareness among all actors involved and to
strengthen protection against digital threats.
In short, digital transformation and artificial
intelligence will continue to be essential pillars
of global technological innovation, providing
for an acceleration in the adoption of advanced
technologies, accompanied by an intensification
of cybersecurity challenges, which will require
stronger international cooperation to safeguard
digital environments and ensure their security for
citizens and businesses.

Digital transformation, artificial intelligence and cybersecurity. Figures
1 EU companies used AI software or systems
for different purposes. In 2024, 34.08 % of
companies using AI technologies used it for
marketing or sales, and 27.51 % for organising
administrative or business management
processes(45).
2 In 2024, companies continued to adopt various
AI technologies to optimise their operations.
The most widely used AI technology has been
written language analysis (text mining). It was
adopted by 6.9 % of companies(46).
3 All EU countries recorded increases in the
proportion of companies using AI technologies
compared to 2023, with Sweden experiencing
the largest increase at 14.7 percentage points,
followed by Denmark (+12.4 percentage
points) and Belgium (+10.9 percentage
points). In contrast, moderate increases were
recorded in Portugal (+0.8 percentage points),
Romania (+1.6 percentage points) and Spain
(+2.1 percentage points)(47).
4 In 2024, 13.48 % of EU companies used
AI technologies(48).
5 Cyberattacks in Spain will grow by 15 % in 2024
and already affect 45 % of companies(49).
6 The National Cybersecurity Institute managed a
total of 97,348 cybersecurity incidents in 2024,
16.6 % more than in 2023(50).
7 45 % of Spanish business leaders recognise
that the risks associated with AI, especially
in talent, technology, security and data, may
overshadow growth opportunities(51).
8 Nearly 70 % of corporations believe that
AI-based solutions provide a competitive
edge(52).
45. Eurostat. (2025). Use of artificial intelligence in enterprises.
46. Eurostat. (2025, January 23). Usage of AI technologies
increasing in EU enterprises.
47. Eurostat. (2025, January 23). Usage of AI technologies
increasing in EU enterprises.
48. Eurostat. (2025). Use of artificial intelligence in enterprises.
49. Arrillaga, J. (2025, 19 March 19). Cyberattacks in Spain will
grow by 15% in 2024 and already affect 45% of companies. El
Economista.
50. National Cybersecurity Institute (INCIBE). (2025, March 26).
INCIBE presents its Cybersecurity Balance Sheet 2024 with more
than 97,000 incidents.
51. KPMG (2024). Outlook Spain 2024: Artificial intelligence and
digitalisation.
52. KPMG (2024). Outlook Spain 2024: Artificial intelligence and
digitalisation.
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Protecting biodiversity
Biodiversity loss is still one of the greatest global
environmental challenges. Despite continuing
efforts to address this crisis, the situation remains
critical as ecosystem degradation is advancing at
an alarming rate, driven by factors such as land
and sea use change, overexploitation, harmful
forestry practices, pollution and climate change(53).
These factors continue to exert significant
pressure on biodiversity, cementing it as one of the
greatest risks to the future of our planet and our
survival(54).
In 2024, political momentum towards biodiversity
protection has been active but progress remains
insufficient. At the COP16 on Biodiversity in
Colombia, the degree of compliance with
the 2022 Global Biodiversity Framework was
assessed(55). Although the commitment to the
objectives set was reaffirmed, the lack of definition
in financing mechanisms was once again evidence
of the structural barriers to effective resource
mobilisation.
Europe has maintained a strong focus on
preserving biodiversity, playing an active role at
international level(56). The EU Biodiversity Strategy
2030 remains a key pillar, together with the
adoption of the Nature Restoration Act(57) in 2024,
a major step forward in the recovery of degraded
ecosystems. However, its implementation will
require a high level of ambition and coordination
between economic sectors and public
administrations.
Against this backdrop, the need to address the
interrelated crises of biodiversity loss, climate
change, food and water insecurity, and global
health together is increasingly evident. Tackling
them separately can be ineffective and even
counterproductive, while integrated action offers
greater opportunities for success and shared
benefits for people and the planet(58).
To move in this direction, it is essential that
international commitments are translated into
coherent policies and real transformations on the
ground. However, many countries have not yet
adapted their national plans to new global targets,
and economic incentives persist that work against
conservation efforts. It is therefore urgent that all
sectors come together on this global challenge and
work collaboratively to ensure a sustainable future
for generations to come.
53. World Wildlife Fund (WWF) (2024). Living Planet Report 2024.
54. World Economic Forum (2025). The Global Risk Report 2025.
55. UNODC. (2024). Biodiversity Conference (COP16).
56. European Union. EU Biodiversity Strategy 2030.
57. European Commission. (2024, August 15). Nature Restoration
Law enters into force.
58. European Commission. (2024, December 18). New IPBES
reports reveal huge economic and business opportunities for
accelerating biodiversity action.

Protecting biodiversity. Figures
1 Between 1970 and 2020, populations of
monitored wild vertebrates (mammals, birds,
amphibians, reptiles and fish) have declined by
an average of 73 %(59).
2 Nearly one million species are currently
threatened with extinction(60)
3 More than half of the world’s GDP, over than
USD 50 trillion of annual economic activity
worldwide, depends on nature(61).
4 Biodiversity loss affects our societies,
economies and our ability to cope with extreme
weather events such as floods and droughts,
which have increased five-fold in the last
50 years(62).
5 The decline in genetic diversity has profound
effects as 70 % of cancer drugs come from
natural sources or are inspired by nature(63)
6 Immediate action to address the biodiversity
crisis could unlock huge opportunities for
business and innovation, generating USD
10 trillion and supporting 395 million jobs
worldwide by 2030(64).
7 Delaying action on biodiversity targets for even
a decade could double the cost of acting now
and delaying action on climate change adds
at least USD 500 billion per year in additional
costs(65).
59. World Wildlife Fund (WWF) (2024). Living Planet Report 2024.
60. UN News. (2024, May 22). Biodiversity crisis: Extinction
begets extinction.
61. European Commission. (2024, December 18). New IPBES
reports reveal huge economic and business opportunities for
accelerating biodiversity action.
62. Obrecht, A., & Khatri, A. (2024, September 29). Balancing
growth and biodiversity: Why we need policy coherence in nature-
based solutions. World Economic Forum.
63. Obrecht, A., & Khatri, A. (2024, September 29). Balancing
growth and biodiversity: Why we need policy coherence in nature-
based solutions. World Economic Forum.
64. European Commission. (2024, December 18). New IPBES
reports reveal huge economic and business opportunities for
accelerating biodiversity action.
65. European Commission. (2024, December 18). New IPBES
reports reveal huge economic and business opportunities for
accelerating biodiversity action.
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Environmental Services
Challenges
Actions
Reducing greenhouse gas (GHG)
emissions to achieve climate
neutrality
FCC Servicios Medio Ambiente has a climate roadmap that includes actionable levers for the
short and medium term, as well as innovative levers developed for the long term to meet the
climate goals approved in FCC Environment UK’s Net Zero Plan and FCC MedIo Ambiente
Atlantic’s 2050 Sustainability Strategy.
Actionable levers in the short and medium term include actions such as diversification of
landfilled waste towards other options with lower net GHG emissions, increased landfill gas
capture and increased consumption of renewable electricity. The innovative levers to be
implemented in the long term include the progressive upgrading of the fleet towards the use of
alternative fuels and electrification, as well as CO2 capture and storage in energy recovery plants.
In line with these commitments, various actions were carried out in 2024, including the renewal
of the registration, calculation and verification of the Carbon Footprint at the Spanish Climate
Change Office (OECC) by FCC Medio Ambiente Atlantic, obtaining the “Calculate-Reduce-Offset”
and “Calculate-Offset” seals. In addition, electric collection vehicles have been incorporated in
Spain, the United Kingdom and Austria, investments have been made to improve energy efficiency
at plants and progress has been made in the development of innovation projects aligned with the
objectives described, such as the LIFE ZEROLANDFILLING project or H2TRUCK.
Investing with environmental purpose
and nature-based solutions
With the aim of promoting innovation and sustainability, FCC Medio Ambiente is actively involved
in this area by investing in and implementing R&D&I projects that seek to promote the circular
economy and decarbonisation through nature-based solutions, such as the creation of carbon
sinks and the development of a pilot plant for non-recyclable waste treatment.
Promoting efficient water use through
the use of alternative sources to tap
water
Committed to the responsible use of water resources, the Area has implemented measures to
reduce water consumption, including raising staff awareness on the issue and using reclaimed
water from wastewater treatment plants for tasks such as street cleaning, watering public parks
and gardens and fire fighting.
1
2
3
Climate change and water stress
4.3.
FCC’s response
to future challenges
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Environmental Services
Challenges
Actions
Recovering services and
reconstruction of basic
infrastructure
Given the need to mitigate the effects produced by meteorological phenomena such as the
flooding in Spain in 2024, the Environment Area mobilised human and material resources to
support efforts to restore services, providing support in the tasks of cleaning, waste collection,
material management and unblocking networks due to accumulated mud in municipalities
affected.
Boosting urban growth through
low-emission mobility
As part of its commitment to the development of more liveable and environmentally friendly cities,
FCC Medio Ambiente Atlantic is carrying out the H2TRUCK Project. This project implements
hybrid systems that combine a hydrogen fuel cell with a lithium-ion battery to power heavy-duty
vehicles, thus contributing to improving air quality and the well-being of citizens. This project is
part of a roadmap focused on balanced urban growth, aligned with the Sustainability Strategy
2050.
Urban development
1
2
H2

NextGenerationEU
Funded by
the European Union
GOBIERNO
DE ESPAÑA
MINISTERIO
DE CIENCIA, INNOVACIÓN
Y UNIVERSIDADES
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Environmental Services
Retos
Acciones
Modernising and upgrading waste
treatment infrastructures
In line with its commitment to the circular economy, the Area is implementing technological
improvements to boost efficiency in recycling and waste treatment.
In this context of transformation towards more sustainable waste management, the company
has carried out specific actions with the aim of modernising its infrastructure, replacing outdated
machinery with more efficient equipment with greater capacity for waste treatment, in line with
the company’s sustainability and circular economy objectives.
Developing new methodologies for
the recovery of waste resources
In order to lead the transformation in waste treatment, the Environment Area finances projects
aimed at implementing new systems based on the circular economy, which recover resources for
their reuse.
Within this framework, it promotes circularity in waste treatment with different initiatives that seek
to optimise current effluent and waste treatment procedures by combining technologies for the
recovery of resources, in order to move towards a decarbonised future.
Urban concentration
2
1
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Challenges
Actions
Reducing and recovering waste
and materials
Through the LIFEPLASMIX Project, the Environment Area promotes the recovery of plastic
materials and their reuse to manufacture new products, focusing on the material recovery of
mixed plastics from municipal waste, transforming them into high quality raw materials for
subsequent use in the manufacture of new products.
This project not only significantly reduces the amount of plastic waste that ends up in landfills, but
it also enables resource recovery, generating a positive impact on the reduction and creation of
materials.
Recovering renewable energy
components
In collaboration with other leading companies, the Environment Area is making progress in the
circular economy by launching the company EnergyLOOP, dedicated to the recovery of materials
from wind turbines at the end of their useful life. Using advanced technology, these hard-to-reuse
materials are transformed into raw materials for sectors such as construction, automotive and
energy.
Moreover, this process is already implemented in one of the Area's plants, which is dedicated
to recycling waste from photovoltaic panels, thus recovering materials and minimising
environmental impact.
These initiatives not only represent a significant technological breakthrough, but also have a
positive impact on the environment and the economy as waste generation is clearly reduced and
the reuse of materials in different industries is encouraged.
Urban concentration (continued)
3
4
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Environmental Services
Digital transformation, artificial intelligence and cybersecurity
Challenges
Actions
Innovation through artificial
intelligence in the field of
bioplastic recycling
FCC Medio Ambiente innovates in materials recycling technologies by integrating artificial
intelligence in order to optimise recycling and promote innovative solutions to transform the
market.
In this context, bioplastic recycling is transformed by using artificial intelligence that optimises
the sorting process of these plastics in plants, citizen participation and the improvement of
mechanical and chemical recycling systems. This solution contributes to the challenge of plastic
waste management by increasing recycling rates.
Improving cleaning activities by
implementing artificial intelligence
The Area is making progress in the digital transformation of waste management through
projects that contribute to improving efficiency in waste sorting and collection, as well as using
cutting‑edge technology to optimise processes.
One of the projects highlighted is the implementation of inspection vehicles with artificial
intelligence, a tool that helps to visually recognise and sort waste in the street collection process.
This not only improves operational efficiency and minimises the footprint of collection and
treatment processes, but also contributes to the cleanliness of urban areas and the well-being of
citizens.
Strengthening digital information
security
Committed to guaranteeing the confidentiality, integrity and traceability of information, the
Environment Area has an Information Security Management System in accordance with the
ISO/IEC 27001:2022 standard and the National Security Scheme. This system allows for the
identification, assessment and reduction of information security risks, the establishment of
policies, security controls and continuous improvements in information security.
Digitalisation and optimisation of
services
The company is working to optimise service delivery in order to transform cities into more
sustainable and liveable environments.
To this end, the VISION platform is a technological solution designed to improve the management
and monitoring of the urban services provided by the Area. It offers a secure application that
allows real-time data visualisation, optimising service coordination. VISION also facilitates citizen
participation, leading to a higher quality of services provided.
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Environmental Services
Challenges
Actions
Restoring forest areas
With the fundamental goal of offsetting CO2 emissions, FCC Medio Ambiente Atlantic actively
collaborated with Hellín Town Council (Albacete, Spain) to contribute to the fight against climate
change and restoration of ecosystems. Collaborating through the ¡Reacciona! project adds value
in this area by planting numerous hectares of woodland with native species, also helping to
restore the natural landscape of the area.
Awareness raising and training
of workers
In order to reduce the impact of accidental spills on biodiversity, the Area aims to raise awareness
of this type of incident among 100 % of the workforce and to carry out at least one accidental spill
drill per year at its sites.
Restoring and conserving
habitats and biodiversity
FCC Medio Ambiente has continued its commitment to biodiversity conservation by collaborating
with academic and scientific institutions such as the Universitat Politècnica de València and the
Canary Island Agrarian Research Institute (ICIA).
The Area also focuses its efforts on habitat restoration, promoting biodiversity in urban green
spaces and improving coastal shoreline, contributing greatly to the preservation of biodiversity
and the well-being of local communities.
Biodiversity protection through
actions on landfills
With the commitment to preserve biodiversity and minimise environmental impact, the
Environment Area promotes initiatives that reinforce the sustainability of its operations, promoting
a balance between industrial activity and natural environment conservation.
Aware that landfills are places rich in biological material, different actions are implemented, such
as covering the surface in order to reduce fire risks and avoid soil and air pollution, which affects
the biodiversity of the area. Controlled waste disposal has also been carried out, ensuring the least
possible impact on biodiversity and ecosystems.
Protecting biodiversity
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Water
Challenges
Actions
Combating the climate emergency
Defined as a line of work in its Aqualia 2024-2026 Strategic Sustainability Plan, combating the
climate emergency and promoting care for the planet are priorities for the Water Area.
To achieve this goal, the Area collaborates with various industry entities, community members
and local governments to focus its efforts on reducing its carbon footprint.
Collaborative projects and actions aligned with the climate challenge implement measures to
control and reduce GHG emissions. These actions include calculating the carbon footprint per
country, improving facility energy efficiency, using renewable energies and transforming its vehicle
fleet.
Efficiency and optimisation of
water consumption
The Water Area is committed to the efficiency and optimisation of water consumption, setting the
objective to reduce the volume of unregistered water by improving network efficiency.
Adapting to each location where it operates and in collaboration with public administrations, the
Area is committed to the most advanced technology and the implementation of remote control
solutions to reduce water losses and optimise water consumption.
Ensuring water quality
Due to the nature of its operations and its close relationship with water consumption, the Water
Area is responsible for ensuring access to quality water in all regions it serves, including those
with high levels of water stress.
To fulfil this responsibility, the organisation works to ensure the excellence of the resource through
a network of laboratories, a management system for tank cleaning and specialised IT tools.
The Area has 22 laboratories in five countries, internationally accredited under the ISO 17025
standard, which guarantees its technical competence in water analysis and quality control. In
addition, they manage the cleaning of more than 3,000 tanks using a standardised procedure
that optimises these tasks. They also have the LAB application, a digital tool that facilitates the
continuous and efficient monitoring of processes in their facilities.
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Water
Challenges
Actions
Strengthening water infrastructure
The Water Area works to strengthen the resilience and operational capacity of water
infrastructures in order to guarantee a continuous and secure supply even in extreme climatic
situations, such as "El Niño" in Colombia or heavy rainfall in Spain.
Forming partnerships to ensure
access to water
Access to water is essential for urban development as cities depend on efficient water resource
management to ensure a clean, safe and efficient supply for the entire population. In this
context, the Area encourages public-private collaboration in projects aimed at the sustainable
transformation of communities.
As part of this commitment to good water governance, the Area leads initiatives such as the
StepbyWater Alliance, which promote multi-sectoral collaboration and innovation around this
limited resource.
It also collaborates with various institutions to facilitate access to water in vulnerable
communities, either through subsidised water services or direct supply in areas with limited
resources.
Ensuring essential service
continuity in critical situations
In the face of the devastating effects caused by different meteorological phenomena, the Water
Area mobilised teams and technical resources to collaborate in the urgent recovery of the end-to-
end water cycle, restoring supply and sanitation in the affected municipalities as soon as possible,
in accordance with its commitment to the territories in which it operates. In Georgia, it worked to
restore supplies to the country's capital Tbilisi in record time following a landslide that affected
one of the main supply arteries to the city. And in Italy, in the province of Caltanissetta, important
actions have been taken to minimise the effects of a severe drought under the coordination of
the Regional Crisis Committee. Also in Spain, in response to the situation caused by the flooding,
Aqualia provided a rapid response in collaboration with the municipalities.
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Water
Retos
Acciones
Impulsar la economía circular
mediante la recuperación y
valorización de residuos
En línea con el compromiso de avanzar hacia un modelo económico circular, el Área de Agua ha
impulsado la valorización de lodos a través de la transformación de las estaciones depuradoras
de aguas residuales (EDAR) en biofactorías. En este contexto, se han desarrollado iniciativas
orientadas a transformar las EDAR en biofactorías, con el objetivo de maximizar la recuperación
de recursos y reducir la generación de residuos, especialmente en pequeñas poblaciones.
Proyectos como H2020 BBI B-Ferst y Life Intext forman parte de este enfoque de innovación.
Como parte de estos esfuerzos, en 2024 se inauguró en la EDAR de Mérida, en Badajoz (España),
una de las mayores biofactorías de microalgas de Europa. Esta iniciativa permite aprovechar
aguas residuales para la producción de bioproductos, contribuyendo al ciclo de la economía
circular y a la sostenibilidad de los recursos hídricos.
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Challenges
Actions
Reusing water in industrial and
agricultural sectors
The Water Area has developed several projects focused on the reuse of treated water in industrial
and agricultural sectors.
Advanced solutions for water treatment and reuse have been implemented in industry, with a
particular focus on the food and beverage industry. Additionally, in the petrochemical industry,
water reuse projects are being developed by investigating a new industrial effluent treatment
system.
In the agricultural sector, significant progress has been made in the reclamation of wastewater
for irrigation by developing technologies adapted to regulations. Of particular note is the reform
of the El Ejido WWTP in Almeria (Spain), which has increased its treatment capacity and has
made it possible to obtain recycled water validated for agricultural irrigation, through two different
treatment lines.
Recognition for innovation
in the circular economy
Advances in the circular economy promoted by the Water Area have been recognised with
various awards that reinforce the value of the initiatives developed. The microalgae biofactory at
the Mérida WWTP was recognised as Treatment Project of the Year at the iAgua 2024 Awards,
highlighting its innovation in the regeneration of resources from wastewater.
Moreover, the project developed together with the University of Valladolid (Spain) on biogas
recovery received the award for Best Public-Private Partnership Project at the 1st Spanish Water
Technology Platform Awards (PTEA), underlining the importance of cooperation to advance
sustainable solutions.
The circular and sustainable economy (continued)
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Water
Challenges
Actions
Digital transformation for smart
and transparent water cycle
management
In order to transform end-to-end water cycle management, the Water Area has developed
Aqualia Live, a digital platform that incorporates advanced technologies such as big data, cloud
computing and artificial intelligence. This tool centralises all processes and devices in the water
system, enabling real-time monitoring, analysis of large volumes of data and automation of key
operations.
Thanks to its cloud infrastructure, Aqualia Live offers scalability, secure remote access and
optimised performance across multiple locations, adapting to a variety of operational needs. In
addition to improving technical staff efficiency, the platform enhances transparency by providing
institutional customers with direct access to key information.
This application thus positions the Area as a data-driven organisation capable of meeting the
challenges of water management.
Strengthening cybersecurity
commitments
The Water Area is governed by its cybersecurity model that strengthens efforts to provide better
cyberdefence, protecting the confidentiality, integrity and availability of information.
Measures implemented include control systems such as backups and incident detection, which
are in line with the security policies and specific IT security procedures developed by the Area.
These measures are supported by the availability of various guides and technical training for staff.
They also have multiple certifications, including ISO 27001 for data security, as well as ISO 27017
and ISO 27110, ensuring compliance with the most recognised national and international
standards and best practices.
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Water
Challenges
Actions
Identifying and managing
protected areas for the biodiversity
of operations
In 2024, in line with its strategic sustainability plan, the Water Area identified risks and
opportunities related to the nature of its activities in 817 facilities, using the LEAP methodology
proposed by TNFD (Taskforce on Nature-related Financial Disclosures). In operation centres close
to areas with high biodiversity value, specific protection measures are implemented in line with
ISO 14001. In addition, they proactively dedicate efforts to the preservation and survival of species
in protected areas.
Developing projects to promote
biodiversity
The Water Area develops projects that integrate innovative solutions to mitigate the environmental
impact of its activities and favour the regeneration of ecosystems.
One of the most outstanding initiatives is the forest restoration in Riofrío (Ávila, Spain), where the
use of organic amendments has made it possible to recover impoverished soils and stimulate
greater plant diversity.
In the agricultural field, the B-FERST project transforms nutrients extracted from sewage
treatment plants into advanced fertilisers, promoting more sustainable land use practices.
Furthermore, at the Linares WWTP, PPB biomass is used as a slow-release fertiliser, which
improves soil structure and enhances soil fertility.
Finally, the MARadentro project in Medina del Campo (Valladolid, Spain) contributes to aquatic
habitat conservation by recharging aquifers with reclaimed water, thus ensuring a more balanced
and beneficial supply for underground biodiversity.
Collaborating to lead on
biodiversity
Aware that environmental challenges require joint action, the Water Area actively participates in
platforms that promote biodiversity conservation. The Area is a member of the Spanish Business
and Biodiversity Initiative (IEEB) and the Biodiversity Pact, both promoted by the Biodiversity
Foundation of the Ministry for Ecological Transition and the Demographic Challenge.
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Construction
Challenges
Actions
Promoting the use of renewable
energies and energy efficiency.
The Construction Area reinforces its commitment to sustainability and the fight against climate
change by incorporating solutions that pursue innovation and energy efficiency. Measures
adopted include the installation of renewable energy generation systems, such as solar panels
and wind turbines, which significantly reduce greenhouse gas (GHG) emissions and reduce
dependence on fossil fuels. This is complemented by implementing energy-efficient technologies,
such as energy-efficient systems and the use of efficient materials.
Developing low environmental
impact materials
Committed to the development of solutions related to climate change, the Area has invested in
the development of materials that have a lower environmental impact. For example, a low carbon
footprint concrete has been created using industrial waste as a precursor through the R&D project
with Qatar Rail.
Reducing dependence on fossil
fuels
In order to considerably reduce dependence on fossil fuels, as well as contributing to the reduction
of greenhouse gas emissions, the Construction Area has developed the FOTOVOPLAS project
through which the company Megaplas, S.A. will be able to install a photovoltaic system for its own
consumption, thus committing to renewable energies, sustainability and the environment.
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Construction
Challenges
Actions
Restoring damaged infrastructure
and essential services
In order to re-establish services in the areas affected by flooding, the Construction Area worked on
the reconstruction of two damaged bridges on the CV-33 road, as well as on clearing debris and
preparing accesses to restore mobility. These efforts were key to restoring traffic and travel.
Promoting sustainable urban
growth through essential
infrastructure
Through its activities, the company contributes to the transformation of cities and the promotion
of urban development, fostering balanced, sustainable and socially responsible growth. Its actions
are aimed at both improving connectivity and creating safe, accessible and functional urban
environments.
This is achieved through transport-focused projects such as the construction and improvement of
motorways, optimising urban mobility by connecting districts, reducing traffic and minimising the
carbon footprint. In addition, sustainable mobility is promoted by implementing bicycle lanes, thus
contributing to the development of cleaner and more accessible cities.
Creating efficient healthcare infrastructures, such as the Aranda de Duero Hospital in Burgos
(Spain), also reinforces the Area's commitment to urban growth and social well-being by providing
infrastructures that improve the quality of life of the population and favour local economic
development.
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Construction
Challenges
Actions
Efficient waste management in
construction activities
FCC Construcción is moving towards a construction model based on the principles of the circular
economy, seeking solutions to reduce waste generated during construction, such as the adoption
of the "zero waste" methodology on its sites. This strategy is supported by actions including
increased material reuse and recycling and the development of innovative building systems, such
as the use of prefabricated modules.
This reduces construction-related waste as well as waste disposal costs and environmental
impact.
Promoting smart demolition and
recovery processes
Through the DEMOLTECH project, the Area is participating in the development of an integral
prototype for smart demolition by researching recovery processes that make it possible to
generate circular raw materials in urban environments, taking into account all phases of the
project life cycle, including the deconstruction phase.
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Construction
Challenges
Actions
Significant improvement in
operational efficiency across
platforms
Software has been developed through numerous projects to improve communication and
interoperability between the different industrial platforms, as well as to facilitate the control and
management of works, and research has been carried out into new technologies to digitalise and
automate the main works management processes.
Digitalisation and optimisation of
sustainability assessment
Committed to optimising sustainability in project management, FCC Construction and Matinsa are
developing the SOSTEVAL innovation project to research advanced solutions in a comprehensive
automated smart system for assessing and improving sustainability throughout the life cycle of
civil works.
Collaboration in the development
of cybersecurity solutions
The Area actively collaborated with other technology and infrastructure management companies
in researching various technologies, techniques and tools aimed at developing solutions to
increase cybersecurity against possible attacks on critical environments, such as Industry 4.0,
Smart Cities or critical infrastructures.
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Construction
Challenges
Actions
Ecosystem conservation and
protection
The Construction Area directs its efforts to biodiversity and habitat conservation with actions
such as the restoration of ecosystems and the mitigation with preventive and corrective measures
of the possible negative effects that may be caused in the course of its activities.
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Concessions
Challenges
Actions
Reducing greenhouse gas (GHG)
emissions and increasing energy
efficiency
The Concessions Area promotes sustainability in its operations by implementing renewable
energy systems such as solar panels and applying energy efficiency technologies in its operations.
This improves project environmental performance in line with global climate targets.
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Concessions
Challenges
Actions
Promoting urban connectivity
and transport efficiency by
constructing civil infrastructure
By the very nature of the Area's activities, the contribution to urban development is closely linked
to the company's aim and purpose. As a result, the Area has invested, contracted and managed
more than 30 contracts covering 2,100 kilometres of roads in nine countries, thus facilitating the
connectivity of cities, transport efficiency and boosting the economy.
Favouring mobility in urban areas
by facilitating urban transport
The Area makes progress in urban and social development through its own activities, promoting
accessible mobility options for the entire population, as well as the development of groups with
less access to private vehicles.
In this context, it has carried out 11 rail transport projects in cities in Spain and Peru, including the
financing, construction and management of more than 150 kilometres of railway lines, promoting
connectivity in urban areas and contributing to sustainable mobility.
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Concessions
Challenges
Actions
Reducing and recovering waste
By implementing strategic actions focused on the reduction of waste generated, the Concessions
Area is firmly committed to consolidating the principles of the circular economy in all its
operations.
In this sense, the Area has promoted various initiatives that seek not only to minimise the
environmental impact of its activities, but also to generate value through more efficient resource
management. It thus works towards responsible waste management and a more sustainable life
cycle of materials.
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Concessions
Challenges
Actions
Ensuring biodiversity protection
In line with its commitment to the care, preservation and repair of biodiversity, the Concessions
Area establishes actions aimed at this end in the areas where the company carries out its
activities. To minimise and mitigate impact on biodiversity, morphological restoration and
revegetation work is carried out, as well as transplanting and relocating plant and animal species.
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4.4.
FCC Strategy:
focus on growth with
profitability
FCC has proven its resilience and adaptation
throughout its history based on three main
components: a leadership position in the different
businesses; sustainability as a source of income;
and the strength of its balance sheet and
shareholder structure.
The FCC Group’s model of value creation aims
to foster the sustainable evolution of cities,
positioning FCC at the forefront of its competitive
environment, ever mindful of quality, innovation
and integrity in its actions, management efficiency,
proximity and commitment. The FCC Group
and each of its businesses focus their strategy
primarily on:
Strengthen their competitive position in
key markets in which it is currently present.
Selective growth in new markets that are
attractive and aligned with the corporate
culture and risks of the company.
Maintain leadership in key
markets and selective growth
in new markets
In the countries where it operates, FCC focuses its
efforts on guaranteeing the quality and continuity
of its services and products with the aim of
retaining a competitive position in each market.
Given the diversity and how they complement
each other, the synergies between them help to
correctly assess the risks and potential of each of
project, which translates into a sustained increase
in the Group’s different key geographical areas.
FCC intends to be a partner to its customers,
establishing long-term relationships, providing
guarantees and the reliability of a big leading
company, while also remaining local and focused
in the long-term on each of the regions where it
operates. As an example, it is worth highlighting
the high contract renewal rates obtained in all
FCC Group’s business areas.
Meanwhile, each of the FCC Group business areas
detects opportunities of interest in the markets in
which it operates, as well as in other, new markets.
The Group’s strategic planning means it can
establish objectives to be achieved by each area of
activity.
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Environmental Services
FCC Medio Ambiente has a solid position in
Spain in the provision of urban environmental
services, operating for more than a century.
Internationally, the Area holds a very prominent
position in the comprehensive management
of solid urban waste and in the provision of a
wide range of environmental services for many
years, mainly in the UK and Central Europe, and
has been growing for more than a decade in the
USA. Globally, the Area serves 78 million people
in 5,650 municipalities. On the other hand, in
numerous contracts, the company’s commitment
to sustainability, the environment and added value
in tenders is materialised by the incorporation of
fleets powered by clean energies, with Compressed
Natural Gas, electric and even hydrogen fuel cells.
In the future, new services to be promoted by
the Area will focus on energy efficiency, urban
mobility and smart cities. The sector is currently
undergoing a process of transformation due to the
environmental regulatory requirements of each
country, which means that there is great potential
for development in the field of energy recovery
from waste, both in Europe and in the USA.
FCC Medio Ambiente Atlantic expects moderate
growth in Spain from new contracts. Attractive
potential new tenders, mainly linked to waste
management (with a target of 20 % per year) and
continuing to maintain existing contracts renewal
at 90 % are the main vectors for the evolution of
activity in the country. In the rest of continental
Western Europe, there are growth opportunities
in Portugal related to the treatment of industrial
and municipal waste; in France, growth in waste
collection, street cleansing and waste incineration
activities will be boosted.
In Central and Eastern Europe, the focus in 2025
will be on improving the energy efficiency of
treatmnet processes, route optimisation and rate
adjustment. Mainly in the Czech Republic and
Slovakia, the medium-term strategy will be linked
to changing the business model towards more
processing and the development of waste-to-
energy technology as regulations against landfill
bans and landfill taxes are already in place.
In the UK, regulations linked to the circular
economy, such as the return system, plastic tax
or the increase of recyclable materials, increase
opportunities in the short and medium term.
Other key strategic objectives of a general
nature in Europe include increasing the quality
and quantity of reusable raw materials to meet
circular economy targets by investing in separate
collection and automated sorting facilities, as
well as diversification of the business model in
niches such as hazardous waste management
and treatment.
In the USA there is significant potential for energy
recovery as it reduces dependence on landfill and
allows for the generation of renewable energy.
The modernisation of existing infrastructures will
allow the Area to increase its market leadership
by adopting innovative technologies. By 2025, this
type of project will be developed in Florida: Miami-
Dade, Pinellas, Hillsborough, Broward and Palm
Beach, for example.
In addition to boosting the energy recovery
business, the Area’s strategic focus for 2025 in the
USA includes improving the vertical integration
of collection contracts with treatment activities
and pursuing acquisitions that align with the
Group’s long-term growth objectives. Mechanical
biological treatment plant development has been
promoted in the country in recent years as a result
of new regulations that require minimising landfill
disposal, and the Group’s international experience
sets it apart from its usual competitors.

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Water
Aqualia aims to maintain its competitive presence
in end-to-end water cycle management markets
where it has consolidated activity, such as Europe,
taking advantage of the different opportunities and
needs that arise. Aqualia’s experience also allows
it to study business opportunities in countries with
political and social stability.
In growth markets such as North Africa, Latin
America and the Middle East, BOT (Build, Operate
& Transfer) and O&M growth is being pursued in
addition to end-to-end cycle management, while
in the US, opportunities are being explored to
strengthen its positioning.
In the short term, the Area will promote the design
of renewable generation projects in different
countries (Spain, Mexico, Qatar, Georgia, Czech
Republic and Portugal) while no major construction
projects or major variations in operation and
maintenance (O&M) activity are expected.
In the international market, the situation will be
reinforced by the new contracts added to the
perimeter in Colombia, France and the United
States. Tariff revenues are expected to rise in line
with inflation, while maintaining Ebitda margin
thanks to planned water and energy efficiency
measures.
Expectations for 2025 in Spain include the
definitive recovery of pre-2020 levels of activity
in non-residential consumption, together with the
commissioning of the Mar de Alborán SWRO (Sea
Water Reverse Osmosis), in Almería. The contract
renewal rate is expected to remain above 90 % and
electricity rates to stabilise.
In the rest of Europe, opportunities are foreseen
Portugal in 2025 for new projects linked to leakage
reduction (through the Strategic Water Plan) and
planned desalination facilities. In Italy, as a result
of the severe drought over the last two years,
especially in Sicily, authorities have activated
improvement plans for existing infrastructures
and funding has been presented for network
improvement or the creation of well fields, etc.
The search for new business in France will step up
and new sales offices are planned, including Lyon.
Finally, in the Czech Republic, the company has
earmarked new investments to improve the energy
efficiency of existing infrastructure and reduce the
carbon footprint of the system. These investments,
combined with the recent contract award in
Ostrava (Moravian-Silesian region), maintain the
optimistic forecasts for 2025. In Georgia, the trend
of recent years is expected to continue, motivated
by the new regulation approved for the three-year
period 2024 to 2026, which includes a rate update
and lays the foundations for the infrastructure plan.
In Asia and North Africa, new tenders for BOT
contracts are expected in Egypt and Saudi Arabia
for which Aqualia is very well positioned.
In Latin America, progress and improvements
are expected in existing projects in Mexico
(El Realito Aqueduct and end-to-end management
improvement in Los Cabos); while in Peru, the
agenda will be marked by the four current projects
and the launch of the Chincha BOT project.
Finally, in the USA, the main opportunities are
linked to water shortages, obsolete hydraulic
infrastructure and the scarce penetration of private
sector operators in certain states.
Increasing stringent legislation in relation to
controlling and eliminating emerging contaminants
to protect water bodies and surface water
represents a business opportunity for Aqualia to be
explored in the coming years.
Response to challenges | Page 35 of 36
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Response to challenges | Page 36 of 36
Construction
FCC Construcción presents a defined strategy for
the development of key infrastructure projects
in different countries in Europe, the Middle East,
Australia and America; strategic projects selected
after a thorough risk analysis.
The company’s extensive experience, technical
capacity and innovation mean it can provide
added value throughout the entire business and
social chain of projects, from definition and design
to subsequent implementation and operation.
It should also be noted that the company is a
pioneer in applying Building Information Modelling
(BIM) technology for easier planning, cost control,
sustainability, quality management and project
safety, a competitive edge that reinforces its global
positioning.
Opportunities in national and international markets
are sought under a demanding risk management
system to select projects that ensure the
company’s profitability and cash flow generation.
In the international market, the outlook is marked
by major infrastructure developments obtained
in previous years and the contribution of markets
in the Americas (United States, Canada, Chile,
Colombia and Peru), Australia, the Middle East
(Saudi Arabia) and Europe (Germany, Norway, the
Netherlands, Portugal and Romania).
Macroeconomic forecasts for 2025 estimate
sustained recovery and growth that could translate
into increased investment in public and private
infrastructure that might benefit the construction
sector. More stable commodity prices and
improved financing conditions are expected, which
will contribute to project viability and profitability.
The Area’s medium-term strategy is to continue
promoting sustainability and innovation as
competitive advantages towards a greener and
digitalised economy.
Concessions
FCC Concesiones has extensive experience in
the design, financing, construction, operation
and maintenance of transport and social
infrastructures under concession, with 90 %
of its turnover in Spain and the remainder in
Portugal and Mexico. This international presence
is reinforced by its participation, for example, in
the concession development of the Lima metro
(Peru) and the A-465 dual carriageway in Wales
(United Kingdom).
The Area seeks to maintain competitiveness in
the markets in which it operates, taking advantage
of the Group’s various platforms in ‘greenfield’
projects, which involve the development of new
infrastructures, to achieve selective growth
in markets such as the USA, Europe and the
Middle East.
Consolidation achieved in 2024 in Spain will be
enhanced in 2025 by pursuing growth in the United
States, Europe (mainly in the Czech Republic
and United Kingdom) and Asia (Middle East
and Oceania), by seeking to manage different
public and private transport and non‑residential
infrastructures.

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FCC. Annual Report 2024
1. Highlights of the year _ 87
2. Key figures _ 90
FCC in 2024

FCC Ámbito opens its photovoltaic panel
end-to-end recycling plant in Cadrete
(Zaragoza, Spain).
FCC Environmental Services strengthens
its presence in Florida with a new contract
in Clay County (USA).
The Integrated Management Improvement
Project (MIG) begins in Cabo San Lucas
(Mexico), which will optimise the supply
system for more than 200,000 inhabitants.
FCC Servicios Medio Ambiente appoints
Íñigo Sanz as new Chief Executive Officer.
FCC Medio Ambiente wins the contract for
the management of the Zurita
Environmental Compound in Fuerteventura
(Las Palmas, Spain).
FCC Medio Ambiente applies Artificial
Intelligence to the Madrid cleansing
services (Spain).
FCC Environmental Services grows its
presence in the United States by securing a
new contract in Saint Paul, Minnesota.
1. Highlights of the year
FCC Medio Ambiente will continue to
provide the selective collection service for
the San Marcos Municipalities Association
(Gipuzkoa, Spain).
Aqualia's Integrated Management
Improvement Project (MIG) has landed in
the United States by acquiring the company
Municipal District Services, LLC (MDS),
which manages the end-to-end water cycle
for 364,000 inhabitants on the outskirts of
Houston (Texas).
The Riohacha service (La Guajira,
Colombia) receives recognition from the
Ministry of Labour for its participation in
the country's Labour Inclusion Strategy.
The Guaymas-Empalme desalination plant
(Mexico) is presented as a success story
at the International ALADYR Congress
in Mexico.
The subsidiary SEFO renews for 7 years its
main contract in Paris (France), which
supplies more than 74,000 inhabitants of
five municipalities in the area.
Aqualia presents the results of an
advanced analytics project it is developing
together with SDG Group to prevent water
leaks, with improvements of up to 8 % in
hydraulic performance.
FCC Construcción Chile completes the
Mapocho Río Park project.
FCC Environment secures once again
Herefordshire Council’s Recyclables and
Waste Collection contract (United
Kingdom).
FCC Environmental Services awarded the
waste collection contract for the South
District of Sarasota County (USA).
Aqualia's Board of Directors appoints
Santiago Lafuente, former director for
Spain, as new CEO of Aqualia.
Riohacha and Villa del Rosario (Colombia)
already have authorised laboratories for
water quality control, which will provide a
permanent water quality monitoring service.
The extension of the Glina WWTP
(Romania), the largest facility of its kind in
the country, is selected as one of the four
best WWTPs in the world at the Global
Water Awards 2024.
The service in Salamanca (Spain) validates
its model of excellence in the Water
Benchmark 2022 together with 45 other
operators, both public and private, from
18 countries.
OSWS, Aqualia's Omani subsidiary, wins
the British Safety Council Award (British
Safety Council International Safety
Awards) and the RoSPA Award (RoSPA
Health and Safety Award).
FCC Construction achieves the “Calculate”
seal from the Carbon Footprint, offset and
carbon dioxide absorption projects registry
for another year.
Purchase of all the shares of the Parla
Tramway in Madrid. FCC Concesiones
strengthens its position in the
high-capacity urban transport sector by
adding this operation to that of the
Tramways of Murcia, Zaragoza and
Barcelona (Spain).
April
March
February
Aqualia and the University of Valladolid
(Spain) receive the "Best Public-Private
Partnership Project" award from the
General Assembly of the Spanish Water
Technology Platform (PTEA) for their work
on the DEEP PURPLE and CHEERS
projects.
Aqualia receives the "Values of Excellence
2024" Award for its contribution to
development in Andalusia, at the 10th
edition of the Rull y Asociados
Consultancy Awards.
FCC Construcción joins the Zero
Discrimination campaign of the Diversity
Foundation.
Esther Alcocer Koplowitz, chairwoman of
FCC, receives the AMMDE Construction
and Architecture 2024 Award for "Woman
of Reference".
Launch of the roota project, the FCC Group
intra-entrepreneurship programme.
FCC Medio Ambiente renews the
management contract for GESPESA's
facilities in Badajoz (Spain).
FCC Ámbito signs an agreement with
Iberdrola to promote the industrial-scale
recycling of photovoltaic panels (Spain).
FCC wins the contract to build the Pape
Tunnel and several Ontario Line Metro
Stations (Canada).
FCC Construcción has been recognised
with more than 23 national and
international awards for its activity and
projects.
Awardees of Lot 8 of the Extraordinary
Investment Plan for Roads of the Aragón
Regional Road Network (Spain).
January
Group
Environment
End-to-end Water
Management Cycle
Construction
Concessions
Highlights of the year | Page 1 of 3
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FCC. Annual Report 2024

August
July
June
May
Esther Alcocer Koplowitz, new jury
member for the Princess of Asturias
Award for Concord 2024.
The FCC General Shareholders' Meeting
approves the partial financial spin-off of
FCC in favour of Inmocemento.
FCC Servicios Medio Ambiente completes
the acquisition of Urbaser's UK subsidiary.
FCC Medio Ambiente honoured with the
‘Equality in the Workplace’ Distinction from
the Ministry of Equality, through the
Women's Institute (Spain).
The Life Landfill Biofuel project by
FCC Medio Ambiente recognised at the
National Energy Awards (Spain).
FCC Environment renews the contract for
the management of 13 household waste
recycling centres and the transfer station
for the Hull City and East Riding of
Yorkshire councils (United Kingdom).
FCC Medio Ambiente awarded for its
commitment to innovation by the
University of Valladolid (Spain).
Aqualia issues a USD 300 million green
bond in its subsidiary GWP and establishes
a Green Financing Framework for projects
and assets that support Georgia's
sustainable development.
The Mérida WWTP (Extremadura, Spain)
inaugurates one of the largest microalgae
biofactories in Europe, which, as part of the
European H2020 SABANA project, aims to
obtain bioproducts from wastewater.
FCC Servicios Medio Ambiente
strengthens its presence in Florida with the
acquisition of Gel Recycling Holdings
(USA).
Aqualia will give twelve presentations at
the 37th AEAS Technical Conference
(Castellón, Spain), where it will also present
the Aqualia Live platform at the Water
Technology Exhibition.
The company develops Caltaqua
Comunica, a WhatsApp channel that
informs users in Caltanissetta (Italy) in real
time about the situation of extreme
drought in the area, where it is also
deploying a wide-ranging campaign to
raise awareness.
"Aquaventura”, Aqualia's digital educational
platform, is awarded in the "ESG
Environmental Commitment" category at
the 7th Ramón del Corral Dircom Awards.
FCC Construcción wins the "Digital
Collaboration Award" at the Construction
Excellence Awards 2024.
The Spanish Ambassador to the
Netherlands visits the A9 dual carriageway
extension project (Netherlands).
The FCC Board of Directors proposes a
project to spin off the Real Estate and
Cement Areas into a new listed company.
FCC Medio Ambiente awarded the contract
for the new urban services of
Benalmádena (Málaga, Spain).
Palencia trusts FCC Medio Ambiente with
its waste collection and street cleansing
services (Spain).
FCC Ámbito renews the Bilbao Metro
cleaning and maintenance service
(Biscay, Spain).
FCC Environmental Services expands
its presence in the United States with a
new contract in Buncombe County,
North Carolina.
The Balearic Water and Environmental
Quality Agency (Abaqua) awarded the
Aqualia and Acciona consortium the
contract for the operation, maintenance
and conservation of three desalination
plants in Ibiza (Spain) for the next
four years.
Aqualia's Customer Service Centre (CSC)
is celebrating 20 years of telephone
customer service since it answered its
first call in 2004. It has handled almost
17 million calls in total.
Aqualia is a finalist for the Andesco
Sustainability Award 2024. The National
Association of Public Utilities and
Communications Companies (Andesco)
recognises the sustainable management
model in the services operated by Aqualia
in Colombia.
FCC Construcción is emission-neutral
in its water consumption.
Georgian subsidiary GWP is restoring
supplies to the country's capital Tbilisi in
the record time of one week following a
landslide that affected one of the main
supply arteries to the city.
For the second year in a row, FCC is
the third largest Spanish construction
company in the world according to
Deloitte's Global Powers of Construction.
FCC appears in the 22nd edition of Forbes'
annual Global 2000 ranking of the world's
largest companies.
FCC Construcción obtains the MERCO seal
for companies with the Best Reputation.
FCC Servicios Medio Ambiente finalises
the acquisition of Europe Services Groupe
(ESG) in France.
The Mar de Alborán desalination plant,
located in Cabo de Gata (Almería), receives
authorisation to start producing water for
agricultural irrigation, which will reach
432 hectares of 200 irrigators.
Aqualia will develop four PERTE water
projects in Asturias, the Canary Islands,
Cantabria and Ciudad Real (Spain), which
will benefit more than 1.6 million
inhabitants and represent a combined
investment of more than 35.2 million
euros.
FCC Construcción is making progress in
the phases prior to construction of the
Pallas medical isotope reactor (Holland).
Metro Panama's Line 2 extension project,
winner of the ENR Best Global Project.
FCC Construction Australia is awarded the
largest social and affordable housing
development in Queensland (Australia).
FCC Construcción ranks 29th on the ENR
2024 international list.
FCC Construcción begins installing beams
for the Industrial Bridge (Chile).
Group
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End-to-end Water
Management Cycle
Construction
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Highlights of the year | Page 2 of 3
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FCC. Annual Report 2024

December
November
October
September
FCC Servicios Medio Ambiente issues a
€600 million bond to finance
environmental projects.
FCC Medio Ambiente renews the contract
for the maintenance, conservation and
upkeep of parks and grounds for the city
of Oviedo (Asturias, Spain).
FCC Ámbito obtains Aenor's Zero Waste
Management certification for the
Castellbisbal and El Pont de Vilomara i
Rocafort industrial waste plants
(Barcelona, Spain).
FCC Environment recognised by British
Safety Council for its efforts in the fields
of safety, health, environment and quality
(United Kingdom).
The innovative idea "Digital Twins: Our
window to the future" winner of roota, the
FCC Group intra-entrepreneurship
programme.
FCC Medio Ambiente renews its
commitment to L'Hospitalet de Llobregat
urban services (Barcelona, Spain).
FCC Medio Ambiente renews the waste
collection and street cleansing services for
the city of Bilbao and Mercabilbao
(Biscay, Spain).
FCC Medio Ambiente awarded the waste
collection contract for Vall D'Aran (Lleida,
Spain).
FCC Medio Ambiente strengthens its
presence in Biscay with the renewal of the
Txorierri and Sestao contracts (Spain).
FCC Servicios Medio Ambiente launches
its first Sustainability Disclosure.
FCC Medio Ambiente obtains the first Zero
Waste certification of a Municipal Service
for its management of the Barcelona
Sewerage Maintenance contract (Spain).
FCC Meio Ambiente will continue to
provide the waste collection and street
cleansing services for the municipality of
Marco de Canaveses (Portugal).
FCC Environment renews the contract for
various municipal services in the city of
Prostějov (Czech Republic).
Aqualia renews its commitment to the
"Diversity Charter", which has been in force
since 2018 and includes 10 fundamental
principles to promote equality, diversity
and inclusion in the workplace.
Georgian subsidiary GWP will invest
more than 46 million euros to renovate
a 70 kilometres of water supply and
sewerage networks in Tbilisi, Rustavi and
Mtskheta as part of a ten-year action plan.
Portugal's Aquamaior and Cartágua
services receive the ERSAR Exemplary
Water Quality Seal for the second
consecutive year.
FCC Medio Ambiente awarded the waste
collection and street cleansing contract for
Fuengirola (Málaga, Spain).
Santiago Lafuente, CEO of Aqualia,
highlights the importance of acquiring and
retaining young talent as a major challenge
for the water sector at the 4th IWA-YWP
Spain National Conference 2024.
Three new contracts strengthen Aqualia in
France and add 50,000 new inhabitants
served in the departments of Val d'Oise,
Eure et Loir and Loiret.
AqualiaMACE, the consortium of Aqualia and
Emirati group MACE Contractors, is
recognised by TAQA, a global giant in the
energy and water sector, for its commitment
to sustainability.
FCC Construcción will resume construction of
the Nou Mestalla stadium (Valencia, Spain).
FCC Construcción completes excavation of
the 11th station on Line 2 and 4 of Lima Metro
(Peru).
Capital increase with share premium in order
to reorganise Concession assets, the debt
with FCC, S.A., and concession companies.
The FCC Group Construction Area
collaborates in restoring services affected
by flooding (Spain).
FCC Construcción participates in the
United Nations Think Lab on Business
Integrity.
The DigiChecks 'platform' is validated
on the A465 dual carriageway extension
project (Wales, United Kingdom).
Sale of 100 % of Cemark's shareholding.
FCC Construcción publishes its
Sustainability Report 2023-2024.
FCC Construcción starts work on the A-5
underground road (Madrid, Spain).
FCC Construcción obtains the "Zero
Waste" Certificate.
Santiago Bernabéu Stadium, built by
FCC Construcción, voted the best stadium
in the world by the World Football Summit.
FCC Construcción Preferred Proponent for
the Fraser River Tunnel project (Canada).
FCC Construction publishes its
Greenhouse Gas Emissions report
for 2023.
The latest satisfaction surveys show that
92 % of end customers of SmVak, the
Czech Republic subsidiary, rate service
management positively.
The Granadilla de Abona SDP (Santa Cruz
de Tenerife) is the first contract in Spain to
implement and certify the ISO 55001 Asset
Management System Standard, issued
by AENOR.
The algae biofactory at the Mérida WWTP
(Extremadura, Spain) wins "Treatment
Project of the Year" at the iAgua 2024
Awards.
FCC Construction attends the United
Nations’ Climate Change Conference.
The more than 120,000 inhabitants of Villa del
Rosario (Colombia) will see an improvement
in their drinking water supply thanks to the
extension and optimisation of the "La Gran
Colombia" DWTP by Aqualia.
Aqualia teams from 18 services join forces to
guarantee drinking water in the areas affected
by flooding in Spain, mobilising resources
such as sanitation trucks and motor pumps.
Inauguration of the Riyadh Metro yellow,
green and purple lines (lines 4, 5 and 6)
(Saudi Arabia).
FCC Group and three of its business Areas
seal their commitment to the Diversity
Charter.
The Aranda de Duero Hospital (Burgos, Spain)
construction project, an example of
sustainable, efficient and innovative
healthcare infrastructure.
FCC Medio Ambiente will continue to
provide waste collection and street
cleansing services in Ávila (Spain).
FCC Medio Ambiente presents its H2Truck
project at Smart City Expo and wins
the 2024 World Smart City Awards
(Barcelona, Spain).
FCC Environment awarded the contract to
operate the Valea Mărului Integrated Waste
Management Centre in Galați (Romania).
Digital newspaper El Español grants
Aqualia the prize for "Best Large Company
Digitalisation Project" at the Disruptors
Innovation Awards 2024 for the story of
how Aqualia and SDG Group improved
water efficiency in Dénia (Alicante) and
Talavera de la Reina (Toledo) in Spain.
Inmocemento is registered in the Company
Register.
FCC Group and three of its business areas
seal their commitment to the Diversity
Charter.
Esther Koplowitz receives an honorary
award for her inclusive leadership at the
7th Diversity, Equity and Inclusion (DE&I)
Awards.
The FCC Group and its business areas
obtain UNE 15896:2015 and ISO 20400
certifications.
FCC Medio Ambiente renews its
commitment to the street cleansing
service in Donostia-San Sebastián
(Gipuzkoa, Spain).
Group
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End-to-end Water
Management Cycle
Construction
Concessions
Highlights of the year | Page 3 of 3
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FCC. Annual Report 2024

Revenue. Millions of euros
2024 turnover by activity. %
Gross operating profit (Ebitda). Millions of euros
Ebitda margin. %
Investments. Millions of euros
2024 Ebitda by activity. %
7,706
2022
8,217
2023
9,071
2024
+15.7 %
+6.6 %
+10.4 %
1,311
2022
1,285
2023
1,435
2024
+16.4 %
-2.0 %
+11.7 %
1,062
2022
865
2023
1,608
2024
+90.3 %
-18.6 %
+85.9 %
17 %
2022
15.6 %
2023
15.8 %
2024
2. Key figures
Environment
Construction
Water
Concessions
Corporate and adjustments
47.9 %
-0.3 %
0.9 %
18.5 %
33.0 %
Environment
Water
Construction
Concessions
Corporate and adjustments
51.0 %
3.7 %
3.9 %
11.8 %
29.6 %
Key figures | Page 1 of 4
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FCC. Annual Report 2024

Net financial debt. Millions of euros
Total assets. Millions of euros
Earnings attributable to the parent. Millions of euros
Equity. Millions of euros
Financial leverage. Net debt / Total assets. %
Portfolio of works and services. Millions of euros
315
2022
589
2023
430
2024
3,193
2022
3,100
2023
2,990
2024
-1.0 %
-2.9 %
-3.5 %
40,274
2022
41,485
2023
43,044
2024
+33.4 %
+3.0 %
+3.8 %
15,282
2022
16,720
2023
14,236
2024
+7.3 %
+9.4 %
-14.8 %
-45.7 %
86.9 %
-27.0 %
20.9 %
2022
18.5 %
2023
21.0 %
2024
4,939
2022
6,143
2023
3,736
2024
+11.2 %
+24.4 %
-39.2 %
Key figures | Page 2 of 4
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FCC. Annual Report 2024

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Ethical governance
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Strategy and
value creation
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FCC in 2024
5
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Financial
Statements
2.1
Stock Market
Performance 2024
Evolution of the stock market
and share price
The good overall performance of European
markets was backed by a resilient regional
economy thanks to improvements in the services
sector, consolidation of the deflationary process
than began a year prior and a shift in the European
Central Bank (ECB) monetary policy starting last
June with an initial rate cut of 25 basis points,
followed by three more of the same magnitude, to
12 December.
The boom surrounding Artificial Intelligence meant
that technology was the main stock market driver
in 2024, especially the Nasdaq Composite and
S&P500 indices, which respectively rose 28.6 %
and 23.3 % in the year. The Nikkei followed suit,
up by 19.2 % and, behind the German Dax with
18.8 %, the Ibex35 rose 14.8 % to close the year at
11,595 points.
The results of the US presidential elections sparked
optimism in the country’s stock markets due to
expectations of a deregulation process and deep
tax cuts, widening the profitability gap with Europe.
The Organization for Economic Cooperation and
Development’s (OECD) economic outlook from last
December practically left its forecast for global
GDP unchanged at 3.3 % for 2025 and 2026. In
the case of Spain, growth forecast for 2024 was
3 %, 2.3 % for 2025 and 2 % for 2026, with inflation
dropping to 2.1 % for 2025 and the unemployment
rate down by 10.5 % in 2026. These movements
would be thanks to “solid internal demand, private
consumption and a resilient labour market”. The
main danger would be a spike in energy prices.
In Europe, eurozone GDP is projected to remain
at 0.8 % in 2024, accelerating to 1.3 % in 2025
and 1.5 % in 2026. Inflation will finally be brought
under control and return to the ECB’s target in this
final year.
Key figures | Page 3 of 4
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93
FCC. Annual Report 2024
% Chg. FCC
% Chg. Ibex35
-12.6 %
4.4 %
-4.8 %
0.6 %
17.8 %
-7.2 %
-6.5 %
2.2 %
0.6 %
-4.6 %
0.0 %
-2.3 %
-14.5 %
-0.2 %
-0.8 %
10.7 %
-2.0 %
4.2 %
-3.3 %
1.1 %
3.0 %
4.2 %
-1.7 %
-0.3 %
-0.4 %
14.8 %
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
-20.0 %
-15.0 %
-10.0 %
-5.0 %
0.0 %
5.0 %
10.0 %
15.0 %
20.0 %
January
February
March
April
May
June
July
August
September
October
November
December
Variation (price)
Volume (shares)
Annual evolution
of FCC’s shares
In this context, FCC’s actions were also marked by
corporate operations such as the scrip dividend or
partial financial spin-off of Inmocemento. At year
end, shares were listed at €8.89 with a maximum
of €10.30 on 11 June and a minimum of €7.02 on
7 February 2024, both adjusted for the dividend
and spin-off of Inmocemento for €4.25/share, its
allocation price. FCC ended the year with a market
capitalisation of 4,043.8 million euros.
Trading
Total trading volume this year was close
to 7 million securities, with a daily average
of 27,000 shares. The brokered volume is
conditioned by the level of market liquidity with
a 15.3 % estimated free float and by the type of
long‑term minority investors, with a long time as a
shareholder and, therefore, a low turnover ratio.
Key figures | Page 4 of 4
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Environment _ 95
End-to-end Water Management Cycle _ 138
Construction _ 210
Concessions _ 240

95
Environment
1. Geographical platforms and sector analysis. Strategy _ 96
2. Activity in the Environment Area _ 106
3. Environment Highlights 2024 _ 107
4. Other highlights _ 108
5. Excellence and sustainability _ 120
6. Innovation and technology _ 125
FCC Servicios Medio Ambiente Holding’s annual
turnover reached €4,346.3 million and the
gross operating profit €731.6 million, with some
outstanding growth rates over 2023 of 12.8 %
and 13.14 % respectively.
FCC. Annual Report 2024
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FCC. Annual Report 2024
96
The Environmental Services Area of the FCC Group
has been delivering municipal services and end-to-
end waste management for more than 110 years,
serving today over 78 million people in close to
5,650 municipalities.
In 2024 the company operated in a total of
12 countries through a variety of services that
reflect its extensive experience in the industry,
including: collection, treatment, recycling, energy
recovery and disposal of municipal solid waste;
public street cleansing; maintenance of sewage
systems; parks and ground maintenance; treatment
and disposal of industrial waste or the recovery of
polluted soils.
FCC Servicios Medio Ambiente Holding, S.A.,
backbone of the Environmental Services activities,
is structured into four geographical business
platforms:
Atlantic: FCC Medio Ambiente (Spain),
FCC Meio Ambiente (Portugal), FCC Ámbito
(Industrial Waste) and FCC Environnement
(France).
United Kingdom: FCC Environment UK.
Central & Eastern Europe: FCC Environment CEE.
United States: FCC Environmental Services.
Although the international situation has continued
to have a destabilising effect throughout 2024,
inflationary pressure has been somewhat lower
and FCC Servicios Medio Ambiente Holding
has continued to work on cost control and
diversification of activities and markets and,
especially, on renegotiating contracts to balance
income with the new reality. Significant events in
the Holding company include the completion of
the acquisitions and integrations of the Urbaser
subsidiary in the United Kingdom and the Europe
Services Group (ESG) company in France,
which has been incorporated into the French
subsidiary FCC Environnement. In the United
States, the GEL company has been acquired
in Florida, which allows for the optimisation of
the commercial business and provides a set
of treatment, recycling and disposal facilities.
In these circumstances the annual turnover
reached €4,346.3 million and the gross operating
profit €731.6 million, with some outstanding
growth rates over 2023 of 12.8 % and 13.14 %
respectively. Annual contracting reached a record
high of €4,495.3 million (+26.86 %), which keeps
the backlog pending execution at an excellent
€14,108.6 million (+5.85 %).
1.
Geographical
platforms and
sector analysis.
Strategy
1
Letter from the
Chairwoman and the CEO
Environment | Geographical platforms and sector analysis. Strategy | Page 1 of 10
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value creation
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Environment | Geographical platforms and sector analysis. Strategy | Page 2 of 10
In 2024, FCC Servicios Medio Ambiente managed
26.9 million tonnes of waste and produced
5.3 million tonnes of secondary raw materials
(SRM) and refuse-derived fuel (RDF). The
company boasts over 860 operational waste
management facilities, out of which more than
200 are environmental compounds performing
waste management and recycling, including
13 waste‑to‑energy projects with a capacity
of 3.8 million tonnes per year and 410 MW of
non‑fossil electricity.
As a significant milestone, in 2024 FCC Servicios
Medio Ambiente presented its first Sustainability
Disclosure, which highlights the great efforts that
the holding company makes in this area in all the
regions where it operates, aligning the company’s
performance with the demands and expectations
of our stakeholders and society.
Financially, in 2024 FCC Servicios Medio Ambiente
carried out the issuance of a seven-year green
bond in the European market for €600 million,
fully subscribed. It has also carried out the annual
renewal of the promissory note programme for a
value of up to €400 million.
Throughout 2025, the holding company will
continue to study new investment opportunities
in various European and American markets to
complement its usual organic growth.
54.85 %
Atlantic
(Spain, Portugal,
Ámbito & France)
8.84 %
United States
21.25 %
United Kingdom
15.06 %
CEE. Central and Eastern Europe
Turnover 2024. Geographical platforms

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FCC Medio Ambiente
Atlantic (Spain, Portugal,
FCC Ámbito and France)
The former Iberia geographical business
platform has been transformed into FCC Medio
Ambiente Atlantic with the addition of activities
in France following the acquisition of the French
company Europe Services Groupe (ESG) and
its integration into FCC Environnement France.
Atlantic provides environmental services in over
3,800 municipalities in Spain, Portugal (FCC Meio
Ambiente) and France (FCC Environnement),
serving a population of 38 million inhabitants, with
activities, among others of street cleansing, waste
collection and transportation, waste treatment
and disposal, parks and ground maintenance,
maintenance of sewerage networks, beach
cleaning, facilities cleaning and maintenance and
energy efficiency services. In 2024, FCC Medio
Ambiente Atlantic managed 12.7 million tonnes of
solid waste.
Turnover 2024. Geographical location
Inhabitants served 2024
Municipalities served 2024
21.6 % Catalonia
0.7 % La Rioja
0.7 % Cantabria
18.7 %
Community
of Madrid
11.2 % Valencian Community
Andalusia 11.0 %
Basque Country 5.5 %
Canary Islands 4.5 %
Aragón 4.5 %
Castilla y León 4.5 %
Galicia 3.0 %
Murcia 2.2 %
Navarre 2.1 %
Portugal 2.0 %
Balearic Islands 2.0 %
Asturias 1.9 %
France 1.8 %
Extremadura 1.4 %
Castilla-La Mancha 0.8 %
18,377,419
2,442
2,631
62
59
107
11
241
331
Waste
collection
Street
cleansing
Waste
processing
and recycling
Ground
maintenance
Sewerage
Beach
cleaning
Fountains
Facility
management
Waste
collection
Street
cleansing
Waste
processing
and recycling
Ground
maintenance
Sewerage
Beach
cleaning
Fountains
Facility
management
24,241,573
5,697,504
4,831,108
6,924,020
4,345,600
2,890,285
15,123,828
Environment | Geographical platforms and sector analysis. Strategy | Page 3 of 10
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Environment | Geographical platforms and sector analysis. Strategy | Page 4 of 10
Throughout 2024 FCC Medio Ambiente Atlantic
has made a remarkable effort developing the
business, optimising costs and rebalancing prices,
which, together with the addition of activities in
France, has enabled an excellent performance. The
annual turnover reached €2,384.1 million and the
gross operating profit reached €370.9 million,
increases of 12.67 % and 17.89 % respectively
compared to 2023. In 2024 the portfolio reached a
record figure of €8,774 million, with key renewals
such as the Collection and Cleansing service
for the city of Bilbao, where the company has
provided continuously service since 1972, or in San
Sebastián (since 1981) and Ávila (since 1986); or
the award of new contracts, such as the services in
the cities of Palencia or Benalmádena (Málaga).
On 1st November the weather phenomenon known
as DANA (Depresión Aislada en Niveles Altos
or Isolated High-Level Depression) devastated
the Autonomous Community of Valencia and
other areas of Spain. From the outset FCC Medio
Ambiente and the city councils where it provides
services went out of their way to help the affected
areas. The voluntary and altruistic work of the
company’s people and the mechanical resources
provided by other contracts in different cities
have been, and continue to be, fundamental
in trying to alleviate the devastating effects of
the meteorological event. To put things into
perspective, to date the company has provided
more than 280 volunteers representing
1,400 workdays and over 137 specialised
equipment with 1,100 workdays of machinery
(mainly collection and open-box lorries, pushers
and excavators, flushing tanks and sewerage
lorries).
In this context, FCC Medio Ambiente has continued
to develop its 2050 Sustainability Strategy and
fulfil its commitments and objectives in line with
the SDGs of the 2030 Agenda, in accordance
with the Holding’s Sustainability Disclosure. An
integrating element of this strategy is innovation,
which is in the company’s DNA and the basis of its
competitive differentiation, as evidenced by the
significant investment figure of close to €4 million
in 2024 in R&D&I projects managed. During the
year, numerous 100 % electric collection and
cleansing equipment developed by the company
have been put into service, and it continues to
carry out research in the field of Vehicles with
Renewable Energies, as well as in projects that
promote the Circular Economy, and in Information
and Communication Technologies applied to
services.
In 2024, the company completed the development
of the project for a chassis-platform with hybrid
battery-hydrogen fuel cell technology (H2TRUCK).
The first application was a side-loading collection
lorry whose global premiere took place in
November at the Smart City Expo World Congress
Barcelona, where it was awarded the World Smart
City Awards in the category of ‘Energy and Urban
Environment’. The prototype has already been
tested in several Spanish cities. Similarly, the line
of research into connected service equipment and
autonomous driving continues to be developed
with the PLAUSU (PLataforma AUtónoma para
Servicios Urbanos) project, recognised with funds
from the Centre for Technological Development
and Innovation (CDTI) and co‑financed by the
European Regional Development Fund (ERDF).
In 2024, FCC Medio Ambiente Atlantic will
continue to focus on tenders for the development
of facilities that will make it possible to meet
the European Union’s demanding recycling and
landfill diversion targets, especially in projects
based on waste-to-energy technologies, and in
the implementation of the separate collection
of organic waste, with support in many cases
from the ‘Next Generation’ European funds of the
Spanish Recovery, Transformation and Resilience
Plan (PRTRE).

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Environment | Geographical platforms and sector analysis. Strategy | Page 5 of 10
FCC Environnement France
The acquisition of Europe Services Group (ESG),
completed in 2024, adds annualised turnover
of €100 million and a workforce of over 2,200
people. It has 25 years of experience in France and
operates through three specific subsidiaries:
Europe Services Déchets, which provides
municipal waste collection and transport
services. The waste sector in France is
evolving under the influence of strengthened
environmental regulations, such as the
obligation of sorting at source and the specific
collection of bio-waste imposed in 2024.
Europe Services Voirie, with public street
cleansing contracts in municipalities. In this
sector, 50 % of the market is still provided
directly by local authorities, especially in small
municipalities, with challenges related to
the communities’ budgetary constraints and
growing environmental requirements.
Europe Services Propreté, which provides
facility cleaning services for public and
private clients. This is a very dynamic industry
facing significant challenges, such as strong
competition, cost pressures and increasing
demands for environmental responsibility.
FCC Meio Ambiente Portugal
The environmental services market in Portugal
continues to evolve favourably, with the renewal
of the Waste Collection and Street Cleansing
contract in Marco de Canaveses, where the
company has been providing services continuosly
since 2006.
In 2024, the percentage of generated municipal
waste that was landfilled in Portugal exceeded
55 %, which places the country far from the target
imposed by the European Union of reducing that
rate to below 10 % by 2035. This figure, together
with the lack of capacity at existing landfill sites,
means that other treatment options, such as
energy recovery, can be explored. 2025 will be
the year of decisions on the implementation of
alternatives to landfill and FCC Meio Ambiente,
with its experience in energy recovery, is in a
privileged position to provide municipalities with
solutions based on this technology.
The addition of ESG is the ideal platform for the
development of FCC Environnement’s business
in France, both in new areas of the country and
in new activities, such as the energy recovery of
waste, which is strategic for the Holding, with the
aim of positioning the company in the long term
as an innovative, committed and responsible
player in the French market. Furthermore,
FCC Environnement’s strategy for 2025 will
focus on:
The ecological transition with the development
of CO2 emissions reduction (cleaner fleet, carbon
offsetting projects).
The maintenance of the certifications of
the current standards in Quality, Safety and
Environment (QSE from its acronym in French)
and the Corporate Social Responsibility (CSR)
evaluation project by Ecovadis.
A committed social policy, with the signing
of the Diversity Charter, raising awareness of
road risks through QSE/CSR actions and the
organisation of games, competitions, activities
and workshops in relation to Quality of Life and
Working Conditions (QVCT from its acronym
in French) in subsidiaries to unite teams and
reinforce the sense of belonging to the parent
company and its brand image.
FCC. Informe Anual 2024
100

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Environment | Geographical platforms and sector analysis. Strategy | Page 6 of 10
FCC Ámbito
FCC Ámbito is specialized in the comprehensive
management of industrial and commercial waste,
recovery of by-products and decontamination
of soil. Through innovative solutions to make
the most of resources contained in the different
types of waste, FCC Ámbito has become a
strategic partner of industries and businesses
that, aligned with the circular economy, develop
their activities ensuring environmental, social and
economic sustainability. Overall, it operates a total
of 39 treatment centres in Spain and Portugal,
which represent 69 process lines that guarantee
the performance of the facilities. Internationally,
FCC Ámbito has a significant presence in Portugal,
where it operates through its subsidiaries
ECODEAL and RESICORREIA, the latter acquired
in 2024.
Within the Spanish market, there has been a
5 % increase in the tonnes of processed waste
throughout the year. The result of FCC Ámbito’s
activity is improving, consolidating the recovery
of margins from the lows of the economic and
pandemic crisis. The legislative changes that
are taking place promote greater control of
waste traceability by regional administrations,
a fact which, together with the entry into force
of extended producer responsibility, favours
management companies that possess end
of treatment facilities, as is the case with
FCC Ámbito.
In terms of process optimisation and focusing on
reducing fossil fuel-based energy consumption,
FCC Ámbito is firmly committed to solar energy
with a major investment plan for the 2023-2024
biennium, in most of its facilities, thus contributing
to the achievement of the FCC Servicios Medio
Ambiente Holding’s decarbonisation and
sustainability objectives.
In Portugal there has also been a significant
increase in the number of tonnes treated, mainly
due to special operations this year, consolidating
the recovery of activity with the main recurring
customers, both in terms of tonnes treated and
prices.
This year, the Industrial Waste activity will continue
to focus on operational efficiency and growth,
with the addition of wind turbine blade recycling.
The integration of new technologies will allow
FCC Ámbito to strengthen its position in the waste
recycling and recovery markets, positioning itself
as a key player in the circular economy.
Turnover 2024. Geographical location
19.6 % Catalonia
0.9 % Castilla-La Mancha
0.7 % Extremadura
17.7 % Portugal
14.1 % Andalusia
Community of Madrid 11.1 %
Aragón 10.8 %
Basque Country 7.8 %
Cantabria 5.6 %
Castilla y León 4.4 %
Asturias 3.4 %
Valencian Community 1.7 %
La Rioja 1,2 %
Navarre 0.9 %
FCC. Informe Anual 2024
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Environment | Geographical platforms and sector analysis. Strategy | Page 7 of 10
FCC Environment UK
FCC Environment has this year again strengthened
its position as one of the leading companies in
the United Kingdom for comprehensive waste
management and recycling. The business
continues to focus on harnessing the full potential
of the resources it manages, targeting greater
volumes of recycling whilst generating energy from
the waste that cannot be cost-effectively recycled.
Across the country the company serves over
23 million citizens and in 2024 it managed
6.9 million tonnes of waste as a resource, with a
capacity of 330 MWe of energy production from
non-recyclable waste. The business collects
waste from 2.7 million people in the UK. It holds
130 local authority contracts and provides
services to countless businesses up and down the
country. In 2024 it produced more than 1.2 million
tonnes of recyclables and refuse-derived fuel. The
company currently manages 34 waste recycling
and processing facilities, including nine integrated
waste management compounds, eight material
recycling facilities, and eight energy recovery plants.
It also operates 103 waste recycling centres and
46 waste transfer stations.
FCC Environment achieved revenues of
€923 million in 2024, an increase of 18,6 %
on 2023, with a gross operating profit of
€177.1 million which constitutes an outstanding
performance.
In June of 2024 the company completed the
purchase of Urbaser’s affiliate in the UK, which
has strengthened the UK business’ position in
composting, material recovery, waste to energy
and final disposal facilities in addition to household
recycling centres as well as municipal waste
collection, recycling centre management and street
cleansing services.
2024 also saw much political change in the UK
with a new Labour administration bringing forward
a very clear ambition for growth. FCC Environment
worked in tandem with the new Government
on policies that will really change the way it
provides services to its customers and to citizens
throughout the country.
The Government launched an Extended Producer
Responsibility scheme ensuring that all packaging
companies pay the full cost of collection and
disposal of the materials they put on supermarket
shelves; confirmed the detail around Simpler
Recycling which will see mandatory food waste
collections and the introduction of flexible plastic
packaging to household collections; and made a
commitment to establish a Deposit Return Scheme
in 2027.
The UK business has also spent much of the
year focusing on demonstrating its
Environmental, Social and Governance (ESG)
achievements and we are working hard to evidence
that we deliver real social value to the communities
we serve.
Likewise, FCC Environment has invested in a
wide range of waste management facilities that
aim to minimise the amount of waste going to
landfill sites by processing the material to ensure it
reaches its full potential as a valuable resource.
In 2024 FCC Environment has continued to develop
its own plan to achieve Net Zero Emissions and
deliver environmental excellence in everything
it does, with a consistent focus on social value,
promoting the repair and reuse of items that still
have a useful life, increasing recycling in line with
Government policy, greener fuels and vehicles and
the recovery of land for economic use, as well as
improving biodiversity in all its activities.
Inhabitants served 2024
205,000
Facility
management
2,680,000
2,435,000
376,000
20,859,000
Waste
collection
Street
cleansing
Waste
processing
and recycling
Ground
maintenance

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FCC Environment CEE
FCC Environment is one of the leading global
groups in Central and Eastern Europe (CEE) in
the end-to-end management of municipal solid
waste and the recovery of renewable energies,
where it serves 5.3 million inhabitants in
1,656 municipalities across 7 countries. It applies
innovative systems and state-of-the-art clean
technologies in the provision of quality services,
sustainable in the medium and long term and
adapted to the needs of customers.
Despite a demanding economic environment, with
GDP growth still moderate in many Central and
Eastern European countries, FCC Environment
CEE has achieved excellent results in 2024,
raising its revenue to €654.4 million (+7.8 %
compared to 2023) and its gross operating profit
to €122.5 million (an increase of 12.2 % over the
previous year).
The main drivers of this positive development were
the substantial improvement of the secondary
raw materials market; price increases in collection
services that exceeded cumulative inflation
increases since 2023; higher volumes received
at the group’s landfills; and additional services
provided to remove flood waste following heavy
autumn rainfalls.
Turnover 2024. Geographical location
42.78 %
Czech Republic
1.11 % Serbia
27.01 % Austria
Poland 14.57 %
Slovakia 7.36 %
Hungary 4.65 %
Romania 2.51 %
Inhabitants served 2024
Municipalities served 2024
3,205,210
1,231
1,325
23
1
3
13
39
Waste
collection
Street
cleansing
Waste
processing
and recycling
Ground
maintenance
Sewerage
Fountains
Facility
management
Waste
collection
Street
cleansing
Waste
processing
and recycling
Ground
maintenance
Sewerage
Fountains
Facility
management
3,704,102
316,200
229,200
5,000
64,200
431,200
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Environment | Geographical platforms and sector analysis. Strategy | Page 9 of 10
FCC Environmental
Services USA
FCC Environmental Services is one of the top
15 waste management companies in the United
States and in 2024 it managed 2.35 million tonnes
of waste. It serves 11.6 million Americans and, as
well as being present in the states of California,
Texas, Florida, Nebraska and Iowa, in 2024 it has
extended its activities to Minnesota and North
Carolina.
The US market continues to offer significant
opportunities in the field of the solid waste
management, as well as in waste recycling and
treatment, and this year has seen increased activity
in the Waste to Energy market.
Once again, 2024 was an exceptional year for
the business, with the award of several long‑term
contracts in Florida, particularly in Clay and
Sarasota counties, in the city of Saint Paul
(Minnesota) and in Buncombe County (North
Carolina). In 2024 the company also successfully
completed the start-up of four new contracts, three
in Florida (St. Johns, Clay and Polk counties) and
one in St. Paul (Minnesota).
In 2024, the economic and financial performance
of FCC Environmental Services has remained on a
path of growth and excellence, with €384.2 million
in turnover and €61.1 million in gross operating
profit, representing increases of 9.3 % and 27.5 %
respectively over 2023. The portfolio of projects
has reached a record figure of €2.435 billion, an
increase of 15.5 % with respect to 2023.
A major milestone has been the acquisition of
Gel Recycling, a waste management company
in the Volusia area of Florida, where FCC has a
strong presence in the collection business. With
this purchase, the company adds two material
recycling facilities (MRF), a transfer station and a
construction and demolition (C&D) waste landfill to
its business. This has also allowed it to vertically
integrate and consolidate its commercial business
in the state. The company currently has a presence
in 16 locations in the U.S.: West Palm Beach,
Edgewood, Tampa, Orlando, Lakeland, Daytona
Beach, Palm Coast, Port St. Lucie, Lake County, St.
Johns, Clay, Houston, Dallas, Omaha, St. Paul and
Placer County.
FCC Environmental Services’ strategy for 2025 is to
consolidate the commercial business and continue
with the vertical integration of the business, with
the incorporation of a new line of activity in the field
of waste-to-energy and the potential acquisition of
companies that fit in with the company’s long-term
strategy.
The commercial business has a total of nine offices
in four states: Texas (Houston and Dallas), Florida
(West Palm Beach, Daytona Beach, Port St. Lucie,
Tampa, Lakeland and Orlando), Nebraska (Omaha)
and Council Bluffs (Iowa). The commercial
business currently provides services to industrial
clients such as Exxon Mobil, Amazon, Dr Pepper,
Greater Omaha Meat Packing and large universities.
Turnover 2024. Geographical location
Inhabitants served 2024
56.92 % Florida
0.26 % Minnesota
Texas 20.43 %
California 15.16 %
Nebraska 7.23 %
6,713,085
Waste collection
Waste processing and recycling
5,372,300

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There is a four-prong growth strategy for the
commercial line of business. First, continue to sell
front-load and roll-off business to small, medium
and large businesses. Second, expand the current
customer’s portfolio and market all the additional
services that FCC has to offer. Third, sell profitable
business while capitalizing on off-cycle and annual
price increases. The fourth and last lever, added in
2024, was the development of “Overage” and “Hard
to Handle” programmes in the Houston and Dallas
Divisions. This programme added $1.3 million
in accretive revenue to the Dallas and Houston
hauling sites and will be launched in the Orlando
and Tampa site by the end of 2025.
In 2024 the commercial line of business increased
its Ebitda by 600 basis points, expanding the
margin to 20 %, largely driven by increases in
pricing and overage programmes. Year-on-year
revenue growth was $16 million, ending 2024 with
$77 million in commercial sales.
Commercial customers are as follows: 65 % retail,
25 % manufacturing and industrial customers, and
10 % miscellaneous.
Presence of FCC Environmental Services in the U.S.
Award and start-up of the contract for the
collection of municipal solid waste in Clay
County for the next 10 + 5 + 5 years (Florida).
Award of the contract for the collection of
municipal solid waste in the South District of
Sarasota County for the next 7 + 7 + 6 years
(Florida).
Award and start-up of the contract for the
collection of municipal solid waste in the city
of St. Paul for the next 7 years (Minnesota).
Commissioning of the new construction and
demolition (C&D) waste treatment plant in
Placer County (California).
Award of the contract for the collection of
municipal solid waste in Buncombe County for
the next 7 + 1 years (North Carolina).
Integration of Gel Recycling Holdings (Florida).
Start-up of the municipal solid waste collection
contract for St. Johns County (Florida).
Start-up of the recyclable waste contract for
the city of Garland (Texas).
Start-up of the municipal solid waste collection
contract for the western part of Polk County
(Florida).
FCC Environmental Services Activity in the USA in 2024
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9. ESPAÑA
FCC Medio Ambiente
Hospitalet de Llobregat (Barcelona)
Waste Collection, Street Cleansing and
Management of Household Waste
Recycling Centres.
€395.24 million.
Bilbao (Biscay)
Waste Collection and Street Cleansing
(Lot 1) and Mercabilbao (Lot 2).
€268 million.
San Sebastián (Gipuzkoa)
Street Cleansing.
€149.1 million.
Badajoz
Management of GESPESA facilities.
€94.45 million.
Benalmádena (Málaga)
Waste Collection, Street Cleansing and
Management of the Household Waste
Recycling Centre.
€82.1 million.
Palencia
Waste Collection and Street Cleansing.
€73.9 million.
Ávila
Waste Collection and Street Cleansing.
€73 million.
Baix Penedès (Tarragona)
Waste Collection and Management of
the Household Waste Recycling
Centre.
€67.6 million.
San Marcos Municipalities
Association (Gipuzkoa)
Selective Waste Collection.
€51.94 million.
Fuengirola (Málaga)
Waste Collection and Street Cleansing.
€37.1 million.
3. PORTUGAL
FCC Meio Ambiente
Marco de Canaveses
Waste Collection and Street
Cleansing.
€25.98 million.
4. FRANCE
FCC Environnement
Cœur d'Essonne Agglo
Facility Management.
Paris-Seine
Facility Management.
Vitry-sur-Seine
Street Cleansing.
CA Paris Saclay
Waste Collection.
Rambouillet SICTOM
Waste Collection.
5. POLAND
FCC Environment
Bytom
Waste Collection and Treatment.
€18.9 million.
2. ENGLAND
FCC Environment
Herefordshire
Waste and Recycling Collection.
€54.36 million.
Cheshire West and Chester
Waste Disposal.
€41.56 million.
Hull City and East Riding of
Yorkshire Councils
Management of 13 Household Waste
Recycling Centres and three Transfer
Stations.
€38,05 million.
West Northamptonshire
Management of six Household
Recycling Centres.
1. USA
FCC Environmental Services
Sarasota County (Florida)
Waste collection in the South District.
€720.01 million.
Clay County (Florida)
Waste Collection.
€403 million.
Saint Paul (Minnesota)
Waste Collection.
€110.37 million.
Buncombe County (North Carolina)
Waste Collection.
€105.59 million.
2. Activity in the Environment Area
Txorierri Municipalities Association
(Biscay)
Waste Collection and Street
Cleansing.
€29.45 million.
Xàtiva (Valencia)
Waste Collection and Street
Cleansing.
€29.34 million.
Sestao (Biscay)
Waste Collection and Street
Cleansing.
€24.88 million.
Vall D'Aran (Lleida)
Waste Collection.
€23.71 million.
Marratxí (Palma de Mallorca)
Waste Collection.
€21.68 million.
El Masnou (Barcelona)
Waste Collectiona and Street and
Beach Cleansing.
€19.98 million.
Oviedo (Asturias)
Maintenance, Upkeep and
Improvement of Green Areas and
Woodlands.
€19.1 million.
FCC Ámbito
Córdoba, Jaén and Málaga
Management of Agricultural
Packaging Waste promoted by
SIGFITO Agroenvases S.L.
Bilbao (Biscay)
Cleaning and Maintenance of the
Metro Infrastructure.
Southern Region
Management of Hazardous Waste at
the Spanish Army Bases, Barracks
and Establishments.
6. AUSTRIA
FCC Environment
Tyrol
ÖBB Waste Transport and Treatment.
7. CZECH REPUBLIC
FCC Environment
Prostějov
Management of several municipal
services.
€36.67 million.
Kvasiny
Waste Collection, Transport and
Treatment for Škoda Auto a.s.
8. ROMANIA
FCC Environment
Valea Mărului (Galați)
Operation of the Integrated Waste
Management Centre.
€16.78 million.
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January
March
May
July
September
November
April
February
June
August
October
December
FCC Medio Ambiente will continue
to provide the selective collection
service for the San Marcos
Municipalities Association
(Gipuzkoa, Spain).
FCC Medio Ambiente renews the
management contract for GESPESA's
facilities in Badajoz (Spain).
FCC Ámbito signs an agreement with
Iberdrola to promote the industrial-scale
recycling of photovoltaic panels (Spain).
FCC Environment secures once again
Herefordshire Council’s Recyclables and
Waste Collection contract (United Kingdom).
FCC Environmental Services awarded the
waste collection contract for the South
District of Sarasota County (USA).
FCC Medio Ambiente awarded the contract
for the new urban services of Benalmádena
(Málaga, Spain).
Palencia trusts FCC Medio Ambiente with
its waste collection and street cleansing
services (Spain).
FCC Ámbito renews the Bilbao Metro
cleaning and maintenance service
(Biscay, Spain).
FCC Environmental Services expands its
presence in the United States with a new
contract in Buncombe County, North
Carolina.
FCC Ámbito opens its photovoltaic
panel end-to-end recycling plant in
Cadrete (Zaragoza, Spain).
FCC Environmental Services
strengthens its presence in Florida
with a new contract in Clay County
(USA).
FCC Servicios Medio Ambiente
appoints Íñigo Sanz as new Chief
Executive Officer.
FCC Medio Ambiente wins the
contract for the management of the
Zurita Environmental Compound in
Fuerteventura (Las Palmas, Spain).
FCC Medio Ambiente applies
Artificial Intelligence to the Madrid
cleansing services (Spain).
FCC Environmental Services grows
its presence in the United States
by securing a new contract in
Saint Paul, Minnesota.
FCC Servicios Medio Ambiente
completes the acquisition of
Urbaser's UK subsidiary.
FCC Medio Ambiente honoured
with the ‘Equality in the Workplace’
Distinction from the Ministry of
Equality, through the Women's
Institute (Spain).
The Life Landfill Biofuel project by
FCC Medio Ambiente recognised at
the National Energy Awards (Spain).
FCC Servicios Medio Ambiente
strengthens its presence in Florida
with the acquisition of Gel Recycling
Holdings (USA).
FCC Environment renews the contract for
the management of 13 household waste
recycling centres and the transfer station for
the Hull City and East Riding of Yorkshire
councils (United Kingdom).
FCC Medio Ambiente awarded for its
commitment to innovation by the University
of Valladolid (Spain).
FCC Servicios Medio Ambiente launches
its first Sustainability Disclosure.
FCC Medio Ambiente obtains the first Zero
Waste certification of a Municipal Service
for its management of the Barcelona
Sewerage Maintenance contract (Spain).
FCC Meio Ambiente will continue to
provide the waste collection and street
cleansing services for the municipality of
Marco de Canaveses (Portugal).
FCC Environment renews the contract for
various municipal services in the city of
Prostějov (Czech Republic).
FCC Medio Ambiente renews its
commitment to the street cleansing service
in Donostia-San Sebastián
(Guipúzcoa, Spain).
FCC Medio Ambiente will continue to
provide waste collection and street
cleansing services in Ávila (Spain).
FCC Medio Ambiente presents its H2Truck
project at Smart City Expo and wins the
2024 World Smart City Awards
(Barcelona, Spain).
FCC Environment awarded the contract to
operate the Valea Mărului Integrated Waste
Management Centre in Galați (Romania).
FCC Servicios Medio Ambiente
finalises the acquisition of Europe
Services Groupe (ESG) in France.
FCC Medio Ambiente renews its
commitment to L'Hospitalet de
Llobregat urban services
(Barcelona, Spain).
FCC Medio Ambiente renews the
waste collection and street cleansing
services for the city of Bilbao and
Mercabilbao (Biscay, Spain).
FCC Medio Ambiente awarded the
waste collection contract for Vall
D'Aran (Lleida, Spain).
FCC Medio Ambiente strengthens its
presence in Biscay with the renewal
of the Txorierri and Sestao contracts
(Spain).
FCC Medio Ambiente awarded the
waste collection and street cleansing
contract for Fuengirola
(Málaga, Spain).
3. Environment Highlights 2024
FCC Servicios Medio Ambiente issues a
€600 million bond to finance
environmental projects.
FCC Medio Ambiente renews the
contract for the maintenance,
conservation and upkeep of parks and
grounds for the city of Oviedo
(Asturias, Spain).
FCC Ámbito obtains Aenor's Zero Waste
Management certification for the
Castellbisbal and El Pont de Vilomara i
Rocafort industrial waste plants
(Barcelona, Spain).
FCC Environment recognised by British
Safety Council for its efforts in the fields
of safety, health, environment and quality
(United Kingdom).
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Environment | Other highlights | Page 1 of 12
4. Other highlights
Purchase of Urbaser’s UK subsidiary
FCC Servicios Medio Ambiente has completed
the purchase of Urbaser’s affiliate in the United
Kingdom announced in December 2023. This
acquisition strengthens the business’ position as
one of the country’s leading waste management
operators. The purchase of Urbaser’s UK business
will enable FCC Environment UK to expand its
product and service offer and enhance the value
proposal for its customers further emphasising the
leading position of FCC Servicios Medio Ambiente,
both at European and global level, in the sector
of circular economy and comprehensive waste
management.
Urbaser UK operates composting, material
recovery, waste to energy and final disposal
facilities in addition to household recycling centres.
It also provides municipal waste collection,
recycling centre management and street cleansing
services.
Acquisition of Europe Services Groupe
in France
FCC Servicios Medio Ambiente has finalised the
acquisition of all the operations of Europe Services
Groupe (ESG) in France, which it has integrated
into the French subsidiary FCC Environnement.
The operation constitutes an excellent platform
for developing the business in the country and
highlights the company’s strategic interest in it.
It will bring an annual turnover of €100 million and
a workforce of over 2,200 people.
ESG concentrates its activity in two of the most
populated areas of France, the metropolitan
areas of Paris and Lyon, where through its four
operational subsidiaries it provides municipal
waste collection, street cleansing, professional
cleaning and maintenance services for public and
private clients.
Gel Recycling Holdings
FCC Environmental Services has taken a significant
step in its expansion in North America with the
acquisition of Gel Recycling Holdings, one of the
largest recyclable materials processors in central
Florida. This strategic move includes the integration
of three recycling facilities and a construction
and demolition waste landfill into the company’s
operations in Florida, as well as the incorporation of
120 employees.
Gel Recycling’s facilities are located in Orange
City, Daytona Beach, DeLand and Jacksonville.
The company has multiple contracts in Florida
that present numerous opportunities for potential
synergies through the large number of collection
services that FCC Environmental Services already
provides in the state. The acquisition not only
strengthens FCC’s presence in Florida, but will
further solidify relationships with current clients
looking to purchase recycled materials in the state
market.
Issuance of a €600 million bond to finance
environmental projects
In 2024 FCC Servicios Medio Ambiente finalised
the issuance of a €600 million bond, within the
Sustainable Financing Framework updated by
the company on 14 September 2023, which has
received a favourable opinion from the global
classification society Det Norske Veritas (DNV).
The Framework follows the Green Loan and Bond
Principles established by the International Capital
Market Association (ICMA) and the Loan Market
Association (LMA), as it encompasses financing
products of both types.
The main objective of this green bond issue is to
finance important investments that will enable the
development of sustainable environmental activities,
including pollution prevention and control, clean
transport and the circular economy.

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Environment | Other highlights | Page 2 of 12
FCC Medio Ambiente with the population affected by
the DANA
Since the day after the DANA meteorological phenomenon ocurred,
having a devastating effect on many municipalities in the Valencian
Region, FCC Medio Ambiente, in coordination with the city councils of
the municipalities it serves, has been providing teams to collaborate
in the work being carried out to help the affected citizens to return
to normal as soon as possible. The company's volunteers, who are
working selflessly and in very complex situations, are the key element
of this deployment.
To date, the company has provided over 280 volunteers with
1,400 workdays and more than 137 specialised pieces of equipment
with 1,100 workdays from various regions of Spain and has also sent
essential supplies and tools (gloves, masks, boots, etc.).
FCC Medio Ambiente would like to explicitly recognise the altruism
of its volunteer workers, without whom this aid would not be possible,
and to express its gratitude to all city councils that collaborated.
The company continues to work for the municipalities and citizens
affected.
ATLANTIC. FCC Medio Ambiente Spain
FCC Medio Ambiente renews its commitment to the
L’Hospitalet de Llobregat urban services (Barcelona)
FCC Medio Ambiente has renewed the contract for waste collection,
street cleansing, management of household waste recycling
centre and maintenance of the sewerage system in L’Hospitalet de
Llobregat, where it has been present since 1960, for an order book
value of almost €400 million for the next 10 years. The service will
employ a workforce of nearly 500 people to serve a population of over
260,000 inhabitants, collect nearly 88,500 tonnes of waste per year
and cover an area of 12.5 square kilometres. The entire fleet will be
renewed and the more than 130 vehicles and machines in the service
will boast the Eco or Zero Emissions environmental label. Social
sustainability is another of the main pillars of this renewal, having
planned and increase of the percentage of women in the workforce
from 30 % to 50 %.
Bilbao continues to place its trust in FCC Medio Ambiente
(Biscay, Spain)
Bilbao City Council, where FCC Medio Ambiente has been providing
services uninterruptedly since 1972, has awarded the joint venture
'Bio Garbiketa' the contract for the waste collection and street
cleansing services for the city (Lot 1) and Mercabilbao (Lot 2). The
order book value amounts to close to €268 million for the next
five years. To serve the municipality’s over 346,000 inhabitants,
the company will have a fleet of more than 300 vehicles, 33 %
of which boasts ECO or Zero Emissions environmental labels,
demonstrating the commitment of the City Council and the company
to sustainability and care for the environment. The service has a
workforce of 900 people and plans to collect around 143,000 tonnes
of waste and cover a total of more than 1,000 kilometres of streets.

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ATLANTIC. FCC Medio Ambiente Spain
FCC Medio Ambiente will continue to provide street cleaning
services in Donostia-San Sebastián (Gipúzcoa)
Donostia-San Sebastián City Council has awarded the joint venture
'EASO GARBIA' the contract to provide the city’s new street cleansing
service, which the company has been delivering since 1981. The
contract is worth €149.1 million over the next 10 years and will serve
more than 188,000 inhabitants. The service, which has a workforce
of 214 people to cover the nearly 280 kilometres of streets, is based
on four main axes: increasing the electrification of the vehicle fleet,
improving cleaning levels, optimising work routes and modernising
selective waste collection bins. Based on these axes, the contract
pays special attention to sustainability and introduces 157 newly
acquired vehicles, 60 % of which are electric. It is also commited to a
programme of technological innovations and pilot projects based on
artificial intelligence.
FCC Medio Ambiente renews the management contract for
GESPESA’s facilities in Badajoz (Extremadura)
Gestión y Explotación de Servicios Públicos Extremeños, S.A.U.
(GESPESA) has once again awarded FCC Medio Ambiente the
contract for the operation, maintenance and upkeep of the facilities
attached to Management Area 4 of Badajoz for the transport
and treatment of non-hazardous domestic and commercial
waste. FCC Medio Ambiente has been providing this service to
GESPESA since 2005, serving a population of approximately
243,000 inhabitants in 36 municipalities in the province. The order
book value exceeds €100 million for the next 15 years. The contract
includes an investment of €56.6 million for the refurbishment and
modernisation of the facilities, which is expected to be completed in
18 months. The facilities manage around 110,000 tonnes of waste
per year of the residual, bulky and light packaging fractions and have
a workforce of 65 people.
FCC Medio Ambiente awarded the contract for the new
urban services of Benalmádena (Málaga)
The joint venture ´FCC Al-Ma'Din', made up of FCC Medio Ambiente
and its subsidiary FCC Equal Special Employment Centre, has
been awarded the contract for waste collection, street cleansing
and management of household waste recycling centres in the city
of Benalmádena. The contract is worth a total of 82 million euros
over the next 10 years and will provide employment for a total of
75,800 people. The service has a workforce of more than 110 people
and a fleet of 45 vehicles, of which 23 % of the collection vehicles and
nearly 60 % of the street cleansing vehicles are electrically powered,
demonstrating the commitment to the environment and sustainability
of Benalmádena City Council and the FCC Medio Ambiente joint
venture. The service collects 45,000 tonnes of waste annually and
covers a total of 307.41 kilometres of streets.

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ATLANTIC. FCC Medio Ambiente Spain
Palencia trusts FCC Medio Ambiente with its waste
collection and street cleansing services
Palencia City Council has awarded the new contract for waste
collection and street cleansing in the city for the next 10 years to a
joint venture led by FCC Medio Ambiente. The contract, worth around
€74 million, will employ almost 120 people. This new service will
incorporate 100 %-electric vehicles and machines and ECO-labelled
dual waste collection lorries, as well as the introduction of the organic
and residual fractions containers. The entire fleet of bins will be
renewed and 20 volumetric sensors will be installed in the organic
waste bins. Also noteworthy are the collaboration agreements signed
with local associations and foundations for the hiring of people from
groups at risk of social exclusion.
FCC Medio Ambiente renews the waste collection and street
cleansing contract for Ávila
FCC Medio Ambiente, which has been present in the city of Ávila
since 1986, has been awarded the waste collection and street
cleansing contract for the next 10 years, worth €73 million and with
a workforce of almost 120 people. As a sign of the commitment of
Ávila City Council and the company to the European Union’s recycling
targets, sustainability and care for the environment, 100 %-electric
vehicles and machines and organic fraction containers are being
introduced. The new service seeks to reinforce selective collection
and reduce the residual fraction by promoting waste sorting at source
thanks to greater collection frequencies and awareness-raising
and information campaigns for the public. The contract includes
collaboration agreements with local associations and foundations for
the hiring of people from groups at risk of social exclusion.
Oviedo renews its trust in FCC Medio Ambiente for the care
of its parks and grounds (Asturias)
Oviedo City Council has awarded a joint venture led by FCC
Medio Ambiente the contract to provide maintenance, upkeep
and improvement services for the city’s parks and grounds. The
contract, which represents an order book value of €19.1 million for
the next four years, with a possible one-year extension, will staff
around 100 people and will be responsible for the care of over
200 hectares of green areas, around 9,500 units of lined-up trees and
16,700 units in green spaces. 70 % of the vehicles and the totality of
the machinery equipment will have an ECO or Zero-Emission label,
including 100 %-electric, Compressed Natural GAS (CNG) powered
or hybrid units, thus significantly contributing to the joint objective of
the company and the City Council to reduce the carbon footprint and
noise pollution. The company has been providing this service since
2007 and has been present in the city of Oviedo since 1986.

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ATLANTIC. FCC Ámbito
FCC Ámbito opens its photovoltaic panel end-to-end
recycling plant in Cadrete (Zaragoza)
Located in Cadrete (Zaragoza), the aim of the plant is to offer the
photovoltaic sector a solution for the recycling of its panels, both
those that reach the end of their useful life and those that for various
reasons become waste during the installation or operation of the
parks. The facility will enable 200,000 panels to be recycled every year
and has received an investment of €1 million. With the management
of the increasingly abundant Waste of Electrical and Electronic
Equipment (WEEE), FCC Ámbito seeks to reinforce the environmental
axis of the 2050 Sustainability Strategy of FCC Medio Ambiente,
through the promotion of the circular economy, with the aim of
reaching the European Union’s waste recovery targets for 2035.
Renewal of the cleansing and maintenance service
for the Bilbao Metro (Biscay)
FCC Ámbito renewed the cleansing and maintenance contract for the
infrastructure of the Bilbao Metro for the next 10 years, with an order
book value of over than €7 million. The company has been providing
this service uninterruptedly since 1999. The scope of the work,
carried out mainly at night, includes the cleaning and maintenance
of technical rooms, substations, tunnels, station yards, various
enclosures and ancillary elements such as pumping wells, ventilation
yards, drain grates, sewers, station and workshop pits, as well as
water collection and management and the maintenance of biological
filters. With this important contract the company strengthens the
expansion of its environmental services activities in the industry and
the tertiary sector in the Basque Country.
SIGFITO continues to trust FCC Ámbito for the management
of agricultural packaging in Andalusia
FCC Ámbito has been awarded the contract for the management of
agricultural packaging waste promoted by SIGFITO Agroenvases S.L.,
in the Autonomous Community of Andalusia, specifically in the
provinces of Córdoba, Jaén and Málaga. The service covers the
different stages of integrated waste management in accordance
with current regulations and administrative authorisations, always
guaranteeing traceability through the continuous monitoring of
waste, from the control of its labelling at the point of collection to
its final management. SIGFITO is the Collective Extended Producer
Responsibility System (SCRAP) authorised at the national level for
the collection of commercial and industrial packaging from the
agricultural sector and trapping devices. FCC Ámbito has been
collaborating with SIGFITO non-stop, since its creation, over
20 years ago.

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ATLANTIC. FCC Meio Ambiente (Portugal)
ATLANTIC. FCC Ámbito
ATLANTIC. FCC Environnement (France)
Renewal of the urban waste collection and street cleansing
service in the municipality of Marco de Canaveses
FCC Meio Ambiente has renewed, for a sum of over €18 million and a
period of ten years, the waste collection and street cleansing contract
for the municipality of Marco de Canaveses, where it has provided
uninterrupted service since 2006. The contract serves close to
50,000 inhabitants and includes the collection of organic and residual
waste, as well as the maintenance and washing of containers.
Europe Services Déchets, which provides waste collection and
transport services, saw two important strategic contract renewals
in Paris Saclay and Rambouillet for €5.53 and €4.36 million
respectively.
Europe Services Propreté, responsible for building cleaning services
for public and private clients, renewed its contract with one of its
main clients, Decathlon (Hauts-de-France). In addition, the contract
with the Ministry of Defence in the Rhône-Alpes region and with the
Cœur d’Essonne municipalities association have been renewed and
it has been awarded a new contract in the Paris-Seine municipalities
association (Île de France).
Europe Services Voirie, a company dedicated to public street
cleansing in municipalities, has been awarded the contract for
the city of Vitry-sur-Seine and has renewed the contract for the
metropolitan area of Grand Paris Sud.
FCC Ámbito extends its commitment to sustainable waste
management to the Spanish Army Bases
FCC Ámbito has renewed the contract for Hazardous Waste
Management in the Spanish Army Bases, Barracks and
Establishments, thus reinforcing the strategic collaboration with the
National Defence sector. The service includes the comprehensive
management of waste generated in the different facilities and
FCC Ámbito will prioritise recycling solutions, strenghtening its
commitment to the circular economy and the preservation of the
environment. The company’s approach is based on applying the
management hierarchy, maximising the recovery of materials and
minimising impact.

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UNITED KINGDOM. FCC Environment UK
Hull City Council and East Riding of Yorkshire Council renew
their trust in FCC Environment
FCC Environment has been awarded an extension of the Household
Waste Recycling Centre and Transfer Loading Station management
contract with the Hull City and the East Riding of Yorkshire councils,
where it has been providing this service since 2015. The extension
means the contract will run until 2030, with an estimated value of
around £45 million (€53 million). The service covers the operations
of 13 household waste recycling centres across Hull and East
Riding of Yorkshire, as well as three waste transfer stations in
Carnaby, Goole and Wilmington. It also includes a commitment to
the ongoing development and delivery of reuse operations across
the region in partnership with Dove House, which in the last year has
helped to give a second life to over 276 tonnes of material, totaling
2,306 tonnes since it first opened in 2015.
FCC Environment to continue providing the recyclables and
waste collection service in Herefordshire
Herefordshire Council has awarded FCC Environment the contract for
the collection of recyclables and waste in the county. The company
has been providing this service non-stop since July 2000 and with
this renewal extends the services for an initial period of eight years,
extendable by up to a further twelve years. One of the pillars of the
service will be the deployment of two fully electric collection vehicles
primarily to serve Hereford city centre, the county capital, a major
step towards the county and the company’s Net Zero targets.
FCC Environment secures the extension of Cheshire West
and Chester Council Residual Waste Disposal Services
Contract
FCC Environment has been awarded a three-year extension, until
31st March 2027, of the contract with Cheshire West and Chester
Council for the waste disposal service, which includes the receipt and
bulking of waste at the Chapterhouse Close Transfer Station and its
subsequent thermal treatment at the Energy from Waste Plant. This
contract began in 2014 for 8 years and in 2022 was extended until
2024.

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UNITED KINGDOM. FCC Environment UK
Tenth anniversary of the Energy from Waste plant in
Lincolnshire
The Lincolnshire Energy from Waste plant in North Hykeham has
been in operation for 10 years, reducing the amount of the county’s
waste going to landfill by around 93 %. Lincolnshire County Council
and FCC Environment work with the seven district councils, which
carry out the initial collection of recyclable and non-recyclable
waste from the county’s homes and businesses, diverting waste
from landfill by recovering its energy at the thermal recovery plant.
The site is equipped to treat up to 190,000 tonnes of waste each
year, converting it into 13.1 MW of electricity. This plant has now
processed 1.7 million tonnes of waste, producing 830,000 MWh of
energy for the National Grid to provide essential power for more than
27,000 homes throughout the county.
FCC Environment appointed by West Northamptonshire
Council to operate HWRC’s across the county
West Northamptonshire Council has awarded FCC Environment
the new contract for the management of six of its household waste
recycling centres (HWRC), specifically those at Sixfields, Ecton Lane,
Daventry, Towcester and Brixworth, and the Farthinghoe Recycling
and Re-use Centre. This new contract will see residents able to take
their waste to recycling centres across West Northamptonshire seven
days a week offering a better service and value for money. One of the
improvements of the new contract is the opening of an onsite reuse
shop at Sixfields HWRC to reinforce the existing shop in Farthinghoe.
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CENTRAL AND EASTERN EUROPE. FCC Environment CEE
FCC Environment renews the contract for various municipal
services in the city of Prostějov (Czech Republic)
FCC Environment has renewed its contract with the Statutory City
of Prostějov for a period of four years, worth €36.67 million. The
contract covers a wide range of services, especially municipal waste
management, road maintenance, public greenery, botanical gardens,
children’s playgrounds, sports grounds, street furniture, cemeteries
and public lighting services.
Award of the new contract for the management of the
Integrated Waste Management Centre in Galați County
(Romania)
FCC Environment has been awarded a significant contract for the
management Integrated Waste Management Centre in Valea Mărului,
Galați County. The contract represents a portfolio of €16.78 million
over the next five years. The new service includes advanced
waste collection, treatment and recycling systems, contributing to
improving environmental conditions and the community well-being.
This milestone reflects the company’s commitment to sustainable
waste management solutions and reinforces its position as a leader
in the environmental services sector in Romania.
Renewal of the ÖBB Tyrol contract (Austria)
FCC Environment in Austria has secured four renewal contracts for
the collection and treatment of commercial and industrial waste for
a total value of €8.3 million. The operations, which are estimated to
manage a total waste volume of 41,500 tonnes, began in January
2025 for a duration of two years.

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Contract with Škoda Auto a.s. – Kvasiny (Czech Republic)
FCC Environment has successfully renewed its contract with
Škoda Auto a.s. in Kvasiny for the collection, transport and treatment
of waste, which represents an annual turnover of €2.9 million. This
collaboration highlights the long-standing relationship with Škoda,
a historical client since 1995 and the largest car manufacturer in
Central Europe. The contract is provided with a specialised workforce
of 70 people and equipment worth 400,000 euros, guaranteeing
efficient and sustainable waste management for one of the main
manufacturers in the region.
CENTRAL AND EASTERN EUROPE. FCC Environment CEE
Contract renewal with the city of Bytom (Poland)
FCC Environment has successfully renewed its contract with the
Municipal Authority of Bytom to continue providing a wide range of
municipal waste collection and treatment services for the next two
years. This renewed agreement is projected to generate revenues of
€18.9 million for the company.
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Estrategia y
creación de valor
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UNITED STATES. FCC Environmental Services
Sarasota County awards FCC Environmental Services the
contract for the collection of municipal solid waste (Florida)
The Sarasota County Board of Commissioners has awarded
FCC Environmental Services the contract for the collection of
municipal solid waste in the South District for a total of up to
$750 million (€688.7 million). The service has an initial duration of
seven years with two possible extensions of seven and six years
respectively and began on 31st March 2025. To fulfil this contract,
which will provide employment for 90 people and serve around
250,000 residents and 2,000 commercial customers, the company
will invest over $45 million (€41.3 million) in a new fleet of 65 CNG
lorries and 10 ancillary vehicles, and in the construction of a natural
gas refueling station.
Award for the collection of municipal solid waste contract in
Clay County (Florida)
FCC Environmental Services has been awarded the contract for the
collection of municipal solid waste in Clay County for a value of up
to $420 million (around €392 million) and a term of 10 years, plus
two possible extensions of five years. To serve the county’s over
230,000 inhabitants, the company will have a workforce of 70 people
and plans to make significant operational investments, including the
acquisition of 44 collection lorries and three ancillary vehicles. Clay
County is the first contract that received a pink lorry in recognition of
the Breast Cancer Awareness campaign.
First FCC Environmental Services contract in the state of
Minnesota
The city of Saint Paul, capital of the state of Minnesota, has awarded
FCC Environmental Services a seven-year contract worth over
$115 million (around €107 million) for the collection of municipal
solid waste. The service, which began on 1st November, employs
around 60 local people and serves more than 300,000 inhabitants,
and foresees a significant investment of $25 million (€23.2 million).
This investment will be used to purchase over 30 new CNG collection
lorries and to build a CNG refueling station, as well as to purchase
fully electric inspection vehicles and a lorry for collecting bulky items
and other waste, also 100 % electric, reflecting the commitment of
the Saint Paul City Council and FCC to sustainability and the urban
environment.

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FCC Servicios Medio Ambiente expands its presence in the
United States with a new contract in North Carolina
The Buncombe County Board of Commissioners in North Carolina
has awarded FCC Environmental Services the contract for the
collection of municipal solid waste worth up to $110 million
(€101.4 million). The service, with an initial duration of seven
years and a possible extension of one year, began on 1st January
2025. The contract aims to provide collection services to around
175,000 residents in the county’s Unincorporated Areas, communities
that have a common social identity but are not organised as a local
entity. To offer this new service, the company will employ 43 local
people and will make a significant investment of over $15 million
(€13.84 million), which includes approximately 70,000 new bins,
24 new collection vehicles and five ancillary vehicles.
Start-ups of different contracts
Garland (Texas). The renewal of the contract for the
transport, treatment and commercialisation of the
municipality’s recyclable waste, awarded in 2023 for
an order book value of almost €1 million, it began on
1st October.
St. Johns County (Florida). Kicked off on 1st August,
the first start-up of 2024, FCC Environmental Services
provides the waste collection service with over
134 employees to serve the county’s 320,000 residents.
All prior service levels remain in place and a new
facility in the St. Augustine area is being used for the
deployment of services.
Clay County (Florida). Started 1st October with
42 new collection vehicles and 72 staff to provide
waste collection services to the county’s more than
230,000 residents.
Polk County (Florida). The contract began on
1st October and, since December 2016, it is
one of FCC Environmental Services’ first waste
collection contracts in the United States. It serves
74,000 households and over 200,000 residents with a
fleet of 36 CNG vehicles and more than 70 employees.
UNITED STATES. FCC Environmental Services
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5. Excellence
and sustainability
Sustainability
Disclosure 2023
In 2024, FCC Servicios Medio Ambiente published
its first Sustainability Disclosure with the main
objective of disseminating its commitment and the
transparency of its performance in environmental,
social and governance (ESG) matters.
This Sustainability Disclosure, aligned with the
Sustainable Development Goals (SDGs), presents
the consolidated figures for the year 2023 for all
the geographical platforms where the holding
company operates, laying the groundwork prior
to the incorporation of the new European ESRS
(EU Sustainability Reporting Standards) into the
company’s sustainability reporting strategy. In
addition, the group has presented for the first time
the results of the cross-cutting projects it has
been developing, such as the Climate Change Risk
and Opportunity Analysis and the Dual Materiality
Study.
In the words of the CEO, Iñigo Sanz:
‘This first Sustainability Disclosure highlights the
great efforts that FCC Servicios Medio Ambiente
is making in this field in all the regions where we
operate, aligning the company’s performance with
the demands and expectations of our stakeholders
and society.’
Key Sustainability
Figures 2023 of the
Executive Summary
2023 of FCC Medio
Ambiente
After launching its biennial 2021-2022
Sustainability Report, aligned with the SDGs and
verified by an independent external entity, in 2024
FCC Medio Ambiente presented for the first time
the progress made in the main sustainability
indicators in an executive summary on the Key
Sustainability Figures within the framework of said
biennial report.
SUSTAINABILITY
DISCLOSURE
2023
Continuing with the slogan ‘Leading the Era of
Change’, the report highlights the progress made
in its 2050 Sustainability Strategy, which revolves
around four lines of action: Environment, Social,
Excellence and Governance; and presents the new
Sustainability Action Plan; in addition to outlining
the company’s development for the near future.
Among the most relevant milestones, the
commitment to the circular economy stands out,
with a 27.5 % increase in the recovery of valuable
materials. In terms of efficiency in the use of
resources, the consumption of renewable energy
has increased by 31.5 % (2021-2023) and the
consumption of water from alternative sources by
30.5 %. Regarding the fight against climate change,
in 2023 the company avoided the emission of
3,408,241 tonnes of CO2e.
Leading
the era of
change
Key sustainability figures
2023 Executive Summary
We support the Sustainable Development Goals
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Ethical governance
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Environment | Excellence and sustainability | Page 2 of 5
Service excellence
FCC Servicios Medio Ambiente’s commitment
to excellence and sustainability benefits its
entire value chain, from customers, suppliers,
employees and, of course, to all citizens living in
the communities the company provides service in,
mainly public customers.
Both FCC Medio Ambiente and FCC Ámbito have
implemented an Integrated Management System
based on the requirements of internationally
recognised standards that ensure a management
model based on excellence and that integrates
areas as varied as quality, environment,
occupational health and safety (OHS), R&D&I,
energy efficiency, healthy business, tourism
quality and information security, among others.
This system establishes a working methodology
that guarantees that processes are carried out
rigorously, applying sustainability criteria and in
accordance with common procedures.
Historical evolution of the certifications and accreditations
obtained by FCC Medio Ambiente and FCC Ámbito
UNE-EN ISO 9001
UNE 166002 - IDI
UNE-EN ISO 45001
OCCUPATIONAL
RISK PREVENTION
UNE-EN 27001:2014
UNE-EN 1176-7:2009
UNE-EN 16630:2015
OHSAS
18001 - PRL
UNE-EN-ISO/
IEC 17020-
ACCREDITATION
FCC MEDIO AMBIENTE CARBON FOOTPRINT REGISTRY
(SINCE 2013)
UNE-EN ISO 14001
ENVIRONMENT
Regulation
(CE) EMAS
Q QUALITY
TOURISM
ESP-25-AUD-17
HEALTHY
COMPANY
MODEL
UNE EN 15713
CONFIDENTIAL
PAPER
SHREDDING
UNE-EN ISO
50001
1997
2000
2005
2007
2013
2012
2016
2018
2019
2020
2021
2022
2023
WEEE
TREATMENT
FCC ÁMBITO
CARBON
FOOTPRINT REGISTRY
ACTION
PROTOCOLS AGAINST
COVID-19
NATIONAL
SECURITY SCHEME
L
2024
ZERO WASTE
MANAGEMENT
CERTIFICATION

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Environment | Excellence and sustainability | Page 3 of 5
FCC Environment UK, for its part, has received
numerous awards and distinctions this year
in the areas of excellence and sustainability.
The company has been recognised by the
British Safety Council for the hard work of its
operational teams on the ground and the tireless
efforts of the Safety, Health, Environment and
Quality department in reinforcing and enhancing
excellence in performance and behaviour across
the business. The company received two Swords
of Honour awarded to the Lincolnshire Energy
from Waste (EfW) facility in North Hykeham and its
Landfill & Quarries Division, the highest distinction
from the Council, in addition to the Globe of
Honour awarded to its Eastcroft EfW Plant.
Furthermore, the company has been recognised
in the International Institute of Risk and Safety
Management (IIRSM) Excellence Awards, among
others.
FCC Environment UK's OHS awards achieved in 2024
British Safety Council
5 STAR Occupational Health &
Safety Audit
FCC Landﬁll, 98.64%
APRIL
JUNE
IIRSM
Risk Excellence Awards
Barry Holt Award
Outstanding Risk Management Practice
Winner
IIRSM
Risk Excellence Awards
Barry Holt Awards
Most Impactful Risk Research Project
Winner
SEPTEMBER
British Safety Council
5 STAR Occupational Health & Safety Audit
FCC Allington EfW, 97.26%
British Safety Council
Globe of Honour
FCC Eastcroft EfW
British Safety Council
Sword of Honour
FCC Landﬁll
British Safety Council
Sword of Honour
FCC Lincoln EfW
Material Recycling World
National Recycling Awards
Innovation in Recycling Equipment and Vehicles
Winner
NOVEMBER
British Safety Council
5 STAR Environmental & Sustainability Audit
FCC Eastcroft EfW, 96.7%
British Safety Industry Federation
Safety & Health Excellence Awards
Product Innovation for Safety
Highly Commended
Let’s Recycle
Awards for Excellence, Health & Safety
Initiative of the Year
Highly Commended
MAY

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Environment | Excellence and sustainability | Page 4 of 5
Sustainability and excellence
highlights in 2024
FCC Servicios Medio Ambiente has joined the
United Nations (UN) Spain Global Compact
and is committed to aligning its operations
with Ten Principles universally accepted in the
areas of human rights, labour standards, the
environment and the fight against corruption, as
well as adopting measures in support of the UN
objectives currently embodied in the SDGs.
FCC Medio Ambiente obtains the first Zero
Waste certification of a Municipal Service for
the Barcelona Sewerage Maintenance contract.
In the verification process, carried out by AENOR,
it has been verified that 92.43 % of the waste
generated in the provision of the service is
recovered.
FCC Ámbito has been granted the Zero Waste
Management certification by AENOR for its
industrial waste recovery and valorisation
plants in Castellbisbal and El Pont de Vilomara
i Rocafort (Barcelona, Spain), reaching recovery
levels of 97.41 % and 91.53 %, respectively. This
certificate thus demonstrates both the viability
of converting industrial waste into resources and
the company's commitment to sustainability and
excellence in waste management.
FCC Environment CEE has been awarded the
EcoVadis “Committed” Badge, an achievement
that reflects its dedication to responsible and
sustainable practices. The EcoVadis assessment
Mixed sewerage equipment from the
Barcelona service (Spain).
highlighted its policies on labour and human
rights and its environmental certifications as
the company's strongest areas, demonstrating
compliance with international standards such as
ISO 14001 and ISO 45001.
FCC Medio Ambiente receives the Best Diversity
and Inclusion Strategy award from the Adecco
Foundation and the Club for Excellence in
Sustainability at the 7th edition of the ‘Diversity
and Inclusion’ Awards. The award-winning
project summarises the company's more than
ten years of experience in equality, diversity
and inclusion and reaffirms its commitment to
building an organisation that is committed not
only to offering quality services that help care for
the environment, but also to improving the quality
of life of the people in the communities it serves.
WEEE treatment and recycling facility in El Pont de
Vilomara i Rocafort, in Barcelona (Spain).
FCC Medio Ambiente has received the Equality
in Business Distinction (DIE from its acronym in
Spanish) from the Spanish Ministry of Equality,
through the Women's Institute, awarded for the
first time in 2020. This distinction, which has
been extended to its subsidiaries, has been
renewed annually upon meeting the Ministry's
demanding requirements and is a recognition
of the policies and programmes that the
company has been developing since 2008,
aimed at promoting equality in all areas of the
organisation.
Best Diversity and Inclusion Strategy award.
Equality in Business Distinction.

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New 2023-2026 Plan
23
GOVERNANCE
39
EXCELLENCE
96
SOCIAL
124
ENVIRONMENT
14
GOVERNANCE
25
EXCELLENCE
66
SOCIAL
71
ENVIRONMENT
2
GOVERNANCE
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EXCELLENCE
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SOCIAL
5
ENVIRONMENT
17
strategic
objectives
176
measures
282
monitoring
indicators
FCC Ámbito and Iberdrola, through its
PERSEO programme, have signed a strategic
collaboration agreement with the aim of
promoting the industrial-scale recycling of
photovoltaic panels. Following the successful
creation of EnergyLoop, their joint venture
for the recycling of wind turbine blades, both
companies are strengthening their partnership
to develop circularity solutions for waste linked
to solar photovoltaic generation.
FCC Environment promotes solar energy
projects throughout the UK in restored landfill
sites with the aim of returning the land to a
productive environmental use. Worth mentioning
is the construction of a new solar farm in Aveley
(Essex) that will export up to 17,000 MWh
of renewable electricity, enough to power
4,200 homes; or the one in Offham (Kent), set to
generate enough to power around 2,700 homes
a year.
FCC Environment has restored the Penny Hill
landfill site to a mix of woodland and grassland
with rich biodiversity in terms of vegetation and
insects. The site was closed in the late 1990s
and became recognised as a significant habitat
for over 400 species of butterfly and moth
species thanks to its high-quality grassland.
Energy generated from the EnviRecover Energy
from Waste facility in Worcestershire (United
Kingdom) has reached a record figure of one
million megawatts of energy from waste,
enough to power nearly 40,000 homes a year
since opening. The facility processes around
210,000 tonnes of non-recyclable waste each
year, waste that would have gone to landfill
otherwise.
The Back2Life Re-Use Centre in Trnava, the first
of its kind in Slovakia, has been in operation for
three years and is celebrating having given a
second life to almost 30,000 items and raised
more than €85,000 which have been used for
its operations and local green projects, such as
tree planting. The centre's efficient operations
and innovative QR code pricing system make it a
shining example of sustainability and the circular
economy.
FCC Medio Ambiente has designed a new
Sustainability Action Plan 2023–2026 in order
to take account of and report on the progress
made. New regulatory developments, the global
challenges identified in the UN's 2030 Agenda
and the aim of adding value to the business
itself have shaped the definition of 17 strategic
objectives, 176 measures and 282 monitoring
indicators to be able to report to its stakeholders
on the degree of progress made in the actions
undertaken.
Other sustainability highlights
FCC Medio Ambiente received an accolade at
the 15th edition of the National Energy Awards
given by the Association of Spanish Energy
Management Agencies (EnerAgen) in the
category of Private Initiative in favour of energy
transition for its LIFE Landfill Biofuel project,
developed at the Ecocentral in Granada (Spain)
and which has demonstrated the technical
and economic viability of recovering biogas
generated in landfill sites for use as vehicle fuel
and for injection into the gas network.
FCC Medio Ambiente is carrying out the ‘React!’
project in Hellín (Albacete, Spain) together with
the City Council for the offsetting of its carbon
emissions and which consists of the planting
of a forest located on municipal land formerly
occupied by the old ‘Rincón de las Españas’
inert waste landfill site. The project is expected
to capture 283 tonnes of CO2, in addition to the
positive impact it will have on biodiversity and
the recovery of degraded spaces.

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Throughout 2024, FCC Servicios Medio Ambiente
kept on developing innovation projects and, for yet
another year, upheld the certification of its R&D&I
Management System, in accordance with the UNE
166002 standard.
R&D&I projects in development or launching phase
reached an investment of close to €4 million
throughout the year. They are classified into three
areas of knowledge:
Vehicles, mobile machinery and facilities
Management and recycling of waste – Circular
Economy
Information and Communication Technologies.
6. Innovation
and technology
Vehicles, mobile
machinery and facilities
Projects associated to vehicles
and mobile machinery
Environment | Innovation and technology | Page 1 of 13
the PTAS programme (Sustainable Automotive
Technology Programme) within the framework
of the funding granted by the Centre for the
Development of Industrial Technology (CDTI) and
supported by the Spanish Ministry of Science and
Innovation within the Recovery, Transformation
and Resilience Plan financed by the European
Union.
The first prototype has been assembled on a 21 m3
capacity, three-axle, 29-tonne maximum authorized
mass side-loading compaction-collection vehicle
with an electric propulsion and bodywork drive
system, which will carry out the entire assigned
service in pure electric mode, from the moment it
leaves the vehicle depot until its return to it.
From June and July the lorry got to work, first
testing on a controlled closed circuit and later on a
real route in the cities of San Sebastian, Barcelona
and Madrid (Spain).
Access here the H2TRUCK video
The project and its prototype were presented
globally by FCC Medio Ambiente and the Irizar
Group with great success in November at the
Smart City Expo World Congress in Barcelona,
the world's leading event on smart cities, where
the vehicle was exhibited and culminated its
presentation by winning the Smart City Awards
in its 2024 edition, in the Energy and Urban
Environment category.
The company thus differentiates itself in the
provision of urban services through excellence
in the environmental, technical and economic
features of its offer. Although the prototype has
been developed on a solid waste collection vehicle,
the chassis is very versatile and can be applied
to all types of bodywork and configurations and
to any urban service functionality in heavy-duty
vehicles.
H2TRUCK Project
During 2024 FCC Medio Ambiente completed
the manufacturing and commissioning of the
first plug-in, low-cabin electric chassis for
urban services powered by hydrogen fuel cell,
the H2TRUCK, developed by the company within
H2

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PLAUSU Project:
Autonomous Driving
In collaboration with the Instituto Universitario de
Investigación del Automóvil (INSIA), FCC Medio
Ambiente has continued to work on the project
called PLAUSU (Autonomous Platform for Urban
Services), which has been funded by the CDTI and
co-funded by the European Regional Development
Fund (ERDF).
The project is taking shape on a dual washing
down-sweeper vehicle that already incorporates
a fully electric propelling and driving system for
autonomous operation in cleaning tasks.
Throughout 2024, the characterisation of the
streets where the machine will work has been
carried out, identifying the challenges it will
face, such as areas of low coverage, mobile
inhibitors, street furniture... and the optimal and
most appropriate guidance system. The machine
will move along a route predefined by a set of
waypoints with the help of a GPS receiver and a
LIDAR system that will generate a digital map of
the surrounding environment.
The ‘Follow me’ system has also been developed
by applying artificial intelligence to image detection
to identify and differentiate people, both operators
and pedestrians, and thus be able to follow the
movements of a specific operator. Finally, a study
of the current legislation on autonomous vehicles
has been carried out, revealing that this technology
is more advanced than the regulations. It is hoped
that all the technology developed can be applied
and begin to be tested in controlled environments
in 2025.

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During 2024, a new fleet of natural gas-
powered vertical-lift lorries has been launched
in Madrid (Spain). These lorries have three
axles and a legal payload of over 10 tonnes,
and several of them are narrowed to 2.3 metres
wide. As special features that make it unique
in the market, it is worth noting that the waste
unloading system is by plate ejection and not
tipping, and the chosen crane notably simplifies
the work of the operating personnel.
As part of FCC Environment CEE's commitment
to a cleaner and greener future, the company
is continually expanding its fleet with vehicles
powered by alternative energies, such as electric
lorries, Compressed Natural Gas (CNG) vehicles
and trucks running on biodiesel (e.g. HVO,
Hydrotreated Vegetable Oil). These advances
reflect the group's dedication to reducing its
carbon footprint and operating in harmony
with the environment, ensuring that its services
contribute to a clean and sustainable future.
FCC Environment UK has introduced two brand
new, state-of-the-art, all-electric eCollect rear-
loading collection vehicles into the Herefordshire
waste collection service. These vehicles, which
range in size from 7.5 to 26 tonnes and will be
the first 100 % electric vehicles to join the county
Other sustainable mobility projects and milestones
fleet, add to the more than 100 units of this
type already in service throughout the UK. With
the addition, there are now 28 environmentally
friendly rear-loading lorries serving the county's
residents and businesses.

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Glacier waste material sorting robot
(California, USA)
FCC Environmental Services secured a grant from
the Carton Council to install a new and innovative
robot in the municipal solid waste (MSW)
treatment line at its Placer County plant. This robot
is unique because it has a very small footprint and
can sort material at a very high speed thanks to its
best-in-class computer vision to identify everything
in the waste stream, from broad categories such
as PET plastic, to highly specific items such as cat
food cans. It will be one of the first robots of its
kind installed in a municipal waste recycling plant
in the United States.
Retrofit of the Houston material recycling
facility (Texas, USA)
FCC has been awarded a grant from The Recycling
Partnership to retrofit its Houston MRF to be able
to sort high quality plastic film. To this purpose,
the company and its suppliers have designed a
system capable of meeting market specifications
and recovering plastic film with 95 % purity from
a single material stream. The design includes
TOMRA optical sorters to select materials with a
high degree of effectiveness and to differentiate
quality plastic film from paper or other rigid
materials. In addition, several conveyors have been
added to facilitate the treatment and packaging of
materials and thus increase process efficiency.
Projects associated to facilities

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Management and
Recycling of Waste.
Circular Economy
FCC Servicios Medio Ambiente promotes several
research, development and innovation (R+D+i)
programmes aimed at promoting sustainability,
efficiency and the use of cutting-edge technologies
in diverse fields of activity.
Through pioneering initiatives, the company
reinforces its commitment to the circular economy,
the reduction of emissions and the optimisation
of resources, consolidating its leadership position
in the technological transformation of the
environmental industry.
MINETHIC: Promoting the recovery and
valorisation of strategic mineral resources
for the green transition
Official website of the project: www.minethic.es
Consortium in which FCC Medio Ambiente
participates, subsidised by the CDTI in the
Missions 2022 call, supported by the Spanish
Ministry of Science and Innovation and co-financed
by the Recovery and Resilience Mechanism. It
aims to research new sources of unconventional
mining raw materials, both industrial and urban,
to facilitate the ecological transition. During
2024, thermochemical tests were carried out in a
plasma reactor at the Tecnalia technology centre
using MSW incineration slags with the objective
of concentrating the phosphorus, nickel and
cobalt present in them. The tests for the biological
concentration of phosphorus in the biosolid
resulting from the aerobic biological treatment of
Pilot plant for the bio-concentration of phosphorus.
Recovery of critical raw materials
from Municipal Solid Waste (MSW)
MSW organic matter were completed, for which a
bioreactor was designed, built and installed at the
FCC´s Loeches Environmental Compound. Tests in
a real environment are planned for 2025.

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ECO2D4.0 (ZL-2023/00884): Development
of comprehensive road surface solutions
using priority waste from the Basque
Country, and ecosystem for the functional
and environmental monitoring of road
infrastructures
Participated by FCC Medio Ambiente and
co‑financed by HAZITEK 2022, a programme to
support business R&D in the Basque Country. It
seeks to investigate new applications for waste
management in the autonomous community. It
focuses on cases with few recovery routes, such
as ferrosite, incineration slags, foundry sands,
milling refuse and black slags. Products from
digitised ECO-roads are being developed, exploring
the technical and market viability of using different
waste streams as secondary aggregates in road
surface design. Sustainable layer solutions are
being sought using materials that complement
each other, ensuring compliance with functional
and environmental specifications in all stages of
development.
Co-funded by
the European Union
Europar Batasunak
kofinantzatua
Co-funded by
the European Union
Europar Batasunak
kofinantzatua
RSU4HOM: Development of new
construction products from the valorisation
of incineration slags from municipal solid
waste
Led by FCC Medio Ambiente and co-financed by
HAZITEK 2022, a programme to support business
R&D in the Basque Country. A 30-month project
which began in July 2022, the aim of RSU4HOM
is to minimise the environmental impact caused
by the landfilling of incineration slag from two
plants in Zubieta (Gipuzkoa, Spain). The target is to
recover this waste and integrate it as an aggregate
for the manufacture of construction products
(concrete, mortar and precast concrete).
LIFE ZEROLANDFILLING
(LIFE-2022-SAP-ENV 101114213):
Recovering landfill waste through an
innovative and integrated process
committed to the circular economy
Official website of the project:
www.zerolandfilling.com
Led by FCC Medio Ambiente, funded from the
European Union's LIFE programme, managed
by the European Climate, Infrastructure and
Environment Executive Agency (CINEA). The
project addresses the increase in the generation
of urban waste through an innovative system for
managing and recovering non-recyclable waste
and hopes to avoid more than two million tonnes
of CO2e associated with waste treatment after
avoiding its landfilling and 2.6 tonnes of CO2e from
the recovery of green naphtha and solid coal. The
project is expected to last nearly four years and
proposes the development and demonstration
of an innovative pyrolysis reactor to treat the
residual fraction of MSW, composed mainly of
non-recyclable plastics and bio-waste. The design
and engineering phase of the demonstrator was
completed during 2024 and its installation is to
begin in 2025 for the complete validation of the
thermochemical solution.
Recovery of slag from MSW incineration
Leading a circular economy for plastic

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PROSPER: Promoting innovation for
sustainable sorting and recycling of
dedicated bio-based plastics
Led by the University of Ghent and funded by
the EU's Horizon Europe programme, it began
in October 2024 and will last for 48 months.
The project proposes a solution for the sorting
and recycling of bio-based plastics through the
reactivation of bioplastics present in the packaging
market, achieving a completely circular value chain.
It seeks to improve recycling rates thanks to citizen
engagement, the use of new AI-based sorting
systems in treatment plants and the improvement
of mechanical and chemical recycling systems.
FCC Medio Ambiente is leading the demonstrator
in Spain and is participating by evaluating the
technical feasibility of separating bioplastics
in waste treatment centres and analysing the
effectiveness of separation at source.
LIFE PLASMIX (LIFE18 ENV/ES/000045:
Plastic Mix Recovery and PP & PS Recycling
from Municipal Solid Waste) (2019-2024)
Official website of the project:
www.lifeplasmix.com
Led by FCC Medio Ambiente, the project ended
in 2024 and has demonstrated at the Ecocentral
in Granada (Spain) the technical and economic
viability of the recovery of materials from mixed
plastics from municipal waste (PP, PS and PSE).
During 2024, 8,773 tonnes of mixed plastics were
processed, recovering more than 4,509 tonnes, an
impressive yield rate of 55 %. It was demonstrated
that the recycled material not only complies
with quality standards, but is also suitable for
practical and sustainable applications, such as
the manufacture of fruit boxes and street furniture
(planters, swings, slides, traffic cones, etc.).
Co-funded by
the European Union

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Leader in renewable energy production
ECLOSION: New materials, technologies
and processes for the generation, storage,
transport and exploitation of renewable
hydrogen and biomethane, generated from
bio-waste (2021-2024) MIG-20211071
It seeks to create new materials, technologies
and processes for the generation, storage and
transport of renewable and indigenous hydrogen
and biomethane from urban and agri-food waste,
wastewater and sewage sludge. FCC Medio
Ambiente, together with the Institute of Sustainable
Processes of the University of Valladolid, has
researched the dark fermentation process using
the organic fraction of MSW as a substrate. In
2024, a scaled-down bioreactor prototype was
installed at the Valladolid treatment plant where
the first biogas samples were obtained and new,
efficient and low-cost polymeric membranes
were developed. In 2025, biogas production will
be optimised and the separation of gases will
commence by means of these membranes,
where bio-H2 and biomethane are expected to be
obtained.
LIFE LANDFILL BIOFUEL
(LIFE18 ENV/ES/000256: Integral
management of the biogas from landfills for
use as vehicle fuel) (2019-2022)
Official website of the project:
www.landfillbiofuel.eu
The project, which ended in 2024, was co-financed
by the European LIFE programme and aimed to
demonstrate the technical and economic viability
of a solution based on the implementation of new
landfill exploitation techniques to improve biogas
production and facilitate the recovery of waste
gases through the purification of biogas via a
pressure swing adsorption process. The project
has successfully validated and demonstrated
the solution, producing biomethane from the
biogas generated in landfill, which is then used for
transport, covering a total of 71,200 kilometres
with a light and a heavy-duty vehicles.

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Creation of new by-products and biomaterials
BIOPROLIGNO (CPP2022-009647):
Transformation of lignocellulosic waste
into bioproducts for their application in
infrastructure and ground maintenance
Funded by the State Research Agency as part of
the 2023 Public-private Partnership Programme,
the project is expected to be completed in
November 2026. It aims to develop processes in
the field of lignocellulosic waste pyrolysis, where
three state-of-the-art bioproducts are generated:
wood vinegar, charcoal and bio-bitumen. The
effectiveness of these materials has been
demonstrated in experimental tests and the project
intends to use them in real experiences in the field
of maintenance of linear infrastructures and green
areas in order to improve the management of
ligneous urban waste. During 2024, the suitability
of pruning waste for pyrolysis was studied. The
first batches were pyrolysed, obtaining products
that will begin to be used in parks and ground
maintenance during 2025.
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LUCRA (101112452 – HORIZON-JU -CBE-
2022): SustainabLe sUCcinic acid production
using an integRAted electrochemical
bioreactor and renewable feedstock
Official website of the project: www.lucra-project.eu
FCC Medio Ambiente is participating in this project,
funded by the HORIZON JU CBE call for proposals,
which uses MSW and wood waste as raw materials
for the large-scale production of high-performance
bio-based chemicals of great interest to industrial
end-users from a circular bioeconomy biorefinery
approach. It proposes an innovative technology for the
electrochemical extraction of succinic acid that will
greatly reduce dependence on fossil resources. The
process aims to reduce the cost of bio-succinic acid
and will demonstrate a 50% reduction in greenhouse
gases compared to conventional production. In
2024 the members of the consortium met in Madrid,
where the partners were able to observe the quality
of the organic matter obtained thanks to the new
unpacking machine installed at the Las Dehesas
Biomethanisation Plant.
Co-funded by
the European Union
LUCRA project final meeting.

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DEEP PURPLE: Domestic Extraction of
Emerging Products with Purple Phototrophic
Bacteria
Official website of the project: www.deep-purple.eu
Co-funded by the Bio-Based Industries Joint
Undertaking under the European Union's Horizon
2020 Framework Programme for Research and
Innovation, DEEP PURPLE proposes a synergistic
and integrated treatment for the recovery of three
types of biowaste: the organic fraction of MSW,
sludge from wastewater treatment plants and
urban wastewater. This innovative concept has
enabled the generation of five new bioproducts
with commercial applications in the cosmetics,
plastics, construction and fertiliser sectors
through a multiplatform photobiorefinery based
on phototrophic purple bacteria. The project
was successfully completed in 2024 with the
operation of the world's largest photobiorefinery,
demonstrating that it is technically and
economically possible and viable to obtain
high‑value products from municipal biowaste.
UNITED CIRCLES: Networked industrial-
urban symbiosis value chain demonstrators
for biomaterials, C&DW, circular water loops
& WWTPs, driven by Hubs 4 Circularity
This project, funded by the Horizon Europe
programme, began in November 2024 and aims
to accelerate the transition to a decarbonised and
waste-free future by promoting urban industrial
symbiosis. It seeks to reduce waste generation
through its recovery and reuse in new industrial
applications throughout the entire value chain.
Seven Circularity Hubs will be launched, consisting
of three demonstrators and four replicators.
FCC Medio Ambiente is participating from the
Waste Treatment Centre in Gomecello (Salamanca,
Spain) with the aim of investigating the valorisation
of waste streams for the recovery of nutrients and
energy vectors.
BIOMET: Optimisation of biomethane
production from biogas using high-
performance technologies
Led by FCC Medio Ambiente, funded by the State
Research Agency as part of the 2023 Public‑Private
Partnership programme and with a duration of
three years and one month, BIOMET seeks to
develop new biotechnologies to transform biogas
from controlled landfills and anaerobic digestion
plants into biomethane. A mapping of the different
compositions of biogas will be carried out and,
in collaboration with the Institute of Sustainable
Processes of the University of Valladolid, an
optimisation of the microbiology of the process
will be carried out to obtain extremophilic
microbial communities capable of eliminating
the main pollutants of biogas (H2S, VOC, CO2)
in a more efficient and sustainable way. These
communities will be evaluated in new bioreactor
configurations. The company plans to develop an
industrial business model for the production and
commercialisation of biomethane.
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LIFE ABATE
(LIFE-2022-SAP-ENV 101113838):
Marketable high performance compact
technologies for the abatement of VOCs in
EU waste treatment plants, decreasing CO2
emissions and energy consumption
LIFE ABATE, funded by the LIFE programme,
seeks to improve the sustainability of mechanical
biological treatment (MBT) plants by demonstrating
the benefits of innovative technology for reducing
emissions of non-methane volatile organic
compounds (NMVOCs) and CO2. This process
includes a VOC concentration stage using a
concentrator, followed by biological or thermal
degradation, reducing NMVOC and odour emissions
and energy consumption, using the CO2 emitted
to promote crop growth in greenhouse agriculture.
The solution will be validated on an industrial scale
at Ecoparc 3 (Barcelona, Spain) and replicated at
the Las Dehesas Biomethanisation Plant (Madrid,
Spain). Engineering and equipment purchases
were carried out during 2024, and installation and
commissioning work will begin in 2025.
Mitigation of
environmental impact

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EcoCARbón: Circular economy for
aerostructures aimed at decarbonisation
In the aeronautical sector, EcoCARbón aims to
increase the application of composite materials
in fuselage and tail through the eco-design of
aerostructures, incorporating circular economy
solutions for material that is wasted during
manufacturing and at the end of the aircraft's
useful life. The participation of FCC Ámbito aims
to research chemical recycling techniques using
solvolysis from waste materials with carbon fibre.
In this way, it would increase the technologies and
services available to sectors demanding these
materials with a production of waste parallel to the
manufacturing process itself and at the end of the
life cycle of the elements.
PV4INK: Reciclaje de paneles fotovoltaicos
FCC Ámbito has continued to develop the PV4INK
project for the development of technologies for
the recovery of the silver contained in photovoltaic
panels, as well as its conversion into nanoparticles
that can be used directly in the conductive ink
industry for electronic applications. The project
receives funding from the State Research Agency,
the Ministry of Science, Innovation and Universities
of the Government of Spain, within the framework
of the call for Public-Private Collaboration Projects,
co-financed by the Recovery, Transformation and
Resilience Plan of the Government of Spain. It is
carried out with the waste obtained from the end-
of-life treatment line for photovoltaic panels that
FCC Ámbito has in Cadrete (Zaragoza, Spain).
COMPLAST: Advanced techniques for
the development of new thermoplastic
COMposites in high added value application
sectors
FCC Ámbito has continued to collaborate on the
CIEN ‘COMPLAST’ project which, with a duration
of 42 months, seeks to obtain new thermoplastic
composites with improved properties for high-
value applications in the aeronautical, railway and
automotive industries, which are recyclable and/
or incorporate recycled materials. Research is
being carried out into the synthesis and generation
of new textile products and composites and their
use in parts for different transport sectors and
manufacturing processes will be developed for
the materials and parts produced. FCC Ámbito is
focusing on finding high-value uses for recycled
glass and carbon fibres.
Industrial waste
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FCC Environment UK and Carbios
launch joint project to establish
UK-based PET bio recycling
facility
FCC Environment and CARBIOS are jointly studying
the implementation of a UK-based plant using PET
biorecycling technology licensed by CARBIOS.
This biorecycling technology is key to supporting
FCC Environment's continuing goal of contributing
to the circular economy by exploring new
processes and technologies to produce recycled
PET (r-PET) from PET plastic and textiles.
FCC Environment is keen to understand this
technology better by seeking an evidence-based
view on the advantages of using enzymes for
the treatment of PET, such as lower energy
consumption and better circularity of polymers
back into the PET production lines. The innovative
depolymerization process also facilitates the
recycling of this waste, including problematic
fractions such as polyester textiles, in order to
convert them into high-quality recycled PET.

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Information and communication technologies
VISION
FCC Medio Ambiente, through its ICT department,
has developed VISION, an intelligent technological
platform for the integrated management of urban
services, which is constantly evolving. In the field
of urban services management, there is a growing
demand for information integrated into municipal
systems that ensures the provision of services with
the quality required by administrations and citizens.
The VISION platform not only supports all aspects
of the daily work of the services, but also enables
information to be shared with other platforms.
In the year 2024, the following innovations and
improvements are particularly noteworthy:
Process of updating to Android version 14. Phone
apps have been adapted and modernised, both
management and citizen apps, including the
management of permits, as well as the correct
functioning of the application in previous versions.
Over 300 check-in devices have been
implemented, recording information directly in
VISION.
Technology installed in the containers has
been integrated with the installation of over
2,000 electronic locks on different waste
containers, through which information on
openings is recorded.
Inventory regularisation process, which allows
a physical warehouse inventory to be reported
on a given date and generates positive and
negative regularisation movements to adjust the
warehouse stock to the inventory conducted.
New VISION and APP section that allows the
recording of vehicle washing and the attachment
of related documents or images.
The CGS, Service Management Centre, has
continued to be developed, which, through
business smart tools connected to VISION,
allows data to be visualised in reports and
scorecards.
VISION scorecards and reports.

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FCC Environment CEE continues to drive
innovation in the online space
FCC Česká Republika presented the ‘Můj Odpad’
(‘My Waste’) mobile app designed to simplify the
management of the waste collection calendar
for residents, while promoting environmental
sustainability by reducing the need for printed
calendars.
In Poland, FCC Environment launched two new
online apps: an online shop for renting containers,
‘Serwis Odpadowy’, which joins the successful
e-shop models already established in Austria
and Slovakia for over five years. Additionally,
the company launched the ‘Ekoharmonogram’
application that allows residents to access waste
collection schedules, find disposal points for
specific materials, receive notifications about
service changes and easily report feedback.
These advancements highlight the company's
commitment to leveraging technology to improve
waste management and the customer experience
across multiple countries.
Navusoft Tablets are implemented in lorries
for the first time in Dallas and Houston
The use of Navusoft in waste management
operations, integrating cloud-based technology
into mobile devices, has enabled remote access to
business applications via phones or tablets. This
innovation allows for real-time dispatching, driver
tracking and service verification. Performance
monitoring is trackable, enhancing operational
efficiency and responsiveness to routes. With
tools such as this one, service delivery has been
enhanced to surpass industry standard practices
where FCC Environmental Services is setting its
own new standard.

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End-to-end Water Cycle Management
1. Industry analysis _ 140
2. Activity in the Water Area _ 146
3. End-to-end Water Management Cycle Highlights 2024 _ 149
4. Service excellence _ 150
5. Innovation and technology _ 167
6. People and culture _ 176
7. Communication and marketing _ 186
8. Regulatory compliance _ 197
9. Technology, digitalisation and cybersecurity _ 204
Aqualia is an international water services operator
that offers efficient technical solutions, tailored to
the supply, management, sanitation and treatment
needs of each community. The company provides
a service focused on the well-being of people and
environmental protection.
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As one of the world’s leading operators, Aqualia
provides technical solutions and quality services in
all phases of the end-to-end water cycle, with the
aim of improving the well-being of the people and
communities in which we operate.
Aqualia’s methodology is based on the
preservation of water and environmental
resources through innovation in order to improve
management efficiency. It is guided by the United
Nations Sustainable Development Goals (SDGs)
and the existing legal and regulatory frameworks in
each geography.
The rapid urbanisation process and the need to
optimise a scarce resource such as water lead
governments, regions and industrial corporations
to search for specialised operators who can help
them provide effective solutions to the water
supply, sanitation and treatment problems. The
need to move towards models that are more aware
and sustainable requires innovation to overcome
the challenges facing the sector.
The company’s activity encompasses all stages
of the water cycle, covering the entire value chain,
from collection and treatment, purification and
reuse, to distribution, customer management,
sewerage and infrastructure construction. Aqualia
stands out for its ability to adapt to the specific
business model of each region and its solid
experience, adaptability and strategic leadership
in dynamic environments, which makes the
difference in the regions where it operates.
Aqualia currently provides service to 44.8 million
users in 18 countries: Algeria, Saudia Arabia,
Colombia, Chile, Peru, Egypt, UAE, Spain, USA,
France, Italy, Mexico, Oman, Portugal, Qatar, Czech
Republic, Romania and Georgia.
The company’s primary activity is the management
of integrated water services in municipalities in
countries through long-term concession models
or the ownership of proprietary assets. Aqualia
operates municipal water concessions in Spain,
Portugal, Italy, France and Colombia, as well as
asset ownership in Spain. the Czech Republic,
Georgia and Colombia.
End-to-end Water Cycle Management
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1.1.
End-to-end Water Cycle
Management: Spain
The year 2024 started with a crisis of resource
availability in Spain due to drought in several areas
of the country. The recovery of economic activity
-especially in the services and tourism sectors-
was also affected by soaring material costs that
began with the war in Ukraine and started to
moderate in 2024.
Cumulative water reserve started the year at
47 % of the available volume in reservoirs, after
four months at around 39 %. Thus, 2024 began
with a drought situation in the internal basins of
Catalonia, Andalusia and Murcia, where cuts and
restrictions on non-priority consumption were
decreed. This situation began to stabilise in the
second half of the year, ending 2024 at 52 %, the
average for the last 10 years.
Continuing with severe weather phenomena,
floods caused by the cut-off low in October
caused heavy loss of life and material damage in
the south of Valencia, Letur (Albacete) and
areas of Malaga. In the Valencia Region –the most
affected region– authorities requested assistance
to meet the needs for equipment and personnel
to work on recovering facilities. In response to
this request, Aqualia mobilised 15 trucks and
seven plumbing teams. Once infrastructure
reconstruction work had begun, the company was
awarded one of the largest emergency contracts
for the replacement of more than five kilometres
of sanitation collector between Buñol and the
Buñol treatment plant.
Beyond this tragic episode, the Spanish
government and several regional governments
approved emergency plans, especially for the
construction of new infrastructures such as deep
water catchments, the expansion of desalination
plants and the improvement of surface water
uses. These include new desalination projects
in Barcelona, Almeria and Malaga, and reuse
projects in Andalusia and Alicante, valued at a
total of 1.4 billion euros. Furthermore, the central
government approved the third water planning
cycle in all national basins for the period ending
2027, with special emphasis on maintaining
ecological flows and quality standards set in
European Directives, with a joint budget of
22.8 billion euros.
1. Industry analysis
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The Government of Spain also approved the
PERTE Digitalisation of the Urban Water Cycle
project with a budget of 1.6 billion euros from
the European Reconstruction and Development
Mechanism. Of the two invitations to tender,
Aqualia was awarded the project submitted for
the Campo de Gibraltar (Cadiz) in the first, and
four in the second: Realwater (Ciudad Real), Digital
Island (Canary Islands), Anda (Asturias) and
Cantabricontrol (Cantabria). These five projects
will improve services for 1,539,876 people and
have an approved budget of 54 million, of which
we will directly execute 32.4 million. A third phase
with an additional 100 million is currently open
for tender and we will compete again with several
significant projects.
In relation to the evolution of electricity costs,
a supplier diversification policy has been
maintained in order to minimise economic risk
due to variations in the kilowatt/hour price. The
two PPAs(Power Purchase Agreement) signed in
previous years have covered slightly more than
a third of total consumption in Spain. In addition,
fixed tariffs have been negotiated in the fixed and
futures markets for a high percentage of our CUPs
supply points, which account for approximately
60 % of consumption. As a result, only 3 % of
electricity consumption in Spain has been left
open to the free market (OMIE). The remaining
costs have consolidated the increases of previous
years and have evolved around the CPI, with slight
additional increases due to legislative changes.
Tariff billing for residential and industrial
customers was stable in 2024. During the first
half of the year, there was a 0.6 % increase in
volumes billed to low pressure customers. The
yearly average value eventually ended with an
increase of 0.7 % compared to 2023. During 2024,
the prohibition on cutting off the supply of water to
vulnerable customers who had failed to pay their
bills was maintained, without affecting Aqualia’s
capacity to generate revenue.
Regarding the sale of water in bulk, volumes
supplied fell by 6.63 % in 2024 compared to 2023.
However, this type of supply has little weight
for Aqualia. Growth of the aforementioned high
pressure supply rates have been negatively
affected by the prolonged drought in Spain.
Special efforts have been made to obtain rate
increases or subsidies to offset cost increases and
thus maintain the profitability levels of previous
years. This has ensured that a large part of the
contracts reflect the CPI increases of recent years.
In the commercial area, Aqualia obtained new
contracts in 2024 and renewed services already
operating under 366 contracts. This figure
represents a production of 58 million euros per
year and a contracted portfolio of 533 million.
This is a renewal of more than 95% of the
contracts that expired during the year, which is a
sign of the confidence and loyalty of the company’s
customers.
Similarly, in 2024 the company continued to
consolidate its presence in the industrial water
sector. The pre-award of the Minera Los Frailes
water treatment plant (Seville) for 48.7 million
euros is a technological challenge for which
Aqualia has been selected from the most
important industrial water companies. This
engineering work is expected to be an important
global benchmark for Aqualia.
New contracts have been awarded in the
municipal concessions market, mainly La Llagosta
(Barcelona) and Rota (Cadiz). Noteworthy O&M
(Operation and Maintenance) contracts include
the O&M service at the SDF Santa Eulalia and San
Antoni de Portmany (Balearic Islands), SDF Ibiza
O&M service (Balearic Islands), CABB peripheral
sanitation installations O&M service (Vizcaya), La
Almozara WWTP O&M service (Zaragoza) and the
Navarra Canal infrastructure operation service.
Inside the Ibiza desalination plant in the Balearic Islands (Spain).

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Moreover, the main O&M contracts extended or
renewed were to renew operation and maintenance
of the regional sanitation and treatment system of
Valle de la Orotava (Santa Cruz de Tenerife); renew
the operation, maintenance and conservation
service of the wastewater sanitation and treatment
system of Río Huerva (Zaragoza); the maintenance
service at the Levinco DWTP in Mieres (Asturias);
operation services for the supply systems of
Picadas-Almoguera (Toledo) and Mancomunidad
El Girasol (Cuenca); the operation and maintenance
service for installations assigned to the Consorcio
del Louro water service (Pontevedra); the O&M
service for the regional desalination system of
Oeste-Guía de Isora (Santa Cruz de Tenerife);
operation and maintenance services for peripheral
sanitation networks managed by Canal de Isabel
II in lots 3 Guadarrama and 9 (Torrelaguna); the
sewerage system maintenance service for the city
of Zaragoza (Zaragoza) and EMASESA ( Seville),
and maintenance at the Chiclana de la Frontera
and La Barrosa WWTP (Cadiz).
In terms of EPC (Engineering, Procurement and
Construction) activity, highlights include the award
of emergency works to guarantee supply to the La
Caleta SDP (Santa Cruz de Tenerife), emergency
works to repair sanitation and treatment facilities
affected by flooding in the Valencia Region
(Buñol‑Alborache system) (Valencia), new
connections to the Ter-Llobregat network. Lot 4:
Copons, Rubió and Jorbá connection (Barcelona),
actions to increase production at the Valle de
Güímar portable WWTP (Santa Cruz de Tenerife),
the supply of equipment for SDFs in Fuerteventura,
extension of the Heineken España industrial
wastewater treatment plant (IWWTP) at the Seville
factory, and the work for tertiary treatment of the
Valle de la Orotava WWTP (Santa Cruz de Tenerife).
Aqualia’s policy always aims to seek efficiency in
operational management. In this regard, efforts to
reduce costs -especially in consumption (energy,
materials and water purchase)- were stepped up in
2024, which has led to improved efficiency ratios,
despite generalised price increases. Progress
has also been made in the creation of 11 regional
logistics centres to achieve synergies in purchasing
capacity.
Following this line, in the last year Aqualia has put
greater focus on reducing costs linked to customer
management with measures such as policies to
prosecute fraud in consumption measurement,
the promotion of electronic billing, the increase in
direct debiting of bills and control of bank fees, the
reduction of on-site assistance and moving this
to other channels (telephone, social networks and
online).
In terms of digitalisation, the company has set up
technology centres in Denia (Alicante), Oviedo
(Asturias) and Toledo, where the Aqualia Live
integrated digital management tool for water
services is being developed. This platform can
integrate management of water networks and
incidents, issue work orders, as well as asset and
meter management.
In addition to all this intense activity, initiatives have
been promoted as a socially committed company.
Aqualia has renewed its agreements with Caritas
and promoted actions for the reduction of
emissions and a commitment to green energy. As
a founding partner of the StepbyWater Partnership,
the company continues to drive the momentum for
the development of its founding goals, under CEO
Santiago Lafuente.
1.2.
End-to-end Water
Cycle Management:
International
Europe
La evolución en Europa en el ejercicio 2024 se ha
caracterizado por los siguientes hechos relevantes:
Developments in Europe during 2024 were
characterised by the following milestones:
Moderate reduction in consumption due to
several factors: on the one hand, greater public
awareness of water stress has led to significant
water savings; and, on the other hand, demand
has been sensitive to rate increases due to the
rise in water service operating costs.
Increase in water and sewerage rates. Water
service operating costs have risen significantly
as a result of inflation due to the energy crisis
caused by the war in Ukraine. Thanks to the
resilience of water contracts supported by
mature regulatory systems, these increases
have translated into parallel rate increases. Thus,
the Czech Republic increased its rates by 10 %.
Rate increases in Italy were significant (7.1 %),
helping to partially offset the effects of the drop
in consumption.

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In the face of water scarcity, member states
have adopted supply-side policies based on
the search for new resources in desalination
and reuse, and greater control of groundwater
and surface water. In 2024, emphasis has also
been placed on leakage control and reduction,
sectorisation and digitalisation thanks to the
allocation of European funds for these purposes.
Sustainability plans to reduce the carbon
footprint and promote the circular economy
by transforming sector waste into new usable
resources (reused water, biogas, biofertilisers,
renewable energies) have promoted new
regulations and fostered innovation in treatment
technologies. Quality of water distributed and
water discharged has also been improved.
In the Czech Republic, through Czech subsidiary
SmVaK, the company has won the contract
for end-to-end water cycle management in the
industrial area of Mošnov, in the district of Nový
Jičín. In 2024, the company made investments
in network upgrades to maintain infrastructure
efficiency. And in line with the sustainability plan,
new investments are planned to improve the
electrical efficiency of existing infrastructures
and reduce the carbon footprint of system
management.
In France, the population served now totals
970,000 inhabitants, distributed among
101 municipalities, where Aqualia manages the
water supply, and 100 municipalities where it
manages the sanitation and wastewater treatment
networks. New contracts have been signed in
L’Isle-Adam for production and distribution and in
Pithiviers for sanitation. In addition, the renewal of
the Goussainville contract marks a new milestone
by completing the renewal of the last major
contract from the previous owner. At the end of
the year, the company continued to consolidate its
presence in the country with three new contracts
in the departments of Val d’Oise, Eure et Loir
and Loiret, which will bring the total number of
inhabitants served to 50,000. These contracts
–two for water supply and one for sanitation and
wastewater treatment– will be launched in early
2025, a growth that keeps the company as the
fourth largest operator in France.
In Italy, Aqualia’s local subsidiary Acque di
Caltanissetta, manages the water service for the
province of Caltanissetta, which has endured
a severe drought in 2024, leading to severe
restrictions. Important actions have been taken
throughout the year to minimise the effects of this
water crisis under the coordination of a Regional
Crisis Committee.
Similarly, Portugal has faced a period of drought
in recent years which has highlighted the need
to optimise water use. This shortage has led
Portuguese organisations, industries and
authorities to consider both the improvement
of distribution networks and the reuse of water
treated in WWTPs. In this context, several
innovation projects focused on sustainability have
been launched.
In Romania, the expansion of the Glina treatment
plant was a major milestone for Aqualia and a
great technical challenge, as the works were
carried out without interrupting activity. In addition
to treating all the wastewater, the plant will
co‑generate energy by incinerating sludge. It is the
largest facility of its kind in the country and meets
European standards for biological pollutants. It
will treat more than one million cubic metres per
day by 2040, serving almost two and a half million
people. The company has been present in Romania
for more than 15 years, where it has previously
developed the wastewater treatment plants of
Agnita and Dumbraveni, both in Sibu County, and
Zimnicea in Teleorman County.
MENA
In Algeria, Aqualia is keeping the two desalination
plants operating at full capacity and without
significant incidents: Mostaganem and Cap Djinet.
They allow the company to provide an essential
service for the population of the most important
metropolitan areas of the country, Oran and
Algiers. Their outstanding energy efficiency also
reduces the carbon footprint typical of this type of
installation.
Glina WWTP in Bucharest (Romania).

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In Egypt, the company continues to manage the
water treatment plants of Abu Rawash (the largest
in Africa with a flow of 1.6 M m³/d) and New
Cairo (the first and only PPP in the country), as
well as the desalination plant of El Alamein, which
supports the new urban developments on the
Mediterranean coast and is a benchmark within
the desalination plan designed by the government
to reduce the country’s water stress.
In Saudi Arabia, Aqualia leads two of the six
regional water management contracts (clusters)
of the operator National Water Company, serving
eight million inhabitants. These contracts
provide a firm basis for water management in
the country and are in line with the Vision 2030
agenda sustainability requirements. An operation
and maintenance contract for three floating
desalination plants, each with a capacity of
56,000 m³/d, is also under development for the
Saudi state-owned Bahri shipping group. Thanks to
this initiative, the company is able to offer a rapid
solution in water-stressed areas.
In the United Arab Emirates, the company is
developing two sanitation contracts in Abu Dhabi
and Al Ain; in Qatar, the Al Dakhira treatment
plant; and in Oman, through the subsidiary Oman
Sustainable Services Company, we manage the
desalination and treatment facilities of the Port of
Sohar, one of the largest in the world and of vital
strategic and economic importance in the area.
Finally, in Georgia, activity through Georgian
Global Utilities (GGU) focuses on water and energy
infrastructure in Tbilisi and its surrounding areas,
where more than one million inhabitants and
one third of the country’s population live. GGU is
making progress and continues to improve on
all fronts, within a framework of sustainability
standards that ensures the solidity of the services
provided.
USA
In 2023, Aqualia purchased 97 % of the Municipal
District Services, LLC (MDS). The purpose of MDS
is integral water infrastructure and sanitation
management in the Municipal Utility District
(MUD) around the Houston metropolitan area
(Texas). MDS is the second operator of this
delivery model in the area and serves more than
360,000 inhabitants through 147 contracts.
Aqualia’s main growth opportunities in certain
states of the country appear to be water shortages,
constant loss of resource quality at origin, obsolete
water infrastructure, and the scarce penetration
of private sector operators in the industry. On the
other hand, increasingly stringent legislation for
the protection of aquifers and surface water is a
business opportunity for the coming years.
Workers at Aqualia’s subsidiary in Georgia.
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LATAM
Aqualia has consolidated its position is Mexico
as a leading water industry company thanks to a
highly diversified asset portfolio, which includes
water distribution and purification through the
Querétaro and San Luis de Potosí BOT (Build,
Operate and Transfer) contracts, desalination
through the Guaymas BOT contract, wastewater
treatment through the Cuernavaca Wastewater
Treatment Plant (WWTP) BOT contract and the
Integral Management Improvement project, with
a BOT contract structure, in Los Cabos (Baja
California Sur).
The company has also established itself in
Colombia as the second largest private operator
in the country. In 2023, a large-scale project began
in the district of Riohacha (Guajira), where Aqualia
will serve around 310,000 inhabitants for 30 years.
Contract performance includes the management,
financing, refurbishment, design, expansion,
construction, replacement and maintenance
of household public service infrastructures of
the aqueduct and sanitation sewer network.
Additionally, entering into management of the
capital of the Guajira department means the
company can reach a population of more than
1,400,000 inhabitants in 32 municipalities and
eight departments of the country. Construction
of the El Salitre Bogotá WWTP, with a capacity of
600,000 m³/d, was completed in 2024 and the
remodelled and expanded “La Gran Colombia”
Drinking Water Treatment Plant (DWTP) in Villa del
Rosario was also inaugurated. This means that
local inhabitants will see an improvement in their
drinking water supply as it will increase distribution
flow by 60 %.
In Peru, Aqualia participates in several private
initiatives that mostly promote water treatment
plant optimisation in different regions, as well as
the construction, operation and maintenance of
wastewater treatment plants and water collectors.
Other projects aim to improve the quality of life of
the population by constructing desalination plants
for drinking water and other industrial uses. At the
date of preparing this report, Aqualia has been
awarded the BOT contract for the Chincha WWTP
and associated collectors, the result of one of the
aforementioned private initiatives.
In Chile, the company operates the Huechún
sulphate abatement plant -built by Aqualia- for
CODELCO (Corporación Nacional del Cobre de
Chile). It is also exploring commercial opportunities
in desalination under the BOT scheme for both
public and private customers.
La ‘Gran Colombia’ DWTP in Villa del Rosario (Colombia).

2. La actividad del Área de agua
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2
3
4
5
1. USA
Texas
Extension of entire water cycle
management with 140 contracts in
8 county-municipalities in the state
of Texas until 1 January 2024.
2. PORTUGAL
Figueira da Foz
Design and construction of the
reform and extension of the iWWTP
of Faruni, a livestock feed producer.
2. Activity in the Water Area
5. SPAIN
ARAGÓN
Zaragoza
Material assistance for the provision
of tasks included in the daily
operations of the water recovery
plant and treatment plant at
La Almozara for 2 years.
ANDALUSIA
Seville
Expansion of Heineken Spain's
Industrial Wastewater Treatment
Plant (IWWTP) at its Seville factory
(Cruzcampo) for 1 year.
CATALONIA
La Llagosta (Barcelona)
Concession of the drinking water
supply service of the municipality
for 25 years.
Jorba (Barcelona)
New work on connections to the
Ter-Llobregat network. Lot 4: Copons,
Rubió and Jorba connection.
5. SPAIN
ARAGÓN
Zaragoza
Material assistance for the provision
of tasks included in the daily
operations of the water recovery
plant and treatment plant at
La Almozara for 2 years.
ANDALUSIA
Seville
Expansion of Heineken Spain's
Industrial Wastewater Treatment
Plant (IWWTP) at its Seville factory
(Cruzcampo) for 1 year.
CATALONIA
La Llagosta (Barcelona)
Concession of the drinking water
supply service of the municipality
for 25 years.
Jorba (Barcelona)
New work on connections to the
Ter-Llobregat network. Lot 4: Copons,
Rubió and Jorba connection.
VALENCIA REGION
Buñol-Alborache (Valencia)
Repair of sanitation and wastewater
treatment installations in the
Valencia Region affected by flooding
in October 2024.
BALEARIC ISLANDS
San Antonio Abad
Operation, maintenance,
conservation and operation service
of the SDFs in Santa Eulària des Riu
and Sant Antoni de Portmany and
their annexed installations for
4 years.
Ibiza
Exploitation, maintenance,
conservation, operation and repairs
of the Ibiza SDF and its annexed
installations, as well as
interconnection installations on the
island of Ibiza for 4 years.
NAVARRE
Navarre
Services for the operation of Navarre
Canal infrastructures for 2 years.
Various municipalities
63 operation and maintenance works
and services awards.
With portfolios under two million
euros.
VALENCIA REGION
Buñol-Alborache (Valencia)
Repair of sanitation and wastewater
treatment installations in the
Valencia Region affected by flooding
in October 2024.
BALEARIC ISLANDS
San Antonio Abad
Operation, maintenance,
conservation and operation service
of the SDFs in Santa Eulària des Riu
and Sant Antoni de Portmany and
their annexed installations for
4 years.
Ibiza
Exploitation, maintenance,
conservation, operation and repairs
of the Ibiza SDF and its annexed
installations, as well as
interconnection installations on the
island of Ibiza for 4 years.
NAVARRE
Navarre
Services for the operation of Navarre
Canal infrastructures for 2 years.
Various municipalities
63 operation and maintenance works
and services awards.
With portfolios under two million
euros.
CANARY ISLANDS
Adeje (Santa Cruz de Tenerife)
Emergency works to guarantee
supply at the La Caleta SDP,
commissioning of the new El Tablero
SDP and environmental impact study
of the future extension of the
La Caleta SDP.
Güímar (Santa Cruz de Tenerife)
Actions to increase production at the
portable SDP in Valle de Güímar and
pumping to municipal reservoirs for
6 months.
Fuerteventura (Las Palmas)
Supply of pumps, electrical panels
with frequency converter or static
starter, reverse osmosis membranes
and special parts for the hydraulic
infrastructures of the island of
Fuerteventura for 0.83 years. Lot 1.
La Orotava (Santa Cruz de Tenerife)
Work for the tertiary treatment of
the Valle de La Orotava WWTP for
6 months.
BASQUE COUNTRY
Bilbao (Vizcaya)
Operation and maintenance service
for peripheral installation sanitation
systems of the Bilbao Bizkaia Water
Consortium, Lot 1, for 3 years.
CANARY ISLANDS
Adeje (Santa Cruz de Tenerife)
Emergency works to guarantee
supply at the La Caleta SDP,
commissioning of the new El Tablero
SDP and environmental impact study
of the future extension of the
La Caleta SDP.
Güímar (Santa Cruz de Tenerife)
Actions to increase production at the
portable SDP in Valle de Güímar and
pumping to municipal reservoirs for
6 months.
Fuerteventura (Las Palmas)
Supply of pumps, electrical panels
with frequency converter or static
starter, reverse osmosis membranes
and special parts for the hydraulic
infrastructures of the island of
Fuerteventura for 0.83 years. Lot 1.
La Orotava (Santa Cruz de Tenerife)
Work for the tertiary treatment of
the Valle de La Orotava WWTP for
6 months.
BASQUE COUNTRY
Bilbao (Vizcaya)
Operation and maintenance service
for peripheral installation sanitation
systems of the Bilbao Bizkaia Water
Consortium, Lot 1, for 3 years.
3. FRANCE
Communes of Pithiverais-Gatinais
Concession of the public collective
and non-collective sanitation service
of the Communauté de Communes
de Pithiverais-Gatinais, in the
department of Loiret, for 15 years.
L'Isle-Adam
Delegation of the public service for
the distribution and production of
drinking water in L'Isle-Adam,
Parmain and Champagne sur Oise,
in the department of Val de l'Oise,
for 10 years.
Dreux
Concession of the public drinking
water service for part of the territory
of the Communauté d'agglomération
du Pays de Dreux for 7 years.
Vaudherland
Renewal of the concession contract
for the public drinking water service
of the communes of Goussainville,
Thillay and Vaudherland for a further
9 years.
4. CZECH REPUBLIC
Mosnov
Renewal of the concession for the
integrated water management of the
Mosnox industrial area in northern
Moravia for a further 5 years.
Various municipalities
Awards in France and Portugal for
work and operation and maintenance
services with portfolios under
two million euros.
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2.1.
Expansions and
extensions to already
managed contracts
in Spain
Andalusia
Rota (Cadiz)
Renewal of the concession for the supply and
sewerage service in the municipality of Rota for
15 years.
Tarifa (Cadiz)
Extension of the management of Tarifa’s
sewerage and wastewater treatment service for
more than 7 years.
Guadix (Granada)
Extension of the concession for the
management of the supply and sanitation
service through a mixed company in the
municipality of Guadix for 17 and a half years.
Almonte (Huelva)
Extension of the management of the
Matalascañas-El Rocío water supply, sewerage,
sanitation and treatment service for another year.
Aragón
Zaragoza
Extension for another year of the hybrid services
contract and minor conservation and repair
work for cleaning and maintaining the sewerage
and urban drainage systems and network of
underground channels of the city of Zaragoza.
Cuarte de Huerva (Zaragoza)
Renewal for 3 years of the operation,
maintenance and conservation service of the
sanitation and wastewater treatment system of
the river Huerva.
Asturias
Mieres
Extension for 7 years of the maintenance and
conservation service for the Levinco DWTP
in Mieres.
Castilla-La Mancha
Valmojado (Toledo)
Extension of services for the operation,
conservation and maintenance of supply
systems in Picadas-Almoguera (Toledo) and
Mancomunidad El Girasol and drive systems
in Almoguera-Algodor-Sagra Este (Cuenca) for
another year.
Mora (Toledo)
Extension of water and sanitation supply service
management in Mora for another 5 years.
Olías del Rey (Toledo)
Extension for 4 years of water supply and
sewerage service management in Olías del Rey.
Illescas (Toledo)
Extension of water supply and sewerage service
management in Illescas for another year.
Quintanar de la Orden (Toledo)
Extension of integrated water supply and
sanitation service management in Quintanar de
la Orden.
Orgaz (Toledo)
Extension for 13 years of municipal drinking
water management in Orgaz.
Tomelloso (Ciudad Real)
Extension of drinking water supply and sewerage
service management in Tomelloso for 2 years.
La Roda (Albacete)
Extension for 5 years of maintenance,
conservation and operation service
management for sewerage networks and
wastewater pumping station in La Roda.

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Catalonia
Empuriabrava (Girona)
Extension for 2 years of water supply
and sanitation service management in
Empuriabrava.
Cadaqués (Girona)
Extension of water supply service management
in Cadaqués.
Valencian Region
Llíria (Valencia)
Extension of water supply service concession
management in Llíria and residential
developments in the municipality for another
5 years.
Alcoy (Alicante)
Extension of water supply service management
in the municipality of Alcoy.
Villena (Alicante)
Extension of public drinking water supply and
sewerage service concession, management and
operation in Villena for another year.
Galicia
Louro (Pontevedra)
Extension for 2 years of the operation,
conservation, maintenance service and other
related services of facilities attached to the
Louro Consortium, for urban water cycle
management (Pontevedra).
Redondela (Pontevedra)
Extension of end-to-end management of the
water supply, sanitation and treatment service in
Redondela.
Balearic Islands
Ibiza
Extension of water and sewerage service
concession management in Ibiza for another
year.
The Canary Islands
Arafo (Santa Cruz de Tenerife)
Extension for 5 years of water supply service
management in Arafo.
Granadilla de Abona (Santa Cruz de Tenerife)
Extension of water supply and sewerage service
management in Granadilla de Abona for 1 year.
Puerto de la Cruz (Santa Cruz de Tenerife)
Extension of water supply service management
in Puerto de la Cruz for another year.
Guía de Isora (Santa Cruz de Tenerife)
Renewal of the operation, maintenance and
conservation service of the regional seawater
desalination system of Oeste, Guía de Isora, for
3 years.
Mogán (Las Palmas)
Extension of the end-to-end water cycle
management service in Taurito, Mogán, for
5 years.
Madrid
Madrid
Extension of operation and maintenance
services of the peripheral sanitation networks
managed by Canal de Isabel II, S.A. II, 11 Lots
(Madrid), LOT 4 Culebro A, LOT 3 Guadarrama
and LOT 9 Torrelaguna.
Murcia
Mazarrón
Extension of the supply and sewerage service
concession in Mazarrón for another 15 years.
Calasparra
Extension for 10 years of the water supply and
sewerage service concession in Calasparra.
Yecla
Extension for 3 years of water supply service
management in Yecla.
Various municipalities
252 renewals, extensions and expansions with
portfolios of less than 2 million euros.

Aqualia's Integrated Management
Improvement Project (MIG) has landed in
the United States by acquiring the company
Municipal District Services, LLC (MDS),
which manages the end-to-end water cycle
for 364,000 inhabitants on the outskirts of
Houston (Texas).
The Riohacha service (La Guajira, Colombia)
receives recognition from the Ministry of
Labour for its participation in the country's
Labour Inclusion Strategy.
The Guaymas-Empalme desalination plant
(Mexico) is presented as a success story at
the International ALADYR Congress
in Mexico.
Aqualia's Board of Directors appoints
Santiago Lafuente, former director for Spain,
as new CEO of Aqualia.
Riohacha and Villa del Rosario (Colombia)
already have authorised laboratories for
water quality control, which will provide a
permanent water quality monitoring service.
Aqualia and the University of Valladolid
(Spain) receive the "Best Public-Private
Partnership Project" award from the General
Assembly of the Spanish Water Technology
Platform (PTEA) for their work on the
DEEP PURPLE and CHEERS projects.
Aqualia receives the "Values of Excellence
2024" Award for its contribution to
development in Andalusia, at the 10th edition
of the Rull y Asociados Consultancy
Awards.
The Balearic Water and Environmental
Quality Agency (Abaqua) awarded the
Aqualia and Acciona consortium the
contract for the operation, maintenance and
conservation of three desalination plants in
Ibiza (Spain) for the next four years.
Aqualia's Customer Service Centre (CSC) is
celebrating 20 years of telephone customer
service since it answered its first call in
2004. It has handled almost 17 million calls
in total.
Aqualia is a finalist for the Andesco
Sustainability Award 2024. The National
Association of Public Utilities and
Communications Companies (Andesco)
recognises the sustainable management
model in the services operated by Aqualia in
Colombia.
The Integrated Management Improvement
Project (MIG) begins in Cabo San Lucas
(Mexico), which will optimise the supply
system for more than 200,000 inhabitants.
The subsidiary SEFO renews for 7 years its
main contract in Paris (France), which
supplies more than 74,000 inhabitants of
five municipalities in the area.
Aqualia presents the results of an
advanced analytics project it is developing
together with SDG Group to prevent water
leaks, with improvements of up to 8 % in
hydraulic performance.
The extension of the Glina WWTP
(Romania), the largest facility of its kind in
the country, is selected as one of the four
best WWTPs in the world at the Global
Water Awards 2024.
The service in Salamanca (Spain) validates
its model of excellence in the Water
Benchmark 2022 together with 45 other
operators, both public and private, from
18 countries.
OSWS, Aqualia's Omani subsidiary, wins
the British Safety Council Award (British
Safety Council International Safety Awards)
and the RoSPA Award (RoSPA Health and
Safety Award).
Aqualia will give twelve presentations at the
37th AEAS Technical Conference (Castellón,
Spain), where it will also present the Aqualia
Live platform at the Water Technology
Exhibition.
The company develops Caltaqua Comunica,
a WhatsApp channel that informs users in
Caltanissetta (Italy) in real time about the
situation of extreme drought in the area,
where it is also deploying a wide-ranging
campaign to raise awareness.
"Aquaventura”, Aqualia's digital educational
platform, is awarded in the "ESG
Environmental Commitment" category at
the 7th Ramón del Corral Dircom Awards.
Aqualia issues a USD 300 million green
bond in its subsidiary GWP and establishes
a Green Financing Framework for projects
and assets that support Georgia's
sustainable development.
The Mérida WWTP (Extremadura, Spain)
inaugurates one of the largest microalgae
biofactories in Europe, which, as part of the
European H2020 SABANA project, aims to
obtain bioproducts from wastewater.
Georgian subsidiary GWP is restoring
supplies to the country's capital Tbilisi in the
record time of one week following a
landslide that affected one of the main
supply arteries to the city.
The latest satisfaction surveys show that
92 % of end customers of SmVak, the
Czech Republic subsidiary, rate service
management positively.
The Granadilla de Abona SDP (Santa Cruz
de Tenerife) is the first contract in Spain to
implement and certify the ISO 55001 Asset
Management System Standard, issued by
AENOR.
The algae biofactory at the Mérida WWTP
(Extremadura, Spain) wins "Treatment
Project of the Year" at the iAgua 2024
Awards.
Digital newspaper El Español grants Aqualia
the prize for "Best Large Company
Digitalisation Project" at theDisruptors
Innovation Awards2024 for the story of how
Aqualia and SDG Group improved water
efficiency in Dénia (Alicante) and Talavera
de la Reina (Toledo, Spain).
The more than 120,000 inhabitants of Villa
del Rosario (Colombia) will see an
improvement in their drinking water supply
thanks to the extension and optimisation of
the "La Gran Colombia" DWTP by Aqualia.
Aqualia teams from 18 services join forces
to guarantee drinking water in the areas
affected by flooding in Spain, mobilising
resources such as sanitation trucks and
motor pumps.
The Alboran Sea desalination plant, located
in Cabo de Gata (Almería), receives
authorisation to start producing water for
agricultural irrigation, which will reach
432 hectares of 200 irrigators.
Aqualia will develop four PERTE water
projects in Asturias, the Canary Islands,
Cantabria and Ciudad Real (Spain), which
will benefit more than 1.6 million
inhabitants and represent a combined
investment of more than 35.2 million
euros.
Santiago Lafuente, CEO of Aqualia,
highlights the importance of
acquiring and retaining young talent
as a major challenge for the water
sector at the4th IWA-YWP Spain
National Conference 2024.
Three new contracts strengthen
Aqualia in France and add
50,000 new inhabitants served in
the departments of Val d'Oise, Eure
et Loir and Loiret.
AqualiaMACE, the consortium of
Aqualia and Emirati group MACE
Contractors, is recognised by TAQA,
a global giant in the energy and
water sector, for its commitment to
sustainability.
3. End-to-end Water Management Cycle Highlights 2024
Aqualia renews its commitment to the
"Diversity Charter", which has been in force
since 2018 and includes 10 fundamental
principles to promote equality, diversity
and inclusion in the workplace.
Georgian subsidiary GWP will invest
more than 46 million euros to renovate
70 kilometres of water supply and
sewerage networks in Tbilisi, Rustavi and
Mtskheta as part of a ten-year action plan.
Portugal's Aquamaior and Cartágua
services receive the ERSAR Exemplary
Water Quality Seal for the second
consecutive year.
January
March
May
July
September
November
April
February
June
August
October
December
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4.1.
Customer management
Aqualia’s main customers are national and regional
governments, town councils, public institutions,
business and industry, irrigators and citizens.
Meeting user needs and doing so with excellent
service are an essential part of Aqualia’s
commitment to society. With the end customer
at the centre of its strategy, in 2024 Aqualia has
continued to focus on direct communication
with the user and on technological investment to
improve this interaction.
European Directive 2020/2184 on the quality of
water intended for human consumption addresses
the problem of leaks in distribution networks and
sets a three-year deadline for their assessment.
The transposition in Spain through Royal Decrees
3/2023 and 665/2023 established the control
mechanisms, information and indices to be
reported and improved, and the obligation to make
systems that trace, control and optimise this
management available to the municipalities.
To analyse these new requirements, a
multidisciplinary working group developed Water
Sanitation Plans to identify and manage potential
risk in water supply infrastructures. The Aqualia
Laboratory Platform (LAB) tool was developed to
accompany the process and enhance transparency
with citizens.
Citizen information portals
Continuing with this search for greater transparency,
in 2024 Aqualia has redefined the Citizen Information
Portals with the councils of the towns in which it
operates, so that users can access transparent
and quality information on the service. There are
now 200 portals published and accessible through
Aqualia’s website, where citizens can search for their
municipality and access the portal of the municipal
water service in their town.
What is on Aqualia’s Citizen Information Portals?
Service excellence: complaints rate, customer
service data, incoming call satisfaction rate.
Social action mechanisms: information on
subsidised rates.
Customer service channels: in-person office, virtual
office, app, social networks, telephone service.
Water quality, water classification, access to
SINAC.
Information on bills, rates and regulations, average
water price, average consumption per inhabitant.
Information on the end-to-end water cycle,
responsible water use, fraud prevention,
commitment to the SDGs and news.
4. Service
excellence
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Aqualia Contact
In 2024, Aqualia’s customer call centre celebrated
its 20th anniversary in Spain. In these two decades,
nearly 17 million calls have been received and
it currently serves three million customers in
430 Spanish municipalities.
A new Aqualia Contact virtual office has been
launched in 2024 to offer a clearer, safer and
more efficient management experience to the end
customer. With global coverage and adapted to
each country and jurisdiction, the solution brings
new functionalities and greater ease of use.
The new virtual office is just a click away:
All formalities and queries made easier.
Increased security in access with personal
passwords.
Information on irregularities or fraud in
consumption or management.
Detailed consumption with daily and monthly
consumption graphs.

Technological innovation: cloud platform for
greater monitoring and control.

Other services such as meter reading, meter
queries, data, files, requests for subrogation or
duplicate contracts, etc.

In 2025, digitalisation will continue to improve
customer relations by creating the professional
WhatsApp, integrating the customer service
helpline on the web with click to call or adding
Bizum as a new payment method.
New Aqualia Contact virtual office.
Aqualia Contact Ecosystem
Customer Service Centre (CSC)
Virtual office website
Mobile apps
Profile on X (formerly Twitter)
351,336 customers
benefited from vouchers and
subsidies
+ 20,000 People
benefited thanks to partnership
with Caritas
€5,564,393
Social investment
Ensuring access to water
and sanitation
Aqualia’s Strategic Sustainability Plan 2024-2026
(PESA) focuses its efforts on guaranteeing access
to water and sanitation through effective measures
for the population. Aqualia’s commitment
leads it to develop the best technical, social
and environmental solutions, as well as to seek
public‑private partnerships to make this right
effective in a stable and safe manner.
A right that should be enjoyed by all people,
regardless of their social or economic situation.
For this reason, PESA strategic line 7 includes the
development of mechanisms (vouchers, social
rates, charity funds) in the countries where it
operates.
Information on rates and social vouchers is
available on the Aqualia website for all users. In
turn, in the notifications sent to customers, Aqualia
reports on the possibility of setting up deferred
payment plans.
In 2024, more than 23,700 customers in Spain took
advantage of these tailored payment plans.
On the other hand, 2,658,000 customers have
access to vouchers and subsidies, of which
46,518 have access to subsidised rates. In the
other countries, more than one million people
have access to these rates, and specifically in Italy,
Portugal and France, 5,000 users benefited in 2024.

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Satisfaction surveys
Customer satisfaction surveys are carried out
in the countries where Aqualia is responsible
for end-to-end cycle management. By listening
directly to end users, the company can integrate
their opinions and assessments into its
management and thus base its performance on
an understanding of the areas of satisfaction and
improvement in supply or sanitation services.
Edition 2024: general conclusions
In the 2024 household surveys, up to 92 % of
respondents rated Aqualia’ s management as
positive, and 96 % considered the drinking water
supplied to be of good quality (with 56 % of the
total saying the water was excellent).
As for institutional customers, 94 % of the
municipalities are of the opinion that Aqualia
manages the infrastructures adequately, and 93 %
of those surveyed say that the drinking water
supply is running smoothly and without problems,
as stated by all those surveyed in municipalities
with more than 5,000 inhabitants.
In the case of industrial customers, the level of
satisfaction is even higher and close to excellence
with 98 % of respondents having a positive
perception of management.
These results are the fruit of a persistent strategy
of investment and updating of the infrastructure,
which each year allocates around 40 million euros
to supply and sanitation networks and treatment
plants. They also speak of the dedication and
public service vocation of all the company’s
workers.
Conclusions by country
In Spain, Aqualia has carried out 3,535 end
customer surveys and 17 institutional customer
interviews, in both cases in municipalities where
Aqualia (or its subsidiaries) manages the municipal
service. Significant results include that 88 % of
users consulted were satisfied with the quality
of the service. When asked about processes,
satisfaction is also high: 83 % for supply and 90 %
for meter reading. In terms of communication with
the company, the personal customer service office,
the app, the telephone assistance service and the
virtual office are, in that order, the most highly rated
channels.
Still on the Iberian Peninsula, in Portugal,
700 interviews were conducted with end
customers distributed among the brands under
which Aqualia operates in Portugal (Abrantaqua,
Aqualia, Aquamaior and Aquaelvas, and Cartagua).
Almost all have a high level of satisfaction with
the service –over 65 %– and water quality and
pressure as aspects highlighted by customers.
Trust and efficiency are the most valued company
attributes.
In Italy, the end-customer survey in Caltanissetta
and neighbouring municipalities (1,104 interviews)
reveals that 67 % consider the service to be good.
Continuity of service (64 %) and understanding
of the bill (71 %) were highlighted as positive
aspects by the survey population. In terms of
communication with the company, opening hours,
waiting times and staff friendliness are perceived
as a competitive edge.
Results in France show a clear improvement
compared to 2022, with 86 % of end-customers
satisfied. The survey of 441 respondents, divided
by the different commercial brands (SEFO, CEG,
CAE and DREUX), also shows that the telephone is
the most widely used channel of communication
in France.
Very positive results have been obtained in the
Czech Republic, in a survey that included business
customers as well as the usual end-customer and
institutional customer. More than 1,000 interviews
with a level of satisfaction of over 90 % among all
audiences. The most valued aspects include the
rapid resolution of operational problems such as
network failures.
Finally, in Latin America, Aqualia has surveyed
924 end customers in Colombia, in municipalities
belonging to the areas of Guajira, Córdoba,
Atlántico and Magdalena. Results show an overall
satisfaction rate of 33 % and a perception of water
as a cheaper service than electricity and telephone
(59 %). From this study, Aqualia has identified
areas for improvement on which it is already
working to continue to make progress in providing
the best service.
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4.2.
Efficient and sustainable
management
By the very nature of Aqualia’s business, it has
always been aware that its activity is intrinsically
linked to caring for the planet. This awareness is
reflected in everything it does and in a clear will to
leave a positive footprint by reducing emissions,
the efficient use of water resources, protecting
biodiversity and promoting the circular economy.
Aqualia also knows that the health of the planet
is the health of all the people who inhabit it, two
interdependent and inseparable realities.
Knowledge of current environmental challenges
and of Aqualia’s role in facing them has guided
the design of the Aqualia 2024-2026 Strategic
Sustainability Plan. Aqualia is committed
to innovation, design, regeneration and the
development of solutions to provide water in
areas with limited availability of the resource, with
projects to reduce water consumption, energy
optimisation, emissions reduction, protection and
recovery of the ecosystem and to promote the
circular economy, reuse and circularity of water.
In implementing the Environmental Management
System, Aqualia defines operational control
of significant environmental aspects and legal
requirements through procedures and technical
instructions. These aspects are identified based
on Aqualia’s activities and environmental risks,
related to events such as floods, chemical spills,
off-specification wastewater discharges, etc.
From there, the Management Committee, through
the Integrated Management System Committee,
sets the overall objectives and milestones of the
Integrated Management System, such as energy
and carbon footprint reduction projects, and
efficient and responsible end-to-end water cycle
management.
Commitment to the climate
emergency
Prolonged droughts, extreme weather events,
infrastructure failures, etc. are some of the physical
risks that jeopardise access to water today and
that could affect the ability to fulfil active contracts
and thus fail to meet the needs of the population.
For this reason, the Aqualia 2024-2026 Strategic
Sustainability Plan defines a line of work focused
on “Climate emergency and care for the planet”
with commitments, projects and actions in which
the company does not act alone. It works with
governments, communities and industry to find
solutions to water challenges with models that
prioritise energy optimisation, renewable energy
and emissions reduction.
One such example is the development of innovative
water desalination and reuse technologies to
achieve alternative water catchment sources.
Aqualia’s experience makes it a leading ally for
authorities in tackling the water crises of the
coming decades.
This leadership in desalination is evident in all
the company’s projects in the countries where
it operates. For example, in Algeria, it has the
Mostaganem and Cap Djinet desalination plants;
in Saudi Arabia, three floating desalination
plants, in Egypt, Abu Rawash and New Cairo;
and in Mexico, the Guaymas plant. In Spain, it
has a strong presence in the archipelagos: in the
Canary Islands it operates four desalination plants
(Abona, Fonsalia, La Caleta and Valle de Guímar)
and offers portable solutions with containerised
desalination as part of its Emergency Plan against
Drought. In addition, in 2024 the Balearic Water
and Environmental Quality Agency (Abaqua) has
awarded the Aqualia and Acciona consortium
the contract for the operation, maintenance and
conservation of three desalination plants on
Ibiza for the next four years, extendable for a
further year.
958,985 tCO2e
Carbon footprint: scope 1, 2 and 3
(-1.44 % compared to 2023)
45.97 %
of renewable energy from own
generation, PPA or procurement
(+50 % compared to 2023)
33 % vehicles
with low CO2 emissions as a proportion
of the total vehicle fleet
(+3 % compared to 2023)

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Also, the project for the refurbishment and
remodelling of the Alboran Sea Water Desalination
Plant in Almeria (Spain), which includes the
design, construction and operation of a plant to
supply 20 hm³ of water per year for irrigation.
This refurbishment has been a technical and
management challenge, and provides a very
valuable contribution of water for the Almeria
countryside, where aquifers are salinized and at
very low levels.
Alboran Sea desalination plant in Almería (Spain).
Also in Almeria, in terms of wastewater reuse,
the remodelling project of the El Ejido treatment
plant is important, This includes a treatment line
with MBR membranes as well as microfiltration
and subsequent ultraviolet disinfection in the
conventional line to obtain quality water for
agricultural irrigation adapted to new legal
requirements (Royal Decree 1081/2024).
Commitment to decarbonisation
Aqualia is committed to the Paris Agreement
Framework Convention on global warming and
decarbonisation in all the countries in which we
operate with a strategy for achieving these results.
It does so at a time when action is even more
urgent, after 2024 was the warmest year on record
for the planet and the first to exceed the 1.5 degree
increase over pre-industrial levels, a critical
threshold under the Paris Agreement.
In Spain, the company aligns its performance
with the Long-Term Decarbonisation Strategy
of the Ministry for Ecological Transition and
the Demographic Challenge (MITERD), which
establishes a roadmap for Spanish companies
to develop their decarbonisation strategies with
targets for 2030, 2040 and a horizon in 2050; and
in Italy, Aqualia is aligned with the decree-law that
includes decarbonisation as an environmental
priority.
The company is thus responding to the climate
challenge with energy management based on
optimisation with four lines of action: calculating
individual carbon footprint per country aimed at
emission neutrality, improving energy efficiency
of the facilities, using renewable energies and
transforming the vehicle fleet.
Energy management lines of action
Calculating individual carbon footprint per
country aimed at emission neutrality.
Improving energy efficiency of the facilities.
Using renewable energies.
Transforming the vehicle fleet.
Carbon footprint calculation
and action plan
In this line of action, Aqualia implements strategic
measures for the control and reduction of
greenhouse gas (GHG) emissions.
One of the most important is the detailed study of
process emissions carried out in Spain. Thanks to
this study, Aqualia has verified that the treatment
process generates the most GHG emissions
due to the plants’ electrical energy consumption.
This would be about 31 % of the total, while other
significant emissions come from wastewater
management, either as part of the managed
infrastructure or dependent on pollution at the
facility inlet. Because of this, the reduction of these
emissions is beyond the company’s reach.

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As a result of this study, strategic plans to control
and reduce GEI emissions have mainly, but not
exclusively, focused on reducing emissions caused
by electricity consumption at treatment plants.
These key initiatives include plans to improve
energy efficiency and to decrease the emission
factor associated with the energy consumed.
Emissions avoided in Spain, the Czech Republic
and Georgia from heat production (biogas flaring),
electricity generation in turbines, production in
renewable energy generation (photovoltaic), energy
recovery in pressure exchangers, during 2024
amount to 23,046 tCO2e.
2024
2023
2022
Scope 1
348,400
99,237
119,246
Scope 2
391,738
344,355
330,519
Scope 3
218,847
552,726
272,386
Total
958,985
996,318
722,151
GHG emissions based on location (tCO2e)
Scope 1: includes fossil fuels and water management complexes.
Scope 2: includes electricity or steam purchased from third parties.
Scope 3: includes purchased items and services, fuel and energy activities not included in scope 1 and 2,
and waste generated in operations.
Projects underway to act on the carbon footprint in
2024 include:
2022 – 2024: Project Calculation, Reduction,
Compensation and Neutrality of the carbon
footprint in Lleida (Spain) with declaration of
neutrality verified by AENOR (PAS 2060).
Including:
CF calculation and verification 2020-2023.
CF Reduction Plan 2023-2025.
Carbon credits purchased: 1,800 tonnes of CO2.
AENOR Verification Standard PAS 2060:
Neutrality Declaration.
Next steps: registration in the ‘COMPENSO’
label (OECC), in the ‘Voluntary Compensation’
and ‘Voluntary Agreement’ labels of the OCCC
(Catalonia).
LCA (Life Cycle Assessment) Project and
environmental footprints
Development of a comprehensive project to
measure/calculate environmental impacts in the
end-to-end water cycle contracts of the Spanish
municipalities of Ronda and Badajoz. Tools
included: water footprint; LCA/environmental
footprint/EPD; carbon footprint; project closure in
the first half of 2025.
Development of a comprehensive project to
measure and calculate environmental impacts
of two FCC Aqualia end-to-end water cycle
contracts: Ronda and Badajoz (Spain).
Tools included: water footprint;
LCA/environmental footprint/EPD; carbon
footprint.
Compliance with Act 3/2023, Circular Economy
of Andalusia.
Reduction/offset action plans: water
efficiency/ performance; energy efficiency;
energy targets; photovoltaic energy, carbon
footprint reduction and offsetting.

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Improving energy efficiency
Aqualia has an Energy Efficiency Improvement
Plan developed under the ISO 50001 Energy
Management Systems standard to reduce its
electricity consumption. Contracts within the
perimeter of these systems are subject to an
energy audit. The aim is to assess the results
of energy efficiency measures adopted after the
previous review and to propose new ones. The
specialised reporting and data analysis tool Aqualia
RT-BI monitors and implements the proposed
improvements.
Of the projects launched for energy efficiency,
the transversal projects to improve automation
and control of aeration, biogas recovery and the
implementation of renewable energies in water
cycle facilities stand out. It is also important
to develop new Ai-based applications for
energy optimisation of production processes in
desalination plants.
Proyectos de eficiencia energética
Since 2020, Aqualia purchases 76 GWh/year of
green electricity from photovoltaic plants through
the PPA (power purchase agreement) model. A new
contract for 75 GWh/year of photovoltaic electricity
was added in 2023. As a result, more than 70 %
renewable electricity was achieved in Spain in
2024. The company’s energy mix for 2024 was as
shown in the graph below.
In Spain, in 2024, 1,867.21 kWp of photovoltaic
energy were installed in 24 installations, taking
the overall power in operation to 9,048.8 kWp in
60 installations. The forecast for the coming years
is to install 59 installations, with a capacity of
16,923 kWp.
Good hybrid energy management in crucial in
plants with several renewable energy generation
systems (cogeneration, solar-photovoltaic, water
turbines, etc.). In this regard, in 2024, Aqualia
has implemented a control system to manage
technology hybridisation and allow the demand
for electricity from outside to be as low as possible
at the wastewater treatment plant in the Spanish
city of Lleida. It has also started up the water
turbine installed at the Badajoz plant (Spain),
which generates more than 600,000 kW/year and
accounts for 38% of the plant’s consumption.
KWh
%
kWh renewable in the electric mix
438,702,213
29 %
kWh non-renewable in the electric mix
814,934,095
54 %
kWh self-consumption photovoltaic generation
11,442,637
1 %
kWh biogas generation in treatment
22,038,650
1 %
kWh water turbine generation
221,293,183
15 %
Total
1,508,410,778
100 %
Electricity mix 2024
Photovoltaic plants at the El Toyo WWTP in Almeria (Spain).

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Aeration control project
Aqualia has implemented advanced aeration
controls to improve the process and increase
energy efficiency, while optimising effluent.
To achieve this, Aqualia has installed systems
adaptable to each plant and need, which manage
aeration with low-cost probes (redox potential and
oxygen) located at the reactor outlet.
In the first phase, Aqualia selected 22 WWTPs
(mainly located in the different delegations of
Andalusia and Extremadura, in Spain). With this
project and the average data obtained in similar
projects, Aqualia expects an estimated reduction
of more than 3.3 MkWh/year and more than
100,000 kg/year of FeCl3.
Aqualia also continues to co-digest local
co‑substrates at WWTPs in the Spanish
towns of Guijuelo and Guillarei. Thanks to this
process, anaerobic digestion of the plant can be
self‑sustaining and plant external energy demand
is reduced by more than 40 %.
At the Lleida WWTP in Spain, Aqualia has built a
plant for the energy recovery of sludge from nearby
treatment plants. Sludge is received, mixed and
homogenised before being stabilised in the WWTP
anaerobic digestion system, which increases
biogas production. Fats generated during the
process are also pre-treated with soda hydrolysis
and then fed into the digester. This reduces the
amount of waste to be managed and increases
biogas generation.
Creation of expert groups
The group of experts who work with Biowin
software favours process modelling and
optimisation at Aqualia and its implementation in
other facilities. This generates a network of experts
with the necessary training who will be prepared to
tackle the different facilities.
The group’s objectives are to simulate:
Special monitoring plants, which may be
contract leads, with non-compliance or spillage.
Unique plants, either because of the treatment or
their size.
Plants where advanced aeration control is of
interest, to define the control strategy.
Plants considered to be of strategic interest to
the company.
Alboran Sea desalination plant project
In 2024, Aqualia has launched the Alboran Sea
desalination plant project, in the Spanish region
of Almeria, to improve energy efficiency at this
plant using new technology. Aqualia has replaced
the previous turbines and a double-pass osmosis
system with state-of-the-art equipment, including
more advanced energy recovery systems and
energy-efficient reverse osmosis membranes with
higher production capacity.
This upgrade has enabled Aqualia to double
desalinated water production capacity (from
8,000 m³/day to 13,000 m³/day) and has reduced
the plant’s carbon footprint. This water will mitigate
the consequences of the drought in the area
and provide an additional resource for Almeria’s
farmers.
Aqualia has also incorporated a 12 MWh
photovoltaic installation at this desalination
plant. This is yet another example of Aqualia’s
commitment to renewable energies and the
reduction of energy consumption. The combination
of technology and clean energy ensures a more
affordable and environmentally friendly water
supply. Another step forward in Aqualia’s action
against the climate emergency.
Energy efficiency in the Czech Republic
Energy efficiency measures in the Czech Republic
have ensured that the three water treatment plants
in Ostrava remain energy self-sufficient: in 2024,
the seven hydropower plants produced 4.72 GWh
of electricity, i.e. more than they consumed.

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Use of renewable energy
Aqualia’s target for 2030 is to use 50 % renewable
energy generated by own installations, PPAs or
procurement, divided by total energy consumed.
And, thanks to the installation of plants for
self consumption, the use of biogas resulting
from the digestion of sewage sludge for electricity
generation, and for self-consumption of the plants
themselves, cogeneration systems, hydroelectric
generation, among other actions, in 2024 45 %
of the renewable energy used comes from own
installations, PPAs or procurement.
Aqualia is developing several projects to achieve
this objective, including:
Together with seven other companies (Naturgy,
Norvento, Perseo, Repsol, Redexis, Reganosa
and Técnicas Reunidas) and nine research
bodies, the ongoing Zeppelin Missions project
will implement several innovative hydrogen
production pilots at the WWTP in the Andalusian
town of Algeciras in Spain, which can supply
large hydrogen consumers in the area such as
Acerinox, Viesco, Air Liquide, Linde, as well as
port companies.
Also in Spain, the wastewater treatment plant
in Mérida (Badajoz) achieved zero energy
consumption at peak hours thanks to energy
from its 665 solar panels, which are able to cover
100 % of daytime electricity consumption. This
means that 40 % of the annual consumption
(500,000 kilowatts per year) will come directly
from the sun, saving 2 million tonnes of CO2
emissions.
In France, Aqualia has installed 3,500 m² of
photovoltaic panels at the Dreux wastewater
treatment plant, which will produce 730,000 kWh
per year, 24 % of the plant’s consumption.
Located on the roof of the sludge storage facility,
the panels will allow the investment to pay for
itself in just over three years thanks to the green
energy generated.
Energy production through biogas generated
from the treatment of wastewater and its
sludge in municipal and industrial WWTPs is
experiencing significant growth in Portugal.
Aqualia’s innovative technology is generating
interest and opening up new business
opportunities.
Zhinvali reservoir and dam in Georgia.
In Georgia, Aqualia has continued to improve
the infrastructure managed by its subsidiary
GWP. These include the modernisation of the
Zhinvali hydroelectric complex, the second
largest hydroelectric complex in the country, by
installing a European standard SIEMENS HB3-C
generator system. An investment of more than
1.13 million euros will guarantee the safety and
stable operation of this strategic plant for the
water supply of the country’s capital.
Aqualia is currently working on upgrading
mini‑hydro power plant projects in two locations
with large water reservoirs and on the construction
of photovoltaic power plants in several large
wastewater treatment plant sites in the region,
which could be commissioned next year.
Transformation of the vehicle fleet
Continuing with its vehicle fleet transformation
strategy, in 2024 Aqualia continued to incorporate
electric vehicles in its management and in several
of the municipal water services it manages. As a
result, 33 % of Aqualia’s vehicle fleet is currently
made up of vehicles with low CO2 emissions. By
incorporating electric vehicles, Aqualia modernises
its fleet and provides a better service for the
well‑being of citizens and the planet, as it avoids
the use of fossil fuels.

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Efficiency and optimisation
for the reduction of water
consumption
Ensuring the continuity of the blue thread through
efficient and optimised consumption of water
resources has never been more important. For
this reason, a large part of Aqualia’s efforts
and investments are dedicated to developing
or improving water collection, treatment and
distribution systems, in collaboration with
authorities. With the Aqualia 2024-2026 Strategic
Sustainability Plan as a guide, plans have been
developed to reduce volumes of non-revenue water
(NRW) and improve water network efficiency.
Optimisation of water consumption
Faced with a drought that is affecting several of the
regions where Aqualia operates, the company is
committed to the most advanced technology and
the implementation of remote control solutions
to reduce water losses and optimise water
consumption.
In these areas, Aqualia strictly complies with
the drought plans to guarantee supply to the
population in any situation, collaborates with public
authorities and dedicates all its technology to
optimising this essential resource.
In Georgia, the number of breakdowns in the
water supply network remains very high. However,
improvements in losses are taking place in several
areas thanks to the addition of acoustic detectors
and improved field staff training.
Aqualia will also invest more than 46 million
euros to renovate 70 kilometres of water supply
and sewerage networks in Tbilisi, Rustavi and
Mtskheta. This project is part of a 10-year action
plan developed following a comprehensive
infrastructure audit. By September 2024, GWP has
already completed 40 refurbishment projects and
has nine more in the pipeline.
Meanwhile, in Colombia, some municipalities
are facing various water problems, such as
turbidity, colour and hardness problems and
limited water supply due to the “El Niño” weather
phenomenon. To solve these problems, Aqualia is
taking measures such as investing in new pumps,
alternative water sources and desalination plants.
Aqualia has also started up the Villa del Rosario
Drinking Water Treatment Plant, which will improve
catchments, increase treatment capacity and
improve resource availability during the rainy
season.
Like Spain, Portugal has faced a period of
drought in recent years which has highlighted
the need to optimise water use. This shortage
has led Portuguese organisations, industries and
authorities to consider both the improvement
of distribution networks and the reuse of water
treated in Wastewater Treatment Plants. In this
context, Aqualia has launched several innovation
projects focused on sustainability:
The Life Phoenixproject, a pioneering initiative
in the development of solutions for wastewater
regeneration, as well as the treatment of
microplastics and emerging pollutants.
2,065,839,327 m³
volume of captured raw water
for management
(+30 % compared to 2023)
1,532,941,125 m³
purified water
(+94% compared to 2023)
Aqualia-LAB
network of 22 international
laboratories assuring
water quality
The GestEAUrproject, which seeks to promote
collaboration between different entities in the
countries or regions of Southwest Europe.
Aqualia will carry out two specific actions within
this project:
– The installation and monitoring of pilot
stations for the elimination of arsenic in water
collected in the Portuguese municipality of
Elvas.
– The construction and monitoring of a wetland
at one of the Cartaxo WWTPs, which will
function as a pilot wastewater treatment plant
with the aim of studying the operability of
intensive/extensive treatment systems using
electrostimulation.
Life Phoenix project at the El Toyo WWTP in Almeria (Spain).

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Water quality. Aqualia-LAB
Aqualia’s responsibility is to guarantee access to
quality water, free of any microorganism, parasite
or substance that could threaten human health. To
this end, Aqualia has a network of 22 international
laboratories and two in the process of
accreditation in five countries:
Spain: eight accredited laboratories in the cities
of Vigo (Pontevedra), Tafalla (Navarra), Oviedo
(Asturias), Badajoz, Adeje (Tenerife), Jerez
de la Frontera (Cadiz), Lleida, and Ávila; the
latter six are managed under the HIDROTEC
brand and employ 64 people, who analyse
1,034,387 parameters in 66,175 samples. In
total, 1,170 parameters are accredited between
the eight laboratories.
Georgia: six accredited laboratories, employing
57 people, analysing 233,831 parameters in
17,854 samples. In total, 149 parameters are
accredited between the six laboratories.
Czech Republic: seven accredited
laboratories, employing 97 people, analysing
221,000 parameters. In total, 28 parameters are
accredited between the seven laboratories.
Italy: one accredited laboratory, employing
three people, analysing 19,300 parameters
in 1,120 samples. Seventeen parameters are
accredited in the laboratory.
Colombia: two laboratories in the process of
accreditation (24 parameters between the two
laboratories).
In Spain, the portable desalination plant in San
Sebastián, La Gomera (Canary Islands) is already
in the final phase of its commissioning to combat
water stress on the island, as it will generate
up to 3,000 m³ of desalinated water per day for
domestic, industrial and irrigation use. Aqualia
has also studied containerised plants of different
sizes that will contribute to improving water quality
in drinking water treatment plants located in the
Spanish Levante region (Catalonia, Valencia and
Murcia).
Other actions in 2024: emergency
response
Commitment and responsibility are no longer
everyday words and take on new meaning in
situations such as the one caused by cut-off low
flooding in Spain in October. Aqualia expressed
its solidarity with those affected in the best way it
knows how: by restoring basic end-to-end water
cycle services as soon as possible. In collaboration
with the municipalities, Aqualia deployed human
and material resources to restore basic supply and
sanitation services.
Of the services managed by Aqualia, the most
affected was that of Albal (Valencia), where the
company made every effort to ensure that the
people who work there, and their families, were
provided with basic necessities. Also affected were
the Chulilla service in Valencia, the Jerez de la
Frontera, San José del Valle and El Puerto de Santa
María services in Cadiz, and the Cártama service
in Málaga. All services have been restored within a
very short time.
The primary function of the laboratories is to carry
out quality control analyses of water for human
consumption, as well as the analysis of inland,
waste, swimming pool and sea water. Laboratories
are accredited according to ISO 17025, the highest
guarantee and reliability in terms of technical
competence for the performance of these
analyses.
The main challenge for the laboratories in 2024 has
been to continue implementing the new regulation
on water for human consumption in accordance
with Royal Decree 3/2023, which establishes the
technical-sanitary criteria for the quality of drinking
water, its control and supply. The implementation
of this Royal Decree has led to an overall increase
of 7,568 samples in 2024 compared to 2023, a
rise of 13 %. With regard to the total number of
parameters analysed, 169,384 parameters have
been analysed in 2024, an increase of 20 %.
Aqualia laboratory in Ávila (Spain).
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Tank cleaning to ensure
water excellence
Tank cleaning is a key task to guarantee the
quality of water that Aqualia supplies to citizens
and users. Aqualia is responsible for managing
3,142 drinking water tanks around the world, which
require cleaning that can take several weeks and
must be carried out without affecting supply.
During 2024, Aqualia implemented the asset
management system for tank cleaning and thus
collaborated in carrying out inspection tasks set
out in the procedure and recording regulatory
compliance.
New software application
to manage water quality
Also in the last year, Aqualia has designed a
new system to manage all aspects related to
water quality. An application called LAB with the
following modules:
Infrastructure management (synchronisation
with SINAC).
Analytical planning.
Incident management.
Preparation and management of Water
Sanitation Plans.
Display of parameters and reports.
Integration of the sampling points into our IMS.
Scorecard.
This system -unique in the market- is of vital
importance for compliance with Royal Decree
3/23 and covers all operator needs. As well as
helping to comply with legal requirements, it is
oriented towards the operation and process control
of the facilities we manage. Around 750 Water
Sanitation Plans are currently being developed
using this tool.
Control of discharges
In addition to guaranteeing controlled water
discharges, Aqualia has plans for possible
emergencies related to accidental discharges
and/or spills. These plans set out preventive and
response actions. Similarly, wastewater treatment
plants have discharge authorisations approved by
the competent water authority.
All the treatment plants identified have applicable
authorisations for discharging water into the
natural environment. In the event that they do
not have this legislation, Aqualia establishes
minimum discharge criteria. Regardless of the
country, Aqualia uses European technology, which
meets high standards in terms of discharge levels,
ensuring that the minimum levels established by
regulatory requirements are exceeded in most
countries.
One way to prevent the impact of unauthorised
dumping is to set up pollution warning stations.
Aqualia has developed a pilot project with a
camera for detecting water pollution by image
based on artificial intelligence, so that pollution
information is available in real time. This will
enable Aqualia to have early warning systems
and therefore to make process control decisions
quickly and efficiently.

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Presence at events and awards in
efficiency and optimisation of water
consumption.
Aqualia’s leadership and benchmark position in the
sector inspire the company to participate in the
public dialogue. Aqualia wants to share knowledge
and good practices in sectoral forums and working
groups, such as StepbyWater, a multi‑sector
partnership that promotes initiatives for the
optimisation and reduction of water consumption.
Beyond this partnership, these are some of the
most significant examples of Aqualia’s public
activity in 2024:
Participation in the IDRA (International
Desalination and Reuse Association)
World Congress, a UNESCO event, on
sustainable desalination in the Arab region
with a presentation of Aqualia’s emerging
desalination technologies.
Presentation of good municipal practices
based on technology and reuse in the face of
drought in Catalonia (Spain) at the conference
organised by the Catalan Water Partnership,
the water cluster in this region.
Participation for the third consecutive year
in the “Local Forum on Water Management”,
a leading event for public bodies, water
management entities and technology
providers in north-west France.
Extension of the Glina WWTP (Romania),
nominated for “Best Wastewater Treatment
Plant of the Year” at the Global Water Awards,
presented by the Global Water Intelligence
(GWI) platform.
Presence at three of the most important
sector forums in the United States to explain
Aqualia’s experience in sustainable water
management: WEFTEC (New Orleans), AU San
Diego and Algae Biomass Summit (Houston).
ERSAR Exemplary Water Quality Seal for the
Aquamaior and Cartágua services in Portugal.
“Silver Sun” award for the artwork produced
by the StepbyWater partnership on a wetland
in the province of Toledo (Spain), the first
artwork on a lagoon to raise awareness of the
water crisis.
Digital and efficient management, control
centres, artificial intelligence and the efficient
operation of plants in the end-to-end water
cycle managed by Aqualia have been chosen
as success stories by the Ministry for
Ecological Transition and the Demographic
Challenge (MITERD) and by AGA-AEAS.
Aqualia was widely represented at the Spain
Smart Water Summit 2024, a benchmark
forum for the water industry in Spain, in which
the company participated in four sessions.
Glina WWTP (Romania).

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Analysis of risks and
opportunities
related to nature
817
analysed facilities
8 new projects
for biodiversity protection and
ecosystem recovery
Ecosystem protection
and recovery
As part of the Climate emergency and care for
the planet action line of the Aqualia 2024-2026
Strategic Sustainability Plan, Aqualia works to
protect and recover natural capital in the territories
where it operates. In its management of the
end-to-end water cycle, integrated into the natural
environment, Aqualia steps up its efforts to avoid
the contamination of soils or bodies of water, and
to minimise the impact on ecosystems.
Aqualia manages operations centres -owned or
leased- next to protected areas or areas of high
biodiversity value. Aqualia acts in two directions:
In accordance with ISO 14001, Aqualia takes
care of protected spaces with initiatives such
as green roofs and walls, reductions in light
emissions, pruning and mowing to control
vegetation, restoration of ponds, wetlands and
riverbanks.
Aqualia seeks to be proactive in paying special
attention to protected areas with a focus on the
preservation of ecosystems and the survival of
species.
Aqualia’s commitment also materialises in the
support of initiatives, whether governmental or
from benchmark institutions, that are leading the
way in the care and conservation of biodiversity.
Aqualia is a member of the Spanish Business and
Biodiversity Initiative (IEEB) and the Biodiversity
Pact, both initiatives promoted by the Biodiversity
Foundation of the Ministry for Ecological Transition
and the Demographic Challenge.
Analysis of nature-related risks and
opportunities
A major step forward in Aqualia’s ambition to
preserve natural capital has been the nature‑related
risk and opportunity analysis it carried out in
2024. With this initiative, Aqualia has analysed
all the facilities included in its own operations in
order to identify nature-related risks. Aqualia has
developed the LEAP methodology, proposed by the
Taskforce on Nature-related Financial Disclosures
(TNFD) and the Corporate Sustainability Reporting
Directive (CSRD) to define nature-related impacts,
dependencies, risks and opportunities of its
activities.
It specifically pursued these objectives:
Analyse the sensitivity of ecosystems where
Aqualia operates.
Identify facilities located in vulnerable
ecosystems.
SmVaK wastewater treatment plant in the Czech Republic.
Identify and assess nature-related impacts and
dependencies.
Identify and assess nature-related risks and
opportunities.
Thus, 817 installations in 15 countries in Europe,
the Middle East and Latin America were analysed,
corresponding to four technologies:
Drinking Water Treatment Plants (DWTP).
Wastewater Treatment Plants (WWTP).
Seawater Treatment Plant (SDF).
Brackish Water Treatment Plant (BWTP).
These facilities are mainly located in terrestrial
biomes (scrub and shrub forest, temperate
boreal forest and savannah and grassland)
and freshwater biomes (artificial inland waters,
rivers and streams, and wetlands). They host
sensitive locations based on their importance for
biodiversity, ecosystem integrity, water stress and
the presence of areas of high ecosystem service
provision.
Of the 817 facilities analysed, Aqualia identified
15 WWTPs located in Spain as priority facilities
to define action plans related to the protection of
nature.
Aqualia followed TNFD’s LEAP methodology in the
analysis, which guided five consecutive phases of
analysis.

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Leading biodiversity projects
Beyond the analysis carried out, a large part of
Aqualia’s action focuses on promoting measures
to mitigate the direct impact of its activity on
ecosystems and other actions in nature. The
following are some significant examples of actions
in 2024.
Application of sewage sludge as organic
amendments for the restoration of degraded
forest soils in Riofrío (Ávila, Spain). This study is
part of a public-private partnership between the
Composting Group of the University of Burgos
(Spain), in charge of applying the amendments
and monitoring soil quality, and Aqualia, supplier of
the sewage sludge used as organic amendments.
The main goal of the project is to monitor the
improvement in physico-chemical properties,
concentration of available nutrients, enzyme
activity in the soil and diversity of plant cover after
applying these amendments over a period of two
years. The project incorporates sewage sludge
(charcoal obtained after sludge thermal treatment
and struvite recovered from urban wastewater)
into the degraded soils of Riofrío, following the
forest fire of 2021.
B-FERST: Bio-based FERtilising products as
the best practice for agricultural management
SusTainability. This project converts nutrients from
WWTPs into innovative fertilisers for agricultural
use. This generates new circular value chains
with bio-based products, which also improve
arable land sustainability. One of the project’s
milestones has been the development and
validation on a demonstration scale of the process
for recovering phosphorus in the form of struvite
from the WWTP anaerobic digestion process.
A technology developed in collaboration with the
University of Santiago de Compostela (European
Patent EP3112320A1 “Method and system for
the crystallisation of struvite for recovering
phosphates in wastewater”) has already been
implemented at the Guadalete WWTP in Jerez de
la Frontera (Cadiz, Spain). In addition to complying
with the nutrient recovery requirements of the new
European Directive (3019/2024), the recovered
product (registered under the Aquavite® brand) is
rich in phosphorus and nitrogen, which has led to
satisfactory results during validation in different
applications and successful user acceptance.
Use of biomass from the treatment process
using Aqualia’s ANPHORA® technology at the
Linares WWTP (first 100% solar anaerobic
photoecofactory) to increase agricultural soil
fertilisation. The main objective of this study is
to assess PPB (purple phototrophic bacteria)
biomass as a feedstock for the production
of slow-release fertilisers for both acidic
and alkaline soils, and its effect on microbial
activity, physicochemical properties, fertility and
biodiversity of these soils. Six agronomic trials
were carried out in three different countries: Italy
(Isola Sant’Antonio, Silvano Pietra and Ferrera
Erbognone), France (Grenade and Romans sur
Isère) and Spain (Cuevas, León). This agricultural
application is relevant as this type of biomass is
characterised by its high content of the main plant
nutrients (nitrogen and phosphorus). The study
was part of the DEEP PURPLE project, coordinated
by Aqualia and co-funded by the Circular Biobased
Europe Joint Undertaking (CBE JU). Aqualia acted
as biomass supplier and Agro Innovation, a French
multinational fertiliser company, carried out pellet
formulation and agronomic trials.
MARadentro, managed aquifer recharge with
reclaimed water in Medina del Campo (Valladolid,
Spain). The aim of this project is to reuse
reclaimed water to improve both the quantity and
quality of groundwater. The Medina WWTP is the
environmental centre of the process, which is
environmentally friendly and in harmony with the
biodiversity-rich lagoons.
Deep Purple project at the WWTP in Linares, Jaén (Spain).

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Boosting the circular economy
88,844,350 m³
water recycled or reused
Life Ulises Project
transforming WWTPs into zero
waste biofactories
98.10 %
recovered sludge
Boosting the circular economy is one of the
LE1 projects of the Aqualia 2024-2026 Strategic
Sustainability Plan: climate emergency and care
for the planet. Aspiring to achieve a clean and
regenerated environment is not even possible
without being aware of the limited nature of
resources, starting with the resource managed
by Aqualia and whose availability is increasingly
threatened. Aqualia is well aware -and applies it in
its performance- that the present and the future
involve embracing a paradigm in which waste
is not the end, but the beginning of another
production cycle, as positive for the economy as
it is for the environment.
Aqualia is therefore promoting lines of research
to convert WWTPs into circular stations or
biofactories capable of retrieving, transforming
and recovering waste into usable resources for
agricultural use or energy recovery.
Sludge recovery
WWTP sludge recovery is a key alternative to
improve degraded soils by providing nitrogen and
phosphorus essential for agriculture. At Aqualia,
the main destination of the sludge it manages
is agriculture and sludge is only sent to landfill if
adequate treatment is not available. In line with
the principle of waste hierarchy, Aqualia develops
technologies that reduce the generation of waste
and its recovery for environmental or industrial
applications. WWTPs also generate resources
such as energy, fertilisers, charcoal and activated
carbon, useful for soil recovery, water and gas
treatment, as well as reusable water for industry
and agriculture.
Innovation projects drive the transformation of
WWTPs into biofactories, such as the H2020 BBI
B-Ferst project, focusing on the potential of
recovered raw materials, and Life Intext, which
focuses on resource recovery in small towns,
currently at the Talavera de la Reina treatment
plant in Toledo (Spain).
In 2024, the Mérida WWTP (Spain) inaugurated one
of the largest microalgae biofactories in Europe,
with 20,000 m² dedicated to the H2020 SABANA
project. Led by Aqualia, this project uses
wastewater to generate bioproducts with an
investment of 11 million euros from European
funds and 1.5 million from Aqualia.
Aqualia also participates in other circular economy
initiatives such as HE Cheers, which recovers
by-products from the brewing industry, and
H2020 Ultimate in Tarragona, which implements
industrial effluent treatment systems to maximise
water quality and reduce environmental impacts.
Talavera de la Reina treatment plant in Toledo (Spain).

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Awards and recognitions in the field
of circular economy
The algae biofactory inaugurated at the Mérida
WWTP (Extremadura, Spain), one of the largest in
Europe, has received the “Treatment Project of the
Year” award at the iAgua 2024 Awards.
Award for “Best public-private collaboration
project” at the 1st Spanish Water Technology
Platform (PTEA) Awards for an innovation project
by Aqualia and the University on biogas recovery.
Andalusia Environment Awards (PAMA) by the
Andalusian Regional Government to the Life Ulises
project as a model for transforming WWTPs into
zero waste biofactories.
iAgua 2024 award to the Mérida WWTP in Extremadura (Spain) for its algae biofactory.
Increased use of recycled water
Aqualia creates circularity processes and
technologies to use and conserve water: such as
the use of regenerated water for the ecosystem
recovery or the transformation of effluents into
water suitable for irrigation.
The company participates, with other partners
in the Ultimate project, which develops new
solutions for the treatment, reuse and harnessing
of resources in the food and beverage industry.
Also in the Spanish city of Tarragona, AITASA
is developing water reuse projects in the
petrochemical industry by researching a new
industrial effluent treatment system. Still in Spain,
the Mahou San Miguel brewery has installed a new
process for water treatment and reuse, which also
produces biomethane and hydrogen.
The three recycling countries are Spain, Egypt and the United Arab Emirates, and all three are in water stressed
areas.
Water stressed areas have been defined as stipulated in the following link:
https://www.wri.org/data/aqueduct-30-country-rankings and have been associated at country level.
2024
2023
2022
Water recycled or reused
88,844,350
72,290,583
80,862,569
Water recycled or reused (m³)
Harnessing water is even more essential in a
context of water crisis. The Hub REUSA project
in the Spanish city of Almeria is dedicated to
regenerating wastewater for agricultural use.
With this platform, Aqualia is ahead of the new
requirements of Royal Decree 1085/2024 and
European Regulation 741/2020.
Another important regeneration project is
the wastewater regeneration project at the
El Ejido WWTP, also in Andalusia (Spain), whose
refurbishment has increased the facility’s
treatment capacity in a very small space. Validated
water has also been obtained for agricultural
irrigation with two different treatment lines.

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5. Innovation
and technology
In an ever-changing present, innovation is no
longer optional but mandatory. Unsurprisingly, the
Draghi Report -set to be the compass of the new
European agenda- identifies innovation as one of
the three transformations needed for a stronger
European Union. Innovation that goes hand in hand
with decarbonisation and the circular economy to
make a clean, fair and competitive transition a
reality.
At Aqualia, the importance of innovation in tackling
the main challenges of our time has long been
taken on board and internalised throughout the
organisation. The Department of Innovation and
Technology (DIT) works –in collaboration with
others both inside and outside the company–
to identify opportunities, develop innovative
solutions, and implement and transfer knowledge.
The transfer of knowledge from Aqualia’s R&D&I
to production is also an essential part of the
company’s sustainability strategy.
Following European policies as a roadmap, they
develop solutions for sustainable wastewater
treatment, reuse, sustainable drinking water
treatment and desalination, circularity,
eco‑efficiency and smart management tools for
water resource efficiency throughout the entire
cycle.
Innovation in the face of new
requirements
The water sector is facing an imminent tightening
of legal requirements, where innovation plays a
key role in ensuring the sustainability of end-to-end
water cycle facilities and services. The Innovation
and Technology Department works together with
the production and engineering teams to adapt
plants and implement alternative solutions for
water catchment, as well as for eco-efficiency and
smart water management throughout the water
cycle.
Within this approach, action plans are developed to
transfer technological solutions obtained in R&D&I
projects to production.
6,260,473 euros
Investment in R&D
4 new projects
for R&D initiated during the
year including the development
of innovative solutions to care
for the planet
6 new implementations
of R&D processes applied
at facilities operated by the
company
23 projects
developed by the Department of
Innovation and Technology (DIT)
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Business lines

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Sustainable Treatment.
Alternative Resources: reuse,
purification and desalination.
Sustainability and energy
efficiency.
Circular economy, eco and
biofactories.
Industrial water.
Digital developments.
ECO-EFFICIENCY
Follow the principles of the
circular economy with
efficient management of
natural resources and
recovery of raw materials.
Minimise energy
consumption, avoid pollution
in a socially equitable
environment and protect the
climate and nature.
SUSTAINABILITY
Objectives
• Development of cutting-edge technologies
that promote the company's sustainability,
protecting the environment and
biodiversity.
• Improve energy efficiency in the
company's solutions and services.
• Recovery of end-to-end water cycle
by-products.
Objectives
• Develop advanced technologies that
optimise the use of renewable resources.
• Avoid waste generation in the company's
processes and services.
• Seek solutions that enable growth in all
water markets in line with eco-efficiency
requirements.
5.1.
R&D&i activities
The company’s R&D&i strategy is geared towards
the search for innovative solutions that minimise
environmental impact and maximise the quality of
service to people. This vision is articulated in two
axes deployed throughout the end-to-end water
cycle: eco-efficiency and sustainability. The R&D&i
strategy focuses on identifying opportunities and
developing and implementing solutions to meet the
environmental, social, technological and legislative
challenges of end-to-end water management.
Internal and external collaboration is key to the
transfer of knowledge that drives innovation
at Aqualia and its contribution to sustainable
development.

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5.2.
Lines of work
Sustainable treatment
The revision of the Urban Waste Water Treatment
Directive (UWWTD) extends wastewater
treatment obligation to towns with more than
1,000 inhabitants and requires end-to-end
stormwater management. It also reduces
discharge limits, increases nutrient recovery and
aims for a neutral energy balance by 2040. At
the same time, it requires higher-quality sludge
for subsequent reuse, addressing the removal of
micropollutants and microplastics.
Classic solutions do not meet these expectations
and, in small plants, conventional technologies
such as extended aeration require costly
investment and maintenance. On the other hand,
nature-based solutions (mainly lagoons and peat
filters) present low-cost options with very good
performance. Also in larger plants, solutions are
based on aerobic technologies, which consume
energy and produce worthless sludge, when there
are alternatives that reduce size, improve efficiency
and avoid energy consumption and waste
production.
Work is underway to adapt treatment technologies
to plant size in order to minimise energy
consumption and waste production. Aerobic and
anaerobic treatments are therefore improved and
sludge production is reduced with the recovery of
nutrients for valuable resources such as fertilisers.
Key action in 2024: Hub Intext.
The Hub Intext project directly addresses the
problem of wastewater treatment in small
villages, which sometimes lack adequate
facilities. The INTEXT platform will assist in
decision-making on wastewater treatment
systems for both small populations without
pre-treatment and those requiring upgrading of
existing systems.
Alternative resources: reuse,
purification and desalination
In the current scenario of water stress, the use of
non-conventional water sources is key. Regulation
(EU) 2020/741 on the reuse of wastewater
ensures the same levels of quality and risk control
for regenerated water in all EU countries. The
new Royal Decree 1085/2024 on water reuse
establishes a new legal system for the use of
regenerated water. For drinking water, Directive
2020/2184 and Royal Decree 3/2023 set the
technical and sanitary criteria with increasing
health concerns and emerging contaminants,
and require a modernisation of much of the
drinking water treatment processes in Europe
to address new limits on endocrine disruptors,
pharmaceuticals and microplastics.
This series of requirements motivates the
development of innovative wastewater treatment
and regeneration solutions. Tailor-made solutions
are set for each objective to achieve sustainability
in all its aspects: technical, economic and
environmental.
In addition to measuring and eliminating
emerging contaminants and microplastics, the
new standards require the development of risk
management strategies and diagnostic tools.
These tools will make it possible to select the
optimal mix of technologies for each situation,
also assessing the feasibility of upgrading existing
plants to meet the new requirements.
Along with reuse, desalination also contributes to
securing water resources. In Europe, 1,000 plants
are already operating, with a nominal flow of
2,500 Mm³/year, and an estimated annual growth
of around 9 %. A key factor is undoubtedly the
optimisation of these processes by introducing
new materials and membranes, which increase
performance and reduce energy consumption.
LIFE INTEXT wetland project at the Talavera de la Reina WWTP, Toledo (Spain).

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Key action in 2024: Hub Reúsa. In the context of
the new legal requirements, Hub Reusa focuses
on advanced urban wastewater regeneration and
reuse. This is a demonstration-scale platform
located at the WWTP in the Almeria town of
El Toyo, Spain, where the European projects
Life Phoenix and H2020 Rewaise are currently
being developed. The Hub Reusa platform has
16 innovative technologies -six of which are
developments by our Innovation and Technology
Department- on a semi-industrial scale, with a
treatment capacity ranging from 10 to 50 m³/h
and which can be applied to different types of
WWTP. These technologies aim to pre-treat water
before it undergoes secondary treatment in order
to improve water quality as much as possible.
Achieving this improvement can significantly
reduce the amount of disinfectant required
at later stages. This is important because the
disinfection dose is a key factor in meeting water
quality standards. More information here.
Sustainability and energy
efficiency
The revision of the UWWTD directive includes the
objective of energy neutrality for WWTPs with
capacities above 10,000 h-eq and proposes to
increase the contribution of renewable sources to
100% by 2040. Electricity consumption associated
with pumping for the collection, supply and
distribution of urban water in the end-to-end water
cycle is currently 0.2 kWh/mm³. On the other hand,
the average specific consumption of WWTPs is
0.5 kWh/m³, which represents 1% of Spain’s annual
consumption.
In the innovation work, wastewater is considered
as an energy source capable of supplying the
treatment process itself, yet still generating an
energy surplus. Aqualia is making progress in
the development of technological alternatives
such as anaerobic treatment and in maximising
the transformation of organic matter into
bioenergy (biomethane and/or hydrogen). In
parallel, they also optimise equipment and plant
operation control using digital tools. Renewable
energies, such as solar and wind power, are being
incorporated into the process to maximise energy
production and use at WWTPs.
Work is also underway recover energy in the
waterfalls within the end-to-end cycle and the
active control of pressures.
Key action in 2024: renewable energies. As
part of its ambitious renewable energy plan,
in 2024 Aqualia has validated new renewable
electricity production solutions by adding
innovative panels to the existing panels at
the WWTP in the Spanish town of Linares, in
Andalusia. These panels make it possible to
increase daily production during the hours with
the most sunshine, especially in the months with
the least irradiation. A pilot experience has also
been developed at another WWTP located in
Spain, in this case in Badajoz, to explore electric
storage solutions in batteries with greater energy
efficiency and lower cost.
Solar panels at the Lleida WWTP (Spain).

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Circular economy, eco
and biofactories
The European Circular Economy Action Plan
(EU CEAP) promotes the efficiency of industrial
processes and the use of resources to avoid waste.
A new European law on critical and strategic raw
materials is also in preparation, which will include a
zero pollution plan for air, water and soil.
According to the National Sludge Register, about
five million tonnes of sewage sludge (at 20% dry
matter) is produced annually in Spain, the main
destination of which is agricultural use (about
80%), with the remainder ending up in landfill and
incineration (about 4%). The UWWTD requires
sludge to be treated, recycled and recovered in
accordance with the hierarchy defined in the Waste
Framework Directive.
The EU will set a minimum phosphorus recovery
and recommends the reuse of nutrients such
as recovery of biosolids and their compounds
with agronomic value (organic matter, nitrogen,
phosphorus, potassium, calcium, magnesium and
other micronutrients) in agriculture. Since 2014,
Aqualia has been working with the University
of Santiago de Compostela to precipitate the
phosphorus present in the runoff from the
dewatering centrifuges and recover struvite
crystals. In 2024, this resulted in European
Patent EP3112320A1 (Method and system for
the crystallisation of struvite for recovering
phosphates in wastewater).
The first industrial-scale struvite reactor was built
at the WWTP in the Spanish town of Guillarei, and
in recent years another plant has been operated,
also in Spain, at the Guadalete WWTP to supply a
fertiliser, Aquavite®, to Fertiberia factories.
Many innovation projects develop alternative
solutions to conventional WWTPs in order to
transform them into biofactories, thus minimising
energy and reagent consumption and avoiding
waste production. It is also a way of creating
opportunities for bioproduct generation by
recovering resources: biofertilisers, biostimulants,
biopesticides, biochar, charcoal, ectoin, or
single‑cell protein, among others.
Likewise, sludge management at WWTPs includes
sanitisation and stabilisation treatments, material
and energy recovery, as well as biomethanisation
and co-digestion.
Key action in 2024: Centre for Innovation in
the End-to-end Water Cycle in Salamanca.
2024 marked the first anniversary of the Centre
for Innovation in the End-to-end Water Cycle,
located at the WWTP in the Spanish city of
Salamanca. The centre is developing innovative
solutions to address the current and future
challenges of a sustainable end-to-end water
cycle, ensuring drinking water quality and a
decarbonised wastewater management system
to realise the true value of water. The Centre
also coordinates activities of national and
international scope, including water treatment
for human consumption. Another line of work in
which progress has been made in the last year is
the recovery of sewage sludge.
Industrial water
Water plays a key role in industry and Aqualia
strives to ensure that its industrial customers
meet their sustainability and innovation objectives,
as well as to improve the processes involved in
adapting both process water and its effluents to
regulations in force. To this end, solutions have
been developed to optimise industrial wastewater
treatment in the agri-food, mining and chemical
industries, to achieve reuse and reduce the water
footprint.
In this line, work has been carried out on different
technologies such as:
Anaerobic membrane rectors, tested since 2014
at Ecoparc de Barcelona and currently at Xinzo
de Limia, in Orense (Spain).
Advanced upflow reactor such as the patented
PUSH®.
ELAN® rector with several references in the
industrial sector, notably industrial-scale
implementation at the Heineken plant in Seville
(Spain).
A particular flow generated in many industries
is brine, which is also abundant in seawater
desalination. These effluents resulting from the
separation of minerals must be properly managed,
and so the company is working on their use as a
source of critical and strategic raw materials.
Salamanca WWTP (Spain).

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Key action in 2024: ELSAR Technology.
The world’s largest biostimulated reactor
to treat its industrial wastewater has been
commissioned at the Mahou San Miguel
brewery group factory in Lleida. This technology,
developed and patented by Aqualia in
collaboration with the University of Alcalá, has
been christened ELSAR® and has significant
advantages over other systems on the market
as, in addition to the excellent quality of the
treated water, it manages to increase the
production of bioenergy (biomethane and
hydrogen), energy savings, flexibility and stability.
The ELSAR® system is designed to meet
the needs of 80 % of the country’s food and
beverage factories. The aim of the process is
to minimise water consumption and maximise
the use of wastewater flows for energy and
resources. High levels of circularity therefore are
achieved in the management of industrial water
linked to the manufacturing processes of Mahou
San Miguel Group products and the organic load
is used to obtain biofuels. The current European
project to which ELSAR® technology is linked
is ULTIMATE, although the development of the
technology stems from previous projects such
as ADVISOR, ANSWER and ITACA.
Digital developments
Advanced tools have revolutionised water cycle
management and energy consumption, optimising
processes with technologies such as the Internet
of Things (IoT), which connects multiple sensors.
Data analytics and artificial intelligence, meanwhile,
monitor water and energy systems in real time for
early problem detection and enable a quick and
efficient response.
Decision support systems (DSS) are critical in
this context as they integrate data from various
sources and use advanced algorithms to provide
accurate recommendations. In water management,
these systems can forecast future demand,
optimise distribution and ensure that resources are
used efficiently. As for energy consumption, DSS
can identify usage patterns, suggest cost-saving
measures and manage the load more effectively,
reducing consumption and associated costs.
Key action in 2024: new treatment
technologies. In line with the objective of
developing sustainable treatment solutions,
the Department of Innovation and Technology
(DIT) has been working for a decade on the
development of its own granular water line
technology. As a compact technology, it is
able to treat certain volumes of water using
less space. This technology is of interest for
the construction of new wastewater treatment
plants as it requires less area than conventional
technology and reduces civil works costs. It
is also a valuable option for plants already in
operation that require an increase in treatment
capacity (higher volumes or more stringent
requirements for organic matter or nutrient
removal as required by the new Wastewater
Directive). Within the framework of the
LIFE RESEAU project, two 450 m³ reactors have
been designed, built and commissioned at the
WWTP in the Galician municipality of Moaña,
where the treatment capacity per reactor surface
area has been increased by 400% to 2,000 m³/d
of wastewater.
One of Aqualia’s Integrated Operations Centres.

Lines of work
Record
Acronym
Name
Start
End
Location
Sustainable
treatment
Alternative resources:
reuse, purification
and sustainable
desalination
Sustainability and
energy efficiency
Circular economy,
eco and biofactories
Industrial water
Digital developments
19 03
BBI B-FERST
Bio-based FERtilising products as the best practice
for agricultural management Sustainability
2019
2024
Jerez de Frontera
19 04
BBI DEEP PURPLE
Conversion of diluted mixed urban bio-wastes into
sustainable materials and products in flexible purple
photo biorefineries
2019
2024
Linares
Badajoz
19 06
LIFE INTEXT
Innovative hybrid Intensive Extensive resource
recovery from wastewater in small communities
2019
2024
Talavera de la Reina (Hub Intext)
20 02
H2020
SEA4VALUE
Developing radical innovations to recover minerals
and metals from seawater desalination brines
2020
2024
Denia (Desalination Innovation Centre)
Adeje (WAVE Centre)
20 03
H2020 ULTIMATE
Industry water-utility symbiosis for a Smarter Water
Society
2020
2024
Lleida
20 06
LIFE ZERO WASTE
WATER
Positive energy wastewater treatment plant for
combined treatment of wastewater and bio-waste in
small populations
2020
2025
Almería
20 07
LIFE INFUSION
Intensive treatment of waste effluents and
conversion into useful sustainable outputs: biogas,
nutrients and water
2020
2025
Gijón
21 03
MISIONES
ECLOSION
New materials, technologies and processes for the
generation, storage, transport and integration of
renewable hydrogen and biomethane from biowaste
2021
2025
Salamanca (Centre for Innovation in the
End‑to-end Water Cycle)
21 04
MISIONES
ZEPPELIN
Research in innovative and efficient technologies for
the production and storage of green hydrogen based
on the circular economy
2021
2025
Algeciras
20 04
H2020 REWAISE
Resilient Water Innovation for Smart Economy
2020
2025
Moaña
Almeria (REUSA Hub)
Denia (Desalination Innovation Centre)
Adeje (WAVE Centre)
Oviedo
Salamanca (Centre for Innovation in the End-
to-end Water Cycle)
Projects implemented in 2024
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Lines of work
Record
Acronym
Name
Start
End
Location
Sustainable
treatment
Alternative resources:
reuse, purification
and sustainable
desalination
Sustainability and
energy efficiency
Circular economy,
eco and biofactories
Industrial water
Digital developments
20 05
LIFE PHOENIX
Innovative cost-effective multibarrier treatments for
reusing water for agricultural irrigation
2020
2025
Almeria (REUSA Hub)
21 01
H2020 NICE
Innovative and enhanced nature-based solutions for
sustainable urban water cycle
2021
2025
Talavera de la Reina (INTEXT Hub)
Madrid
21 02
LIFE RESEAU
Resilience enhancement in the urban water sector
2021
2025
Moaña
22 04
UMI AQUATIM
Mixed research unit: sustainable future of the
circular, efficient and resilient water cycle.
2022
2025
Santiago de Compostela
22 02
HE D4RUNOFF
Smart implementation of adaptive hybrid solutions
in sewage networks for preventing and managing
diffuse pollution from urban water runoff
2022
2026
Santander
22 03
HE CHEERS
Producing novel non-plant biomass feedstocks
and bio-based products through upcycling and the
cascading use of brewery side-streams
2022
2026
Lleida
22 05
HE NINFA
Taking action to prevent and mitigate pollution of
groundwater bodies
2022
2026
Los Alcázares
23 01
HE RESURGENCE
Industrial water circularity: reuse, resource recovery
and energy efficiency for greener digitized processes
2023
2027
Algeciras
24 01
LIFE SALTEAU
Sustainable drinking and irrigation water production
from saline alternative water resources
2024
2028
Denia (Desalination Innovation Centre)
Adeje (WAVE Centre)
24 02
INTERREG
GESTEAUR
Sustainable and digitised water management in rural
environments in the SUDOE area.
2024
2027
Tiñosillos Fonvtiveros
24 03
HE CIRSEAU
Building a water smart economy and society
2024
2026
Madrid
24 04
UNITED CIRCLES
Interconnected efforts from feasibility to finance for
industrial-urban symbiosis driven by circularity hubs
2024
2028
Salamanca (Centre for
24 05
INTERREG
IDIWATER
DESAL + LIVING LAB MAC
2024
2026
Adeje (Centre
Projects implemented in 2024 (continued)
1
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2
Gobernanza ética
al más alto nivel
3
Estrategia y
creación de valor
4
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A2
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Prizes and awards in the field
of R&D&I
Award for Best Digitalisation Project at
the Disruptors Innovation Awards 2024
of the newspaper El Español for the water
network digitalisation project in the Spanish
municipalities of Dénia (Alicante) and Talavera
de la Reina (Toledo).
Prize awarded by the Royal Galician Academy
of Sciences (RAGC) to the Aqualia and
University of Santiago de Compostela (USC)
patent that allows struvite to be extracted from
wastewater.
“Fernando Calvet Prats” Technology
Transfer Award for the same project, to the
Environmental Biotechnology Group (BioGroup)
of the University of Santiago de Compostela
(USC) and to Aqualia.
Award for Best Digitalisation Project at the Disruptors Innovation Awards 2024.

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6. People and culture
One of the company’s mottos is “People working
for people”. Aqualia does not lose sight of this
and, for this reason, takes care of each and every
one of those who make up the organisation both
professionally and personally. It aims to enable
those who work with the company to flourish
individually and collectively. It wants to ensure
stable, quality and stimulating employment in the
18 countries where it operates.
People management is so essential that it is
the backbone of strategic line 3 of the Aqualia
2024‑2026 Strategic Sustainability Plan and
focuses on three objectives: contributing to the
employees’ overall health objectives, generating an
attractive and sustainable organisational identity,
and contributing to the transformation of the
company towards a sustainable culture.
To advance Aqualia’s cultural transformation, in
2024 the Be Aqualia project began to evolve into
Be Aqualia 360, a more integrated perspective
of people management, which will meet the
company’s new internal and external trends
and needs.
Be Aqualia covers seven blocks of action
identified as health assets with which it promotes
the fulfilment of its team’s responsibilities and
objectives, and boosts their motivation and positive
relations between the different areas.
Renewal of the FRC Work-life
balance certificate until 2027
we promote the work-life balance
of our staff
Training in Healthy and
Inclusive Leadership for team
leaders from Spain
2nd Be Aqualia Awards
promoting good health and
well‑being practices
We created the young talent network
AqualiaYoung
we connect, inspire and empower
young professionals in the company
3rd I4U Aqualia Innovation
Awards
we promote innovation, creativity
and research among the
company’s talent
Be Aqualia 360
new people and culture management
project
Internal Women’s Talent Network
AqualiaWomen
We renew our commitment to
the 10 principles of the Diversity
Charter we are committed to
diverse and egalitarian workplaces
Be Aqualia
Job quality
Leadership
Work-life balance
Professional development
Community
Health and well-being
Equality and diversity
With Be Aqualia 360, the company will work in
five areas: integral health, job quality, corporate
well-being, culture and talent, community and
sustainability.
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6.1.
Attracting and retaining
talent
Availability of multidisciplinary professionals,
together with availability of technological tools
for excellence in customer service, is one of the
aspects highlighted by Aqualia’s teams.
Aqualia implements different actions in order
to attract and retain this outstanding talent,
always with respect for equal opportunities and
non‑discrimination. In 2024, the company has been
present on the most relevant job portals and has
participated in events to promote young talent and
the professional future of university students:
Job fairs to attract the interest of future
professionals such as the Employment and
Technology Forum of the Polytechnic University
of Madrid, Foroempleo 2024, held at the Carlos III
University Campus in Madrid, or the Young talent
job fair in Oviedo, organised by the Chamber of
Commerce of Asturias (Spain).
“Welcome Talent, the power of an inclusive
brand” event organised by MyGwork at the
Madrid Business Institute, where different
companies shared diversity and inclusion
initiatives with students and human resources
professionals, with the aim of attracting
talent and promoting equal opportunities in
employment.
Collaboration with the Young Water
Professionals (YWP) network:
– First hackathon for young people in the
water industry where several members of
staff shared their knowledge and passion for
finding solutions to improve aspects of water
management.
– “Más claro agua” teaching innovation project
with the YWP and Polytechnic University
of Madrid (UPM). As part of the Water
Management course of the Master’s Degree
in Chemical Engineering and Environmental
Engineering, young company professionals
(who are also YWP members) were invited
to share their professional experience with
the students. The aim is for them to meet
young people in the sector and discover job
opportunities in the water industry.
Men
Women
Total
Saudi Arabia
292
19
311
Algeria
53
6
59
Chile
11
-
11
Colombia
770
285
1,056
Egypt
222
4
226
United Arab Emirates
415
13
428
Spain
5,480
1,600
7,079
US
164
79
243
France
137
53
190
Georgia
2,447
397
2,844
Staff by gender and country
– 4th IWA-YWP Spain National Conference 2024,
held in Bilbao (Spain) to favour the exchange
of experiences and knowledge among young
industry professionals, encourage networking,
and their personal and professional
development.
The AqualiaYoung young talent network
has been created as part of the Be Aqualia
ecosystem and specifically designed to connect,
inspire and empower the company’s young
professionals. This network is made up of
employees under 35 years of age with the aim
of sharing knowledge and building talent loyalty,
and for this purpose training, meetings and
encounters will be organised.
Men
Women
Total
Italy
251
28
279
Mexico
88
18
106
Oman
2
-
2
Peru
3
1
4
Portugal
92
22
114
Qatar
42
3
45
Czech Republic
742
295
1,037
Romania
4
-
4
Other countries*
2
1
3
Total
11,216
2,824
14,040
*Panamá, Montenegro, Túnez.

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Benefits for Aqualia’s people
Work-life balance, new ways of working or flexibility
are highly valued requirements for employees and
essential in a company’s people management.
Aqualia has been working in this direction for
some time: measures are implemented to improve
provide job quality, flexibility, family support,
personal and professional development and equal
opportunities for staff.
Proof of this commitment is the fact that we have
been certified as a Family Responsible Company
(FRC) since 2017. Promoted by the Másfamilia
Foundation and endorsed by the United Nations,
this certification allows for the establishment of a
system of continuous improvement with a series
of measures to ensure the well-being of people.
In 2024, the FRC Certification was once again
renewed and, after an external assessment by
AENOR, the company has received the certificate
in work-life balance until 2027 with the category
of “Committed Company C+”, which recognises
its commitment in the design of strategies and
practices for work-life balance management.
Beyond this certification, benefits and work-life
balance measures are shared with employees
through internal communication channels:
corporate intranet, notice boards in workplaces,
email, Be Aqualia app, etc.
In terms of compensation, Aqualia complies with
all wage regulations. Remuneration and wages are
guaranteed to be in line with provisions for their
job and performance. To this end, appropriate
compensation is designed through various actions:
Thorough review of items and amounts
applicable to each worker in accordance
with legal provisions in collective bargaining
agreements, individual agreements or
employment contracts.
Variable remuneration policy based on
objectives according to performance parameters
set each year.
Boosting professional
and personal development
Technological development and market evolution
force us to innovate continuously and seek new
ways to enhance the professional development of
people, whether in technical knowledge, languages
or leadership. The Standard Position Manual is
the reference to facilitate HR processes, as well
as to contribute to optimal people development.
These manuals make it possible to align training
with strategic objectives and to develop training
adapted to job requirements.
At Aqualia, knowledge transfer is a priority.
Therefore, training and webinars are developed
for technical staff according to the needs of
their function. A training catalogue is available
with technical courses and trainers from the
engineering, production, innovation and operations
departments. Accreditation of professional
competences is also promoted with qualified
experts in energy, water, safety and environment.
Since 2017, 310 people have already obtained this
certificate.
In addition, to accompany the strategy of growth
and international expansion, a platform is available
to study the languages of the countries where we
operate: English, French, Portuguese, Italian and
Spanish.
Emotional health is also part of the training
proposal. In 2024, courses on topics such as
stress, productivity and mental well-being were
offered to 754 participants. And safety is still
essential, especially the prevention of risks due to
asbestos exposure. In 2024, 98,375 hours of health
and safety training were provided.
It is not only technical knowledge that is
fundamental to progress as a company, culture
and ethics guide the best decision-making in an
organisation. Therefore, in 2024, training continued
on the Aqualia Leadership Model for managers,
and sessions on the Code of Ethics and Conduct,
with a focus on training on conflicts of interest.
Staff by age range
Within 35 years
Between 35-54 years
After 54 years
2,681
19 %
3,841
27 %
14,040
7,518
54 %

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Aqualia’s Leadership Model is based on three
pillars:
Participative leadership to encourage people
development and team management.
Healthy leadership, which explores how
managerial positions can influence psychosocial
risks and develop/control them.
Inclusive leadership, which provides tools for
inclusive decision making.
In 2024, 25 managers in Spain participated in the
Aqualia Leadership Model training courses, which
included the Healthy leadership and Inclusive
leadership modules, offered by Affor and the
Adecco Foundation, respectively.
Moreover, training in leadership and skills
development is adapted to the different countries.
For example, the assertiveness training course
in Tolima, Colombia, conducted in collaboration
with the University of Rosario, is part of the
plan to strengthen leadership skills and improve
management dynamics. This seminar also
addressed issues related to the work climate and
the influence of strong leadership on a safe and
positive work environment.
Together with the Centre for University Studies
(CEU), the second edition of the Advanced
International Management Programme was
developed to train key company profiles in
advanced management knowledge in international
environments, with the participation of a selection
of 15 people working in Saudi Arabia, Portugal,
Colombia, France, Georgia, Italy, Qatar and the
United Arab Emirates.
From the Georgian Water and Power (GWP)
subsidiary in Georgia, an agreement has been
signed with US aid agency USAID “Employers for
Vocational Education” to implement vocational
training programmes -specifically on water supply
and sewerage systems- among staff. With an
investment of 475,815 euros, this partnership will
contribute to reducing unemployment and to the
sustainable development of the country, and will
benefit 90 people between 2024 and 2025.
In 2024, leadership and communication courses
have also been conducted in accordance with
the Discovery Insights Model. In October,
two sessions for 35 people of more than
15 nationalities were held in the cluster’s projects
in Saudi Arabia. Designed to improve internal
communication and teamwork, this training was
highly appreciated given the complexity of the
projects and the diversity of the teams working on
them.
The Spokesperson Training for the Development
of Influence and Persuasion, aimed at
24 managers representing production in Spain, is
also of particular relevance. These courses aim
to underline the desire for transparency with the
company’s stakeholders, and to put into practice
the techniques and skills needed to act as a
spokesperson and to communicate persuasively
and effectively. Additionally, the programme
includes sessions on social media communication
and how to communicate sustainability.
Finally, the 3rd I4U Aqualia Innovation Awards
was another project aimed at promoting talent. An
internal event that promotes innovation, creativity
and research among the company’s talent to
discover proposals that can be implemented in
operations and improve the quality, efficiency and
sustainability of activities. Professionals from
Portugal, Georgia, Czech Republic and Spain
participated in this edition with 18 applications
focused on improving the quality, efficiency and
sustainability of the end-to-end water cycle.
“Innovation in Aqualia’s Cybersecurity” was the
winning project out of all the proposals submitted.
3rd Edition of the Aqualia Innovation Awards.

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7,280
2022
8,033
2023
8,685
2024
Staff members who have
downloaded the Be Aqualia app
Internal communication
Internal communication continued to gain
importance on a daily basis in 2024 as a tool
to keep everyone in Aqualia informed of the
company’s activities, positioning and other relevant
events. It is also a fundamental element of internal
cohesion and to convey culture.
Among the different internal channels, Be Aqualia,
a mobile application for all company employees,
especially those who do not have a corporate
email account, stands out. This tool provides
two-way communication: employees are informed
of what is happening at Aqualia and they can give
their opinion and participate in the surveys and
challenges proposed by the company.
In 2024, more than 800 internal communications
were sent in different formats: email, informative
flash, Aqualia Global News newsletter and
corporate app.
In collective bargaining, the trend towards a
reduction in the number of smaller collective
bargaining agreements continues. In Spain, the
labour reference framework -6th State End-to-end
Water Cycle Agreement- has been extended to
Extremadura and is in addition to other agreements
to which Aqualia has adhered or which have
come to have the State Agreement as a regulated
framework. Agreements have also been reached at
provincial and regional level, such as the Balearic
Islands Collective Bargaining Agreement and the
updating of the agreement in Catalonia. On the
other hand, the agreement of the subsidiary SmVak
in the Czech Republic for the years 2025-2027 is
under negotiation, and other agreements with a
smaller scope of application are under negotiation
in 2024.
Another forum for social dialogue is Aqualia’s
Charter for Occupational Health: a working
group between representatives of the majority
trade unions and company management, which
addresses health and well-being conditions and the
implementation of good practices at global level.
In 2024, recurring themes such as accident
rate evolution and the fulfilment of Strategic
Health and Well-being Plan objectives were
discussed. Results of the psychosocial risk
assessment, physical security risks in situations
of external violence and the means established
for these cases were also presented. Lastly,
the extraordinary measures adopted following
the effects of flooding and new protocols for
atmospheric risks were discussed.
Awards and recognitions
for employment, development
and a culture of belonging
Recognition from the Regional Ministry of Family,
Youth and Social Affairs of the Region of Madrid
for the promotion of work-life balance measures as
a Family Responsible Company (FRC).
Renewal of the Family Responsible Company certification.

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6.2.
A safe and healthy
environment
Aqualia leads the promotion of health and safety
(physical and emotional) in the company from
a preventive and comprehensive approach.
The Integrated Management System and the
Department of Health and Well-being Strategic
Plan 2024-2026 are its guidelines.
With the aim of continually improving health and
safety management, Aqualia is certified under the
ISO 45001 standard, integrated in the company’s
Integrated Management System.
At the same time, progress continues in the
four lines of work that form the backbone of the
Department of Health and Well-being Strategic
Plan 2024-2026.
Zero harm to workers
This line has been updated and structured into
four programmes: control of absenteeism,
organisational learning, control of the health and
safety performance of contractors and integration
of preventive activity. In 2024, the focus was on
the internationalisation of these projects and
assessing internal training in order to consolidate
the company’s preventive culture.
Control of critical risks
This line consists of two projects: critical risk
programmes and the company’s key risks. The
latter is new and seeks to raise awareness at all
levels of the risks common to all activities in the
end-to-end water cycle, which can sometimes lead
to serious accidents.
Be Aqualia, well-being at work
The number of healthy initiatives increased in
2024, including the promotion of physical activity,
healthy nutrition, webinars and workshops,
participation in sports activities (races, walks,
paddle tennis, football, etc.), agreements with
physiotherapy clinics, Family Days with employees
and their social or family environments, etc.
Department of Health and Well-being Strategic Plan 2024-2026
Zero harm to workers
Reduce personal injuries, which may
result from unsafe conditions and
attitudes, both for own and third-party
employees and third parties.
Be Aqualia well-being at work
Improve employee physical, emotional
health and well-being indicators and
significantly increase participation in
programmes to promote healthy living.
Data analysis and reporting
Improve management, control
and reporting by implementing a
global application, redefining proactive
and predictive indicators, dashboards
and targets.
Control of critical risks
Maintain homogeneous control for the
entire organisation that guarantees
safety and compliance with a standard
in relation to the risks that we consider
critical to our activity.
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With the support of the partner AffortHealth,
we also continue to offer emotional health
programmes to workers and psychosocial risks
have been managed at the company, strengthening
a cultural change in the organisation when dealing
with mental health. Measures implemented include
the Be Aqualia psychpack:
Psicomet, a tool for examining a person’s level
of mental and emotional well-being and the early
detection of any mental health problems.
Employee Assistance Programme (EAP), a
psychological counselling service offered by
expert psychologists to help employees resolve
any possible psychological and emotional
discomfort in both the personal and work
spheres.
Emotional health prevention with live
workshops led by expert psychologists to
achieve greater emotional strength.
Interpersonal conflict management procedure,
a mediation tool for the management and
resolution of conflicts arising in the workplace.
Likewise, the second Psychosocial Risk
Assessment was carried out in Spain using the
MentallyPro® tool, which can classify results by
economic activity, cross-checking data with other
variables and classifying them according to the
company’s intervention priorities. These results will
guide decision-making to improve well-being and
health care in the workplace.
Along with this psychosocial risk assessment,
the psycho-emotional health status of staff
was measured using the Goldberg Scale
and a workplace violence questionnaire
was administered. All this makes leads to a
comprehensive assessment with results that help
to prioritise interventions in a holistic manner. Work
is also underway to extend this methodology to
other countries.
Data analysis and reporting
In 2024, implementation of the new software for
global health and safety management continued.
Gathering more feedback on its use has made
it possible to develop improvements in terms
of autonomy, ease of use and more detailed
information. With these changes, the software has
been rolled out to other countries and all projects
are expected to use the same tool by 2025. This
will make it possible to homogenise management
in key aspects such as accident reporting and
investigation, safety inspections, identification and
execution of corrective actions, etc.
2nd Be Aqualia Awards: good
health and well-being practices
The second edition of these awards served to
recognise those who are involved and excel in
improving the lives of the other people who work
at Aqualia and the communities where it operates.
Their example helps to collect good practice and
inspire the rest of the organisation. In this edition
the awards were organised in three categories:
Occupational Risk Prevention Award, with
22 nominations.
Health and Well-being Promotion Award, with
five nominations.
Personal Achievement Award, with three
nominations.
Awards and recognitions
in health, safety and well-being
Finalists in the 2nd imPULSO Cardiovascular
Health Awards, in the large company category,
awarded by the Spanish Heart Foundation (FEC)
for its work in raising awareness and preventing
cardiovascular diseases through the BeFit
Project, which promotes healthy lifestyle habits
among staff.
In the United Arab Emirates, Aqualia has been
recognised at the TAQA-WS HSE FORUM 2024
event with the following awards:
– HSE Good Achievement Award.
– HSE Individual Award: Mr. Shamal “Senior HSE
Engineer”.
Recognition as a Protected Brain Space
by the Fundación Freno al Ictus, training
123 employees from the customer service
offices in Lleida, Oviedo and Jerez de la Frontera
(Spain) to identify and effectively respond to
strokes.
OSWS, the Omani subsidiary that manages
water infrastructure at the port of Sohar and its
industrial area in Oman, has won two prestigious
international health and safety awards: the
British Safety Council International Safety
Awards and The RoSPA Health and Safety
Award.
Be Aqualia as a “success story” at the
‘Perk Talks’ by Vitaance, a platform dedicated to
corporate well-being programme management.

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6.3.
A diverse and inclusive
organisation
Aqualia’s culture is not only transformative and
healthy, it is also diverse and inclusive. Respectful,
inclusive, egalitarian and unbiased spaces have
been created. And that is not enough: with the
Diversity and Inclusion Protocol and coordination
by the Diversity Committee, we continue to move
towards the company we want to be.
The Diversity, Equity and Inclusion Protocol places
responsibility on building work ecosystems that
facilitate relationships between different people
in increasingly heterogeneous environments.
Aqualia reflects the reality of the society in which
it operates, an increasingly diverse context with
people of different skills and abilities, with specific
cultural and social traits that enrich a global
organisation such as the company.
All subsidiaries with regulatory obligations have
equality plans agreed with the social partners. In
2024, commitments acquired in the 3rd Equality
Plan, signed in October 2021 for the 2021-2025
period, were implemented. This has renewed
the commitment to gender equality (SDG 5) and
reducing inequalities (SDG 10).
In terms of diversity, equity and inclusion
governance, in 2024 the Diversity Committee has
analysed diversity-related issues and projects and
implemented the Diversity, Equity and Inclusion
Action Plan, detailing all planned actions to further
progress towards an inclusive and bias-free
culture.
Actions for diversity
As a signatory to the Diversity Charter, the
principles of equality, diversity and inclusion in
the workplace are promoted through this initiative
and others such as the AqualiaWomen women’s
network, the Empowering Women’s Talentseal,
the Diversity Leading Company certification,
equality campaigns and campaigns against
gender violence, AqualiaContigo, as well as training
and awareness-raising in diversity, equality and
inclusion.
In addition to renewing its commitment to the
Diversity Charter in 2024, the company maintains
its membership of #CEOPorLaDiversidad, an
initiative led by the Adecco Foundation and CEOE
Foundation (Spanish Federation of Business
Organisations) to unite companies and their
leaders in the values of diversity, equality and
inclusion.
An agreement is also in place with the Asociación
Red Empresarial por la Diversidad e Inclusión
LGBTI (REDI), an ecosystem of companies and
professionals in Spain that works to promote
safe and respectful work environments for
all people, regardless of their identity, gender
expression or sexual orientation. Through REDI,
awareness‑raising sessions on diversity and
inclusion have been held for the entire workforce
with the aim of raising awareness of the benefits
of promoting more respectful and inclusive work
environments, and to show the professional
barriers that LGBTI+ people may encounter in the
company.
Another agreement, this time with MyGWork, a
global recruitment and networking platform for
the LGTBI+ community, helps attract the most
diverse talent among professionals, graduates and
organisations working to promote diversity and
inclusion in the workplace. With this platform, we
participate in its Work Pride forum to promote the
employment of LGTBI+ people and share “What
diverse, open and inclusive networking looks like” in
the company.
A session for delegation managers was also
organised in 2024 to emphasise the importance
of inclusive leadership and the positive impact of
diversity on the business.
Also in the area of training, courses have
been given on sexual violence, DE&I LGBTI+,
inclusive language, unconscious bias and
cycles of gender‑based violence. And for Pride
Day, a campaign has been developed with the
participation of employees at the Madrid offices.
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Actions for gender equality
AqualiaWomen. In 2024, 50 women were part
of this internal network of female talent, which
facilitates coaching, training and professional
networking.
Cross Mentoring Programme. Part of Empowering
Women’s Talent (EWT), which combines mentor
and mentee pairs from different companies, in
2024 two mentees and two mentors from Aqualia
participated.
Networking and Speed Mentoring. Initiative
promoted by the organisation Womenalia to
encourage STEM (science, technology, engineering
and mathematics) vocations among young
women. The event encourages contact between
pre-university students and leading female
engineers from the business world.
Let’s talk about Equality training. Mandatory
for new recruits, this course promotes equal
opportunities in the workplace and the rejection
of direct and indirect discrimination on the basis
of gender, race, age, nationality, religion, sexual
orientation, disability, etc.
Collaboration with the Adecco Foundation
Women’s Employment Programme, which
promotes the employment of women at risk of
social exclusion. Thanks to the volunteer staff,
in 2024 we have participated in organising a
Solidarity Wardrobe so that the participating
women have suitable clothes to wear to a job
interview. The Adecco Foundation has also
contributed to preparing 11th #EmpleoParaTodas
Report.
Partnership with the Ministry of Equality
(Government Delegation against gender violence)
to promote awareness and social sensitisation
against gender violence as part of the Companies
for a Society Free of Gender Violence initiative
signed in November 2022 (Spain).
Awareness-raising campaigns. Awareness-raising
and sensitisation initiatives are launched on key
dates in different locations with the collaboration
of staff and partnerships are in place to work on
gender equality.
International Women’s Day campaign with
the slogan “Invest in diversity, the greatest
asset to accelerate progress”. Under the UN
appeal, you are invited to share an image at
www.aqualiaigualdad.com with the X symbol for
multiplication to represent achievements on the
road to real equality.
For International Day for the Elimination of
Gender Violence, the campaign “Be clear about
gender violence” at www.aqualiacontigo.com
asks people to share a photo to show their
support. Numerous actions were also
carried out in Spain and Colombia, and an
awareness‑raising seminar was given by a
technician from the Ministry of Equality purple
point and members of the Adecco Foundation
who work in raising awareness against gender
violence.
Awareness-raising campaigns for gender equality.

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Actions for inclusion
In Spain, we are fully compliant with regulations
regarding personnel with disability: we maintain the
2 % required for staff with disability in companies
with more than 50 workers, through appropriate
alternative measures.
In Spain, we also maintain the collaboration
agreement with the Down’s Syndrome Foundation
and with FSC Inserta de la Once, and we continue
to develop with the Adecco Foundation the
Family Plan aimed at children of employees with a
certified disability greater than or equal to 33 %.
This year, we have held a series of activities
focused on people with different abilities together
with the Adecco Foundation. The most popular
were the corporate volunteering days, held at
the headquarters in Las Tablas and Federico
Salmón (Madrid), Kansas City (Seville) and
Balmes (Barcelona), in which Aqualia volunteers
collaborated with people with disabilities from the
Cantera de Talentos Project to make Christmas
decorations.
In addition, on the occasion of the International
Day of Persons with Disabilities, we have
developed a plan of actions in different work
centres, such as the “Who killed diversity?” clue
game, a biscuit decorating workshop with disabled
people from the Cantera de Talento Foundation,
and a day with Pablo Pineda, the first European
graduate with Down syndrome and ambassador of
the Adecco Foundation.
Commitment and respect for the elderly is another
of our unwavering principles. It drives us to
promote global initiatives and support the most
vulnerable communities in the countries we serve.
In Riohacha (Colombia), we support the
“Celebration of the Elderly”, an event with music
and dance that brings together more than
300 people from diverse communities, including
indigenous groups and afro-descendants.
In the Czech Republic, staff from our subsidiary
SmVaK regularly visit senior citizens’ centres such
as the Na Výminku nursing home in Ostrava, where
they talk to the residents and promote responsible
water use.
In Georgia, our subsidiary GWP covers the water
bill for vulnerable elderly households, ensuring
access to high-quality drinking water. This action
also extends to children’s homes in Tbilisi.
Awards and recognitions
in diversity, equality and
inclusion
Renewal of the Empowering Women’s Talent
(EWT) seal from the magazine Equipos &
Talento, specialised in human resources, for
our commitment to the development of female
leadership.
Equality in Business Badge (DIE), extended until
2028, as recognition from the Spanish Ministry
of Health, Social Services and Equality of our
commitment to diversity and equality between
men and women.
The Riohacha (Colombia) service has received
recognition from the Ministry of Labour for its
participation in Colombia’s Labour Inclusion
Strategy for people with labour insertion difficulties
in La Guajira. Already 1,800 people have received a
job opportunity in different companies all over the
country thanks to this initiative.
Recognition for the third consecutive year by
Equipos & Talento, the leading human resources
media outlet in Spain, with the Diversity Leading
Company seal as one of the 70 leading companies
in diversity, achieving a higher score than the
previous year (644 compared to 600).
Selection in the TOP 50 companies in Spain with
best practices in diversity and inclusion at the
DEI Summit 2024, organised in Madrid by Intrama
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In a world increasingly dominated by uncertainty
and a confluence of major social and
environmental challenges, companies must be
even more determined to create positive impact.
This means maintaining business models that
in themselves contribute to the development of
their communities. This is the case of Aqualia, as
it provides solutions to the need for access to a
resource that is essential for life, social progress
and a dynamic economy. The company’s activity
makes a difference in many territories where,
prior to its entry into the market, water supply and
sanitation were not guaranteed at all times and in
all populations.
In addition to this direct impact on the well-
being of people and the environment through its
activity, as an international operator Aqualia has
a responsibility to maximise its commitment to
a more prosperous, just and inclusive future. For
this reason, partnerships are forged in the different
territories and social investment is boosted for the
benefit of our stakeholders.
Stakeholder engagement provides insight into the
impact of management and helps to ensure that
decision-making remains aligned with stakeholder
expectations.
As operators of an essential public service,
at Aqualia we are committed to maintaining
communication with stakeholders based on active
listening and dialogue around their main demands
and commitments.
7. Communication
and marketing
To this end, a roadmap is established according
to their priorities and the main channels of
communication open to each of them. In order to
strengthen the contribution to the 2030 Agenda,
a sustainability communication manual has also
been sent out to employees and the general public.
Digital communication
79,360 subscribers across all networks.
In 2024, 2,300,000 visits were received on the
Aqualia website (1,172,827 in 2023). The company
also has a presence on the main social networks:
On YouTube, there are 4,204 subscribers
(3,600 in 2023) and 181,914 annual views
(237,126 in 2023).
8,096 followers on X (7,650 in 2023).
71,528 followers on LinkedIn (50,270 in 2023).
3,371 followers on the Instagram profile
(2,270 in 2023).
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7.1.
Public-private
partnerships to
guarantee access
to water
As a benchmark company in the water industry,
Aqualia has the social legitimacy to lead
public‑private partnership projects. These strategic
partnerships highlight the benefits of water
industry concessions for both the authorities and
the public.
It cooperates with different institutions,
organisations and associations in the organisation,
management and development of projects to
transform cities into smart and sustainable
spaces. In the different countries in which
it operates, Aqualia has therefore become a
strategic partner in water management and
the consistency of these contracts allows it to
maintain commercial relations despite political and
economic circumstances.
Promoting good water
governance through StepbyWater
For the fifth consecutive year, the StepbyWater
Partnership has maintained its leadership –as a
founding partner and with the CEO as chairman–
in the development of its founding objectives.
This pioneering partnership in Europe brings
together, facilitates and drives a framework of key
partnerships and initiatives at supranational level,
including the 2030 Agenda, the Decade of Action
for Water and the Climate Summit Agreements,
within a framework of integrated and cross-cutting
partnerships. The following activities were carried
out in 2024 as part of this partnership:
International Meeting for Water in collaboration with Almeria City Council ‘Resilient. EU BLUE SUMMIT StepbyWater’ (Spain).
Almeria City Council (Spain) adheres to
StepbyWater, a multi-sector partnership chaired
by Aqualia and made up of public and private
organisations and civil society.
Event in collaboration with Almería City Council:
Resilient. EU BLUE SUMMIT StepbyWater.
International meeting for water within the
framework of the Sun&Blue Congress.
Working session between the secretary general
of the Andalusian Federation of Municipalities
and Provinces (FAMP), Yolanda Sáez, and
the StepbyWater partnership to address the
management, innovation and digitalisation of a
resource increasingly limited by droughts.
Participation in Talent Land Spain, focusing on
regeneration and the emerging concept of the
“blue economy”.

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Projects and partnerships
with third parties to ensure
access to water
A collaborationagreement has been in place with
Caritas in Spain since 2015 whereby all water
consumption is subsidised in all its facilities where
services are provided: 152 centres in 44 locations.
To date, thanks to this agreement, access to water
has been guaranteed to any person in a situation
of vulnerability and more than 466,788 euros have
been subsidised (68,844 euros in 2024 and more
than 20,000 people have benefited).
In 2024, a collaboration agreement was initiated
with the Spanish Red Cross in the “Cruz Roja te
escucha” project, to help people with mental health
problems, and whereby one euro is donated to the
organisation for each customer who switches to
electronic invoicing. This year, 32,800 euros have
been raised for this project.
In addition, in collaboration with the University
of Huelva (UHU), access to water is guaranteed
for 600 inhabitants of the Senegalese village of
Nandoumari, located in the Dindefel Commune, an
isolated agro-livestock farming community with
limited electricity and water supply. This project
aims to improve food sovereignty and diversify
the population’s income towards agriculture and
tourism. A deep water borehole with an electric
pumping system powered by solar panels is being
financed to supply water to the community. The
villagers’ diet and sanitation have improved thanks
to this intervention.
In Italy, work has been carried out to activate
two water wells that will guarantee new water
resources for the inhabitants of the Sicilian
region of Caltanissetta, where it operates,
as it will compensate for the low flow of the
Ancipa reservoir. In addition to the two wells,
approximately 400 metres of new pipeline has
been constructed, which is necessary to transport
the additional water.
In Georgia, collaboration agreements have been in
place for years to ensure access to water for old
people’s homes and children’s homes as part of
a commitment to social responsibility. In order to
help these people, partnership agreements have
been signed with 13 new social homes in 2024.
Finally, the Integrated Management Improvement
Project (IMI) reached its first milestone by
improving supply to 12,000 households in Cabo
San Lucas (Mexico). This project, awarded in 2021,
will provide a continuous drinking water service
and increase supply system efficiency for more
than 200,000 inhabitants of the municipality, while
benefiting the local population with more than
100 direct jobs.
Charity funds for families
in partnership with public
institutions
Aqualia collaborates with local councils to create
charity funds that contribute to guaranteeing
access to drinking water and sanitation for families
who cannot afford to pay the bill. They provide
timely coverage for people who find themselves in
a serious economic situation.
In 2024, agreements have been maintained and
renewed with several Spanish municipalities: Rota
and Arcos in Cadiz; Nerja in Málaga; Jaén and
Torredonjimeno in Jaén; Albal in Valencia; Novelda
and Alcoi in Alicante; Mazarrón and San Pedro del
Pinatar in Murcia, and Llagostera in Girona.
Works on the supply of Cabo San Lucas (Mexico).

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7.2.
Strategic
communication
Communication is a key lever for communicating
the objectives and priorities of end-to-end water
management to stakeholders. As such, it forms
part of the Strategic Sustainability Plan in a
transversal strategic line.
With the Communication Plan, Aqualia seeks
to position its leadership as a company
specialising in this sector, create partnerships and
promote specialised events. It also allows us to
communicate the real value we bring from various
perspectives: social, as a company committed to
sustainable, digital and responsible consumption,
and as an employer of future professionals.
In this respect, some of the most noteworthy
actions in 2024 were:
Development of social networks in Colombia
with the aim of bringing communication
closer to citizens. Aqualia’s service in Villa del
Rosario (Norte de Santander) has introduced
a new space to strengthen dialogue between
the community and the company. The project
includes regular meetings with the presidents
of the Community Action Boards (CAB), and
awareness-raising and sensitisation actions on
sustainability and Aqualia’s role.
Development of a communication plan in
Saudi Arabia. The essential lines of positioning
are digitalisation and sustainability, customer
centricity, knowledge transfer and the
development of local talent.
Renewal of the Citizen Information Portal in
Spain (required by new Directive 2020/2084),
with new procedures to ensure not only the
suitability of water, but also citizens’ access
to more information on this resource. In total,
424 portals have been published in 2024.
New communication tool for users in Ostrava
(Czech Republic). Interactive map of the
Moravian-Silesian region, where the company
operates, with information on water quality.
Special communication campaigns in Almeria
(Spain) on the promotion of desalinated water
and in Jerez de la Frontera (Cadiz) for the
change in rates, with the key message of tap
water consumption and the importance of
responsible use.
Pipeline outage crisis management in Tbilisi
(Georgia). The communication team has kept
the public informed about the extent of the
fault, the restoration plan and the daily progress
of work. Daily reports, interviews and press
releases have been sent out to give an account
of work progress and an updated estimate of the
completion of repairs.
“Heat Stroke Campaign”. Awareness-raising and
sensitisation campaign on the use of protective
measures against heat strokes for street
workers (Oman). OSWS, the Omani joint venture
between Aqualia and state-owned company
Majis, conducted a campaign that included an
awareness-raising talk on extreme heat safety,
distribution of special Personal Protective
Equipment (PPE) and electrolytes to help staff
stay hydrated.
Responsible consumption campaign in
Caltanissetta (Italy) in a context of severe
drought. The campaign promoted the
responsible use of water and included useful tips
to optimise consumption and raise awareness
among users about water care.
Aqualia’s website has developed the
Responsible Water Use Area with two sections:
water sanitation and responsible consumption,
where public authorities can find communication
tools and messages to raise public awareness
on the importance of using water responsibly.
Repair of a pipeline in Tbilisi (Georgia).

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7.3.
Environmental
awareness
Communication and awareness-raising are
two fundamental tools for communicating
the importance of sustainable water cycle
management to society. Each communication
campaign and educational action is an opportunity
to recall the company’s guiding premise: the
importance of caring for a resource that is
essential for the future of the planet and the well-
being of all the people who inhabit it.
7.4.
Events
Aqualia’s participation in sector events to share
knowledge, new technologies and best practices in
end-to-end water cycle management allows us to
enrich the company’s processes and procedures
from design to implementation and project
execution.
Activities and events in which we participated in
2024 include:
Carrefour de l’Eau event – Rennes (France):
efficient management and local connection
was presented at the main French urban water
management event. In this country, the company
serves more than 900,000 citizens and is
consolidating its position as the fourth largest
operator in France with contracts in the regions
of Ile de France, Eure et Loire and Brittany.
“Pathways to Sustainability in Ibiza and
Formentera” Conference (Spain): we
participated in the central round table of the
conference, held at the Club Diario de Ibiza,
dedicated to sustainable infrastructures.
8th Aqualia Journalism Award in Spain and
Colombia: since its first edition in 2016,
Aqualia’s journalism competition has become
a benchmark for how water management is
treated in the media. This eighth edition broke
participation records with 106 entries.
Water Chair of the University of Almeria
(Spain): to mark World Water Day, the Aqualia
End-to-end Water Cycle Chair organised a
technical conference with free registration.
Presentations focused on the most topical
issues given the current drought situation:
desalination and wastewater regeneration.
The fourth edition of the Aqualia Chair Summer
Course was also held, focusing on new
directives that legislate water quality.
3rd Castilla-La Mancha Economic Forum
organised by El Español and El Digital CLM
in Toledo (Spain): Aqualia’s CEO, Santiago
Lafuente, spoke about sustainability applied to
the water industry, which, together with the use
of technology to reduce non-revenue water and
the financing of services, is key to guaranteeing
the urban water service.
Water Treatment Week organised by iAgua
(Spain): sponsorship of an event focusing on the
new urban wastewater treatment directive.
Saudi Water Forum (Saudi Arabia): several
success stories and best practices in contracts
managed were presented at this leading water
industry event in the country.
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Global Water Summit, organised by the GWI
media group: we participated in relevant
presentations and panels at the water
management event par excellence. SmVaK also
joined the Leading Utilities of The World network,
the global network of the world’s leading water
and sanitation utilities, in which the subsidiary is
the first Czech company.
PERTE conference in Avilés (Asturias,
Spain): a national conference was attended
by representatives and experts from public
authorities and companies related to water
management from all regions.
37th AEAS Technical Conference (Castellón,
Spain): digital, efficient and integrated
management was presented at this event
organised by the Spanish Water and Sanitation
Supply Association (AEAS). The technological
potential and latest improvements of Aqualia
Live were shared at the booth and the most
cutting-edge projects in different areas
of the company were explained in several
presentations.
IDRA World Congress-Abu Dhabi (United Arab
Emirates): we participated in the most renowned
global event organised by the International
Desalination and Reuse Association.
Water, a key element at the gastronomic festival
“D*na” in Dénia (Alicante, Spain): once again this
year, we created “Espacio Aqualia”, a space for
the best showcookings and live workshops. All
visitors were also offered water to highlight all
the work that goes into turning on the tap and
having drinking water.
3rd Edition of the Community of Practice
WATER — ENERGY in Salamanca (Spain):
during the event, professional experts discussed
challenges and opportunities surrounding the
water cycle and the commitment to biomethane
and green hydrogen to materialise the sector’s
ecological transition. The meeting is the result
of collaboration between the Eclosion, Ultimate
and Rewaise research projects in which it
participates. Co-funded by the European Union’s
Horizon 2020 programme and the CDTI, it seeks
to share knowledge and generate partnerships
to achieve a sustainable future.
67th International Trade Fair of Asturias-
FIDMA (Spain): we were at the hall dedicated
to the end-to-end water cycle, which reached
a record with nearly 81,500 visits in the two
weeks of the event. The contents of the Aqualia
space highlighted the importance of water,
its availability and the responsible use of this
resource. Three R&D projects were presented:
Deep Purple (to show how wastewater
treatment plants can become biofactories),
SEA4Value + REWAISE (to make desalination
more sustainable by extracting minerals and
metals from seawater) and ELAN (to obtain
clean water while reducing the economic and
energy costs of wastewater treatment).
Aqualia exhibits its technological developments at the IDRA World Congress in Abu Dhabi (United Arab Emirates).
UNESCO event “Towards Sustainable and
Affordable Desalination in the Arab Region”
(Egypt): topics addressed include cutting-
edge research in desalination, as well as
reducing operational costs by improving plant
components (reverse osmosis membranes,
process pumps, etc.) and expanding the use of
renewable energy.
Georgian Water and Power (GWP), the Georgian
subsidiary, participated in an important
economic forum organised by Business Insider
Georgia, which is attended by representatives
of the Georgian authorities and major Georgian
companies. This year’s theme was “Water
Supply: Opportunities and Challenges”.
Other events attended:
IWA Digital Water Summit, a benchmark event in
the digitalisation of the global water sector held
in Bilbao (Spain).
26th ANDESCO Sector Congress, Colombia’s
main public services event.
AEDyR Conference on the challenges of water
and energy in Colombia.
ANEAS 2024 Convention and Expo, the most
important water and sanitation event in Latin
America, held in Mexico.

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7.5.
Glocal commitment
Aqualia recognises the importance of our social
responsibility and contributes to projects that have
a positive impact on the communities in which we
operate. Water is fundamental to development and
can be a driver of change for a fairer society.
Social
Spain
The Jaén service collaborates with the Jaén
Association for the Care of People with Cerebral
Palsy (ASPACE) in creating the annual calendar
published by this non-profit organisation. The
sale of this calendar raises funds so that the
association can continue to provide its services.
A donation has been made to the Pablo Ugarte
association dedicated to research into childhood
cancer. Through the women who are developing
this year’s training programme for women with
high potential, a donation has been made and a
race held by the association in Colmenar Viejo,
Madrid.
Aqualia has joined the “Give your trainers a second
life, score a goal against inequality!” campaign by
Football for Equality, which aims to give trainers a
new lease of life and bring them to disadvantaged
communities in Rio de Janeiro, Brazil. The Sóller
office in Mallorca served as a collection point.
In addition to offering solutions to guarantee
access to water in all countries, the company
promotes actions that generate a positive impact
on communities and the people who live there. And
it does so in each territory -large municipality or
small town- through partnerships with the social
and cultural fabric that make these environments
more dynamic.
Some of the initiatives carried out in each area
during 2024 were:
Social investment by axis
Main lines of action
of our programmes
and initiatives
with the community
Social
Environment
Culture
Sport
Sporting
428,186 _ 8 %
Awareness,
environmental education
201,011 _ 4 %
Culture
459,572 _ 8 %
Social
257,384 _ 5 %
Image, communication
and stakeholder dialogue
4,218,239 _ 76 %
5,564,393
People are essential for Aqualia, which is
why, in this year’s Christmas Campaign,
compartamosloesencial.com, people have been
asked to share words that define what is essential
for Christmas. Thanks to the participation of
hundreds of people, we wanted to help in the
reconstruction of Albal, a Valencian town badly
damaged by flooding, through the Plan for the
recovery of public space and mobility.
A vehicle has been donated for the activities of
the Jerez Charity Initiative Association (ISOJE)
dedicated to distributing food to families.
Thanks to the 2023 IFM grant to the Galician
Asperger’s Association, a study on energy
optimisation and hydraulic modelling of the Vigo
estuary was conducted in 2024.
The company has collaborated with the Proyecto
Hombre association in Almeria with a grant for
people with addiction problems to rejoin the
workplace.
We have taken part in races organised by the
Spanish Cancer Association.
Collaboration with the Alzheimer’s Association in
Cortegana, Huelva.

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International
In Spain, Colombia and Mexico, the educational
platform has been launched once again this year,
where the traditional digital competition was
run with more than 9,000 entries received, thus
providing more than 5,300 hours of training. The
Aquaventura educational project has trained nearly
300,000 schoolchildren since its launch in 2002.
The main mission of this project is to educate from
childhood in order to make future society more
sensitive and aware of the importance of caring
for the environment and the great value of efficient
end-to-end water cycle management.
In Colombia, Aqualia is working with the
Colombian National Army to distribute water
to alleviate the shortages caused by “El Niño”
in the department of La Guajira. In 2024,
42,000 litres of water were delivered to the Bello
Sur neighbourhood in Riohacha, where a large
part of the inhabitants have difficulties with water
supply through distribution networks due to the
topographical conditions of the sector.
As part of its policy of labour inclusion for victims
of the armed conflict and other populations, the
Employment Service of the Colombian Ministry
of Labour has recognised the commitment of the
Aqualia service in Riohacha (La Guajira), which
has collaborated with actions to mitigate labour
barriers in segments of the population that do not
have easy access to work.
A donation of 500 school kits was made in
vulnerable areas in the municipalities of Tuchín,
Chimá and Planeta Rica, Colombia.
For the second year, we have collaborated with the
organisation Best Buddies Colombia, dedicated
to providing training for people with intellectual
disabilities. The Christmas campaign has helped
the employability of several people thanks to the
training provided.
In the United States, in the face of the massive
damage caused by Hurricane Beryl, the MDS team
managed to restore water services within 48 hours
in Houston, Texas, serving 350,000 inhabitants.
Winds of almost 130 km/h, heavy rainfall and
storm surges arrived in the second week of July
in the Houston (Texas) area where the company,
MDS (Municipal District Services), serves
350,000 inhabitants. Prevention efforts and the
rapid subsequent action of the teams managed to
restore services in record time, despite the power
outages that affected more than 2.7 million people.
Caltaqua, Aqualia’s subsidiary operating in the
Sicilian province of Caltanissetta, has developed
an interesting educational tool with the intention
of raising awareness among children and young
people and, through them, society as a whole, on
the importance of the correct use of water supply
and sanitation. The “Aqualia Educational Notebook”
explains, in a simple and playful way, the process
that water follows from the moment it is collected
until it is returned to the natural environment.
In the Czech Republic, the quality of drinking water
in areas supplied by Czech subsidiary SmVaK was
not affected by the extreme flooding in Ostrava.
The effective response to this crisis situation
has made it possible not only to minimise the
environmental impact of the activity itself, but
also to take on wastewater and other compounds
from facilities that were out of service during the
episode.
Also in the Czech Republic, hundreds of pupils
from primary schools in Silesia took part in the
18th edition of the “Chemistry and other Sciences
Fair” organised by the Czech Chemical Society and
the University of Ostrava.
Comic book distributed as part of the Aquaventura educational project.

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Our contribution to the social development
of communities in Colombia
Colombia is a privileged place in terms of
biodiversity and water sources. Resources that,
because they are not equitably distributed, cause
problems of safe access in many communities.
According to recent data, about 10 % of the
rural population has no access to safe drinking
water. Pollution and climate change have also
exacerbated the availability of this resource in
recent years. In this context, water management
determines the way of life and progress for
thousands of people.
Since its arrival in the country, Aqualia has taken
over the provision of services in municipalities
with problems of access to drinking water. The
focus has been on community participation so
that they themselves are the ones to champion
the importance of good water management. Work
programmes and awareness-raising and education
initiatives are being implemented.
Aqualia’s social impact results in improved public
health and quality of life for the inhabitants of
these communities. There is more coverage, better
water quality and improved health and safety
conditions for workers. Payment processes have
also been facilitated, channels have been expanded
and the telephone service has been improved.
Beyond this, awareness-raising campaigns are
launched on social issues such as equality, the
fight against gender violence and the prevention of
breast cancer.
Aqualia believes that social management
involves, first of all, getting to know the situation
in depth and then involving the members of
the community in everything that is done.
This approach is based on direct listening and
dialogue through initiatives such as Aqualia in
the Neighbourhood, which involves listening to
users to offer them an appropriate solution, or the
Open Doorsprogramme, with students, regional
personalities and members of the community
visiting water treatment plants.
Furthermore, by 2024, 12,789 people have been
reached throughout Colombia with 578 workshops
in public and private educational institutions,
addressing issues related to environmental
sustainability, caring for ecosystems, recycling and
the end-to-end water cycle. Additionally, 508 trees
have been planted and nearly 400 community
leaders have been trained in sustainable practices.
Another important initiative is the Children’s
Digital Drawing Contest, in which 6,000 children
from all over the country have participated, with
the outstanding involvement of the Familia de
Nazareth Educational Institution in Riohacha.
The combination of these efforts has brought
about positive change in these outreach
communities and demonstrated that education
and leadership are the way forward to meet the
environmental challenges of the present and the
future. With the example of social impact achieved
in Colombia through action on the ground and
community participation, work is beginning in
Mexico to improve the living conditions of the
population through access to water.
Environment
Sosteniblómetro: Aqualia’s test that helps citizens
to assess their sustainable behaviour.
Given the drought situation in several parts of the
world, 2024 has been an intense year for raising
awareness on responsible use of water and
sanitation. In addition to campaigns in favour of
responsible consumption in different municipalities
in Spain, Colombia and Italy, a corporate campaign
has been launched on the website and social
networks.
Several initiatives have been carried out in
both Spain and Colombia to plant trees and
care for natural ecosystems, accompanied by
environmental awareness-raising messages.
User taking the Sosteniblómetro, Aqualia’s sustainable habits test.
In collaboration with the Environmental Centre of
Lepe, in Huelva (Spain), all the city’s schools will
hold awareness-raising activities on the end-to-end
water cycle at the centre.
For World Water Day, activities have been
organised such as open days at water treatment
and purification plants, water tasting, the
Sosteniblómetro challenge and activities for
schoolchildren. The “Sustainable Natives of
End‑to‑end Water Management” was also
presented, where artificial intelligence was asked
to imagine a world without water.
Water routes in Granadilla de Abona (Sta. Cruz de
Tenerife, Spain): year 5 and 6 pupils from schools
in this town took part in a two-and-a-half hour
walking route to promote the sustainable use of
water and care for the environment.

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Culture
In 2024, numerous small partnerships have been
implemented in municipalities and cities where
water management and sanitation activities are
carried out. Events that contribute to preserving
the customs and culture of an area are developed
thanks to these collaborations. Some of them
were:
Collaboration with Culture Week organised by the
Association of Cinema and Art of Novelda (ACAN)
to celebrate the Novelda Film Festival (Alicante,
Spain).
A project was carried out to raise awareness on the
end-to-end water cycle and to discover the different
types of ecosystem through music together with
the Musical Art Group of Dénia (Alicante, Spain).
Sponsorship of the 21st International Street
Art Festival in Calle Mueca, Puerto de la Cruz
(Santa Cruz de Tenerife, Spain), an event that
combines culture, art and history of the city, with
performances by national and international artists.
Other activities:
Oviedo Opera Sponsorships (Spain).
Cadaqués Music Festival (Girona, Spain).
Veranos del Taoro in Puerto de la Cruz (Santa
Cruz de Tenerife, Spain).
Phe Festival, also in Puerto de la Cruz, mainly
dedicated to music.
Collaboration with the Parc Aux Etoiles Nesles la
Valée festival (France).
Collaboration in the festival of Spanish culture
held in the Region of Brno (Czech Republic).
Collaboration with the flamenco festival held in
Olomuc (Czech Republic).
Support for the Sinú Cultural Festival in Lorica
(Colombia).
Sport
Aqualia reaffirms its support for sport as an activity
that plays an important role in promoting effort,
teamwork and respect. These are all fundamental
values for a better society and healthier
communities.
The company collaborates with local teams in
all types of non-professional sports in cities of
the countries where the end-to-end water cycle is
managed. Many small clubs are able to maintain
their activities thanks to this collaboration. Some of
the activities carried out in 2024 were:
Sponsorship of Women Cycling Costa de
Almeria (Spain), a women’s cycling race.
Participation in the Spanish medium and long
distance Triathlon Championship and the T100
in Ibiza by installing water filling points and
1,000 litre tanks to reduce plastic waste.
1st edition of the Tenerife Business Race
(Spain). For each participant who signs up, a
donation will be made to the work of the Diario
de Avisos Foundation in cancer prevention,
research and treatment.
Sponsorship of a hole at the 7th Pingüino Golf
2024 Tournament, a charity sporting event in
favour of the Spanish Cancer Association in
Huelva.
Participation in the 11th edition of the “Trail
Solidari Ciutat d’Alcoi” (Alicante, Spain), a 23 km
run whose funds go to the fight against cancer.
Sponsorship of the Real Fundación football
team in support of youth and sport (Magdalena,
Colombia), delivering 30 sets of sports
equipment.
Employees of the Czech subsidiary take part in
a charity walk whereby the company pledged to
transform each participation into money to treat
a disabled child.
Other activities:
Sports schools in Caravaca de la Cruz (Murcia,
Spain).
In Spain, the Vicenç Reynés de Sóller Cycling
Race (Mallorca), the “La Pera Run de Albatàrrec”
Race (Lleida), Quel Women’s Race (La Rioja)
and Puig d’en Valls de Santa Eulària des Riu
Basketball Club (Ibiza).
Sponsorship of the Spanish Women’s Cycling
Cup in Bajo Andarax (Almeria, Spain).
“Los Palomos” Race for Diversity in Badajoz
(Spain).
Collaboration with the Talavera de la Reina
Chess Club (Toledo, Spain).
Participation in the Women’s Race in different
cities.
Rimini Sailing Championship 2024 (Italy).
The Aqualia team who provide services at
the El Realito water treatment plant (San Luis
Potosí, Mexico) have taken part in the “38th BMW
Tangamanga International Marathon”.

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7.6.
Awards and recognition
“Values of Excellence 2024” award for its
contribution to development in Andalusia
as a company with extensive experience,
consolidated and of maximum reference in the
sector, specialising in water cycle management,
committed to innovation and the circular
economy on an international level.
Awarded in the “ESG Environmental
Commitment” category at the 7th Ramón
del Corral Dircom Awards of the Association
of Communication Managers (Dircom) for
“Aquaventura”, an educational programme that
has trained nearly 300,000 schoolchildren since
2002.
“Can you imagine a world without water?”,
Aqualia’s Ai-generated video, chosen
as a success story in the 27th Dircom
Communication Yearbook.
Aqualia in Lleida (Spain) recognised by
“Empresas Lleida en Verd” for its commitment
to the environment and sustainability.
The Alboran Sea desalination plant in Almeria
(Spain) receives the “Apuesta por Andalucía”
award at the 22nd Andalucía Económica Awards.
Efficient Water Management Award at the
2nd Next Spain Awards for leadership in water
management.
Finalists for the Andesco Sustainability Award
2024 of the National Association of Public
Utilities and Communications Companies
(Andesco) in Colombia.
Presentation of the Salamanca service at the
European Benchmarking Cooperation –together
with 45 operators from 18 countries– as a
model of excellence and improvement in water
management.
Recognition to AqualiaMACE, a consortium
formed by Aqualia and Emirati group MACE
Contractors for its commitment to sustainability
(United Arab Emirates).
Presentation of the “ESG Environmental Commitment” award at the 7th Dircom Awards for the “Aquaventura”
educational programme.

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8.1.
Global structure
at the service of water
Aqualia’s governing bodies are responsible for
this foundational action that makes everything
else possible. They lead the company’s good
performance and establish an ethical business
culture among all its members and in all countries.
The highest governing body is the Board of
Directors, made up of directors representing FCC’s
51 % shareholding and IFM’s 49% shareholding.
As the highest representative and administrative
body of the company, and for optimal global
governance, the Board of Directors delegates its
duties to the Chief Executive Officer.
The CEO, together with the Management
Committee, manages and deals with more specific
issues through various committees: Compliance
Committee, Information Technology Committee,
Management Systems Committee, Innovation
Committee and Coordination Committee.
The Coordination Committee deals transversally
with the different areas of sustainability –social,
environmental and good governance– in which
the company operates. Integrating ESG aspects
into every decision taken by the teams ensures
long‑term value creation and conscious leadership
in all activities.
8. Regulatory
compliance
The Regulatory Compliance Committee is a
collegiate body to which the Board of Directors
has attributed the function of promoting an ethical
culture throughout the organisation and overseeing
internal and external regulatory compliance. It
monitors and oversees ethics and compliance
programmes, as well as the Code of Ethics and
Conduct, policies, standards, procedures and
controls for the prevention of unlawful behaviour.
The Regulatory Compliance Committee is also in
charge of supervising that the Compliance Model
is periodically reviewed and updated in accordance
with current legislation, international standards and
the company’s internal regulations.
The Regulatory Compliance Department is
responsible for ensuring that the organisation
operates with integrity and responsibility, i.e.
in accordance with the legal and regulatory
framework in force, and with the organisation’s
values and ethical principles.
With regard to ESG issues, the Strategic
Development and Sustainability Department is
responsible for engaging all areas of the company
in responsible governance, focusing on sustainable
development that respects natural resources and
people.
Management Committee organization chart
Santiago Lafuente
CEO
Isidoro Marbán
Economic and Finance
Carmen Rodríguez
People and Culture
Elena Barroso
Legal Counsel
Juan Pablo Merino
Communication, Brand and Public Affairs
Lucas Díaz
Spain Area
José Miguel Janices
Europe and America Area
José Enrique Bofill
Africa and Asia Area
Pedro Rodríguez
Strategic Development and Sustainability
Rocío Santiago
Studies and Operations
Miguel Perea
Customer management and IT
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8.2.
Compliance Model
The Compliance Model deals with the way
Aqualia does things. With an ethical culture that
permeates decisions and actions at all levels and
in all the territories in which it operates. Thus, it
encompasses both regulatory compliance and the
principles and values that underpin our Code of
Ethics and Conduct.
Since 2018, the Compliance Model has been
integrated into the company as an ally to achieve
the objectives of the different business areas.
By identifying risks and the implementing due
diligence and due control procedures, this model
also contributes to shaping fairer and more
humane societies in the countries where Aqualia
carries out its activities.
8.3.
Compliance policies
and procedures
In 2024, five years after its implementation,
the structure and content of the FCC Group
Compliance Model have been reviewed by an
external party. This work concluded that the
Compliance Model is designed in accordance
with the main risk management and compliance
standards, although certain areas for improvement
have been identified in the process. These aspects
have led the Board of Directors to approve a new
Compliance Policy and Compliance Committee
Regulations, as well as to update the following
policies and procedures:
Code of Ethics and Code of Conduct.
Crime Prevention Manual.
Anti-corruption Policy.
Internal Information System Policy.
Internal Information System Policy.
Internal Investigations Protocol.
With regard to procedures that impact the
Compliance Model, the compliance risk analysis
procedure has also been updated to adapt it to
the different jurisdictions where the company
operates.
98 %
Aqualia-owned companies with
a Compliance Model in place(1)
(1) 40 owned companies in 2024,
considering active companies and
employees
93 %
companies controlled by Aqualia with
business model in place(2)
(2) 28 controlled companies
Aqualia not only works on implementing the
Compliance Model in all the companies over which
it has operational control, but also promotes it in
all the companies and joint ventures in which it
participates. Controls have been put in place as
a preventive measure to mitigate corruption risks
such as bribery, corruption in business, influence
peddling, fraud, illegal financing of political parties,
embezzlement, price-fixing in tenders and auctions,
and money laundering.

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8.4.
Ethics Channel
Aqualia has an Ethics Channel accessible to all
our stakeholders and where any type of alert or
notification is received. These notifications are
assessed by the Compliance Committee, which
either takes the necessary measures to remedy
them or files them for the record. All notifications
related to Aqualia received on the Ethics Channel
are forwarded to the Regulatory Compliance
Department, which is the body responsible for
following them up.
Up to 31 December 2024, a total of
77 communications were received on the Ethics
Channel related to various labour issues (17 %),
customer management (25 %), conflicts of interest
(1 %), improper use of company resources (1 %),
harassment (3 %), internal fraud (1 %) and other
matters such as technical management, site
management and organisation issues which
together total 1 %.
51 % of communications were considered not
relevant as they were customer enquiries or
complaints that need to be handled through
Aqualia Contact or for other reasons were not
considered relevant as alerts in the context of the
Ethics Channel.
When analysing the distribution by country, 70 %
of the communications concern activity in Spain,
14 % Portugal, 10 % Colombia, 4 % Saudi Arabia
and 1 % the United Arab Emirates. These figures
show that the Ethics Channel is increasingly known
and used in the international jurisdictions where
Aqualia operates.
Alerts rated as high or medium risk are subjected
to a detailed analysis. If necessary, an investigation
is launched to clarify the facts, and an action
plan is implemented to improve internal control,
thus ensuring an adequate response to the risks
identified.
8.5.
Actions taken in the area
of compliance
Aqualia devotes significant efforts to extending
the Compliance Model to the countries where it
operates. Various measures are implemented
and, as a result, 96% of the company’s ethical
and transparent management model has been
implemented by 2024.
In Colombia, the company has approved the
SAGRILAFT (prevention of money laundering)
and PTEE (transparency and ethics) programmes
for the company Aqualia Riohacha, based on
the Aqualia Compliance Model. In 2024, we also
continued to promote the implementation of a
Compliance Model in the companies in which we
participate without having operational control. In
particular, work has been carried out to continue
providing compliance models for joint ventures
in which shareholdings are shared with different
Spanish public authorities.
Intensive work has also been carried out on the
international expansion of the compliance function
through local compliance officers. It is worth
highlighting the appointment of a compliance
officer for Aqualia’s activity in Georgia and another
for activity in the United Arab Emirates, Oman,
Qatar and Egypt, as well as the appointment of a
compliance coordinator for activity in France.
With regard to companies in Mexico and Portugal,
during 2024 work has been carried out to identify
and analyse the criminal risks applicable in each
jurisdiction so that a specific risk analysis is now
available. Based on this analysis, relevant action
plans have been established to manage these
risks.
Similarly, another important activity in the past
year has been the implementation of a supplier
compliance approval system at companies in
Portugal, the Czech Republic, Saudi Arabia and
Georgia.
Finally, in the third line of defence, FCC’s Internal
Audit Department has carried out the annual
review of the Compliance Model to verify
the continuous evolution of the Compliance
Management System within Aqualia. This joint
effort reflects a commitment to maintain and
strengthen ethical and compliance standards
throughout the company’s operations.
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8.6.
Risk assessment
and control systems
Within this area of risk assessment and control
systems, in 2024 we continued to update the
analysis of criminal risks in Spain and SAGRILAFT
risks, corruption and transnational bribery in
Colombia. A specific risk analysis has also been
carried out in Mexico and Portugalover the past
year. Both countries have seen a shift from an
anti‑corruption scope to cover offences that could
lead to corporate liability in these jurisdictions.
In response to new offences with liability for
companies being introduced in the legal system,
the risk analysis for Aqualia’s activity in Spain,
Italy and Colombia has been updated. These new
offences include the use of non-cash payment
instruments, as well as offences against cultural
and landscape heritage in Italy, or animal abuse in
Spain.
Similarly, control and process managers
have carried out two control execution
self‑assessments. These assessments have not
only provided valuable information on the level of
implementation of existing controls, but have also
provided suggestions for possible improvements.
In fact, based on the information provided by
the control owners, the Regulatory Compliance
Department carries out an analysis that is passes
on to the process owners in order to establish a
work plan on the weaknesses and opportunities for
improvement detected.
Control monitoring by the Regulatory Compliance
Department, Aqualia’s second line of defence, has
acquired special relevance in risk mitigation. Thus,
in 2024, processes identified in the activity have
been analysed by sampling evidence to support
control execution. This approach has made it
possible to assess both control design and the
effectiveness of their implementation and the
robustness of the existing evidence. Where areas
for improvement have been identified, action plans
have been proposed to strengthen controls and
work towards continuous improvement of the
Compliance System.
Execution of 43 controls by over 308 control
owners was reviewed in 2024. This assessment
has shown strengthened control implementation
and evidence of their implementation. Evidence
storage has also been improved to make it
more accessible to the different areas of the
organisation in charge of execution, verification,
monitoring and auditing.
8.7.
Compliance training
In 2024, 100 % of governing body members
and 9,100 employees were informed about the
company’s policies and procedures on corruption
(64.5 % of the total) and 5,258 were trained on
corruption (37.3 %).
The major milestone of 2024 was the launch of
online conflict of interest training in Spain, Czech
Republic, Italy, Portugal, France, Colombia,
Mexico, Peru, Chile, Saudi Arabia, United Arab
Emirates and Egypt. This training has been
adapted and translated into the languages of
these countries in order to make staff aware of the
situations that may generate a conflict of interest
and to explain the organisation’s protocol for
communication and management. In accordance
with the characteristics of the jobs, staff in all
these countries have been trained to identify and
resolve the different types of conflicts of interest.
Furthermore, new employees joining the company
are trained in the Code of Ethics and Conduct
and, depending on their position, on international
standards to prevent corruption and how it
specifically applies at the company.
With regard to country-specific training, training
on SAGRILAFT money laundering prevention
systems and on transparency and PTEE ethics was
provided in Colombia, as well as in Georgia, the
United Arab Emirates and Oman, which led to the
implementation of the Code of Ethics and Conduct
and corporate policies. In Italy, on the other hand,
teams were trained in updating the Organisation
and Management Model based on Legislative
Decree 231/2001.
Beyond one-off training, Aqualia’s commitment
aims to continually raise awareness among the
workforce. In 2024, dissemination continued of
awareness-raising videos and compliance tips
with messages about the compliance culture, the
functioning of the Ethics Channel, the protocol
for the prevention and eradication of harassment,
the importance of proper evidence management
and ethical commitment in the daily work of
employees.
Dissemination of compliance tips with messages on
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8.8.
Responsible taxation
Aqualia complies with the tax regulations of all
jurisdictions of the countries in which it operates,
following the same tax governance and control
frameworks established by the FCC Group.
Furthermore, the company adheres to the
Government of Spain Ministry of Finance Code
of Good Tax Practices, which establishes the
principles of transparency and mutual trust, as
well as good faith and loyalty between parties, to
guarantee a more effective relationship without
legal uncertainty.
Additionally, and to minimise the risks of tax
breaches, FCC Group has its own Tax Code of
Conduct, which is mandatory for all persons
linked to any group company. Should stakeholders
become aware of any inappropriate tax practices,
they can refer to the Ethics Channel.
8.9.
Responsible supply
chain
To generate and consolidate these links, the first
step is to engage suppliers in your values. At
the time of signing a contract, these companies
undertake to accept and comply with the
Aqualia Code of Ethics and Conduct and the
Anti-Corruption Policy, as well as to share this
commitment with their staff, subcontractors and,
in general, any third party with whom they have
any kind of legal relationship, within the framework
that links them to Aqualia as suppliers of goods or
service providers.
As the backbone of its commitment, the Aqualia
2024-2026 Strategic Sustainability Plan
envisages transferring its culture, ethical values
and compliance to the supply chain. To this end,
Aqualia is developing a series of actions aimed
at implementing good governance in its suppliers
throughout the entire value chain.
Choice of suppliers
Aqualia is convinced that every purchasing
decision, every choice of supplier, is an opportunity
to promote the circular economy and local industry.
It therefore prioritises business relationships that
have a positive impact on the environment and
people. It cultivates relationships of trust, respect
and proximity, and a way of procuring goods and
services with the least possible risk and always
based on transparency, ethics and honesty.
The performance of your suppliers determines
your own business objectives. Suppliers can help
to reduce the consumption of natural resources, to
avoid wasting raw materials, to reduce the waste
generated, etc. Aqualia is concerned about the
working conditions of its suppliers’ employees and
promotes local employment (99 % of its suppliers
are local in the countries where it is present).
At the end of December 2024, Aqualia had
17,976 suppliers, of which 17,724 are local and
252 are global.
GoSupply, a new supplier
approval platform
In order to mitigate the risks associated with its
commercial relations and create an environment
of mutual trust, Aqualia has a supplier approval
system that allows it to select the most
suitable suppliers according to its standards of
demand and quality. In 2024, Aqualia worked on
implementing and starting-up a new, more active
supplier approval platform that includes more risk
analysis. The platform is already available in Spain
and Colombia and Aqualia plans to extend it to the
rest of the countries where it operates.
The supplier approval process consists of a
study of possible risks associated with the
information provided by each supplier. In order
to be considered as eligible suppliers, they must
complete their registration on the platform. Upon
registration, the supplier declares to have read and
agrees to comply with the Aqualia Code of Ethics
and Conduct and the Anti-Corruption Policy.
Aqualia cannot conceive of contributing to a
fairer, more inclusive and regenerative economy
without a supply chain that shares this vision. A
requirement that is being driven by new regulations
–with the Due Diligence Directive as a standard–
and stakeholder demands, and which the company
undertakes with commitment and action. Together
with its suppliers, Aqualia is creating transparent
and trusting relationships that benefit the company
and society as a whole.
GoSupply, a new supplier
approval platform
ESG supplier course
ESG Assessment Model for
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Supplier approval process
phases
Approvable suppliers must respond to a number
of questions, including social, environmental and
governance criteria:
Financial: information concerning the financial
situation: balance sheet, ratios, dependency risk.
Operational: quality management certificates
and systems. Occupational risk prevention
management systems. Performance.
Compliance: own code of ethics and acceptance
of our Code of Ethics and Conduct, criminal
prevention model, complaints channel,
existence of a compliance officer, policies
for the prevention of money laundering and
the financing of terrorism and sanctions or
convictions for corruption, bribery or influence
peddling.
ESG:
– Environmental: environmental management
certificates and systems. Environmental policy.
Adaptation to climate change. Identification
of risks and greenhouse gas action plans.
Carbon footprint. Pollution. Biodiversity and
ecosystem measures. Resource use and
circular economy.
– Social: human capital management, own
staff, working conditions. Work-life balance
policies. Equal treatment and opportunities.
Inclusion, equality and diversity policies. Talent
management. Labour conditions for workers in
their value chain.
– Governance: corporate social responsibility,
declaration of respect for human rights,
anti-discrimination policy, adherence to the
Global Compact, certification of ethical/social
management system, sanctions or legal
proceedings for human rights violations.
Cybersecurity: data protection: existence of a
data protection officer, data breach notification
procedure, security breaches, risk analysis and
security measures, sanctions received and open
cybersecurity sanctioning procedures, employee
privacy and support to local communities.
Other risks from external sources:
– Geopolitical risk.
– Natural disasters.
With the new platform, selected supplier
assessment is segmented into four different types
according to strategic and/or risk criteria in ORP:
Strategic/360º: strategic suppliers. An extended
questionnaire and evidence of financial,
sustainability, health and safety, and compliance
information is required. They are permanently
assessed and monitored against third party
sources.
Strategic/180º: critical suppliers. Hazardous
activity suppliers and recurring suppliers with
high turnover in recent years. An expanded
questionnaire is required, but with a smaller
volume of documentary evidence.
Basic +: basic suppliers that by their nature
require a basic analysis from a compliance
perspective.
Basic: for medium and low risk suppliers, which
ensures their adherence to the declaration of
compliance with the main ethical, legal, fiscal,
organisational, health and safety criteria.
Moreover, depending on the risk determined by
Compliance, reinforced due diligence may be
required with some suppliers to thus verify the
warning signs that may have emerged during
approval. Based on the conclusions obtained from
the due diligence, the Procurement department
decides whether or not the supplier should be
approved and under what conditions, establishing
preventive or corrective measures if necessary.
Approval process phases
Design and definition:supplier assessment model.
Supplier analysis and classificationby turnover and
criticality.
Registration, risk assessment, constantmonitoring with
third party sources.
Improvement plan.
1
2
3
4
Strategic Suppliers: 360 questionnaire
Critical Suppliers: 180 questionnaire
Critical Suppliers: Basic+ questionnaire
Other suppliers: Basic questionnaire
REQUIREMENTS
Financial
Social
Compliance
ESG
APPROVAL

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ESG Assessment Model
for strategic and critical
suppliers
At Aqualia, beyond regulatory compliance, the
commitment to the main ESG criteria is transferred
to the supply chain.
ESG assessment for strategic and critical
suppliers allows us to assess suppliers through
questionnaires and documentation around three
key sustainability axes aligned with our vision:
environmental, social and governance. The factors
assessed are:
Due diligence
with third parties
Aqualia has continued to analyse the third parties
with which it has relationships in 2024 and has
reviewed those third parties based on the risk
obtained in the initial assessment. Depending
on whether the initial risk determined was low,
medium or high, the analysis is reviewed every
three years, two years or annually, respectively.
The objective is to monitor possible changes in the
level of risk and, if necessary, strengthen mitigation
plans with these third parties to ensure compliance
and reduce the company’s risk exposure.
By the end of 2024, Aqualia had received a total of
92 internal requests to analyse a total of 100 third
parties.
According to final assessment reports issued by
Compliance management, 11% of third parties
were classified as high risk; 56 % as medium risk
and 33 % as low risk. Depending on these risk
levels, mitigation measures are implemented
and they are monitored to ensure proper
implementation.
Aware that ESG requirements are a major
challenge for many small and medium-sized
companies, Aqualia supports its suppliers
with information and resources. As part of its
commitment to training, in 2024 the company
has gone one step further and launched the first
online ESG training course for its supply chain. The
goal was to make the companies aware of these
criteria and to start applying them in their daily
management.
This training is not only training, it is also a process
of active listening that has allowed Aqualia to get
to know the reality of each supplier and understand
their real needs, while sharing with them its vision
and ambition in terms of sustainability.
Aimed at 365 suppliers in Spain selected for having
a turnover of more than €50M in the last three
years, the course provided a general introduction to
ESG criteria and was divided into three modules:
Module 1. Aqualia’s general concepts of
sustainability and its Code of Ethics.
Module 2. Carbon Footprint.
Module 3. Human Rights and Justice, Equity,
Diversity and Inclusion (JEDI).
The training process has been a learning
experience for both Aqualia and its suppliers,
providing valuable data and lessons for future
initiatives to further strengthen its value chain
towards more comprehensive and effective
sustainability.
Sustainable procurement
certifications
In 2024, the FCC Group procurement management
system (shared by Aqualia) achieved two
certifications issued by the Spanish Association
of Purchasing, Contracting and Procurement
Professionals (AERCE):
UNE 15896, Value-added procurement
management.
ISO 20400 Sustainable procurement.
Environmental
Social
Governance
Environmental Policy.
Documented and/or
certified environmental
management system.
Greenhouse gas
calculation.
Measures for good
management of water use.
Resource use and circular
economy.
Documented/certified
quality system.
Documented health and
safety management
system.
Assurance that the
recruitment procedure is
fair.
The company has a policy
that promotes equality and
diversity.
Business conduct.
Corporate culture.
Policies.
Social responsibility and
ethics.
Ethics and corruption.
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Technology is so important to Aqualia that it is the
second strategic line of the Strategic Sustainability
Plan: Technology for integrated management.
It develops projects to promote digitalisation
throughout the end-to-end water cycle and to
achieve a technology that will enable us to manage
resources more efficiently and sustainably.
This digital and technological transformation
–parallel to that of the global economy– will
facilitate strategic decision-making and is
generating a change in the company’s culture,
in search of new resources and processes.
9.1.
Real-time data-driven
water management
Proper management of water services is
fundamental to the progress of societies and, with
the current drought problems, water planning and
efficiency become even more important. Data
analysis thus helps Aqualia to reduce non‑revenue
water and increase hydraulic efficiency. In fact,
in many areas the future lies in the search for
strategic alternatives such as regenerated or
desalinated water.
9. Technology,
digitalisation
and cybersecurity
On this future horizon -and already in the present
day as well- digitalisation plays a key role. Aqualia
is committed to it and uses various technology
tools and robots to obtain data that increase the
efficiency of its operations. In 2024, the company
increased its investment in digitalisation by
10.6 % compared to 2023. This data supports
its commitment to the smart water cycle
management.
Based on this conviction, Aqualia created Aqualia
Live, a tool designed by people “from water and
for water”, which covers all end-to-end water
cycle processes. Aqualia Live integrates big data,
cloud computing and smart management. These
technologies evolve traditional computing power
and facilitate the processing of large volumes of
information for smart management.
Data management and storage in big data
systems makes it possible to reduce response
times and access to information, as well as to
integrate a single database that combines all the
information to which the different management
programmes and modules have access, with
the aim of being able to cross-analyse data from
different sources (internal and external), better
understand the water cycle and be able to make
informed decisions based on data in order to
become a data-driven company.
Cloud processing allows for better scalability of
solutions that can flexibly increase capacities
in the face of increased demands. In addition,
it helps optimise performance in the countries
where it is used and significantly improves the
latency and performance of the Aqualia Live
platform.
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Smart management, artificial intelligence and
machine learning favour process automation,
as well as the prediction and prevention of risks
thanks to the speed at which these algorithms
are able to analyse a large volume of data and the
learning that the algorithms extract from these
analyses.
With these technologies, Aqualia provides its staff
with the necessary tools to carry out their daily
work in the most efficient way and thus guarantee
citizens access to water. At the same time, for its
institutional and/or external customers, controlled
access via the internet to some Aqualia Live
features facilitates direct access and data queries.
A way to advance transparency in the management
and status of its assets.
Integrating different platforms in Aqualia Live
implies interconnecting these platforms and,
therefore, the different devices and sensors
through the network. This facilitates real-time data
collection from various points and more efficient
and integrated cycle management in each area.
Aqualia Live is made up of a series of modules that
are made available to customers and can manage
all areas of the end-to-end water cycle, as well
as communication with all levels of control and
supervision of the cycle.
Use of Aqualia Live in one of Aqualia’s Operations Centres.
Main pillars of digitalisation
Integrated Operations Centre (IOC)
Geographic Environment Organization (GEO)
Data supervision, control and acquisition (SCA)
Aqualia Water Analytics (aWA)

2024
2023
2022
Geographic Environment Organization (GEO)
409,642
353,625
265,831
Aqualia Water Analytics (aWA)
1,481,554
1,415,328
1,581,509
Global asset, maintenance,
work order and procurement management (NOW)
1,239,273
1,518,407
1,322,064
Customer Aqualia Contact (CAC)
3,324,102
2,928,776
2,157,540
Reporting systems and descriptive business
analytics (AQ360)
467,558
58,421
37,206
Be Aqualia
429,405
144,584
144,709
Tik
449,020
586,776
334,566
Aqualia Live
905,229
442,595
328,573
Water quality
322,954
274,070
275,182
Others
435,305
140,460
10,393,190
Remote reading
9,183,009
8,995,964
-
Total
18,647,051
16,859,006
16,840,370
Investment in digital transformation (in euros)
In order to meet the communication, transparency,
water audits and support requirements of
European Directive 2020/2184, it is particularly
important to use and implement the systems that
Aqualia has developed for efficient water cycle
management.
Global asset, maintenance, work order and
procurement management (NOW)
Aqualia Laboratory (LAB)
Customer Aqualia Contact (CAC)
Reporting systems and descriptive business
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IOC (Integrated Operations Centres for real-
time knowledge). It manages water networks,
incidents, issuing of work orders, assets, legal
maintenance and meters in an integrated way,
increasing network sensorics and plant control.
Thanks to these centres, Aqualia can know what is
happening in real time in each municipality, identify
alerts and act immediately. They also allow early
leak detection, improving network performance.
In 2024, Aqualia began operating its first IOC
Integrated Operations Centre in Toledo with the
aim of deploying another six Integrated Operations
Centres in Spain by 2025, which will result in a
better quality of service to municipalities and,
above all, to citizens.
GEO (Geographic Information System): control
of the network at all times. It allows a survey of
georeferenced network elements in order to have
them identified and to carry out a more accurate
hydraulic modelling of the network. This, combined
with the volumes of water distributed, flows and
pressures, reduces breakdowns in the network,
makes it possible to know the flow of water and
to provide the city with the necessary water at
all times. It also optimises consumption in areas
where this resource is already scarce.
The GEO-Geographic Information System is the
basis of digitalisation and the cornerstone of all
knowledge of Aqualia’s supply and sanitation
networks. Focused on the daily operation of these
systems –together with the commercial system–
it enhances data use and enables the hydraulic
simulation and future behaviour of the distribution
systems integrated in Aqualia Live.
Aqualia has established a plan to improve the
information contained in the GEO System, which
has not only achieved an effective improvement in
data quality, the basis for starting to digitalise the
rest of the processes, but has also managed to
increase effective use in all production areas. With
this plan, the company has increased the quality
of existing information on supply and sewerage, in
line with the digitalisation strategy.
SCA: Scada for a connected world. It offers
solutions to end-to-end water cycle needs,
providing users with the necessary tools for the
operation of networks and any installation of the
end-to-end water cycle. Based on state-of-the-art
technology, this tool centralises all digital data
collected from water plants and networks. The
operating environment can also be customised
to adapt it to the particular management of each
service. It implements the best cyber security
standards for a secure industrial environment
and integrates with aWA to leverage the analytics
environment.
AWA: water analysis for smart water
management. Analytical platform that collects and
analyses large volumes of information to transform
it into knowledge for smart decision‑making.
It encompasses the complete data cycle from
collection from devices, real-time processing,
enrichment and transformation, to the generation
of business intelligence, allowing process
automation and integration with the other Aqualia
technology solutions. The technical services of
institutional customers also have access to the
aWA tool via the Aqualia Live platform.
2024
2023
2022
Digital meters for remote reading
543,016
347,416
207,529
Services working with big data and artificial intelligence
(aWA)
71
45
42
In 2024, Aqualia continued to promote the
implementation of integrated management in
its customers through aWA, which unifies all
processes and improves customer service quality
by providing more information on services, such
as detection of consumption alerts or notification
of any anomaly that improves customer service.
Notifications received by customers with remote
meters correspond to:
Alert for possible leak: notifies the customer
of the detection of a possible anomalous
consumption.
Unexpected consumption alert: this notification
is generated when consumption is detected
based on criteria defined by the customer.
No consumption in 24 hours alert: this
notification is generated when no type of
consumption is detected in a 24-hour period.
Consumption has exceeded the set limit alert:
on the mobile app, the customer can configure
a warning alert when their daily consumption
exceeds the limit they have set.
For greater transparency and convenience in
communication with the user, these notifications
are sent via the Aqualia Contact mobile app and
SMS. Citizens also have the possibility to visit any
of the customer service offices and consult this
information in greater detail. Omni-channel service
is an ever-present principle in Aqualia’s service.
Aqualia Live. aWa - Aqualia Water Analytics

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NOW: Global maintenance and procurement
management. NOW is responsible for service
asset maintenance and management and is
integrated with the rest of the systems. Its
modules allow users to manage assets, plan and
manage maintenance work, control warehouse
stock, make material purchases or inventory. It
should be noted that the dynamic assignment of
work orders to the nearest skilled operator reduces
or eliminates travel, thus saving fuel and paper, as
well as reducing CO2 emissions. The system also
provides continuous geo-positioning of the vehicle
fleet, optimising both routes and order allocation.
On the other hand, the platform provides operating
and operation data at any time with the focus
on effective maintenance management, legal
compliance records, work planning, as well as
integration with other areas. In 2024, Aqualia
made a breakthrough in the implementation and
commissioning of a global tool in the facilities
determined for this purpose, as well as in all
drinking water reservoirs. The company has thus
ensured the control of cleanliness and compliance
with structural reviews. In total, the number of
orders handled from the maintenance module
increased by 481 %.
LAB: Aqualia Laboratory. LAB is a multi-module
platform that manages all aspects of water quality.
Its main objective is the constant monitoring of
water quality at sampling points and treatment
systems to ensure that it meets quality and safety
standards.
AQ360: Reporting systems and descriptive
business analytics. AQ360 is a comprehensive
scorecard with the main executive business
indicators for decision making.
CAC: Technology to connect customers.
Aqualia’s commitment to excellence in customer
service motivates the company to develop
its own innovative solutions in all processes
and procedures, always adapted to the needs
of its users and following the best practices
implemented in the sector.
Screen with data from GEO, one of the Aqualia Live tools.
Diversa: proprietary tool for commercial service
management, using different modules to cover
all processes related to customer and contract
management, supply points, contracting, reading
and consumption management, definition of rate
structures, billing, collection and management
of unpaid bills, customer service, management
of irregularities, electronic signature, operational
reports and reporting.
Aqualiacontact: module that develops
omnichannel communication with customers
to offer a higher quality of information and
autonomy when carrying out procedures. The
main communication channels of this module
are:
- Genesys Cloud telephony platform: this is
the Contact Centre that unifies the different
channels and guarantees 24/7 service
availability.
- Aqualiacontact mobile app and
Aqualiacontact virtual office: a tool integrated
with commercial systems that provides
customers with a global view of their
contracts.
- X @aqualiacontact: customers can carry out
different procedures.
Beyond the development of Aqualia Live, one
of the objectives of the 2024-2026 Strategic
Sustainability Plan focuses on promoting the use
of electronic invoicing among Aqualia’s customers,
which in 2024 will have grown by 15 % globally,
with 11.4 million electronic invoices issued. The
number of electronic invoice customers has also
increased by 19 % to 1.7 million.
The Saudi Arabian team, which manages water
and sanitation for more than 3 million Saudis in
the northern regions of the Saudi Kingdom, has
developed a digital dashboard for live analysis
of key processes in the customer management
department. Developed with PowerBI, the tool
displays the main incidents (high bills, breaks in
the distribution network, leaks in meters, floods
or supply problems) and details them in terms
of both volume and resolution time. This service
knowledge is already being used for more agile
and informed decision-making to improve service
quality and thus customer satisfaction.
In the Czech Republic, users of the SmVaK
subsidiary can now access a new simple and
virtual tool to find out all the information on water
quality. It is an interactive map covering the entire
area where the company operates in the Moravian-
Silesian region, with other supply points to be
added gradually. Drinking water production and
quality are monitored in accordance with current
legislation.

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5
projects
9.2.
Digitalisation projects
through NextGeneration
funds
Thanks to the public-private partnership model,
Aqualia develops innovative proposals that result
in the development and implementation of new
technologies for sustainable water management.
During 2024, the company continued the same
strategy of consolidating its technological position,
seeking public-private partnerships to help
develop digitalisation projects in collaboration
with institutional customers, governments and
municipalities.
The first PERTE Urban Water Cycle Digitalisation
call, which was resolved in November 2023, has
already awarded funds to 30 urban water cycle
improvement projects. They include the proposal
submitted in the province of Cadiz by Aqualia
and Arcgisa (Agua y Residuos del Campo de
Gibraltar, S.A.), the public service company owned
by the Mancomunidad de Municipios del Campo
de Gibraltar. With this project, 8 towns in Campo
de Gibraltar and 273,811 inhabitants will benefit
from a centralised water management system,
which will lead to significant improvements in
their catchment, supply, sewerage, discharge
and treatment systems. The project has a
total investment of 12.6 million euros, of which
7.7 million will come from the PERTE.
In December 2023, Aqualia submitted
12 digitalisation projects through the Next
Generation funds, and was awarded four of
them for 36 million euros. The focus is not only
on digitalisation and flow control, but also on
hydraulic/energy efficiency and transparency in
water cycle management through various actions:
DIGITAL ISLAND: Hydraulic balances,
optimisation of resources and reserves in the
Canary Islands for 9.4 million euros, impacting
9 towns and 240,973 inhabitants.
REALWATER: Digitalising water; connecting the
future of Ciudad Real with for 7.4 million euros,
impacting 102 towns and 492,591 inhabitants.
CANTABRICONTROL: Flow control and
optimisation of resources in the Cantabrian
basin for 9.8 million euros, impacting 47 towns
and 237,877 inhabitants.
ANDA, NORA AGGLOMERATION: Water
digitalisation in Asturias for 9.4 million euros,
impacting 34 towns and 294,624 inhabitants.
Thus, more than 1.6 million citizens will benefit
from Aqualia’s new technologies, designed
to resolve critical situations such as water
loss control, flood prevention, digital mapping
information systems and artificial intelligence
tools. In addition to improving water management,
these technologies contribute to sustainable
development by saving energy and reducing CO2
emissions.
€8.6 M
joint investment
200
towns reached
1,539,876
inhabitants
benefited
RealWater is one of the projects awarded, for
the digitalisation of the water cycle throughout
the province of Ciudad Real, awarded to
Aqualia, Empresa Mixta de Aguas y Servicios,
S.A. and the Provincial Council of Ciudad Real
for 7,461,039.77 euros. This project aims to
promote knowledge of the state of water bodies
in Ciudad Real, improve their management and
intensify the digitalisation of the end-to-end
water cycle. RealWater contemplates a series of
technical solutions to deploy an automated and
centralised system to monitor and coordinate all
elements of the water supply network, improving
communication between processes and capacity
to respond to incidents.
Operating data at a DWTP.
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End-to-end Water Cycle Management | Technology, digitalisation and cybersecurity | Page 6 of 6
9.3. Data protection
and cybersecurity
Cybersecurity is ranked fourth in the World
Economic Forum’s Global Risks Report 2024 as the
top threat in the next two years. Aqualia is aware
of its importance in protecting the company’s
tangible and intangible assets in all the areas and
services it offers. It also builds the trust that is the
basis for customer relationships.
In order to protect the confidentiality, integrity
and availability of information in a proportionate
manner, Aqualia has a cybersecurity model and
a regulatory framework that defines the basic
principles and requirements for its development. It
also focuses its efforts on raising the awareness
of all users, technicians and management. The
ultimate aim is to achieve co-responsibility in
customer data processing.
Cybersecurity
Cybersecurity pervades the general principles
of the organisation and helps to strengthen the
platforms that host water management tools.
To make everything available and secure, control
mechanisms such as two-factor authentication,
backups, user management, event monitoring and
incident detection, security policies and IT security
procedures are put in place. Aqualia also relies on
technical guides, IT (information technology) and
OT (operational technology) cybersecurity market
studies, and technical and executive training in
IT security to provide the entire organisation with
security controls and prevention and response
measures for better cyber defence.
Aqualia has certifications such as ISO 27001
for Data Security in the customer service
centre, mobile app and virtual office, where
mechanisms are established to supervise the
state of cybersecurity in the different areas of the
company and guarantee compliance with internal
and external regulations. It also has others such
as ISO 27017 or 27110. Moreover, it implements
the most prestigious national and international
cybersecurity standards, methodologies, guidelines
and best practices.
Personal data protection
Aqualia complies with all current legislation on
data protection and continually reviews both this
compliance and adaptation to the legislation in all
entities. This affects several areas:
Employees.
Customers.
Suppliers.
FCC Group contractual relations.
Contractual relations with public authorities.
Documentation and internal management.
Information technology and information security.
Technical and organisational measures.
In all these areas, risk maps are drawn up on the
different personal data processing activities and
reflect the extent to which each activity, due to its
characteristics –be it the type of data or the type
of operations– could cause harm to data subjects.
Mechanisms are put in place to prevent them
accordingly.
In 2024, Aqualia has updated this risk analysis
due to the change in criteria by the Spanish
Data Protection Agency, so that the use of
biometric data (fingerprint, facial recognition) in
the company’s facilities has been disabled. The
Data Protection Department has also updated
the Processing Activity Log, reviewed and
updated Processing Agreements with public
authorities (town councils), adapted the Econtrols
management programme to data protection
regulations, and reviewed and updated the Privacy
Policies of the Virtual Office, the Be Aqualia app
and legal texts on the website.
The data protection work plan in 2024 consisted
of a continuous review of implementation and
compliance with the principles of the regulation
by managing, reviewing and replying to emails
received in the departmental data protection
mailbox.
Review and analysis of new suppliers, contracts
and systems prior to implementation.
Management of data subject rights.
Conducting on-site visits at national level to
monitor regulatory compliance in offices.
Compliance monitoring management through
questionnaires and meetings via Microsoft
Teams internationally.

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210
Construction
1. Industry analysis_ 212
2. Activity in the Construction Area _ 216
3. Construction Highlights 2024 _ 229
4. Sustainability and excellence _ 230
5. Regulatory compliance _ 236
6. People and culture _ 238
In 2024, the FCC Group Construction Area
recorded a consolidated total order book
of 6.368 billion euros. The gross operating
profit (EBITDA) reached 169.7 million euros and
turnover increased by 6 % compared to the
previous year to 2.99 billiona euros. In 2024,
the portfolio of international projects fell slightly
by 2.1 % and income is above 1.82 billion euros.
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With cumulative experience of over 125 years,
the FCC Group Construction Area is present in
21 countries (Spain, Canada, United States, Mexico,
Colombia, Chile, Peru, Panama, Romania, the
United Kingdom, Germany, France, Italy, Belgium,
Norway, the Netherlands, Ireland, Portugal, Saudi
Arabia, Australia and Qatar) and its activities cover
all areas of engineering and construction.
It is a leader in implementing transport
infrastructure, as well as residential and
non‑residential construction. It currently holds
a solid position as the third largest construction
company in Spain in terms of contracting volume,
its global relevance is reflected in its inclusion
among the top 28 in the world according to
international magazine ENR, and among the top
ten in Europe. It has proven experience in the
development of industrial projects, in particular
in energy projects (Liquefied Natural Gas storage
plants, photovoltaic parks, fuel storage plants,
etc.). In addition, the Area encompasses a group
of companies engaged in activities related to the
construction sector.
In 2024, the FCC Group Construction Area recorded
a consolidated total order book of 6.368,4 million
euros. The gross operating profit (Ebitda) reached
169.7 million euros and turnover increased by 6 %
compared to the previous year to 2,991.3 million
euros. In 2024, the portfolio of international
projects fell slightly by 2.1 % and income is above
1.82 billion euros.
more than 1,000 km of tunnels.
more than 10,000 km of roads and
motorways.
1,850 bridges.
more than 3,500 km of railways, of which
1,500 km are High Speed and 450 km
metro.
50 dams and 150 km of quays.
more than 5,500,000 m² of airport
runways.
more than 2,500,000 m² of airport
terminals.
more than 3,000 km of oil and gas
pipelines.
Experience and ability
Hospital de Aranda de Duero, in Burgos (Spain).
Construction
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Railway works in Portugal.
1. Industry analysis
1.1.
Domestic market
Spain
The recent performance of the Spanish economy
has been described as ‘surprising’ for the way it
has held up in a clearly unfavourable environment.
The construction sector has been unable to
keep pace with GDP (Gross Domestic Product),
mainly due to higher construction and financial
costs following the invasion of Ukraine. That
is the pattern we envisage for the end of 2024:
construction growing at 2 % while the economy is
close to 3 %.
However, a change in the pattern is foreseen
for 2025. Relief provided by interest rates and
stabilising costs, plus the imminent closure of
the window of opportunity for Next Generation
funds, have contributed to a pick-up in the project
pipeline towards the end of 2024. All this creates
the conditions for output in 2025 to grow by 3.5 %
and eventually show more momentum than GDP. It
is feasible that the sector will also maintain these
growth rates in 2026 (4 %) and 2027 (3.5 %)
This upturn lies mostly with residential
construction. Both private and public developers
seem to have interpreted this as an opportune
moment to increase the scarce supply of new
housing. Estimated growth for 2024 is 2.8 %,
assuming that the real change in pace will be felt
from 2025 onwards. For the period 2025-2027,
annual growth is expected to be around 5-6 %.
Behaviour of the non-residential market differs
substantially from the residential market. The
change in interest rates has certainly contributed
to stabilising income and halting depreciation in
some key niches such as offices, shopping centres
and logistics. A slightly recessionary 2024 (-1 %) is
envisaged, with only modest improvements for the
period 2025-2027, between 1 and 2.5 %.
On the civil works side, the evolution of tenders and
contracting suggests that authorities continue to
focus on extracting as much potential as possible
from the Recovery Plan before its deadlines expire.
Therefore, demand has not yet exhausted the
inertia and 2024 ends with a 3.1 % rise, maintaining
a similar speed in 2025 (2.7 %). Projections for
2026-2027 have an extra element of uncertainty
due to several overlapping factors: end of Next
Generation, municipal elections and containment
of the deficit in public budgets.
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1.2.
International market
Europe
Signals from the European construction sector can
be ambiguous. On the one hand, between 2023
and 2024 it has accumulated a drop in production
of -3.7 %. Production in 2024 is comparable to
2019 which, at the time, was the best year since
the 2008 crisis. At a time of rising costs, rising
financing costs and unrest in the real estate
markets, it is understandable that the sector
cannot keep producing at such high levels.
The new forecast for 2025 (0.6 %) can be
described as stagnation and projections for
2026 (1.8 %) and 2027 (1.7 %) do not envisage
exceptional progress, merely close to expectations
for the European economy as a whole.
Growth rates suffer as the list of countries that
will need more time to recover includes three
of Europe’s largest markets: Italy, France and
Germany. These countries are responsible for
almost half of all European industry production
so their difficulties have a very strong impact
on European growth averages. The other half of
the market, including Spain, will grow at a rate of
around 3 % per annum over the period 2025-2027.
Most European sector growth problems stem from
residential building. A majority of countries have
had to slow down production so as to not fill their
markets with housing that has borne exceptionally
high construction costs, at a time when it is
difficult to pass them on in the final price. European
developers have not hesitated to take defensive
positions, as reflected in the significant declines
in 2023 (-10 %) and 2024 (-9.1 %). The forecast for
2025 is flat (0.2 %) but is actually the product of
five countries with continued contraction (including
France, Italy and Germany) while fourteen others
are already expected to show a clear recovery
capable of propelling them to more than 5 %. By
2026-2027, the negative exceptions will be reduced
to Italy and Germany, so that average European
growth will improve significantly (3 to 3.5 %), but
will still continue to overshadow a good number of
countries aiming to maintain growth rates in the
4 to 5 % range.
For non-residential building, the 2023-2024
biennium has also been a negative hiatus, although
not as severe as in the case of housing. It is
not that this market has been less sensitive to
interest rate and construction cost fluctuations,
but rather that it was coming from a much less
intense production period than the housing market,
so that the adjustments in 2023 (-2.4 %) and
2024 (-2.5 %) were sufficient to bring the level of
risk back to a more acceptable position. Although
some countries are still expected to lag behind, the
European aggregate is projected to grow minimally
already in 2025 (1.1 %), continuing its gradual
improvement in 2026-2027 (1.5 to 2.5 %).
In civil works, 2024 (1.1 %) has turned out to be
somewhat weak compared to the strong growth of
2023 (4.4 %). This slowdown does not seem to be
the prelude to a change of cycle, so the forecast for
2025 (2.5 %) is once again betting on civil works
growing at a faster rate than GDP. In projections
for 2026-2027, the idea of a progressive erosion of
public investment capacity that would limit growth
to a range between 1.5 % and 2 % is beginning to
take hold.
By 2024, energy infrastructure construction has
already succeeded in overtaking railways, which
until now was the second largest niche after road
infrastructure.
NEOM Tunnels (Saudi Arabia).

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Latin America
Latin America is experiencing remarkable growth
in the development of infrastructure projects driven
by the need to improve connectivity, efficiency and
the quality of life of its inhabitants. In particular,
Chile, Colombia, Mexico and Peru have stood out
for their ambitious infrastructure investment plans,
covering key sectors such as transport, energy,
water and telecommunications.
Chile: the government has also announced a
new concessions programme, which includes
first and new tenders for a series of projects to
be developed under public-private partnerships
in a wide range of industries, including prisons,
motorways, cable cars, desalination plants,
public office construction, ports and trains for
the 2024-2028 period.
Colombia: over the last decade, infrastructure
projects were mostly led by the structuring of
road infrastructure projects, which includes
not only road projects but also airport, railway
and river projects. The outlook for the next two
years is framed by a more focused development
of social infrastructure. Infrastructure priority
includes the development of new social
infrastructure projects, other than 5G projects,
which will mainly target the hospital, education
and water and basic sanitation sectors.
Mexico: one of ongoing trends in the
development of infrastructure projects in
Mexico is the continuity of infrastructure works
proposed by the current government. These
include mega-projects such as the Mayan
Train, Felipe Ángeles International Airport, the
Transisthmian Corridor and the Dos Bocas
Refinery, etc; projects promoted by the federal
government by contracting public works by
state-owned companies such as the Federal
Electricity Commission (CFE) and Petróleos
Mexicanos (PEMEX), as well as participation by
the Ministry of National Defence (SEDENA) in the
construction and operation of some of them.
Peru: the Peruvian market is being reactivated
by renewed interest in infrastructure project
financing from various players, including
domestic and international investors, with a
particular emphasis on the energy, port and
motorway sectors.
North America
The US transportation infrastructure construction
market is estimated at USD 371.25 billion in
2024 and is expected to reach USD 471.13 billion
by 2029.
The infrastructure bill earmarked 550 billion
dollars for road, bridge and rail projects, airports,
broadband and climate-related issues. Spending
started in 2022 and is spread over five years.
Approximately 66 % of these funds were
allocated to utilities, including energy and water
infrastructure.
President Joe Biden unveiled a 2 trillion dollar
infrastructure plan to modernise the country’s
infrastructure over the next decade. The bill sets
aside 40 billion for bridge construction.
The United States led the way in the development
of modern aviation, but many of the country’s
airports are lagging behind their international
peers. According to some rankings, there are no
USA airports among the top 25 airports in the
world.
Middle East
Technology, infrastructure and sustainability
are leading investments in the Middle East; in
fact, Qatar and Saudi Arabia have positioned
themselves as global leaders in the financing of
strategic projects, collectively managing more
than 2.57 trillion dollars in assets through their
sovereign wealth funds.
Each of these countries has implemented specific
strategies for economic diversification and
investment in these key sectors.
Undergrounding of Renfe’s R2 commuter train
line in Montcada i Reixac, Barcelona (Spain).
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The Qatar Investment Authority (QIA) manages
approximately 510 billion dollars in assets and is
one of the most influential sovereign wealth funds
globally, according to Global SWF research. Qatar
is making headway in its aim to transform its
economic model, hitherto dependent on natural
gas, with investments in technology, renewable
energy and emerging markets. These actions
reflect the country’s commitment to strengthening
its role in the global investment arena and to adapt
to international market dynamics.
Saudi Arabia’s Public Investment Fund (PIF)
manages approximately 925 billion dollars in
assets, according to Global SWF data. In 2024,
the PIF allocated a large part of its resources to
already iconic projects such as NEOM, a megacity
designed to be a global hub for technology,
sustainability and tourism.
Moreover, the fund is a leading investor in
renewable energy, with plans to make Saudi
Arabia one of the world’s largest green hydrogen
producers. The fund has also expanded its
involvement in areas such as entertainment, with a
significant increase in its holdings in major film and
sports-related groups.
These initiatives are aligned with Vision 2030,
which seeks to reduce oil dependence and
foster sustainable economic growth through
diversification and private sector participation.
Along these lines, Saudi Arabia has implemented
the National Investment Strategy (NIS), aiming
to triple investment levels by 2030. Focused on
sectors such as green energy, health, mobility and
logistics, among others, it was created with the
aim of being a catalyst for new investments and
creating a competitive environment for foreign and
domestic investors.
The transformation is led by Riyadh, which will
host the Expo 2030 world fair. A new global
entertainment, sports and culture centre that is
in progress stands out in particular: Qiddiya City
Esports, designed as a new Arena centre next to
a multi-purpose stadium in the city, is projected to
become an innovative institution that will serve as
a focal point for the city of Qiddiya.
Australia
Infrastructure Australia’s 2024 Infrastructure
Market Capacity Report shows that the country’s
large public infrastructure portfolio exceeds 213
billion dollars, representing almost a quarter of the
country’s total construction activity of 1.08 trillion
dollars.
Strong growth is observed in energy and social
infrastructure projects. Today, investment in
major transport projects has been reduced to 126
billion dollars, while residential and non-residential
construction have increased to 71 billion and 16
billion respectively.
This realignment of investment is due to the fact
that some governments are moving away from
significant investment in transport projects and
shifting their focus to address the housing crisis
and the transition to a net zero emissions future.
Renewable energy projects are expected to
experience a six-fold increase in Australian
construction activity over the next five years,
underlining the strong momentum from both
government and the private sector.
1.3.
Industrial activity
FCC Industrial carries out its activities in various
sub-sectors, ranging from manufacturing to
operation and maintenance, as well as the design
and construction of industrial facilities.
The economic situation in Spain has increased its
growth in energy projects investments. However,
the anticipated impact of the PNIEC (National
Integrated Energy and Climate Plan) and the
Recovery, Transformation and Resilience Plan,
which were expected to catalyse industry growth
in the renewable energy sector, and digitalization
and new technologies after the pandemic, is not
being felt.
Nevertheless, there are certain market niches
for particular products in specific countries
where FCC Industrial operates that represent an
opportunity for growth as part of the strategy to
diversify activities and markets.
Soria Hospital expansion, in Soria (Spain).
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3
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2. Activity in the Construction Area
Civil engineering
Non-residential construction
Building
Maintenance
Industrial
Railway
Hydraulics
New contracts awarded
In progress
Portfolio of contracts: 3,956.1 million euros
Turnover:
1,820.3 million euros
1. CANADA
195 kilometres of Trans-Canadian
motorway (30 years).
Scarborough Subway
Extension-Stations, Rail and
Systems.
GO Regional Express Rail
On-Corridor.
Pape Tunnel and Underground
Stations for the Ontario Line.
2. USA
Penndot pathways Major
bridge P3 Initiative.
3. MEXICO
Centauro del Norte gas pipeline.
4. COLOMBIA
Guillermo Gaviria Echeverri
tunnel.
“El Salitre” wastewater treatment
plant.
5. PERU
Line 2 and Line 4 branch
of the Lima metro.
6. CHILE
Concepción Industrial Bridge.
7. UNITED KINGDOM
A465 motorway extension,
sections 5 and 6 (Wales).
8. NORWAY
Rv. 555 Sotrasambandet, the
Sotra Connection.
9. THE NETHERLANDS
A9 Badhoevedorp-Holendrecht
motorway extension.
Pallas Reactor.
10. PORTUGAL
Modernisation of the rail corridor
of the Torres Vedras-Caldas da
Rainha section of the Western
Line.
Modernisation of the rail corridor
section between Mira
Sintra-Meleças and Torres
Vedras of the Western Line.
Construction of the Ruby Line:
Casa da Música-Santo Ovídio, for
Oporto Metro.
Construction of Primary
Infrastructures for the
Regularisation of Flows of the
Crato Dam Multipurpose
Hydroelectric Power Plant and
Pisão Hydroelectric Power Plant.
Construction of the Vidigueira
hydraulic circuit and its irrigation
block.
11. SPAIN
Tenerife Island Ring Road.
Nou Mestalla. Valencia C.F.
Stadium
Atlético de Madrid sports
infrastructures.
Fira de Barcelona Expansion.
12. GERMANY
Liquefied Natural Gas
regasification plant
(Hamburg).
13. ROMANIA
Railway lines in Transylvania
and new railway awards.
14. SAUDI ARABIA
Neom Tunnels (Mountain
Section).
Qiddiya Stadium.
15. AUSTRALIA
Cairns Social and Affordable
Housing Project. Queensland.
Domestic market 2024
International market 2024
Portfolio of contracts: 2,412.3 million euros
Turnover:
1,171.1 million euros
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2.1.
Projects in development
Over the course of 2024, the Construction Area
was awarded contracts worth approximately
2.133,4 million euros in total.
Construction
Residential construction
Spain
42 homes in Arroyofresno phase II, Madrid.
61 homes in PAU Ciudad Deportiva FC
Barcelona in Sant Joan Despí, Barcelona.
74 homes in Tres Cantos, Madrid.
64 homes in Tres Cantos, Madrid.
113 homes in Alcalá Henares Phase 3, Madrid.
108 homes in Tres Cantos, Madrid.
122 homes in Sant Joan Despí, Barcelona.
61 homes in Tres Cantos, Madrid.
74 homes in Tres Cantos Residencial Micenas,
Madrid.
Construction of 344 build-to-rent homes,
storage spaces, premises and car parks on
Block C of sector 10 of the Marina in Prat
Vermell, Paseo de Zona Franca, Barcelona,
plot 2, end underground, 192 homes,
3 premises and development.
International
Cairns Social and Affordable Housing Project.
Queensland (Australia).
La Reserve Plot 02.1 in Carvalhal (Portugal).
La Reserve Plot 02.2 in Carvalhal (Portugal).
Non-residential construction
Spain
Works at the controlled tailings deposit
run by the South Madrid Association, with
the expansion of Phase IV, sealing and
degasification of Phase III and the expansion
of leachate processing capacity in the towns
of Pinto, Getafe and San Martín de la Vega,
Madrid.
Remodelling of the Santiago Bernabéu Stadium,
Madrid.
Puertollano Hospital, Ciudad Real.
Nou Mestalla. Valencia C.F. Stadium, Valencia.
Lot 1 of the 2022-2024 framework agreement
for subsidiary implementation operations,
emergency actions and adoption of security
measures in municipal buildings. Municipal
green areas for the Metropolitan Forest project
in the municipal district of Madrid.
Execution of the Civil Guard Headquarters.
Zaragoza.
Awarded
In progress
Completed
Homes in Arroyo del Fresno, Madrid (Spain).
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Remodelling of the fish area and new fish
market building in the Port of Barcelona.
Construction of the new High Resolution Centre
for the Murcia Health Service, Águilas, Murcia.
Construction of the new Concepción Aleixandre
Building of the Miguel Hernández University
Campus, San Juan de Alicante, Alicante.
Office Building on plot P1-P2, sector 10 Marina,
Paseo de Zona Franca, Barcelona.
Remodelling of ASTA Building and Port Police
facilities in the Port of Barcelona
Execution of works for the new construction of
an open prison regime centre with capacity for
800 in the Zona Franca, Barcelona.
Awarded
In progress
Completed
Expansion works for the Marina Baixa Regional
Hospital, Vila Joiosa, Alicante.
Functional refurbishment work on the Palace of
Justice for the Supreme Court of the Valencia
Region, Valencia.
New Socio-health Complex in the Son Dureta
enclosure for the construction of Building B,
Palma de Mallorca.
Expansion and renovation of Soria Hospital,
Soria.
Salamanca Hospital, Salamanca.
Drafting of the project, execution of the work
and commissioning of the Environmental
Centre of the Pamplona Region, Navarre.
Construction of a new teaching building for
audiovisual university training, Aulari Perleta,
Miguel Hernández University Campus in Elche,
Alicante.
Refurbishment and extension of the School of
Dentistry building at the CEU Cardenal Herrera
University Campus in Elche, Alicante.
Construction of buildings FA1 and FA2 of the
first phase of the POWERCO battery factory
(Volkswagen Group), Polígono II Sagunto,
Valencia.
Expansion and refurbishment of the Gran
Canaria University Maternity Hospital, Phase II.
Canary Islands Health Service.
Expansion and refurbishment works (Phase I)
of the University Hospital of Cabueñes, Health
Area in Gijón, Asturias.
Construction works for the new Aranda de
Duero hospital, Burgos.
Construction works for the New University
Hospital Complex of A Coruña. Phase 1.1.
Construction of the new hall Zero to extend the
FIRA Gran Vía centre, L’Hospitalet de Llobregat,
Barcelona - Phase II, structure above ground
and roof.
Refurbishment of halls, improvement of spaces
and construction of service buildings for the
Metropolitan Seminary of the San Pablo-CEU
University Foundation in Moncada, Valencia.
Hospital Comarcal de la Marina Baixa, in Vila Joiosa, Alicante (Spain).

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International
Qiddiya Stadium (Saudi Arabia).
Pallas Reactor (Netherlands).
Material and workshop park (PMO) of the
Sistema de Mobilidade do Mondego (SMM),
Coimbra (Portugal).
Construction of the rural Hotel Dunas da
Comporta in Brejinho da Água do Sul, Grândola
(Portugal).
Railways
International
Section 2 Tren Maya, Mexico.
Line 2 and Line 4 branch of the Lima metro,
Peru.
Railway lines in Transylvania and new railway
awards, Romania.
Scarborough Subway Extension-Stations, Rail
and Systems, Ontario (Canada).
NEOM Tunnels (Mountain Section) (Saudi
Arabia).
GO Regional Express Rail On-Corridor Design-
Build-Operate-Maintain, Ontario, (Canada).
Pape Tunnel and Underground Stations for the
Ontario Line (Canada).
Awarded
In progress
Completed
Track renewal and adaptation
Spain
Emergency works due to defects in the
fastening system on track I and II of line
200 (Madrid-Chamartín-Clara Campoamor-
Barcelona-Estació de França). Madrid
Chamartín-Clara Campoamor to Fuente de
la Mora.
Emergency works and services on the
Conventional Network and stations in the East
as a result of flooding. Repair work on the
infrastructure, superstructure and auxiliary
installations affected on the Valencia Sant
Isidre-Cheste section of the Valencia C3
commuter train line.
Algeciras-Zaragoza rail motorway. Overpasses
of the section: San Fernando de Henares-
Santa María de Huerta, Torralba tunnel gauge
adaptation and Adaptation of the Cutamilla, del
Saz, Lodares, Jubera, Tunecillos 1 and 2 and
Somaén tunnels.
Removal of level crossings no. 24 and no. 26
on the Baiña-Collanzo line in Mieres, Asturias.
Extension of siding at Arcos de Jalón and
Sigüenza stations, Guadalajara.
Comprehensive track renovation in the
Gijón‑Laviana section of the metric gauge
network in Asturias.
Implementation of standard gauge in the
Mediterranean Corridor. Castellón-Vinaroz
section.
Renewal of tracks 3 and 5 and replacement of
sidings on Barcelona commuter lines (Blanes
station).
Track and catenary for the complete
remodelling of the Fuente de San Luis Station
for standard gauge implementation, Valencia.
Track renewal for the Ourense-Monforte de
Lemos section.
New track configuration as a result of
the elimination of telephonic blocks on
La Asunción-Guardo metric gauge line 790.
Sleeper renovation project (Phase 2) and
removal of ballast on the Madrid-Seville
high‑speed line.
Renovation of sidings (Phase 2) on the
Madrid‑Seville high-speed line.
Preparation of the Roda de Bará Tunnel for
the implementation of standard gauge in the
Mediterranean Corridor. Castellbisbal‑Murcia
section. Sub-section: Sant Vicenç de
Calders‑Tarragona-Vilaseca Junction.
Execution of works for the project to replace
RS sleepers with monoblock in the Tardienta
district.
Integral improvement of the Madrid-Seville
high‑speed railway line infrastructure.
Section C: Guadalmez-Córdoba.
Emergency works and services due to flooding
in the municipality of Rincón de Soto. Section
of Intermodal Line 700 Abando Indalecio
Prieto‑Casetas.
Execution of the works corresponding to the
sidings renovation project (Phase 1) on the
Madrid-Seville high-speed line.
Mira Sintra-Meleças-Torres Vedras section
of the Western Line, Portugal.
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New track configuration as a result of the
elimination of the Ferrol-Ortigueira telephone
blocks.
Implementation of standard width in the
Mediterranean Corridor. Section: Valencia
North-Valencia Joaquín Sorolla. Track and
electrification.
International
Modernisation of the Mira Sintra-Meleças-
Torres Vedras section of the Western Line,
Portugal.
Modernisation of the Torres Vedras and Caldas
da Rainha railway line, Portugal.
Metro or Metrobus
Spain
Project for the complete renovation of the track
superstructure between Avenida de América
and Laguna stations on line 6 of Metro de
Madrid (Lot 1: Northwest Arc).
Execution of the Tunnel and Station works for
the University Zone-Sagrera Meridiana section
of Line 9 of the Barcelona Metro – Section III –
IVB, Prat de la Riba, Sarrià, Mandri, Guinardó,
Sanllehy, Barcelona.
Improved accessibility and adaptation to the
interchange regulations of Maragall station
(L4 and L5 FMB), Phase 1, Barcelona.
Awarded
In progress
Completed
First phase of the implementation of the unified
light rail network and its urbanisation in the city
of Barcelona: civil works Lot 4, Av. Diagonal,
Girona-Nàpols section, Barcelona.
Comprehensive maintenance service contract
of the Madrid Metro track superstructure
(Lot 3, approximately 35 % of the Madrid Metro
network).
Renovation of track for Line 1 of the Madrid
Metro between Sol and Valdecarros stations.
Lot 1, Sol-Atocha, Madrid.
International
Adaptation of the Móndego mobility system,
Coimbra, Portugal, to a BRT (Metrobus)
solution. Coimbra B-Portagem section.
Metro Porto -Linha Rubi. (Portugal).
Construction of railway platform
and/or track
Spain
Valladolid arterial railway network. Eastern
bypass.
Sidings for the railway complex of the eastern
bypass of the Valladolid arterial railway
network.
Accesses to La Sagrera station, Barcelona.
Track assembly of Sagrera high-speed Station,
Barcelona.
Architectural and installation works for the
La Sagrera technical train treatment area.
Barcelona. Phase A.
Execution of architectural and installation
construction works for the La Sagrera technical
train treatment area. Barcelona. Phase B.
Trackbed works on the Nijar-Río Andarax
section of the Murcia-Almeria high-speed line.
Trackbed works on the Totana-Lorca section of
the Murcia-Almeria high-speed line.
Platform for the Murcia-Almeria High Speed
Mediterranean Corridor. Totana section.
Duplication of the R-3 commuter train line
(Barcelona). Section: Parets del Vallés-la
Garriga. Track and electrification R3.
Duplication of the North-Northwest High Speed
Corridor, section Palencia to Vilecha Fork High
Speed and electrification of newly duplicated
sections of the Palencia-León line.
Track and electrification for the Valladolid
Eastern Rail Bypass.
Metro Porto. Linha Rubi (Portugal).

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Track and/or infrastructure
maintenance
Spain
Maintenance and pre-maintenance of
infrastructure, track, and switches and
crossings for the Plasencia-Badajoz high-speed
railway line (Mérida and Cáceres Bases Areas).
Maintenance of infrastructure, track, points and
crossings for the Madrid-Northeast high-speed
line. Montagut, Vilafranca and Sant Feliu bases,
Catalonia.
Maintenance of infrastructure, track, points and
crossings for the Madrid-South high-speed line.
Antequera Base.
Maintenance of infrastructure, track, points and
crossings for the Madrid-South high-speed line.
Hornachuelos and Antequera Bases.
Services, infrastructure and track maintenance
for ADIF 2021-2022 conventional and metric
gauge lines. Lot 2 North Operations Division.
Services, infrastructure and track maintenance
for ADIF 2021-2022 conventional and metric
gauge lines. Lot 5 Central Operations Division.
Services, infrastructure and track maintenance
for ADIF 2021-2022 conventional and metric
gauge lines. Lot 6 South Operations Division.
Other railway projects
Spain
New Reus-Bellissens station: Railway actions
and Urban crossing, Tarragona.
Assembly base and ballast stockpiles for track
assembly of the Murcia-Almería high-speed line.
Section: Murcia-Lorca.
Execution of works for the construction
projects to take the ADIF R-2 commuter line
underground as it passes through the town,
and construction of the new Montcada i Reixac
station, Barcelona.
Hydraulics
Spain
Project and adaptation work of the El Endrinal
WWTP in Collado Villalba, Madrid.
Lot 7 of the pipeline renovation works for the
Canal de Isabel II supply network, Madrid.
Works on the distribution network for the
Segarra-Garrigues System. Sector 8. Secondary
support network Floor B, Perimeter II,
Els Omellons, Lleida.
Works on the distribution network for the
Segarra-Garrigues System. Sector 13.
Secondary network Floor D1, Llardecans, Lleida.
Works on the distribution network for the
Segarra-Garrigues System. Sector 10-11-14.
Connecting pipes to Pool 300 of Sector 12,
Albagés, Lleida.
Works on the distribution network for the
Segarra-Garrigues System. Sector 13.
Secondary network Floor C1 Perimeter I,
Sarroca de Lleida, Lleida.
Heightening of the Yesa dam, Navarre.
Construction of sanitation and waste treatment
for San Roque and other municipalities in
Campo de Gibraltar. Aguas de las Cuencas de
España (ACUAES).
ATI-DSU storm water tank in El Balcón del
Guadalquivir, Córdoba. Empresa Municipal de
Aguas de Córdoba.
Arona-East sanitation system. Project for
the construction of collecting systems and
associated force mains, Montaña Reverón
WWTP. Aguas de las Cuencas de España
(ACUAES).
Construction of the water supply pipeline
between the Morgavel treatment plant and the
Monte Chãos reservoir.
International
“El Salitre” waste water treatment plant,
Colombia.
Construction of primary infrastructures
to regulate flows at the Crato Dam multi-
purpose hydroelectric power station and Pisão
hydroelectric power station (Portugal).
Awarded
In progress
Completed
Totana-Lorca section of the Murcia-Almeria high-speed line.

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Construction of the Vidigueira hydraulic circuit
and its irrigation block (Portugal).
Construction of the Reguengos de Monsaraz
hydraulic circuit and the Peral Irrigation Block
(Portugal).
Maritime
Spain
Refurbishment of Club de Mar de Mallorca.
Port Adriano, dock rehabilitation, Mallorca.
Enlargement of the Naos Quay, Arrecife,
Lanzarote, Canary Islands. Las Palmas Port
Authority, Gran Canaria.
Roads
Spain
A-33 dual carriageway. Construction of the
section connecting the C-3223 to Yecla with the
N-344, Caudete. Murcia and Albacete.
Completion of the extension works on the
Baix Llobregat Dual Carriageway (New B-25).
Section: Ronda Litoral - A-16 Motorway, Sant
Boi de Llobregat – El Prat de Llobregat – Sant
Vicenç dels Horts, Barcelona.
Complementary nº. 1 actions of the project for
completion of works on the N-332 road, section:
Benissa bypass, Alicante.
Actions for the comprehensive improvement,
replacement and refurbishment of road
surfaces on Itinerary 8 roads in the Concession
of the Extraordinary Plan of Investments in
Roads of the Autonomous Network of Aragon,
different municipalities in the north of the
province of Zaragoza.
Repair and expansion project for the bridge
structure over the Sella River. Ribadesella,
Asturias.
Construction project, A-73 dual carriageway,
Burgos-Aguilar de Campoo. Quintanaortuño-
Montorio section. Burgos Province.
Construction: completion of Tenerife Island
ring road, section El Tanque-Santiago del Teide,
Tenerife. Government of the Canary Islands.
International
Maintenance of 195 kilometres of Trans-
Canadian motorway for 30 years, Canada.
Guillermo Gaviria tunnel (Colombia).
NEOM Tunnels (Saudi Arabia).
Concepción Industrial Bridge, Chile.
Section of the Badhoevedorp-Holendrecht A9
motorway (Netherlands).
RV. 555 Sotrasambandet, the Sotra Connection,
Norway.
Expansion of the A465 motorway (Wales,
United Kingdom).
Penndot pathways Major bridge P3 Initiative
(Pennsylvania, USA).
Urbanisation
Spain
Urbanisation of stage 1 of U.Z.P. (Programmed
urbanisable land) 2.04 Los Berrocales, Madrid.
Sanitation network, transformation centre
and reflection centre at the U.Z.P. 2.04
Los Berrocales, Madrid.
A-73 dual carriageway, Burgos-Aguilar de Campoo. Quintanaortuño-Montorio section, in the province of Burgos (Spain).
Awarded
In progress
Completed

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Earth removal and sanitation (stage 3) located
between Gran Vía del Sureste, A3 and M-50 in
the area of U.Z.P. 2.04 Los Berrocales, Madrid.
Framework agreement 2022-2024 for the
“Metropolitan Forest” project, on municipal land
in the municipality of Madrid.
Connectivity and urbanisation improvements
for the area around the Calle Santander Bridge,
in the Sant Martí District, Barcelona.
Reurbanisation, renovation and improvement
of the service networks of Vía Laietana,
between Plaza Antoni Maura and Paseo Colón,
Barcelona.
Emergency Works
Spain
Emergency works for the reconstruction and
refurbishment of infrastructures and buildings
affected by flooding in 2024, for different
authorities and municipalities of the Valencia
Region.
Environmental Works
International
Work for decontamination of soil in the zone
covered by the detailed plan of the Alvito quarry
(Lisbon).
Industrial
FCC Industrial
In 2024, FCC Industrial continued work on the
Drumgray waste-to-energy plant construction site
in Scotland, United Kingdom.
The company has also developed the engineering
and construction contract for the fuel storage plant
at Lima airport, to meet the expected growth in air
traffic.
In 2024, FCC Industrial was awarded the following
contracts:
Spain
218 MW photovoltaic plant San Pedro, Murcia.
Design and construction of the signalling, energy
and telecommunications installations for the
Murcia-Almeria High-Speed Line.
Electromechanical installations in ONCE
buildings, Madrid.
Maintenance of electromechanical installations
in the Santiago Bernabéu Stadium, Madrid.
International
Project Management of the integral project
Lakach Veracruz (Mexico).
Centauro Norte gas pipeline (Mexico).
Awarded
In progress
Completed
Concepción Industrial Bridge (Chile).
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Main domestic projects in progress
Electromechanical installations in the Santiago
Bernabéu Stadium, Madrid.
Electromechanical installations, Soria Hospital.
Electromechanical Installations in Puertollano
Hospital, Ciudad Real.
Electromechanical installations in ONCE
buildings, Madrid.
Installation of air conditioning in the Valencia
Clinical Hospital.
Electromechanical installations at the Civil Guard
Headquarters in Zaragoza.
Execution of the catenary for the Valladolid
eastern rail bypass.
273 MW Guillena photovoltaic plant, Seville.
380 MWp Tagus XL photovoltaic plant, Cáceres.
Maintenance of Iberdrola Electrical Networks.
Substation and evacuation line of the 220 kV
Guillena photovoltaic plant, Seville.
Main international projects
in progress
Electromechanical Installations Riyadh metro,
Riyadh (Saudi Arabia).
New fuel storage and aviation fuel storage tanks
at Lima Airport, Peru.
Liquefied Natural Gas regasification plant
(Germany).
Maintenance
and conservation
Maintenance of dual carriageways,
motorways, roads
Carrying out maintenance on more than
1,300 kilometres of dual carriageways and
3,000 kilometres of conventional network roads
belonging to several Public Administrations
(Ministry of Transport, SEITT, Gran Canaria
Inter-Island Council, Autonomous Communities,
Provincial Councils and Concessions).
Within this network, the operation and exploitation
of more than 20 kilometres of tunnels, including
the Somport International Tunnel, between Spain
and France, stands out.
The following domestic contracts were obtained
in 2024:
For the General Directorate of Roads of the
Ministry of Transport and Sustainable Mobility
Conservation and exploitation of roads and
minor works relating to these services in sector:
OR-02, Province of Ourense.
Conservation and exploitation of roads and
minor works relating to these services in sector:
LU-02, Province of Lugo.
Conservation and exploitation of roads and
minor works relating to these services in sector
SG-01. Province of Segovia.
Conservation and exploitation of roads and
minor works relating to these services in sector
SA-01. Province of Salamanca.
Cable laying on the Valladolid eastern railway bypass (Spain).

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Conservation and exploitation of roads and
minor works relating to these services in sector
GI-02. Province of Girona.
Conservation and exploitation of roads and
minor works relating to these services in sector
O-06. Province of Asturias.
In addition to these new contracts, 11 other
maintenance contracts with the Ministry of
Transport and Sustainable Mobility that had been
awarded in previous years continued in 2024.
For SEITT
Technical assistance services contract for
the execution of various maintenance and
exploitation operations on the R2 and M-12
motorways and their associated sections
managed by SEITT S.M.E. (Lot 1).
Technical assistance services contract for
the execution of various maintenance and
exploitation operations on the AP7 Alicante ring
road and its associated sections managed by
SEITT, S.M.E. (Lot 5).
Maintenance of roads with other
agencies
During 2024, the company continued to provide
road maintenance services for Palencia Provincial
Council, as well as two other road maintenance
contracts for Huelva Provincial Council.
It also continued to provide service on the
Barcelona ring roads for the metropolitan area of
Barcelona, on the high-capacity network for Gran
Canaria Inter-Island Council, in the Donostialdea
sector for Guipúzcoa Provincial Council, and on the
A-3 dual carriageway in the province of Cuenca for
AUCONSA.
Maintenance of transport systems
Maintenance of Zaragoza tram line 1.
Port infrastructure maintenance
Execution of a service contract with the Port
Authority of Malaga for the conservation and
maintenance of Malaga Port. This contract has
been renewed for an additional period of two years
and can be extended for a maximum of three
years.
Hydraulic infrastructure maintenance
In the field of hydraulic works, several maintenance
and works/refurbishment contracts have
continued.
With the Guadiana River Authority
Operation, maintenance and conservation of
the Cancho del Fresno, Ruecas, Sierra Brava,
Gargáligas, Cubilar, Azud de Ruecas, Alcollarín
and Búrdalo dams.
Internal box beam repair of Tainter gates for
water level control of the García de Sola dam.
Slope protection on the right bank of the García
Sola dam.
Implementation, maintenance and operation
of the Guadiana River Authority’s network of
electric vehicle charging points.
With the Júcar River Authority
Services to optimise the functioning, updating,
maintenance and joint operation of automatic
hydrological data systems and flow volume
measurement station control networks for the
Júcar River Authority.
Maintenance work on the dams of
the Mijares‑Plana de Castellón and
Cenia‑Maestrazgo operating systems.
Other hydraulic contracts, awarded or in progress
in 2024, were as follows
Maintenance and development services of the
infrastructures included in the hydrological
control network of the Agencia Catalana de
l’Aigua. Low and medium availability control
points (Lot 2).
Project to repair and improve various
watercourses and resource management
elements in the Segura basin. Beniel inflatable
dam for the Segura River Authority (Lot 1).
Fuel storage plant at Lima airport (Peru).
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Pilot project for the environmental recovery of
bathing areas in the Mar Menor, for Cartagena
City Council.
Maintenance service for three monitoring buoys
with submerged sensors and five landers in
the Mar Menor (Murcia), for the Canary Islands
Oceanographic Centre of the National Centre
of the Spanish Institute of Oceanography, State
Agency of the Spanish National Research
Council.
Land transport infrastructure works
Various refurbishment works on structures,
tunnels, etc. on roads have been continued or
started in 2024:
Construction Project of Complementary
nº. 1 of the Work: Completion of works on the
N-332 road. Section: Benissa bypass. Province
of Alicante.
Project to bring the Ortega Prados, Casabermeja
1, Casabermeja 2, Casabermeja 3 and
Casabermeja 4 tunnels in line with Royal Decree
635/2006. Province of Málaga.
Energy saving and efficiency actions in the
Folgoso Tunnel. A-52 dual carriageway. Province
of Pontevedra.
Conditioning works of the B-10 coastal ring road
bridges over the C-31 to Sant Adrià de Besòs for
the Barcelona metropolitan area.
Refurbishment of the bridge on Provincial Road
HU-9104, for Huelva Provincial Council.
Several emergency works have been carried out
for the General Directorate of Roads and SEITT
to repair structures, install parapets, damage
to roads caused by torrential rains and land
subsidence.
Management of emergency and forest
fire services
Provision of the fire prevention service for
the Provincial Fire Brigade of the Region of
Castellón.
Provision of the forest fire prevention and
extinction service for the Autonomous region
of Castilla y León with units composed of fire-
fighters and heavy forest fire engines (UBA).
Environmental services
Comprehensive conservation service for
municipal parks and nurseries. Lot 6. Casa de
Campo and Tres Cantos. Lot 6, for Madrid City
Council.
Vegetation control services on conventional
and metric gauge lines of the General Interest
Railway Network. Lot 3 for ADIF’s Northeast
Operations Division.
Control of vegetation in the area surrounding the
overhead electrical lines in western and southern
Madrid for Iberdrola.
Management of recycling points in National
Heritage historical gardens.
Silvo-pastoral plan for the National Heritage
Riofrío forest in San Ildefonso (Segovia).
Conservation of Manzanares River where it
passes through the municipality of Madrid.
Environmental conservation of La Herrería
Forest in the municipality of El Escorial (Málaga)
for National Heritage.
Maintenance and conservation service for the
Castilla canal for the Duero River Authority.
Services for flood protection preventive actions
in the Segura River District. Province of Almería,
for the Segura River Authority.
Scarborough Subway Extension Stations, Rail and Systems (Canada).

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Prefabricated
construction
In 2024, Prefabricados Delta’s factories have
produced:
More than 43 kilometres of steel-jacketed
concrete pipe, of which 40 kilometres have
been of post-tensioned steel-jacketed concrete
pipe and more than 3 kilometres of reinforced
concrete pipe with a large-diameter steel jacket.
5 kilometres of glass-fibre reinforced pipes.
142,000 concrete sleepers of various types.
For 2024, Prefabricados Delta contracted more
than 32 million euros. The biggest contracts by
activity sector were as follows:
Supplies for hydraulic conduits

Modernisation of irrigation infrastructures in
sectors XII and XIII of the Monegros Canal,
Cartuja-San Juan irrigation community, in the
town of Huesca, with a budget of 4 million
euros.

Modernisation of the irrigation systems
of the Lower Bierzo Canal in the province
of León as part of the agreement for the
supply of sheet metal-jacketed concrete
pipes during the period 2022-2025, under
the Recovery, Transformation and Resilience
Plan financed by the European Union -
NextGenerationEU.

Modernisation of the Piñana Canal irrigation
system. Construction project for Sector
3 of the Decorbins, Benavent de Segriá,
Torreserona, Vilanova de Segriá, Lleida
and la Protella municipal districts as part
of the agreement for the supply of sheet
metal-jacketed concrete pipes during the
period 2022-2025, under the Recovery,
Transformation and Resilience Plan financed
by the European Union - NextGenerationEU.

Irrigation modernisation project for the
Colomers dam irrigation community,
Torroella de Montgrí (Gerona), as part of the
Recovery, Transformation and Resilience
Plan financed by the European Union -
NextGenerationEU.

Supply of GFRP (Glass Fibre Reinforced
Polyester) for “Valdurrios piping and
electrification of pumping stations in the
irrigable zone of sector VIII of Monegros II
(Bujaraloz and Peñalba)”.
Supply for railway contracts

Supply and transport of sleepers for the
complete replacement of bi-block by
monoblock sleepers on various sections of
the Seville-Huelva line, lots 1, 2 and 3.

Supply and transport of sleepers for Sleeper
Renewal (phase 2) and ballast stripping on
the Madrid-Seville High-Speed Line.

Supply and transport of sleepers for the
Murcia-Lorca San Diego section. Murcia-
Almería High-Speed Line, Lot 3.

Supply of sleepers for access to new
terminals in the Port of Seville for the port
authority of Seville.

Supply and transport of sleepers for railway
integration in Almería. Phase 2. Murcia-
Almeria high-speed Mediterranean corridor.
Railway lines (Romania).

Implementation of a new corporate image for
Renault Europe in Spain, Portugal and Italy
with restyling of the 2022 image, including
the new Renaulution 2022 Logo.

Implementation of the new corporate image
for the Dacia dealership network in Spain,
Portugal and Italy, as well as the new logo,
Dacia Link.

Supply and installation of the Yamaha image
for dealers in Europe.

Implementation of the image restyling project
for Nissan Europe in dealerships in Spain,
Italy and Portugal.

Supply of the new Nissan logo for Europe.

Supply of image elements for BP’s service
stations in Europe, with more than 500
operations in the United Kingdom and 415 in
Spain, including service station maintenance,
and 110 in Portugal. As well as the start of
the implementation project in Poland, the
Netherlands and Switzerland.

Design and supply of the corporate image
for BP Pulse electric recharging points in the
United Kingdom.

Award of the contract for the supply and
installation of KIA’s new external corporate
image throughout Spain.

Award of the contract for the supply and
installation of KIA’s new internal corporate
image (including furniture) throughout Spain.

Design of BP’s new canopy for all its electric
charging points, either at BP service stations
or at stand-alone charging points.

Supply and installation of BP canopies
for electric charging points at BP service
stations.

BP SHOPS-Development of engineering,
structural calculations and prototypes for
the new standardised modular shops for BP
service stations.

EV.BP Pulse-Development of engineering,
drawings and catalogue of the global BP
Pulse new look and prototype manufacturing
in Germany.

Implementation of the new Stellantis group
internal image for Spain, Italy and Portugal.

Project for the supply and installation of the
new Stellantis external corporate image for
the entire network of workshops in Spain,
Italy and Portugal.

Supply and installation of the MG image for
dealers in Spain.

Implementation of the new image for
DongFeng (Caetano Group) brand dealers in
Spain.

Award of the contract for the supply and
installation of MOEVE’s new external
corporate image throughout Spain.
Santiago Bernabéu Stadium, Madrid (Spain).
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FCC. Annual Report 2024

January
March
May
July
September
November
April
February
June
August
October
December
FCC wins the contract to build
the Pape Tunnel and several
Ontario Line Metro Stations
(Canada).
FCC Construcción has been
recognised with more than
23 national and international
awards for its activity and
projects.
FCC Construcción joins the Zero
Discrimination campaign of the Diversity
Foundation.
FCC Construcción is emission-neutral
in its water consumption.
FCC Construcción Chile completes
the Mapocho Río Park project.
FCC Construction achieves the
“Calculate” seal from the Carbon
Footprint, offset and carbon dioxide
absorption projects registry for
another year.
FCC Construcción wins the "Digital
Collaboration Award" at the
Construction Excellence Awards 2024.
The Spanish Ambassador to the
Netherlands visits the A9 dual
carriageway extension project
(Netherlands).
For the second year in a row, FCC is
the third largest Spanish construction
company in the world according to
Deloitte's Global Powers of Construction.
FCC appears in the 22nd edition of
Forbes' annual Global 2000 ranking
of the world's largest companies.
FCC Construcción obtains the MERCO
seal for companies with the Best
Reputation.
FCC Construction attends the United
Nations’ Climate Change Conference.
FCC Construcción publishes its
Sustainability Report 2023-2024.
FCC Construcción starts work on the A-5
underground road (Madrid, Spain).
FCC Construcción obtains the "Zero Waste"
Certificate.
Santiago Bernabéu Stadium, built by
FCC Construcción, voted the best stadium
in the world by the World Football Summit.
FCC Construcción Preferred Proponent for
the Fraser River Tunnel project (Canada).
FCC Construction publishes its
Greenhouse Gas Emissions report
for 2023.
Inauguration of the Riyadh Metro yellow,
green and purple lines (lines 4, 5 and 6)
(Saudi Arabia).
FCC Group and three of its business Areas
seal their commitment to the Diversity
Charter.
The Aranda de Duero Hospital (Burgos,
Spain) construction project, an example
of sustainable, efficient and innovative
healthcare infrastructure.
FCC Construcción is making progress in
the phases prior to construction of the
Pallas medical isotope reactor (Holland).
Metro Panama's Line 2 extension project,
winner of the ENR Best Global Project.
FCC Construction Australia is awarded
the largest social and affordable housing
development in Queensland (Australia).
FCC Construcción ranks 29th on the ENR
2024 international list.
FCC Construcción begins installing
beams for the Industrial Bridge (Chile).
FCC Construcción will resume
construction of the Nou Mestalla
stadium (Valencia, Spain).
FCC Construcción completes
excavation of the 11th station on
Line 2 and 4 of Lima Metro (Peru).
3. Construction Highlights 2024
The FCC Group Construction Area
collaborates in restoring services
affected by flooding (Spain).
FCC Construcción participates in the
United Nations Think Lab on Business
Integrity.
The DigiChecks 'platform' is validated
on the A465 dual carriageway extension
project (Wales, United Kingdom).
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4. Sustainability
and excellence
4.1.
Sustainability
Aligned with the SDGs
The United Nations 2030 Agenda is a clear and
shared path to eradicate poverty and promote
sustainable and equal development between
2016-2030. For this reason, FCC Construcción has
incorporated the Sustainable Development Goals
into its activity and value creation model.
This commitment finds its concrete expression in
its Sustainability Strategy 2023-2026, approved
by the Sustainability Committee in 2023, with
ambitious short- (2026), medium- (2030) and long-
term (2030) objectives, linked both directly and
indirectly to the attainment of the SDGs, as can be
consulted at the start of the Strategy.
Moreover, as a new feature since 2023,
FCC Construcción became the only construction
company on the United Nations Financial
Innovation Platform to Support SDGs and, as part
of its commitment to adopt the four principles of
sustainable finance, it has developed a novel tool
that allows the sustainable investment made by
the company to be linked to the SDGs over time,
making it possible for the organisation to ascertain
rigorously its economic impact on sustainable
development.
We should also like to highlight the CEO of
FCC Construcción’s commitment to the SDGs,
which constitutes a new, united and responsible
approach from which companies can, and should,
contribute to the creation of a more sustainable
world and the dissemination and training of
employees on SDGs with training sessions,
courses and awareness campaigns.
Sustainable construction
FCC Construcción considers that the
achievements made and the processes developed
should be a standard of behaviour and form
part of the culture of the construction sector
worldwide. This is why it is committed to sharing
the knowledge and criteria acquired with the
community, participating in and leading multiple
forums and technical committees at both national
and international level.
Some of the most relevant committees with
which FCC Construcción collaborates to establish
sustainability criteria related to construction are:
International Technical Committee for
Standardisation ISO/TC59/SC17 “Building
construction/ Sustainability in building
construction”, in which FCC Construcción holds
the presidency of ISO/TC59/SC17/WG5 “Civil
Engineering Works” on sustainability in civil
works.
Technical Committee for Standardisation
ISO/TC 207 “Environmental Management
Systems”.
Technical Committee for Standardisation
ISO/TC 301 “Energy efficiency, climate change
and renewable energies”.
International Technical Committee CEN/TC350
“Sustainability of Construction Works”.
Technical Committee for Standardisation
UNE/CTN198 “Sustainable Construction”, in
which FCC Construcción is vice-chairman of
the Technical Committee for Standardisation
AEN/CTN198 “Sustainable Construction”, and
chairman of the Technical Subcommittee
for Standardisation AEN/CTN 198/SC 2
“Sustainability in civil works”.
FCC Construcción also continues to participate
in other relevant national and international
organisations, associations and committees on
sustainability, such as the Spanish Association
for Quality (AEC), SEOPAN, the National and
International Committees for Large Dams
(ICOLD and SPANCOLD), the European Network
of Construction Companies for Research and
Development (ENCORD), Blue Dot Network (OECD),
Green Building Council Spain (GBCe), BREEAM Spain
and the International Initiative for a Sustainable Built
Environment (iiSBE), among others.
Environmental management
FCC Construction has an Environmental
Management System, certified according to
ISO 14001, which covers almost 100 % of its
activity.
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Likewise, this Environmental Management System
is reinforced by the implementation of a System
of Good Practices®, a pioneer in the construction
sector, which is based on a series of voluntary
actions of proven effectiveness. This system
aims to go one step further in the management of
environmental risks and impacts that may arise
during an FCC Construcción project, effectively
contributing to avoid, minimise and mitigate
these risks and impacts, and to maximise the
benefits. These voluntary Good Practices are a
requirement for works and must always represent
an improvement beyond what is required by
applicable environmental legislation, or any
contractual requirements of the client or other third
parties.
The main novelty is that during 2024 work has
been carried out on the implementation of a
system for calculating FCC Construcción’s Water
Footprint for its future certification together with
the Carbon Footprint, with the dual objective of
better managing this resource, reducing pressure
on areas with water stress and increasing the rate
of water reuse.
Likewise, within the Environmental Dimension
of the 2023-2026 Sustainability Strategy,
FCC Construcción has set itself the objective for
2026 of extending the System of Good Practices
to increase its scope in all areas of sustainability.
Sound governance
For FCC Construcción, building sound governance
in matters of sustainability is one of the basic
pillars, the result of which is its Sustainability
Strategy, which in turn includes its Climate Change
Strategy, both published in 2023.
Note that in 2024, FCC Construcción has been
working on a Due Diligence Procedure for Human
Rights and the Environment, in anticipation of
the requirement of the Corporate Sustainability
Due Diligence Directive (CS3D). This procedure
will serve to integrate due diligence into
FCC Construcción’s management processes
and systems.
Another major milestone initiated in 2024 is
the start of the design and implementation of a
Sustainability Information Internal Control System
(SCIIS), which will allow the organisation to
strengthen the control of sustainability information
management and to comply, among other issues,
with the requirements imposed by different
regulations, such as the Corporate Sustainability
Reporting Directive (CSRD) and the European
Sustainability Reporting Standards (ESRS), which
obliges companies to apply a reasonable rather
than a limited assurance approach in their control
of sustainability information, in anticipation of such
a requirement.
These two facts will considerably improve
FCC Construcción’s accountability and
transparency and will ensure correct compliance
with regulations in force applicable to the
company’s activity.
Commitment to climate change
FCC Construcción has been integrating climate
change management into its activity for years. In
2010, it became the first construction company
in Spain to externally verify its Greenhouse Gas
(GHG) emissions. Since then, the organisation has
been calculating and verifying its carbon footprint,
expanding its geographical boundaries and its
Scope 3 to cover virtually all activity. In 2024, for
the fourth year running, AENOR verified our GHG
emissions for 100 % of the business, under the
ISO 14064-1:2018 standard.
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FCC Construcción has achieved two important
milestones in terms of climate change in 2024:
Firstly, it has obtained the “Calculate, Reduce
and Offset” seal for the 2023 Footprint from the
“Carbon footprint, offset and carbon dioxide
absorption projects registry” of the Ministry
for Ecological Transition and the Demographic
Challenge, despite the considerable increase
in its productivity. FCC Construcción has been
registering its footprint since 2010, the first
construction company to register its Carbon
Footprint.
Secondly, for the first time, FCC Construcción
has participated individually in the Carbon
Disclosure Project (CDP), highlighting its
sound governance managing the fight against
climate change. This achievement is reinforced
by having obtained the highest score in the
Emission Reduction Initiatives category, as
well as in other categories that measure the
organisation’s effort in assessing, addressing
and disclosing its climate change related risks,
opportunities and impacts, and the involvement
of its value chain in the process.
These two milestones are yet another example
of the result of integrating the FCC Construcción
Sustainability and Climate Change Strategies in
the organisation, which include ambitious short-,
medium- and long-term objectives, with the
ultimate aim of achieving neutrality in 2050.
Circular economy
At FCC Construcción, the circular economy is one
of the main strategic axes of its Sustainability
Strategy to reduce the environmental impact of its
activities. This axis focuses on two main strategic
lines: the first is based on production processes
efficiency, extending useful life, optimising resource
use and the use of more sustainable materials; and
the second is based on better waste management.
In this area, it should be noted that, in 2024, work
was carried out on the development of a Zero
Waste Management System for FCC Construcción
works and fixed centres, which led to us obtaining
the AENOR Zero Waste certificate for two
FCC Construcción works and one FCC Industrial
fixed centre. This certificate recognises the efforts
of organisations to manage their waste efficiently,
as at least 90 % of the waste generated must be
recovered for the certificate to be awarded.
FCC Construcción is a pioneering company in the
sector in obtaining this Zero Waste Certificate.
Already in 2019, FCC Industrial managed to obtain
this certificate in one of its projects, making it to
first sector company to achieve this milestone.
This is part of the journey that started in 2017,
when FCC Construcción structured its move
towards the circular economy around the Ellen
MacArthur Foundation’s ReSOLVE framework. In
2018, the company joined the Pact for a Circular
Economy, promoted by the Spanish Ministries of
Environment and Economy.
Industrial Bridge (Chile).

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4.2.
Quality
Service excellence
The participation of FCC Construction in any
infrastructure project involves offering a company
with 125 years’ experience in the sector, with
great technical ability, and a firm commitment: to
efficiently overcoming challenges. This all comes
with absolute respect for the environment, while
promoting development and innovation through
the use of the best construction techniques.
In its work, FCC Construcción creates value for
society and for its shareholders, providing the
management and services required to design,
build and operate infrastructure and services that
efficiently, sustainably and safely contribute to the
well-being of people. In this respect, the company
contributes solutions aimed at improving society,
sustainable development and the well-being of
people.
In line with its objective of continuous
improvement, to get recognition by stakeholders
and give greater confidence to its clients,
FCC Construction has its system certificated for
almost 100 % of its national and international
business.
Customer satisfaction
FCC Construction’s priority is to meet the needs
of its clients, with the commitment to fulfil their
requirements with quality guaranteed. The main
objective is excellence in the performance of the
work by providing personalised attention and
ongoing dedication, always focusing on fulfilling
their expectations.
Clients assess FCC Construction’s activity every
year. Across all the surveys, the most highly rated
attributes are the suitability of the construction
processes, attention to client indications and the
professional capacity of the construction team, all
with a rating of more than 9 out of 10. Likewise, the
weighted rating of company performance in the
works has also remained in the ‘outstanding’ range.
These excellent results enable us to state that the
stringency and quality of FCC Construcción are
factors that set us apart from the competition.
Knowledge Management
The knowledge and experience acquired by
FCC Construcción through its successful
participation in the projects and works in which
it is involved are a strength that is highlighted
and valued by clients. This advantage has been
enhanced by FCC Construcción’s Knowledge
Management and the tools that promote it
(A-ALEJANDRIA), establishing a framework for
the creation, capture, storage and distribution of
knowledge within the company.
The purpose of knowledge management is to
learn from past experience and improve future
actions, based on the knowledge stored up in the
organisation.
Awards in 2024
Follow this link to see the awards received in 2024.
Management Pioneers
The Management and Sustainability System
at FCC Construcción is a dynamic system
that constantly adapts to the new challenges
and processes required by the market.
FCC Construcción has always been a pioneer
in implementing new developments and
management systems.
To demonstrate compliance to third parties and
greater transparency in its management, the
company has its Management and Sustainability
System certified by an accredited external
agency.
From 2024 and for the next two years,
FCC Construcción is leading an R&D&I project,
co-financed by the CAM Innovation Hub and ERDF
funds, in which Matinsa is also participating,
consisting of the development of a Sustainability
Assessment and Certification System for Civil
Works, SOSTEVAL-TEC. This project aims to
automate and improve processes for the collection
and assessment of sustainability-related data
and information, thus contributing to better
management of sustainability issues.
Construction | Sustainability and excellence | Page 4 of 6
Drotningsvik tunnel Rv. 555
Sotrasambandet-Sotralink (Norway).
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Strategy and
value creation
Innovation and Technology
FCC Construcción promotes an active
technological development policy, with a firm
commitment to research, sustainability and
contribution to the quality of life of society as
a differentiating factor in the current, highly
competitive and internationalised market. The
development and use of innovative technologies
to carry out the works additionally involves an
intrinsic added value for the company.
Within its activity, FCC Construction and
its invested companies develop projects in
conjunction with other companies in the industry,
often with technology-driven SMEs, which makes it
possible to perform open innovation projects with
a participation in the value chain and, occasionally,
on a horizontal cooperation basis.
Research, Development and Innovation
projects at national level
During 2024, work has been done mainly on the
following projects:
FCC Construcción:
Megaplas:
Matinsa:
FCC Industrial:
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Owners:
CONVENSA (50 %) y
FCC Construcción (50 %)
Utility Model in Portugal:
Transport gantry and rail laying.

Pórtico de transporte e colocação de carris.
Mobile concrete transport and distribution
gantry.

Pórtico movível de transporte e distribuição de
betão.
Modular crossing ramp.

Rampa modular de cruzamento.
Research, Development and Innovation
projects at international level
Internationally, FCC Construcción is coordinating
the DigiChecks Project, part of the new Horizon
Europe programme (2021-2027):
Owner:
FCC Construcción
Patent in Australia:
System and method for destressing stay cables by
incorporation of, or substitution by, improved filling
material.
FCC Construction, due to its solid position in the
market and having a competitive advantage in the
sector, uses the different available mechanisms to
protect industrial and intellectual property in the
processes it deems strategic.
During 2024, we have been awarded the following
files:

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5. Regulatory
compliance
The Construction Area Compliance Department
made a significant effort in 2024 to disseminate,
train and adhere to the approved Compliance
Model, both in Spain and internationally.
To ensure the proper roll-out and implementation
of the FCC Group Code of Ethics and Conduct,
as well as the regulatory Compliance block in all
Construction Area subsidiaries and geographical
areas, subsidiaries with activities both in Spain
and internationally have formally adhered to
the Compliance Model through their Boards of
Directors. In the United Kingdom, the subsidiary
FCC Industrial UK adhered to the FCC Group
compliance model through its management body,
so currently all active national and international
wholly-owned companies are already adhered.
Five years after implementing the new Compliance
Model in the FCC Group, the Garrigues firm was
entrusted with the comprehensive review of the
FCC Group Compliance Model in order to update
it and bring it into line with new legislation in
force. Following the review carried out, the latest
version of the Code of Ethics and Conduct and
the new FCC Group Compliance Policy stand
out. FCC Construcción has adhered to the new
Compliance Model by means of a resolution of its
Board of Directors.
Likewise, in order to properly disseminate the
FCC Group Code of Ethics and Conduct and
Compliance regulations, various training activities
have been carried out in all Construction Area
subsidiaries and geographical areas, both in Spain
and internationally:
Online training
FCC Group Code of Ethics and Conduct
Awareness Video: its objective is to recall the
principles that should guide the behaviour of
FCC Group employees, strengthening a culture
of compliance that ensures respect for the laws
and rules of the Group.
Sexual and gender-based harassment: the
course aims to provide a complete overview of
harassment and its different manifestations with
special attention to investigation and treatment,
focusing on the FCC Group Harassment
Protocol.
Anti-corruption awareness-raising “Zero
tolerance against corruption”: the aim of which
is to try to prevent and combat corruption in
our company, indicating which practices are not
allowed, how to avoid them and how to report
them.
Competition Policy: its objective is to publicise
the rules and principles of free competition in
all the markets in which the company operates
and to identify any conduct that may impede
the development and maintenance of effective
competition. Training was provided by law firm
Linklaters.
Session on Conflicts of Interest: its objective is
to be able to identify the existence of conflicts of
interest, types of conflict and the consequences
they can generate, as well as to learn about
mechanisms for preventing and controlling
them.
“Ethmor” Code of Ethics and Conduct for
international: aims to reinforce knowledge
of the principles that should guide behaviour
in the FCC Group, strengthening a culture of
compliance that ensures respect for the laws
and rules of the Group.
In-person training
The Compliance department has held in-person
training sessions on the Compliance Model,
Code of Ethics and Conduct and dissemination
of the FCC Group Ethics Channel in the following
branches and international projects:
FCC Construcción in Toronto, Canada, on the
GO Rail Expansion-On Corridor and Scarborough
Subway Extension Stations Rail and Systems
projects.
FCC Construcción branch in Mexico.
Megaplas Italia SpA in Turin, Italy.
Pallas Project in the Netherlands.
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In addition, together with the Compliance Officer of
Colombiana de Infraestructuras, SAS, training has
been given at the FCC Construcción delegation
in Colombia against Money Laundering and the
Financing of Terrorism (Sagrilaft), on the Business
Transparency and Ethics Plans (PTEE) and on
Conflicts of Interest in the FCC Group and the
particularities of the law in Colombia.
As set out in the Group’s regulations,
FCC Construcción has developed its own integrity
due diligence procedure for third parties. The
Compliance department, in collaboration with the
Group’s Security department, carried out a total
of 84 Integrity Due Diligence reports for potential
partners during 2024.
In relation to the development of the Compliance
Model in the different FCC Construcción branches,
subsidiaries and projects, various actions were
carried out at international level:
In the Netherlands, a collaborative Code of
Conduct for the Pallas Project Client, contractor
and engineering was approved. An information
poster was also designed and distributed to all
project employees.
In Portugal, local regulation “Regime Geral de
Prevenção da Corrupção” was reviewed. In order
to comply with the standard, a separate risk
map was drawn up for the Portuguese branch of
FCC Construcción. Also, the compliance officer
was appointed by an FCC Construcción Board
of Directors resolution and his appointment
was registered with the National Anti-Corruption
Mechanism (MENAC).
In Colombia, Sagrilaft regulations and the
Transparency and Business Ethics Programmes
were reviewed. This review led to the need to
draw up a specific risk map for the subsidiary
Colombiana de Infraestructuras, SAS, which was
recently approved by its shareholders’ meeting.
The competencies of the Compliance department
include overseeing the operation, effectiveness
and degree of monitoring of the Model, as well
as controlling implementation, development and
compliance with the annual programmes defined
for its supervision and monitoring.
With regard to the identification of risks and the
implementation of risk and control matrices,
a threefold approach was adopted in the
Construction Area:
1. Risk and control matrices in Spain: implemented
in all companies adhering to the Model, with
control managers defined at each branch or
company.
2. Anti-corruption matrix in Colombia: based
on regulations, risk analysis and specific local
controls.
3. Standard Anti-Corruption Matrix in other
international locations: controls assigned to
the Country Manager or Project Manager and
supervised by the Area Manager. In the case
of Megaplas Italia, as it is a factory and not a
construction project, slight adaptations have
been made to the anti-corruption matrix.
In the Construction Area, its Model has been re-
assessed every six months using the Compliance
Tool by certifying the controls and processes
established.
Other actions
FCC Construcción has actively participated,
together with the United Nations Office on Drugs
and Crime, in the working group in charge of
drawing up the new practical guide “Anti-Corruption
Ethics and Compliance Programme for Business”.
FCC Construcción website and intranet one:
the latest versions of the FCC Group Code of
Ethics and Conduct have been included, as well
as public policies that form part of the regulatory
compliance block, both in Spanish and in the
different languages of the countries where we
operate.
Finally, in collaboration with the Communication
and Marketing department and the Occupational
Risk Prevention department, a Communication
Plan has been drawn up to disseminate and
provide training on the Code of Ethics and Conduct
to Construction Area employees with no corporate
email, in person in all the Construction Area offices
and projects nationwide. The plan consisted of
different actions such as screening the awareness-
raising video on the FCC Group Code of Ethics and
Conduct, posters placed in offices and projects and
handing out information leaflets.
Salamanca University Hospital (Spain).

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6. People
and culture
6.1.
Equality
In 2024, FCC Construcción signed the 4th Equality
Plan. A pioneer in equality and diversity in the
industry, the company has been developing
actions to raise awareness of the individual rights
of employees, protecting and empowering them.
FCC Construcción has a long and fruitful history
of negotiation fostered by the social dialogue
established in the company.
The 4th Equality Plan represents an ordered set
of measures which will truly and effectively
make it possible to continue to achieve, in the
global sphere for which it has been designed, the
objectives of equal treatment and opportunities
between women and men, and to eliminate any
hint of discrimination on the grounds of sex.
The Plan contemplates and develops a series of
agreed measures and actions that promote and
favour an equal work environment and the creation
of inclusive business models where equality and
diversity of professionals are rewarded, carrying
out actions and programmes to promote equality
and labour integration, which not only contribute
to the well-being of people, but also make areas
such as creativity and productivity more prominent
within the organisation.
In line with the measures set out in the Plan, equal
treatment, the defence and effective application
of the principle of equality between women and
men is guaranteed. This means providing equal
opportunities for entry and career development
at all levels through gender-neutral procedures
and policies for selection, recruitment, promotion,
training and remuneration. Furthermore, the
balanced distribution of women and men in the
different professional positions and categories
will be improved, with special attention to those
professional groups and functions in which women
are under-represented.
The aim is to promote and improve women’s
access to positions of responsibility, helping
to reduce inequalities and imbalances.
Training actions will be carried out to facilitate
the development of professional skills and
competences equally, without distinction
between women and men. The occupational
risk prevention policy will incorporate a gender
perspective, taking into account gender-specific
(including psychosocial) risks and illnesses.
Work-life balance and joint responsibility in care
will be encouraged and promoted. Anyone at
the company enjoying work-life balance rights is
guaranteed to suffer no discrimination in relation
to selection, promotion, training and remuneration
conditions. The prevention of and response to
possible complaints of sexual or gender-based
harassment will be encouraged in accordance with
existing protocol for such cases. Awareness will be
raised and support will be given to the integration
and labour protection of female workers who are
victims of gender-based violence. A corporate
culture committed to equality will be disseminated,
involving the entire organisation: company
management, middle management and the entire
workforce. Equal pay for work of equal value will
be ensured. Finally, inclusive, non-sexist, diverse
and non-discriminatory language and images will
be used in documents and all internal and external
communications.
FCC Construcción is a company committed to
equality and diversity and has pioneered inclusive
and egalitarian policies and activities in the
industry.
In addition to the FCC Construcción Plan, we have
a total of five equality plans in Area companies.
Three of these companies (Prefabricados Delta,
Megaplas and Convensa) signed their first plan
between 2022 and 2023, while FCC Industrial has
signed its third Plan and Matinsa its second. These
plans strengthen employee work-life balance,
protect victims of gender-based violence and
provide protocols on sexual and gender-based
harassment. Recruitment and training measures
have also been encouraged to promote more
diverse and egalitarian companies. In addition, two
Area companies have been awarded the Distinction
of Equality in Business.
Construction | Regulatory compliance | Page 3 of 4
Infrastructure maintenance work
(Matinsa).

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Construction | Regulatory compliance | Page 4 of 4
6.2.
Diversity and inclusion
With regard to Diversity and Inclusion, we have
continued to promote the enpositivoFCC website.
The Diversity Charter was reaffirmed in 2024, in
which the company states that it respects existing
equal opportunities and anti-discrimination
regulations.
The agreement remains in place with the
Asociación Red Empresarial por la Diversidad
e Inclusión LGTBI (REDI), an ecosystem of
companies and professionals in Spain that works
to promote safe and respectful work environments
for all people, regardless of their identity, gender
expression or sexual orientation.
Agreements are maintained with Fundación
Adecco and Fundación Inserta de la ONCE to
promote the inclusion of people with disabilities.
6.3.
Health and well-being
The Training Department promotes Corporate
Well-being Programmes through three itineraries
by means of actions provided via platforms,
applications and audiovisual tips.
Mental well-being.
Health and diversity.
Sport and nutrition.
Programa Bienestar Integral 2025
Bienestar
Mental
Diversidad
Salud Física y
alimentación
Primeros auxilios psicológicos
Las leyes de las relaciones
saludables
Hábitos de autocuidado
emocional
Somos lo que comemos
Alimentación y sistema inmunológico
Actividad física en cualquier lugar
Menopausia y alimentación
Entrenamiento y nutrición a partir
de los 50
Salud cerebrovascular
Proveedores:
NATUC y SALUDANDO (Talleres alimentación y actividad física)
GIMNASIO EMOCIONAL (1os Auxilios psicológicos, relaciones saludables)
SERVICIO MÉDICO FCC (Salud cerebrovascular)
OCERANSKY (Menopausia y alimentación)
27 Febrero
29 Mayo
11 Diciembre
27 Marzo
20 Noviembre
23 Octubre
24 Abril
25 Septiembre
19 Junio
This type of training has been internationalised to
countries such as Saudi Arabia, Australia, Romania,
the Netherlands, Norway, the United States and
Canada.
Comprehensive Well-being 2025 Programme, designed and launched in 2025.

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Concessions
1. Industry analysis _ 242
2. Activity in the Concessions Area _ 243
3. Projects in operation _ 244
4. Concessions Highlights 2024 _ 246
5. Regulatory compliance_ 247
In 2024, the Concessions Area of the FCC Group
recorded a consolidated total order book of
2.73 billion euros(*). The gross operating profit
(Ebitda) reached 55.4 million euros and turnover
increased by 26.4 % compared to the previous year
to 77.8 million euros.
(*) Data relating to consolidating projects.

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Concessions
FCC Concesiones, a company wholly owned by
FCC, is responsible for developing, financing,
managing and operating social and transport
infrastructure concessions.
Its success is largely based on the team’s
experience and ability to understand and manage
all stages of the project; from tendering, financing,
design, construction, commissioning, operation,
maintenance through to handover; and adopting a
long-term partnership approach with our clients.
With specific experience in the management
and operation of motorway, metro/tram and
social infrastructure projects, both in Spain and
internationally.
Concessions currently managed in Spain include
trams in Murcia, Parla, Zaragoza and Barcelona,
Barcelona metro line 9 stations and, in Belgium,
the management of a penitentiary centre. It has a
portfolio of 16 concession companies, 14 of which
are in operation.
In 2024, the Concessions Area of the FCC Group
recorded a consolidated total order book of
2.73 billion euros(1). The gross operating profit
(Ebitda) reached 55.4 million euros and turnover
increased by 26.4 % compared to the previous
year to 77.8 million euros.
Over the course of 2024, the Concessions Area
was awarded contracts worth approximately
230 million euros in total.
Haren Prision (Belgium).
Experience and ability
630 kilometres of concessioned roads
Average daily traffic intensity
of concessioned roads:
165,000 vehicles/day.
More than 120 million users
per year.
Concessioned healthcare facilities
More than 13,700 m² of healthcare area.
11 health centres.
Serving a population of more than 85,000
people per year.
100 clinics.
Urban transport infrastructures
(tram and metro)
More than 103 kilometres of metro and
tram concessions.
161 stations.
118 trains.
Marinas:
56,000 m² of marina dock
755 mooring points.
4,000 m² of commercial areas.
Concessioned buildings
(prison and office use)
More than 15 buildings for different uses.
More than 3,500 parking spaces.
475,000 m² of concession area.
4
FCC in 2024
241
(1) Data relating to consolidating projects.
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FCC. Annual Report 2024

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FCC. Annual Report 2024
242
1. Industry analysis
1.1.
Domestic market
The infrastructure concessions sector in Spain
closed 2024 with a volume of tenders slightly
over 300 million euros in contracts worth more
than one million euros, a much lower figure than
the previous year, with more than 5 billion euros
tendered.
From the central government, the concession
model is not playing a relevant role in the planning
and development of road or rail infrastructure
projects. The fact that no works concession
contract has been tendered in 2024 and that,
in view of the forthcoming reversion of first
generation motorway concession contracts,
no extension of the concession period is being
considered, suggests that concession project
tenders will not proliferate in the coming years.
In contrast, regional governments are developing
some investment plans through concession
contracts. For example, the regional government
of Extremadura is preparing an ambitious road
works concession plan, similar to the Extraordinary
Investment Plan tendered by the Government of
Aragon in 2023.
Social infrastructure concessions are also being
considered by Andalusia, namely hospital and
court infrastructures.
Local governments, mainly focused on the
development of sustainable mobility, are promoting
concession projects for the electrification of bus
fleets, among others.
1.2.
International market
The concession sector continues to offer
opportunities for infrastructure development
with projects related to urban mobility, transport,
healthcare, education and energy transition,
mainly in Europe and North America. For example,
the modernisation and digitalisation of rail
infrastructure continues to drive private investment
in countries such as Portugal and the Czech
Republic, with high-speed rail projects, as well as in
Ireland with the future Dublin metro project. In the
United States, positive developments are expected
in macro concession projects such as “Managed
Lanes”.
The Middle East, which in recent years has been
committed to private sector participation to
improve infrastructure and diversify its economies,
has seen a contraction in the number of tenders
and all indications are that 2025 will continue along
these lines.
Concessions | Industry analysis
Port Torredembarra, in Tarragona (Spain).
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In operation
Under construction / investment
1
4
5
3
2
2. UNITED KINGDOM
1 Motorway:
A-465.
3. BELGIUM
1 Social infrastructure:
Haren Prision.
4. MEXICO
1 Motorway tunnel:
Coatzacoalcos.
5. PERU
1 Metro:
Lima Metro.
1. SPAIN
3 Roads:
Auconsa.
Ibisan.
Itinerario 8 Aragón.
5 Trams:
Murcia.
Parla.
Zaragoza.
Trambaix.
Trambesos.
1 Metro:
UTE MEL.
1 Social infrastructure:
World Trade Center Barcelona.
1 Marina:
Port Torredembarra, Tarragona.
National:
• Portfolio of contracts: 2,656 millions of euros
• Turnover:
70.71 millions of euros
International:(*)
• Portfolio of contracts: 77 millions of euros
• Turnover:
7.13 millions of euros
Market 2024
(*)Data relating to consolidating projects.
2. Activity in the Concessions Area
Concessions | Activity in the Concessions Area
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In 2024, recovery in demand was consolidated
thanks to the gradual deactivation of measures
aimed at reducing mobility, in awards related to:
3.1. Concessions
Spain
Urban public transport, such as the Murcia
Tramway, the Parla Tramway and the Zaragoza
Tramway, where record figures have been
reached, exceeding 8, 7 and 30 million users
respectively.
Road transport, including Ibiza-San Antonio
motorway and Conquense motorway
concessions, where traffic has exceeded
pre‑pandemic levels and is growing steadily.
Office space and catering premise rental, as
in the case of the WTCB (World Trade Center
Barcelona), where the America’s Cup was a
success in 2024.
3. Projects in operation
International
Concessions under construction, such as the
Lima Metro (Peru) or the A-465 dual carriageway
in Wales (United Kingdom), both of which are in
the construction phase with notable progress in
execution.
3.2. Roads
Spain
Conquense motorway (100 % FCC): a 136 km
shadow toll concession with a duration of
19 years, ending in December 2026. It is part of
the first generation motorway plan promoted by
the Ministry of Public Works in 2007.
Ibiza-San Antonio motorway (50 % FCC):
the contract lasts for 25 years and ends in
August 2030. The length of the concession is
14 km with a 600 metre tunnel. The payment
mechanism is a shadow toll.
International
Underwater tunnel in Coatzacoalcos, Mexico
(85 % FCC): the concession lasts for 30 years
until 2034. The design and delivery of the
underwater tunnel is the first construction of
this type in Mexico and also the first in Latin
America.
A-465 dual carriageway Heads of the Valleys,
United Kingdom (42.5 % FCC): contract for
the construction, financing, maintenance and
operation of the expansion of the 17.3 km
stretch of the A-465 dual carriageway between
Dowlais Top and Hirwaun in Wales: Currently
under construction, the contract runs until 2055.
3.3. Metro and
Tramways
Spain
Murcia Tramway (100% FCC): contract awarded
in 2009 for the construction and operation until
2049 of line 1 of the Murcia Tramway. It has a
fleet of 11 trams, 28 stops and a total length
of 18 km.
Concessions | Projects in operation | Page 1 of 2
A-465 Heads of the Valleys (United Kingdom).

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Concesiones | Proyectos en operación | Página 2 de 2
Parla Tramway, Madrid (100 % FCC): the
concession contract for the construction and
operation of the Parla Tramway was signed
in August 2005 for a period of 40 years. The
infrastructure is 8.3 km long and has 15 stops.
Zaragoza Tramway (13.28 % FCC): line 1 of
the Zaragoza Tramway consists of 12.8 km,
21 trams and 25 stops. The tramways have a
charging and energy accumulation system to
travel the 2 km section that runs through the
historic centre. The contract was awarded in
2009 and lasts for 35 years.
Maintenance of 13 stations on Barcelona’s
Metropolitan Line 9 (49 % FCC): the activities
performed during the operation phase mainly
consist of maintenance of the infrastructure and
equipment built and installed.
International
Lima Metro Line 2, Peru (18.25 % FCC): design,
financing, construction, electromechanical
equipment, systems equipment and provision
of rolling stock. Operation and maintenance for
a term of 35 years, until 2049, on an availability
payment basis.
3.4. Social
Spain
World Trade Centre Barcelona, S.A. (24 % FCC):
awarded in 1990 as a 60 year concession for the
management of World Trade Centre buildings,
in the Port of Barcelona, on a rental payment
income basis. It has 32,744 m² of office and
commercial space, 8,639 m² of conference and
meeting rooms, 28,630 m² of parking and a hotel
with 291 rooms.
International
Haren Prison, Belgium (15% FCC): this
contract covers the design, construction and
maintenance for 25 years on a payment for
availability basis of a new prison complex in
Haren, near Brussels.
3.5. Ports
Spain
Port Torredembarra, Tarragona (17.8 % FCC):
concession of a marina in Torredembarra, which
after its completion has been extended for a
term of 15 years until December 2037.
In Spain, FCC has a minority stake in two trams
in Barcelona: Tranvía Metropolità del Besòs and
Tranvía Metropolità.
Lima Metro, in Lima (Peru).

December
Awardees of Lot 8 of the
Extraordinary Investment Plan
for Roads of the Aragón Regional
Road Network (Spain).
Purchase of all the shares of the Parla
Tramway in Madrid. FCC Concesiones
strengthens its position in the
high-capacity urban transport sector
by adding this operation to that of the
Tramways of Murcia, Zaragoza and
Barcelona (Spain).
Sale of 100 % of
Cemark's shareholding.
Capital increase with share
premium in order to
reorganise Concession
assets, the debt with
FCC, S.A., and concession
companies.
January
February
March
April
May
June
July
September
November
August
October
4. Concessions Highlights 2024
Concessions | Concessions Highlights 2024
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Concessions | Regulatory compliance
5.1.
Commitment
to integrity, honesty
and transparency
Two mechanisms effectively implement our
commitment to ethics and integrity. One is the
FCC Group Code of Ethics and Conduct, the
highest-ranking regulation that establishes the
guidelines of conduct to be followed by all the
people who work in the organisation. Another is
the Ethics Channel for reporting any breach of the
FCC Group Code of Ethics and Conduct.
5. Regulatory compliance
5.2.
FCC Group Code
of Ethics and Conduct
The FCC Group Code of Ethics and Conduct
establishes the guidelines for the conduct and
behaviour of our workforce in ethical, social and
environmental matters.
It includes issues related to corruption and bribery,
as well as addressing human rights, human capital
development, health and safety in the workplace
and respect for the environment. Applicable in
all the countries in which we operate, it affects
all Group employees as well as suppliers and
contractors who collaborate with FCC.
Furthermore, the FCC Group Code of Ethics and
Conduct enhances the organisation’s corporate
culture, insofar as it has been formulated with the
purpose of unifying and reinforcing its identity,
culture and guidelines for conduct.
See our Code of Ethics and Conduct
5.3.
Ethics Channel
Everyone at FCC has an obligation to report
breaches of the Code of Ethics and Conduct. To
this end, we have set up an internal communication
channel for all Group staff, accessible from the
corporate intranet and an email box created for
this purpose.
This channel is a tool to anonymously and
confidentially report all breaches of the Code of
Ethics and Conduct detected in the workplace. As
specified in the Code, the resolution of incidents
falls to the Compliance Committee, a collegiate
body chaired by the Group’s Compliance Officer.
Haren Prision (Belgium).
FCC. Annual Report 2024
247

A1
Consolidated Group
Consolidated balance sheet _ 250
Consolidated income statement _ 252
Consolidated statements of recognised income and expense _ 253
Total statement of changes in the consolidated equity _ 254
Statement of consolidated cash flows (indirect method) _ 255
Notes to the consolidated financial statements _ 257
Management Report _ 409
FCC. Annual Report 2024
249
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Consolidated Group | Consolidated balance sheet | Page 1 of 2
ASSETS
Notes
31/12/2024
31/12/2023 (*)
NON-CURRENT ASSETS

8,511,759

10,657,638
Intangible assets
7
2,645,029
2,476,997
Concessions
7 and 11
1,612,872
1,543,161
Goodwill
764,502
760,815
Other intangible fixed and non-current assets

267,655

173,021

Property, plant and equipment
8
3,771,499
3,838,254
Land and buildings
796,235
1,049,810
Plant and other items of property, plant and equipment

2,975,264

2,788,444

Investment property
9

3,885

2,091,328
Investments accounted for using the equity method
12

520,695

1,034,288
Non-current financial assets
14

1,070,765

748,425
Deferred tax assets
24

499,886

468,346
CURRENT ASSETS

5,724,200

6,062,014
Inventory
15

423,728

1,234,338
Trade and other receivables
3,124,006
2,886,531
Trade receivables for sales and services
16.a
2,597,142
2,478,757
Other loans
16.b
399,679
323,325
Current tax assets
24
127,185

84,449

Other current financial assets
14

256,698

260,545
Other current assets
16

70,151

70,897
Cash and cash equivalents
17

1,849,617

1,609,703
TOTAL ASSETS

14,235,959

16,719,652
Consolidated balance sheet
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES at 31 December 2024 (in thousands of euros)
The accompanying Notes 1 to 33 and Annexes I to V form an integral part of the consolidated financial statements, jointly forming the 2024 consolidated income statements.
(*) The figures as at 31 December 2023 have been restated as indicated in Note 2.a).

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Consolidated Group | Consolidated balance sheet | Page 2 of 2
LIABILITIES AND EQUITY
Notes
31/12/2024
31/12/2023 (*)
EQUITY
18

3,736,019

6,142,472
Equity attributable to the Parent Company
2,732,716
4,447,476
Shareholders’ equity
2,689,318
4,486,899
Capital
454,878
436,107
Accumulated earnings and other reserves
1,804,852
3,462,142
Shares and equity interests
(277)
(410)
Profit for the year attributable to the Parent company
429,865
589,060
Valuation adjustments

43,398

(39,423)

Non-controlling interests

1,003,303

1,694,996
NON-CURRENT LIABILITIES

6,971,110

6,713,751
Grants

243,439

226,624
Non-current provisions
19

1,085,436

1,230,595
Non-current financial liabilities
20
5,224,583
4,817,034
Debt instruments and other marketable securities
2,721,141
1,860,879
Bank borrowings
1,979,061
2,383,723
Other financial liabilities

524,381

572,432

Deferred tax liabilities
24

256,439

289,611
Other non-current liabilities
21

161,213

149,887
CURRENT LIABILITIES

3,528,830

3,863,429
Current provisions
19

275,017

159,610
Current financial liabilities
20
526,872
926,771
Debt instruments and other marketable securities
114,577
246,221
Bank borrowings
117,709
326,206
Other financial liabilities

294,586

354,344

Trade and other payables
22

2,726,941

2,777,048
Suppliers
1,118,620
1,252,628
Other payables
1,555,451
1,485,166
Current tax liabilities
24
52,870

39,254

TOTAL EQUITY AND LIABILITIES

14,235,959

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Consolidated Group | Consolidated income statement
Consolidated income statement
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES at 31 December 2024 (in thousands of euros)

Notes
31/12/2023
31/12/2023 (*)
Revenue
27 and 28
9,071,416
8,217,292
Self-constructed assets
68,804
86,408
Other operating income
27
324,295
231,110
Changes in finished goods and work in progress inventories
511
2,766
Procurements
27
(3,735,615)
(3,341,919)
Staff costs
27
(2,703,107)
(2,403,500)
Other operating expenses
(1,591,020)
(1,506,972)
Amortisation of fixed and non-current assets and allocation of grants for non-financial and other assets
7, 8 and 9
(635,409)
(556,103)
Impairment and gains/(losses) on disposal of fixed assets
27
15,036
5,912
Other gains/(losses)
27
(89,500)
(9,140)
OPERATING PROFIT/(LOSS)
725,411
725,854
Financial income
27
82,029
77,757
Financial expenses
27
(264,119)
(196,449)
Other financial profit/(loss)
27
28,068
(17,448)
FINANCIAL GAINS/(LOSSES)
(154,022)
(136,140)
Profit/(loss) of entities valued using the equity method
27
13,242
42,404
PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS
584,631
632,118
Corporate income tax
24
(153,170)
(154,060)
PROFIT/(LOSS) FOR THE YEAR FROM CONTINUING OPERATIONS

431,461
478,058
Profit/(loss) for the business year from interrupted operations after tax
5 and 27
136,123
264,181
CONSOLIDATED PROFIT/(LOSS) FOR THE YEAR

567,584
742,239
Profit/(loss) attributable to the Parent

429,865
589,060
Profit attributable to non-controlling interests
18
137,719
153,179
EARNINGS PER SHARE (euros)
18

Basic
0.96
1.31
Diluted

0.96
1.31
The accompanying Notes 1 to 33 and Annexes I to V form an integral part of the consolidated financial statements, jointly forming the 2024 consolidated income statements.
(*) The figures as at 31 December 2023 have been restated as indicated in Note 2.a).

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2
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Consolidated Group | Consolidated statements of recognised income and expense
Consolidated statements of recognised income and expense
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES at 31 December 2024 (in thousands of euros)

31/12/2024
31/12/2023 (**)

CONSOLIDATED PROFIT/(LOSS) FOR THE YEAR

567,584

742,239

Other comprehensive income - Items that are not reclassified to profit/(loss) for the period

3,590

(5,352)
Actuarial profits and losses (*)

4,158

(6,117)
Tax effect

(568)

765
Other comprehensive income - items that can subsequently be reclassified to profit/(loss) for the period

118,156

13,024
Financial assets at fair value with changes in other comprehensive income

4,356

55,565
Valuation gains/(losses)
5,661
6,133

Amounts transferred to the income statement
(1,305)
14

Cash flow hedges

5,816

(17,760)
Valuation gains/(losses)
19,142
60,182

Amounts transferred to the income statement
(13,326)
4,148

Translation differences

103,545

(20,684)
Valuation gains/(losses)
64,853
55,424

Amounts transferred to the income statement
38,692
–

Participation in other comprehensive profit recognised by investments in joint ventures and associates

14,332

(9,218)
Valuation gains/(losses)
18,802
33,629

Amounts transferred to the income statement
(4,470)
411

Tax effect

(9,893)

5,121
TOTAL COMPREHENSIVE INCOME FOR THE YEAR

689,330

749,911
Attributable to the Parent

518,601

604,334
Attributable to non-controlling interests

170,729

145,577
The accompanying Notes 1 to 33 and Annexes I to V form an integral part of the consolidated financial statements, jointly forming the 2024 consolidated income statements.
(*) Amounts that under no circumstances will be charged to the statement of profit and loss.
(**) The figures as at 31 December 2023 have been restated as indicated in Note 2.a).

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Consolidated Group | Total statement of changes in the consolidated equity
Total statement of changes in the consolidated equity
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES at 31 December 2024 (in thousands of euros)

Share capital
Accumulated
earnings and
other reserves
Shares and equity
interests
Profit/(loss) for
the year attributed
to the Parent
Company
Valuation
adjustments
Equity attributable
to shareholders of
the Parent
Non-controlling
interests
Total
equity
Notes
18.a
18.b
18.c

18.d
18
18.II

Equity as at 31 December 2022
438,345
2,689,461
(27,264)
315,182
(27,842)
3,387,882
1,551,111
4,938,993
Total income and expenses for the year
–
(2,773)
–
589,060
18,047
604,334
145,577
749,911
Transactions with shareholders or owners
(2,238)
(316,742)
26,854
–
–
(292,126)
(81,695)
(373,821)
Capital increases/(reductions)
(2,238)
(297,290)
298,588
–
–
(940)
1,874
934
Distribution of dividends
–
(19,452)
–
–
–
(19,452)
(83,569)
(103,021)
Transactions with treasury shares or equity instruments (net)
–
(271,734)
–
–
(271,734)
–
(271,734)
Other changes in equity
–
1,092,935
–
(313,254)
(29,704)
749,977
80,867
830,844
Equity as at 31 December 2023
436,107
3,462,881
(410)
590,988
(39,499)
4,450,067
1,695,860
6,145,927
Impact of recalculation of the fair value of net assets
acquired (Note 2.a)
–
(739)
–
(1,928)
76
(2,591)
(864)
(3,455)
Equity at 1 January 2024
436,107
3,462,142
(410)
589,060
(39,423)
4,447,476
1,694,996
6,142,472
Total income and expenses for the year
–
3,731
–
429,865
85,005
518,601
170,729
689,330
Transactions with shareholders or owners
18,771
(43,683)
133
–
–
(24,779)
(48,017)
(72,796)
Capital increases/(reductions)
18,771
(18,771)
–
–
–
–
39,904
39,904
Distribution of dividends
–
(24,912)
–
–
–
(24,912)
(87,921)
(112,833)
Transactions with treasury shares or equity instruments (net)
–
–
133
–
–
133
–
133
Other changes in equity
–
(1,617,338)
–
(589,060)
(2,184)
(2,208,582)
(814,405)
(3,022,987)
Equity at 31 December 2024
454,878
1,804,852
(277)
429,865
43,398
2,732,716
1,003,303
3,736,019
The accompanying Notes 1 to 33 and Annexes I to V form an integral part of the consolidated financial statements, jointly forming the 2024 consolidated income statements.

Notes
31/12/2024
31/12/2023 (*)
Profit/(loss) before tax from continuing operations
584,631
632,118
Adjustments to profit or loss
776,620
617,819
Amortisation and depreciation
7, 8 and 9
645,567
565,603
Impairment and gains/(losses) on disposal of fixed assets
7, 8 and 27
(15,036)
(5,912)
Other adjustments to profit/(loss) (net)
27
146,089
58,128
Changes in working capital
16
(176,927)
(701,817)
Other cash flows from operating activities
93,623
237,265
Dividend collections
28,894
50,496
Collections/(payment) for corporation tax
(198,747)

(97,348)

Other collections/(payments) from operating activities
263,476
284,117
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES

1,277,947

785,385
Payments due to investments
(1,607,959)
(864,793)
Group companies, associates and business units
(751,047)
(46,276)
Property, plant and equipment, intangible assets and real estate investments
7, 8 and 9
(839,981)
(807,631)
Other financial assets
(16,931)
(10,886)
Proceeds from disposals
53,638
35,780
Group companies, associates and business units
5,422
16,449
Property, plant and equipment, intangible assets and real estate investments
6, 7 and 8
21,318
14,105
Other financial assets
26,898
5,226
Other cash flows from investing activities
258,918
(133,423)
Interest received
59,808
52,538
Other collections/(payments) from investing activities
199,110
(185,961)

TOTAL CASH FLOWS FROM INVESTMENT ACTIVITIES

(1,295,403)

(962,436)
The accompanying Notes 1 to 33 and Annexes I to V form an integral part of the consolidated financial statements, jointly forming the 2024 consolidated income statements.
(*) The figures as at 31 December 2023 have been restated as indicated in Note 2.a).

Notes
31/12/2024
31/12/2023 (*)
Proceeds from and payments for equity instruments
18
(104)
692,806
Issue/(redemption)
(104)
(182)
(Acquisition)/disposal of own shares
–
692,988
Proceeds from (payments on) financial liabilities
20
579,793
(71,737)
Issuance
3,292,937
2,096,278
Repayment and amortisation
(2,713,144)
(2,168,015)
Dividends paid and payments on equity instruments
6
(121,770)
(58,277)
Other flows from financing activities
(223,199)
(352,533)
Interest paid
(205,329)
(149,429)
Other collections/(payments) from financing activities

(17,870)
(203,104)

TOTAL CASH FLOWS FROM FINANCING ACTIVITIES

234,720

210,259

EFFECT OF VARIATIONS IN EXCHANGE RATES

22,650

957

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

239,914

34,165
Cash and cash equivalents at the start of the period
17
1,609,703
1,575,538
Cash and cash equivalents at the end of the period
17

1,849,617

1,609,703
Statement of consolidated cash flows (indirect method)
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES at 31 December 2024 (in thousands of euros)
The accompanying Notes 1 to 33 and Annexes I to V form an integral part of the consolidated financial statements, jointly forming the 2024 consolidated income statements.
(*) The figures as at 31 December 2023 have been restated as indicated in Note 2.a).

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Notes to the consolidated financial statements
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES at 31 December de 2024
1.
Group activity
258
2.
Basis of presentation and basis of consolidation of the consolidated
income statement
258
3.
Accounting policies
262
4.
Changes in the scope of consolidation
270
5.
Non-current assets held for sale and liabilities related to non-current
assets held for sale and discontinued operations
274
6.
Distribution of profit/loss
277
7.
Intangible assets
278
8.
Property, plant and equipment
284
9.
Real estate investments
287
10. Leases
290
11. Service concession arrangements
293
12. Investments accounted for using the equity method
298
13. Joint agreements. joint operations
305
14. Non-current financial assets and other current financial assets
305
15. Inventories
308
16. Commercial debtors, other accounts receivable and other current assets
311
17. Cash and cash equivalents
313
18. Equity
314
19. Non-current and current provisions
320
20. Non-current and current financial liabilities
324
21. Other non-current liabilities
333
22. Trade and other accounts payable
333
23. Derivative financial instruments
334
24. Tax matters
336
25. Pension plans and similar obligations
341
26. Guarantee commitments to third parties and other contingent liabilities
343
27. Income and expenses
344
28. Information by activity segments
349
29. Environmental information
359
30. Financial and non-financial risk management policies
361
31. Information on transactions with related parties
368
32. Fees paid to auditors
373
33. Events after the closing date
373
Annex I
Fully consolidated subsidiaries
374
Annex II Companies jointly controlled with third parties outside
the Group (consolidated using the equity method)
387
Annex III Associates consolidated using the equity method
390
Annex IV Changes in the scope of consolidation
397
Annex V Temporary Joint Ventures and other contracts jointly managed
with third parties outside the Group
398

Non-current assets
1,977
Intangible assets
(6,478)
Concessions
–
Goodwill
(90,295)
Other intangible fixed and non-current assets
83,817
Property, plant and equipment
8,455
Current assets
–
Total assets
1,977
Equity
(3,455)
Non-current liabilities
5,432
Deferred tax liabilities
5,432
Current liabilities
–
Total equity and liabilities
1,977
2023

Operating profit/(loss)
(3,522)
Profit/(loss) before tax from continuing operations
(3,522)
Profit/(loss) for the business year from continuing operations
(2,571)
Profit attributable to the Parent Company
(1,928)
The impact on equity and earnings can be attributed to changes in amortisation expenses resulting from
the revaluation of the tangible and intangible assets acquired.
Rules and interpretations issued but not in force
The Group intends to adopt standards, interpretations and amendments to standards issued by the
IASB, which are not mandatory in the European Union, when they become effective, if applicable to it.
Although the Group is currently analysing its impact, based on its analysis to date, it believes that its initial
application will not have a significant impact on the consolidated financial statements,
with the exception of the future application of IFRS 18 “Presentation and information to disclose in
financial statements”, which has been approved by the IASB but has not yet been adopted by the European
Union.
Among other changes, IFRS 18 primarily introduces three new requirements for improving company
information about financial performance and provide a better basis for investors for analysing and
comparing companies:
• Improve comparability between financial performance statements by introducing three new categories:
operating, investment and financing, as well as new subtotals: operating profit/(loss) and profit/(loss)
before financing and corporation tax,
• Provide greater transparency around performance measurements established by Management by
introducing new guidelines and breakdowns, and
• Provide guidelines to help group information in financial statements in a more useful way.
This standard will apply from 1 January 2027, once it has been approved by the European Union.
Significant rules and interpretations applied in 2024
The standards and interpretations applied in the preparation of these consolidated financial statements
are the same as those applied in the consolidated financial statements for the year ended 31 December
2023, as none of the standards, interpretations or amendments that are applicable for the first time in this
financial year have had a significant impact on the Group's accounting policies.

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Consolidated Group | Notes to the consolidated financial statements | Page 5 of 152
b) Basis of consolidation
Subsidiaries
Consolidation performed applying the global integration method for the subsidiaries indicated in Annex I,
over which Fomento de Construcciones y Contratas, S.A. exercises control.
The value of the participation of non-controlling shareholders in equity is presented under the heading
“Non-controlling interests” of the liability side of the accompanying consolidated balance sheet and
the participation in the profit/(loss) is presented under the heading “Profit attributed to non-controlling
interests” of the accompanying consolidated income statement.
Where appropriate, goodwill is determined in accordance with the provisions of Note 3.b) of this Report.
Joint agreements
The Group develops joint agreements through participation in joint ventures jointly controlled by one of
more of the FCC Group companies with other companies outside the Group (note 12), as well as through
participation in joint operations, temporary joint ventures and other similar entities (note 13).
The Group applies its professional judgement to evaluate its rights and obligations over joint agreements
taking into account the financial structure and legal form of the agreement, the terms agreed by the parties
and other relevant facts and circumstances to evaluate the type of joint agreement.
In accordance with IFRS 11 “Joint agreements”, participations in joint ventures are integrated according to
the equity method and are included in the accompanying consolidated balance sheet under the heading
“Investments accounted for using the equity method”. These companies' participation in the net income of
the business year is included under the heading “Profit/(loss) of entities valued using the equity method” of
the accompanying consolidated profit and loss statement.
The joint operations, mainly in the Construction and Environmental Services activities that mostly take
the form of temporary joint ventures and other similar entities, have been integrated in the attached
consolidated accounts based on the percentage of participation in assets, liabilities, income and expenses
derived from the operations carried out by them, eliminating the reciprocal balances in assets and
liabilities, as well as the income and expenses not incurred against third parties.
Annexe II lists the business jointly controlled with third parties outside the Group and Annexe V lists the
joint operations carried out with third parties outside the Group, mainly through temporary joint ventures
and other entities with similar characteristics.
Associates
The companies listed in Annexe III, in which Fomento de Construcciones y Contratas, S.A. does not
exercise control but has significant influence, are included in the accompanying consolidated balance
sheet under the heading “Investments accounted for by applying the equity method”, integrated using
said method. These companies' contribution to the net income of the business year is included under
the heading “Profit of entities accounted for using the equity method” of the accompanying consolidated
income statement.
Transactions between Group companies
In transactions between consolidated companies, the profit/(loss) of internal operations are eliminated,
being deferred until they are made against third parties outside the Group. This elimination does not apply
in the “Concession agreements” since the result is considered to be realised against third parties (note 3.a).
Group work on its own fixed and non-current assets is measured at production cost, eliminating the intra-
group profit/(loss).
Reciprocal credits and debits have been eliminated from the consolidated financial statement, as well as
internal income and expenses from the collection of the subsidiaries that are consolidated.
Changes in the scope of consolidation
Annex IV shows the changes made in 2024 in all consolidated companies using global integration and the
equity method. The profit/(loss) of these companies are included in the consolidated income statement as
from the effective acquisition date or until the effective disposal or derecognition date, as appropriate.
The heading “Change in scope” in the corresponding notes to this Report shows the effect of the additions
and derecognitions of companies from the scope of consolidation. Additionally, Note 4 of this Report
“Changes in the scope of consolidation”, shows the most significant inputs and outputs of said scope.

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Consolidated Group | Notes to the consolidated financial statements | Page 6 of 152
3. Accounting policies
The most relevant accounting policies applied to the consolidated financial statements of the FCC Group
are detailed below:
a) Service Concession Arrangements
Concession contracts involve agreements between a granting public entity and FCC Group companies to
provide public services such as water distribution, filtration and sewage treatment, landfill management,
motorways and tunnels, etc. by operating the infrastructure. Meanwhile, revenue from providing the service
may be received directly from the users or, sometimes, through the concession grantor itself, which
regulates the prices for providing the service.
The Group recognises its concessions pursuant to the provisions of IFRIC 12 “Service Concession
Arrangement”.
Intangible assets from concession arrangements classified as intangible assets amortise the resulting
asset according to the consumption pattern, understanding as such the performance and best estimation
of the production units in each of the different activities. The Group's most important concession
businesses are in the water supply and sanitation business, which depreciates its assets based on
water consumption, which, in general, remains constant over time due, on the one hand, to a reduction
in water consumption as a result of water saving policies and, on the other hand, to an increase in water
consumption as a result of population growth; in the environmental services business, mainly waste
recycling and energy recovery plants, which are depreciated on the basis of the tonnes treated; and in the
concessions business, mainly toll roads and motorways, which are depreciated on the basis of traffic.
The amortisation is completed in the concession period, which is generally between 25 and 50 years. In
turn, Concession arrangements recognised as financial assets are measured applying the amortised cost
method.
b) Business combinations and goodwill
Goodwill is recognised as the positive difference between (a) the sum of the fair value of the consideration
transferred as a result of the acquired interest, the amount of the non-controlling interests and the fair
value at the date on which control over these interests is acquired when control is obtained in stages, and
(b) the fair value of identifiable assets and liabilities.
When the difference obtained according to the previous paragraph is a negative amount, a bargain
purchase occurs. In these situations, the Group reviews the identification and assessment of the assets
and liabilities acquired and if this difference is confirmed, it is recognised as a positive result in the year
under “Impairment and gains/(losses) on disposals of fixed assets”.
In general, non-controlling interests are valued by the proportional part of the fair value in the assets and
liabilities of the acquired company.
c) Intangible assets
Except as indicated in the two previous sections of this note regarding the agreements for the concession
of services and goodwill, the other intangible assets contained in the accompanying financial statements
are initially recognised at their acquisition cost. These intangible assets include the fair value of contracts
acquired as part of business combinations, investments related to contracts and operating licences, rights
to build and software applications.
Such registered intangible assets have a finite useful life. Amortisation is carried out during its useful life,
which is generally between 20 and 35 years, that is, the period during which it is estimated that they will
generate income, using the linear method, except when the application of the consumption pattern reflects
its depreciation more faithfully. Software applications are generally amortised within a period of 5 to 10
years.
The Group records CO2 emission rights generated by Cement activity as a non-amortisable intangible
asset. Rights received free of charge under the corresponding national allocation plans are measured
at the market price in force at the time they are received, recognising a subsidy for the same amount.
Pursuant to the option provided by the regulations, the intangible asset is reduced by the subsidy received.
As a result of the partial financial spin-off (Note 2) that gave rise to the Inmocemento Group, at 31
December 2024, this case law is no longer applicable to the financial statements of the FCC Group.
d) Property, Plant and Equipment
Property, plant and equipment are recorded at their cost price, less accumulated depreciation and any loss
due to impairment of recognised value. The cost of those assets includes the estimated present value
of their dismantling or the withdrawal of the affected items and, in those cases in which they have been
acquired by business combinations, they are initially recognised at their fair value on the acquisition date.

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Consolidated Group | Notes to the consolidated financial statements | Page 7 of 152
Companies depreciate their fixed and non-current assets following the linear method, distributing the cost
thereof between the following years of estimated useful life:
Natural resources and buildings
25-100
Plant, machinery and transport items
5-30
Furniture and tools
7-12
Other fixed and non-current assets
5-10
However, some contracts may have terms shorter than the useful life of the related fixed and non-current
assets, in which case they are depreciated over the term of the contract.
The residual value, useful life and depreciation method applied to the Group’s PP&E are reviewed
periodically to ensure that the depreciation method used reflects the pattern in which the revenue deriving
from operating the property, plant and equipment. This review is carried out through an in situ evaluation
and technical analysis, taking into account their current conditions and estimating the remaining useful life
of each asset, based on their ability to continue providing the functionalities for which they were defined.
Subsequently, these internal analyses are compared against third parties outside the Group, such as
manufacturers, installers, etc. to ratify them.
e) Investment property
Real estate investments, or investment property, is land, buildings and other structures that are held either
for rental or for capital appreciation as a result of future increases in their respective market prices.
Investment property is stated at fair value at the reporting date and is not subject to depreciation. Gains
or losses arising from changes in the fair value of investment property are included in profit or loss for the
period in which they arise and are recognised under “Changes in value, impairment and gains/(losses) on
disposal of fixed assets” in the accompanying consolidated income statement.
The Group periodically determines the fair value of investment property so that, at year-end, the fair value
reflects the market conditions of the investment property items at that date. This fair value is determined
half-yearly on the basis of the assessments made by independent experts.
The partial financial spin-off (Note 2) that gave rise to the Inmocemento Group, has resulted in the
derecognition of practically all of the Group's real-estate investments as they belonged to the Real Estate
activity. Similarly, the earnings arising from changes in the fair value of real-estate investments in the Real
Estate activity up to the date of completion of the spin-off in question has been transferred “Profit/(loss)
for the business year from interrupted operations after tax” (Note 5).
f) Impairment of the property, plant and equipment and intangible
asset value
The Group uses both internal and external sources of information to assess possible signs of impairment.
External sources include market value decreases beyond the passage of time or normal use or possible
adverse future changes in the legal, economic or technological environment that could reveal a loss of
the recoverable value of its assets. The Group internally assesses whether there has been a physical
deterioration or obsolescence of the assets, if the future situation itself may produce a change in the
expected use of the asset, for example if the asset is expected to be idle for a significant period of time or
due to restructuring plans or if it is detected that the return on the asset is worse than expected.
The recognition or reversal of impairment losses on assets are charged or credited to income under
“Impairment and results obtained on the disposal of assets” on the accompanying consolidated income
statement.
To calculate the recoverable amount of the assets subject to impairment tests, the present value of the net
cash flows originating from the Cash Generating Units (CGUs) associated therewith was estimated, except
those flows related with payments or collections on lending operations and corporate tax payments,
together with those that arise from future improvements or refurbishments envisaged for the assets
belonging to such Cash Generating Units. To discount cash flows, a pre-tax discount rate was used, which
includes the current market assessments of the time value of money and the risks specific to each Cash
Generating Unit.
The estimated cash flows are obtained from the projections made by the Directorate of each of the CGUs
that generally use periods of five years, except when the business characteristics advise longer periods
and that include growth rates supported by the different approved business plans, whose review is carried
out periodically, generally considering zero growth rates for those periods beyond the years projected in
the aforementioned plans, except in exceptional cases when the expected future growth of the activities
performed by the CGU justify the inclusion of a growth rate. Also, it is necessary to indicate that sensitivity
analyses are performed to assess the growth of income, operating margins, and discount rates, in order to
foresee the impact of future changes in these variables.

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Consolidated Group | Notes to the consolidated financial statements | Page 8 of 152
Cash flows from CGUs located abroad are calculated in the functional currency used by those cash
generating units and they are updated using discount rates that take into consideration the risk premium
relating to each currency. The present value of the net cash flows obtained in this manner are translated at
the year-end exchange rate for each currency.
g) Leases
To estimate the duration of the contract, extensions that are reasonably expected to occur and the period
in which the lessee does not expect to terminate the contract (when they have the power to do so) are
considered, without exclusively taking into account the minimum term established in the contract, as the
term during which the lessee expects to continue using the underlying asset, depending on its particular
circumstances, is estimated. To determine whether an extension is expected to take place, the economic
incentives that the lessee may have to extend the contract are taken into account, considering factors
such as the existence of advantageous conditions compared to market conditions in case of an extension,
if the lessee has incurred significant costs in adapting the underlying asset to its needs that it must reapply
in case of contracting a new lease, any possible costs for the termination of the contract in case it is not
extended or the importance of the asset to the lessee, especially If it is a specialised asset that is not
readily available on the market. Furthermore, the background in terms of the period of use in the past of
certain assets is also taken into account.
Substantially all of the agreements in which the Group acts as lessor, which are mostly carried out
in the Real Estate business, are classified as operating leases, as not substantially all the risks and
rewards incidental to ownership of the asset are transferred. The revenue generated by the agreement is
recognised on a straight-line basis over the term of the agreement and is included as revenue in
the profit and loss account to the extent that it is of an operating nature. Direct costs incurred on entering
into a lease agreement are incorporated as an increase in the value of the leased asset and amortised over
the lease term on the same basis as income. Contingent payments are recognised as income in the period
in which they are earned.
As a result of the partial financial spin-off (note 2) that gave rise to the Inmocemento Group, the income
received as a lessor for the Real Estate activity until the date of its completion has been recognised under
“Profit/(loss) for the business year from interrupted operations after tax” (Note 5).
h) Investments accounted for using the equity method
Investments undergo an impairment test as long as there are indications of impairment that may reveal
a decrease in the recoverable value below the carrying amount of the investment, using both internal and
external sources.
i) Financial assets
All acquisitions and sales of financial assets are recorded at the date of contracting the operation.
The Group manages its financial assets to obtain its contractual cash flows, which is why it measures
them applying the amortised cost method. As an exception to the above, it should be noted that the Group
values certain financial assets at fair value in the following cases:
• Financial assets at fair value with changes in profit/(loss): This category includes derivatives that do
not meet the conditions to be considered as hedging, financial assets that other standards establish
must be valued at fair value charged to profit/(loss), such as contingent considerations in business
combinations and financial assets that, if valued differently, would generate an accounting asymmetry.
• Financial assets at fair value with changes in other comprehensive income: The Group values its
interests in companies in which it does not have control, joint control or exert significant influence at fair
value charged to reserves.
In assets that are valued at amortised cost, an impairment loss is recorded if, on the closing date of the
financial statements, it is determined that credit losses will be incurred throughout their entire life. That is,
impairment losses are recorded immediately when there is credit risk. Credit risk is understood as the risk
of one of the parties to the financial instrument causing a financial loss to the other party if it breaches an
obligation.
Collection rights arising from a service concession agreement are measured at their amortised cost.
Trade receivables arising in the Group’s normal business activities are stated at their nominal value, given
that they generally mature within twelve months, adjusted by any expected credit losses over the course
of their lives. Accounts receivable with maturities greater than twelve months are valued at their current
value.
The Group, based on the short-term cash flow needs, transfers credit from customers to financial entities.
The amount of these credit assignments is reported in Note 16.a). These operations accrue interest under
usual market conditions and the collection management is still carried out by the Group companies,
although the costs associated with such management are residual.

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To the extent that the risks and rewards inherent to the accounts receivable are substantially transmitted
through these sales and assignments of collection rights, as well as the control over them, without there
being any repurchase agreements signed between the Group companies and the credit institutions
that have acquired the assets and that they can freely dispose of said acquired assets without the
Group companies being able to limit the aforementioned right in any way, the aforementioned sales and
assignments are posted as “without recourse”. Consequently, in accordance with the criteria established
by IFRS, balances receivable from debtors assigned or sold under the conditions indicated are written off
in the consolidated balance sheet.
j) Inventory
Inventory is valued at the average acquisition price or the average production cost, applying the necessary
value corrections to adapt these values to the net realisable value if it were lower.
The Group's real estate activity includes land and plots, as well as ongoing developments and finished
properties that are held for sale or for integration into a real estate development. Land and plots are
valued at their acquisition price, plus any urbanisation costs and other expenses related to their purchase
(property transfer tax, registration fees etc.) and the financial costs of their financing during execution of
the works, or their recoverable amount if this is less.
Ongoing developments are the costs incurred in real estate development, or part thereof, whose
construction has not been completed at the end of the business year. The cost of completed real estate
developments is classified as finished products.
Impairment of land and plots, ongoing real estate developments and finished products is recorded when
their net realisable value is lower than their book value (note 15). To determine the book value, the Group
uses the assessments made by independent experts. This is determined mainly on the basis of end-
market references, by calculating the residual value of the land on the existing market value in the locality
in which they are located and, where appropriate, when purchase offers have been received, the price of
such offers has been used for their assessment.
The partial financial spin-off (Note 2) that gave rise to the Inmocemento Group, has resulted in the
derecognition of the real-estate inventories that belonged to the Real Estate activity. Similarly,
the earnings arising from the allocation or reversal of the impairment of real-estate inventories in the Real
Estate activity up to the date of completion of the spin-off in question has been transferred “Profit/(loss)
for the business year from interrupted operations after tax” (Note 5).
The goods received through credit collection in exchange for work executed or to be executed are valued
at the lowest amount from between the amount that was registered for the credit corresponding to the
goods received, or the cost of production or net realisable value.
k) Foreign currency
k.1) Translation differences
Converting the financial statements of foreign companies denominated in currencies other than the euro
into euros has generally been carried out at the closing rate, except for:
• Capital and reserves, which were converted at historical exchange rates.
• The income statement items of foreign companies have generally been converted applying the daily
exchange rates, or average exchange rates when the daily exchange rate cannot be used.
Translation differences for the foreign companies from the consolidation scope, generated by the
application of the year-end exchange rate method, are included in the equity of the accompanying
consolidated balance sheet, as shown in the accompanying statement of changes in the equity.
k.2) Exchange differences
The balances of accounts receivable and payable from monetary items in foreign currency are valued in
euros by applying the exchange rates in force at the date of the consolidated balance sheet, allocating the
differences that are generated to profit/(loss), except as regarding advances, which, when considered non-
monetary items, are kept converted at the exchange rate that existed at the time of the transaction.
The differences resulting from fluctuations in exchange rates between the date on which the collection or
payment was made and the date on which the transactions took place or their value was discounted are
allocated to profit or loss.
Meanwhile, the exchange differences that occur in relation to the financing of investments in foreign
companies, with both the investment and the financing being registered in the same currency, are directly
recognised in equity as translation differences that offset the effect of the difference in conversion to
euros of the foreign company.

The hypothetical derivative method is used for accounting purposes when performing the quantitative
assessment of effectiveness, which establishes that the company will recognise in equity the lower of
the absolute change in the value of the hypothetical derivative (hedged position) and the change in the
value of the contracted derivative. The difference between the value of the recognised change in equity
and the fair value of the derivative on the date of the effectiveness test will be considered to be the
ineffective portion and it will be directly recorded in the income statement.
• Cash flow hedges in which the derivative hedge instrument is an option or a forward and not an IRS are
treated in a similar way as described for IRS transactions.
The value is calculated using defined methods and techniques based on observable market inputs,
such as:
• The interest rate swaps were measured by discounting all the flows envisaged in each contract on the
basis of its characteristics, such as the notional amount and the collection and payment schedule. This
measurement was made using the zero-coupon rate curve determined by employing a bootstrapping
process for the deposits and swaps traded at any given time. This zero-coupon rate curve was used to
obtain the discount factors for the measurements, which were made assuming the absence of arbitrage
opportunity (AAO). When there were caps and floors or combinations thereof, on occasions conditional
upon special conditions being met, the interest rates used were the same as those used for the swaps,
although in order to introduce the component of randomness in the exercise of the options, the generally
accepted Black - Scholes model was used.
• The methodology used in the case of a cash flow hedge derivative associated with inflation is very
similar to that used for interest rate swaps. Expected inflation is estimated based on observed inflation
and is embedded in the swamps indexed to the ex-tobacco European inflation rate used in the market,
and translated to the Spanish rate using a convergence adjustment.
Furthermore, a sensitivity test is carried out on the derivatives and net financial debt in order to be able to
analyse the effect that a possible fluctuation in interest rates might have on the Group's accounts, given
different interest rate increase and decrease scenarios at year-end (note 30).
Note 23 to this Report provides details of the financial derivatives that the Group has arranged and other
matters related thereto.
q) Income tax
The expense for corporate income tax is calculated on the basis of the consolidated profit before tax,
increased or decreased, as appropriate, by the permanent differences between tax loss/taxable profit and
accounting profit/(loss). The corresponding tax rate based on the legislation applicable to each country
is applied to this adjusted accounting profit. The tax relief and tax credits earned in the year are deducted
and the positive or negative differences between the estimated tax charge calculated for the prior year’s
accounting close and the subsequent tax settlement at the payment date are added to or deducted from
the resulting tax charge.
The temporary differences between accounting profit/loss and taxable profit/tax loss for Corporate
Income Tax purposes, together with the differences between the carrying amounts of assets and liabilities
recognised in the consolidated balance sheet and their tax bases, give rise to deferred taxes that are
recognised as non-current assets and liabilities. These amounts are measured at the tax rates that are
expected to apply in the years in which they will foreseeably be reversed, without performing financial
discounting at any time.
The Group activates deferred asset taxes corresponding to temporary differences and negative tax bases
to be offset, except in cases where there are reasonable doubts about their future recovery.
r) Pension commitments
The Group companies have certain specific cases related to pension plans and similar obligations that are
developed in Note 25 of this Report.
s) Operating income and expenses
After analysing its portfolio of contracts, the Group has concluded that, except in very specific cases,
there is no more than one performance obligation in the contracts being executed, since either integration
services are provided for the different activities carried out, or because they are highly interrelated.
As regards variable consideration, only one income is recognised for the value, and it is highly probable
that it will not suffer significant reversion when the uncertainty about it is subsequently resolved. Also, in
the case that the contracts include price revision clauses, the income that represents the best estimate of
the amount to be charged in the future and under the same probability criteria mentioned for the variable
consideration is recorded.

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After analysing its portfolio of contracts, the Group has concluded that, except in very specific cases,
there is no more than one performance obligation in the contracts being executed, since either integration
services are provided for the different activities carried out, or because they are highly interrelated.
As regards variable consideration, only one income is recognised for the value, and it is highly probable
that it will not suffer significant reversion when the uncertainty about it is subsequently resolved. Also, in
the case that the contracts include price revision clauses, the income that represents the best estimate of
the amount to be charged in the future and under the same probability criteria mentioned for the variable
consideration is recorded.
In general, the Group has not identified significant financial components in its contracts with clients.
The financial component is only separated from the consideration to be received and the corresponding
financial income is recorded in those contracts in which the time between when a service is provided or a
good is delivered and when the payment is received is greater than twelve months.
In Construction activity, performance obligations are paid over time, so revenue is recognised using
a product-based method, i.e. that is in-line with the degree of progress criterion. Only income that is
protected by a main contract signed with the property and in modifications thereto approved by it is
recognised. If the modification is approved without the amount being fixed, the income is only estimated
as a variable consideration when the criteria of probability and significant non-reversal mentioned above
are met. Budgeted losses are recognised as profit/(loss) for the year.
Meanwhile, in this activity the costs are recognised in accounts according to their accrual. The costs for
obtaining the contract, mainly related to the study and preparation of the project, are not activated as
they cannot be considered as incremental, since they are incurred regardless of whether the contract
is finally obtained or not. Two main costs for fulfilling the contract can be distinguished: engineering
and study costs and those related to general and specific facilities (mainly accessory facilities such as
concrete plants, auxiliary works or building booths necessary to provide the services). The main contracts
in which the aforementioned expenses are incurred are of the design and construction type, in which the
remuneration to be received for the work to be carried out in engineering and studies and those of the
benefit is identified by separate work units of construction services. Therefore, in general, expenses arising
from engineering and studies are not capitalised and recognised as they are accrued as the services
are provided, unless the agreement includes a clause stipulating that these costs will be reimbursed
regardless of whether they the contract is closed or not. Costs related to the general and specific facilities
are recorded as expenses according to the degree of progress when a separate works unit with its
corresponding remuneration is identified in the contract, and assets are only activated within the heading
when the contract does not identify them separately, and profit/(loss) is charged together with the rest of
the contract costs using the aforementioned degree of progress.
In the service provision activities, which are mainly carried out in the Environmental Services and End-to-
end Water Management and Real Estate segments when the Group acts as lessor under lease agreements
(Note 3.g), income and expenses are recognised on an accrual basis, i.e. when the actual flow of the goods
and services they represent occurs, regardless of when the resulting monetary or financial flow arises.
These are performance obligations that are satisfied over time as the customer receives and consumes
the profits at the same time as the service is provided. Consequently, revenue is recognised by measuring
the value of the services actually provided to the customer using a product-based method.
Regarding the delivery of goods activities that the Group mainly carries out in the Cement segment and
in the Real estate activity, revenues are only recognised when the goods have been delivered and their
property has been transferred to the customer, as they are performance obligations that are satisfied at a
specific moment of time.
In Real Estate activity, the Group recognises the costs passed on to the lessees of its real estate
investments as income (Note 10.b).
The partial financial spin-off (note 2) that gave rise to the Inmocemento Group has resulted in income
recognised for the provisions of goods in Real Estate and Cement activity until the date of its completion
being transferred to “Profit/(loss) for the business year from interrupted operations after tax” (Note 5).
In the aforementioned activities (other than construction), the costs of obtaining the contract are not
incremental, so they are not activated and are recognised based on their accrual. Meanwhile, no relevant
contract fulfilment costs are incurred and are therefore recorded as operating expenses in general.
With regard to the service concession agreements, it should be noted that the Group recognises the
interest income derived from the collection rights of the financial model as Revenue, since the value of
this financial asset includes both construction and maintenance and upkeep services, which from an
operational point of view are identical to those represented by the intangible model and, consequently, it is
considered that since both models are related to the company's operating activity, the true and fair view is
better represented by including the income derived from the financial asset as belonging to operations.
The Group has entered into “Power Purchase Agreements” and supply contracts, mainly in the Cement
and End-to-End Water Management Areas, which ensure the supply of certain amounts of renewable
energy for a determined period of time at the fixed price in the contract. These contracts are considered
to be for own use as they are entered into with the intention of covering the activity's future electricity
consumption needs. There is a high correlation between the expected future consumption and the volume
of energy arranged. An operating expense is taken to the income statement when the energy in question is
effectively consumed.

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The partial financial spin-off (note 2) that gave rise to the Inmocemento Group has resulted in operating
expenses incurred under the “Power Purchase Agreements” in Cement Activity until the date of its
completion being transferred to “Profit/(loss) for the business year from interrupted operations after tax”
(Note 5).
Also recognised as operating profit/(loss) are those produced in the disposals of shares in subsidiaries
when it implies the loss of control over them.
t) Related party transactions
The Group performs all of its transactions with related parties on an arm’s length basis.
Note 31 of this Report details the main transactions with significant shareholders of the Parent Company,
with administrators and senior executives, between companies or Group entities and with companies
invested in by shareholders of the Group.
u) Consolidated statement of cash flows
The FCC Group prepares its statement of cash flows in accordance with IAS 7 “Statement of cash flows”
following the indirect method, using the expressions below in the following ways:
• Cash flows are the inflows and outflows of cash and cash equivalents.
• Operating activities are the activities that constitute the main source of the company's ordinary income,
as well as other activities that cannot be classified as investment or financing activities. Among the
operating cash flows, it is worth highlighting the heading “Other adjustments to profit/(loss)” which
basically includes items that are included in the Profit/(Loss) Before Tax but have no impact on the
change in cash, as well as items that are already included in other headings of the Cash Flow Statement
according to their nature.
• Investing activities are the acquisition and disposal of long-term assets, as well as other investments
not included in cash and cash equivalents.
• Financing activities are activities that produce changes in the size and composition of the Group's own
capital and loans taken out.
For the purposes of preparing the consolidated statements of cash flows, the “cash and cash equivalents”
have been considered as cash and on-demand bank deposits, as well as those short-term, highly liquid
investments, which are easily convertible into specific amounts of cash, subject to an insignificant risk of
changes in their value.
v) Use of estimates
In preparing these 2024 and 2023 Group consolidated financial statements, estimates were made to
quantify certain assets, liabilities, revenues, expenses and obligations recognised therein. These estimates
relate essentially to the following:
• Impairment losses on certain assets (Notes 7, 8, 9, 12 and 14)
• Goodwill measurement (note 7)
• The recoverability of the work executed pending certification (notes 3.s and 16)
• The recoverability of deferred tax assets (note 24)
• The amount of certain provisions and, in particular, those related to claims and litigation and the losses
budgeted in construction contracts (note 19)
• The useful life of PP&E and intangible assets (see Notes 7 and 8)
• The determination of the fair value of investment property (Notes 5 and 9)
• The determination of the recoverable amount of inventory (Notes 5 and 15)
• The assumptions used in the actuarial calculation of liabilities and commitments for post-employment
compensation (notes 19 and 25)
• The market value of derivatives (note 23)
• Cost of business combinations (note 4)
Although these estimates have been made based on the best information available at the date of preparing
these consolidated financial statements on the events analysed, it is possible that events that may take
place in the future may require them to be modified (upwards or downwards) in future years, which would
be done prospectively, recognising the effects of the change in estimate in the corresponding future
financial statements.
IFRS 7 “Financial instruments: information to be disclosed” requires that the fair value valuations of
financial instruments, both assets and liabilities, be classified according to the relevance of the variables
used in the valuation, establishing the following hierarchy:
• Level 1: quoted prices (unadjusted) in active markets for identical instruments.
• Level 2: inputs other than prices quoted that are observable for the financial instrument, either directly
(i.e., as prices) or indirectly (i.e., derived from prices).
• Level 3: data for the financial instrument that are not based on observable market data.
Almost all of the Group's financial assets and liabilities, which are valued at fair value, are level 2.

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Consolidated Group | Notes to the consolidated financial statements | Page 18 of 152
In October 2023, the sale of a 24.99% holding in the Environmental Services subsidiary, FCC Servicios
Medio Ambiente Holding, S.A., the parent company of the Environmental Services activity, was completed
to the Canadian pension fund, CPP Investments, for the sum of €965,000 thousand. This transaction was
recorded under “(Acquisition)/disposal of own shares” in the accompanying Statement of Cash Flows.
As control has not been lost, the operation was recorded as an equity operation and led to the increase
of €241,310 thousand in non-controlling interests and €693,864 thousand in consolidation reserves, as a
result of the difference between the price of sale and the value of the non-controlling interests registered.
In addition, the assessment adjustments increased by 18,723 thousand euros due to the attribution of
the proportionate share to minority interests of the aforementioned existing adjustments prior to the sale
transaction (Note 18).
This agreement includes a contingent price clause in relation to the cash flows generated by specific assets
included within the scope of the sale. Given that the value of collections or payments cannot be determined
with sufficient reliability and given the uncertainty of the time at which they may occur, the Group has not
recognised any assets or liabilities. In addition, it is estimated that the net value of these collections or
payments will not be relevant (note 26).
In December 2023, FCyC, S.A., acquired an additional holding in Realia Business, S.A., representing 12.19%
of its share capital from Soinmob Inmobiliaria Española, SAU, for the sum of €105,000 thousand, which
was recognised in the accompanying Statement of Cash Flows under “Other collections/(payments) from
financing activities”, with the cash flows generated by Real Estate activity reclassified as discontinued
activities and the statement of cash flows was restated as at 31 December 2023 (note 5). With this
acquisition, the FCyC, S.A.'s direct and indirect shareholding in the aforementioned company amounted to
67.05%. Given that, before the purchase, the Group already held control over the company, the difference
between the purchase price and the book value of the acquired non-controlling interests generated an
increase in the consolidation reserves of €33,412 thousand, a decrease of in non-controlling interests of
€139,047 thousand and an increase in valuation adjustments of €635 thousand (note 18).
In December 2023, FCyC, S.A. acquired an additional 3.99% holding for the sum of €49,571 thousand from
Control Empresarial de Capitales, S.A. de C.V. and a 1.95% holding for the sum of €24,233 thousand from
Soinmob Inmobiliaria Española, S.A.U., in Metrovacesa, S.A. that was recognised in the accompanying
Statement of Cash Flows under the item “Other collections/(payments) from investing activities”, with the
cash flows generated by Real Estate activity reclassified as discontinued activities and the statement of
cash flows was restated as at 31 December 2023 (note 5). As a result of this acquisition, the total holding
in Metrovacesa, S.A. came to 21.21%, which until that time was accounted for at fair value against reserves
and consolidated under the equity method having achieved significant influence; at the end of the year,
the Group was represented on the governing bodies of said company. This transaction resulted in the
recognition of income of €142,413 thousand under “Profit/(loss) for the business year from interrupted
operations after tax”, with the statement of profit and loss for the Real Estate activity having been
reclassified as a discontinued activity and the statement of profit and loss restated as at 31 December 2023
(note 5), by the difference between the fair value of its net assets and the market value of the investment
prior to its incorporation into the scope of consolidation (notes 5, 12, 14, 18 and 27).
The accounting policy applied to this transaction consisted of taking the fair value on the date on which
significant influence was acquired in Metrovacesa, S.A. as the initial cost of the acquisition. Given that prior
to the acquisition of significant influence, the previous holding was recognised at fair value through other
comprehensive income, the accumulated appreciation adjustments were reclassified to reserves. The
regulations do not specifically address situations such as the one described, meaning that the FCC Group
decided to apply the previous treatment as it was considered that this best reflected the economic
substance of the transaction, as the holding was previously recorded at its fair value. Regarding the
reclassification of valuation adjustments to reserves, the regulations establish that when the option is to
record a holding in an equity instrument at its fair value through other comprehensive income, any amount
recognised in other comprehensive income cannot be subsequently reclassified to profit and loss, but can
be transferred to other equity items.
5. Non-current assets held for sale and liabilities
related to non-current assets held for sale and
discontinued operations
In May 2024, as a result of the planned partial financial spin-off of the Cement and Real Estate activities
approved by the Board of Directors of Fomento de Construcciones y Contratas, S.A.
(Note 2), the assets and liabilities of both activities were reclassified as assets and liabilities held for sale. In
addition, it was determined that the Real Estate and Cement activities should be reclassified as discontinued
activities, given that both constitute a separate component that is clearly independent from the rest of the
entity, both from an operational perspective and for financial reporting purposes, as they are considered an
activity segment (note 28). Subsequently, on 7 November, the spin-off was completed and the assets and
liabilities corresponding to both activities held for sale were derecognised in equity (notes 18 and 27).

2024
2023
Shareholders of Fomento de Construcciones y Contratas, S.A.
24,912
19,452
Other non-controlling shareholders of other companies
96,858
38,825

121,770
58,277
“Other non-controlling shareholders of other companies” mainly includes the payment of dividends to the
non-controlling shareholders of FCC Aqualia, S.A. for the sum of 36,946 thousand euros at 31 December
2024 (0 thousand euros at 31 December 2023).

4,983,985
(1,778,372)
(560,584)
2,645,029
2023
Concessions (note 11)
3,068,721
(1,478,640)
(46,920)
1,543,161
Goodwill
1,919,664
–
(1,158,849)
760,815
Other intangible assets
385,365
(199,827)
(12,517)
173,021

5,373,750
(1,678,467)
(1,218,286)
2,476,997

a) Concessions
The changes in this heading of the consolidated balance sheet in 2024 and 2023 were as follows:

Concessions
Accumulated
Amortisation
Impairment
Net value
Balance sheet as at 31.12.22
2,908,310
(1,343,901)
(51,764)
1,512,645
Additions or allocations
34,558
(130,550)
(1,839)
(97,831)
Derecognitions, disposals or reductions
(1,908)
1,628
6,684
6,404
Translation differences
45,205
(5,917)
(1)
39,287
Change in scope, transfers and other
changes
82,556
100
–
82,656
Balance sheet as at 31.12.23
3,068,721
(1,478,640)
(46,920)
1,543,161
Additions or allocations
98,890
(146,533)
(1,034)
(48,677)
Derecognitions, disposals or reductions
(24,875)
24,207
805
137
Conversion differences
(28,020)
3,106
–
(24,914)
Change in scope, transfers and other
changes
143,972
(806)
(1)
143,165
Balance at 31.12.24
3,258,688
(1,598,666)
(47,150)
1,612,872
This heading includes the intangible assets corresponding to the service concession arrangements
(note 11).
The most significant additions in 2024 correspond, in the Environmental Services segment, to the ongoing
projects undertaken by FCC Medio Ambiente, S.A. for the sum of 42,551 thousand euros (7,075 thousand
euros in 2023), Ecoparque Mancomunidad del Este, S.A. for the sum of 22,155 thousand euros
(1,818 thousand euros in 2023) and by FCC CEE Group companies for the sum of 811 thousand euros
(2,155 thousand euros in 2023) and, in the Integrated Water Management segment, Acque di Caltanisseta,
S.P.A for the sum of 14,753 thousand euros (14,436 thousand euros in 2023) and FCC Aqualia, S.A. for the
sum of 14,878 thousand euros (4,340 thousand euros in 2023).

2024
2023
FCC Environment Group (UK)
315,540
301,064
FCC Environment Group (CEE)
136,793
136,793
FCC Aqualia, S.A.
82,764
82,764
Urbaser UK Group
64,563
–
Eur Serv Voire SAS
28,854
–
FCC Ámbito, S.A.
23,311
23,311
FCC Industrial e Infraestructuras Energéticas, S.L.U.
21,499
21,499
Premier Waste Services, Llc.
15,857
14,909
Houston Waste Solutions, Llc.
14,477
13,611
Municipal District Services, Llc.
13,690
12,964
Eur Serv Dechets SAS
11,184
–
Eur SRV Proprete SAS
10,851
–
Gel Recycling Inc.
7,804
–
Resicorreia - Gestão e Serviços de Ambiente, Lda
6,906
–
Cementos Portland Valderrivas, S.A.
–
143,098
Canteras de Aláiz, S.A.
–
4,332
Eur Serv MTCE SAS
3,794
–
Other
6,615
6,470

764,502
760,815

754,177
Exchange differences, change in consolidation scope and others:
Municipal District Services, Llc.
12,964
Other
(6,326)
6,638
Balance sheet as at 31.12.23

760,815
Reclassification to non-current assets held for sale (Note 5)
(147,430)
Exchange differences, change in consolidation scope and others:
Urbaser UK Group
64,563
Eur Serv Voire SAS
28,854
FCC Environment Group (UK)
14,476
Eur Serv Dechets SAS
11,184
Eur SRV Proprete SAS
10,851
Gel Recycling Inc
7,804
Resicorreia - Gestão e Serviços de Ambiente, Lda
6,906
Other
6,479
151,117
Balance at 31.12.24

764,502
In 2024, the changes in this item of the consolidated balance sheet mainly corresponded to:
• The reclassification of the goodwill as at May 2024 pertaining to Cementos Portland Valderrivas, S.A. for
the sum of €143,098 thousand and Canteras de Aláiz, S.A. for the sum of €4,332 thousand, both in the
Cement segment, to “Non-current assets held for sale” (Note 5).
• The goodwill generated on the acquisition of 100% of the shares in Eur Serv Voire SAS for the sum of
28,854 thousand euros, Gel Recycling Inc. for the sum of 7,804 thousand euros, Eur SRV Propete SAS
for the sum of 10,851 thousand euros, Eur Serv Dechets SAS for the sum of 11,184 thousand euros,
Resicorreia - Gestão e Serviços de Ambiente, Lda. for the sum of 6,906 thousand euros and Eur Serv
MYCE SAS for the sum of 3,794 thousand euros, in the Environmental Services segment (note 4).
• The goodwill generated in the acquisition of the Environmental Services business of the Urbaser Group
in the United Kingdom for 63,305 thousand euros (note 4).
• Conversion differences included in changes to goodwill in 2024, amounting to 23,014 thousand euros.
In 2023, the change in this heading mainly included the acquisition of 97% of Municipal District Services,
Llc., in the Integrated Water Management segment, for the sum of 85,118 thousand euros (note 4) and the
impact of the appreciation of the pound sterling against the euro.
The impairment analysis policies applied by the Group to its goodwill are described in Note 3.f). In
accordance with the methods used and in accordance with the estimates, projections and valuations
available to the Group's Management, the existence of losses in value is not apparent in 2024.
The Group has not identified any exposure to significant climate risks that could cause impairment and, in
applying the regulations, it only takes climate issues into consideration in its cash flow forecasts and not in
the discount rate with a view to avoiding duplications in the assumptions considered.

1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
281
Consolidated Group | Notes to the consolidated financial statements | Page 25 of 152
The projections employed include assumptions relating to environmental issues. These include but are
not limited to: the impact of the “Power Purchase Agreements” for renewable energy contracted in the
Water activity (note 3.s); the cost of investments in less polluting electric, hybrid or natural gas vehicles
in agreements mainly involving the Services Area, the impact of renewable energy production facilities at
some of its facilities; the impact of road cleaning actions on both costs and income in certain geographical
areas where heavy snowfall or frost occurs at certain times of the year; as well as the impact of the
adoption of more efficient waste segregation policies at its recycling plants that make it possible to
obtain by-products or raw materials that are subsequently incorporated into the production process; or
improvements in the use of sludge produced as part of its the water treatment activity. Consideration
is also given to rainfall rates when estimating cash outflows related to post-closure actions at landfills,
as well as the costs and income related to the control and, where appropriate, the subsequent sale of
the gases released. These actions all form part of the Group's commitment to reduce the impact that its
activities have on the environment, which is reflected in the R&D+i projects in which it is involved.
The estimates made and the sensitivity analysis of the most significant goodwill impairment tests are
discussed below.
It should be noted that in preparing the impairment tests, cash flows have been estimated on the basis
of Group management's best estimates and that upward or downward variations in the key assumptions
considered, both in the discount rate and operating margins, among other factors, may affect the
recoverable amount of the cash-generating unit considered.
FCC Environment Group (UK)
The FCC Group acquired 100% of the stake in the FCC Environment (UK) group in 2006 for an investment
cost of 1,693,532 thousand.
From the moment of its acquisition, the Group considers the FCC Environment (UK) subgroup as a single
cash generating unit (CGU), with the goodwill recorded in the balance sheet associated exclusively with
such CGU.
The cash flows considered in the impairment test take into account the current status of the CGU, making
the best estimates of future flows based on the mix of activities expected in the future. The relative weight
of the different activities will vary as other waste treatment alternatives are promoted, mainly recycling and
recovery, which is currently being carried out by the subgroup, offsetting the progressive abandonment of
landfill activity.
The impairment test has been carried out using conservative and continuous projections based on
historical performance in recent years and based on the foreseeable performance of the businesses.
The main hypotheses used contemplate the historical trend of strengthening waste treatment/recovery
and incineration activities in the face of a gradual decrease in landfill management activity. Revenue
considered during the period reflect a decline in volume if landfill activity, partly offset by the strengthening
of other related activities, while there are stable tonnages in relation to treatment activity, with performance
in line with inflation, except for 2026 and 2027, when the Lostock complex is expected to online, where
the recycling business has secured supply contracts and revenue increases of 11% are forecast for 2026
and 18.1% for 2027. The pre-tax discount rate used was 10.60% and a time horizon of 10 years has been
employed for the estimates given the structural features of its business and the long useful life of its
assets. A growth rate of 1% has been considered in the calculation of perpetual income, which represents
46,1% of the total recoverable value. The result of the test renders an excess of the recoverable value over
the book value of the cash generating unit of 338,207 thousand euros, supporting an increase of more
than 1,100 basis points in the discount rate without incurring impairment. A 10% decrease in the current
value of cash flows would reduce the excess to 289,260 thousand euros. If a zero growth rate had been
considered, the aforementioned excess would have decreased to 316,907 thousand euros.
As indicated in note 3.f) of these financial statements, the general criterion is not to consider growth rates
in perpetual income, but in the case of the FCC Environment (UK) subgroup, given the transformation that
is taking place in the mix of activities, it is considered that a growth rate of 1% more accurately reflects the
reality of the business in the context of the change that is taking place in the United Kingdom in the waste
management activity, with a drastic fall in the disposal of waste in landfills and an increase in alternative
waste management activities that is expected to be sustained over a prolonged period of time.
In addition, given the slack shown in the impairment test and the fact that the main assets and liabilities of
its business are referenced in the same currency (pound sterling), no impairment should be evident.

9.620.824
(5.168.164)
(681.161)
3.771.499
2023
Land and buildings
1.805.668
(658.697)
(97.161)
1.049.810
Land and natural resources
705.600
(182.877)
(82.760)
439.963
Buildings for own use
1.100.068
(475.820)
(14.401)
609.847
Plant and other items of property, plant
and equipment
9.472.163
(6.040.033)
(643.686)
2.788.444
Plant
5.487.940
(3.623.297)
(605.966)
1.258.677
Machinery and vehicles
2.833.033
(1.796.169)
(34.555)
1.002.309
Advances and PP&E under construction
211.003
–
–
211.003
Other PP&E
940.187
(620.567)
(3.165)
316.455

11.277.831
(6.698.730)
(740.847)
3.838.254

Cost
Accumulated
amortisation
Impairment
Net value
2024
Buildings, plants and equipment
1,341,547
(633,980)
(5,446)
702,121
Other property, plant and equipment
199,267
(116,361)
–
82,906

1,540,814
(750,341)
(5,446)
785,027
2023
Buildings, plants and equipment
1,503,241
(785,880)
(4,274)
713,087
Other property, plant and equipment
172,468
(110,254)
–
62,214

1,675,709
(896,134)
(4,274)
775,301
The restrictions on ownership of these assets arise from the lease agreements explained in note 10 of
these notes to the consolidated financial statements, and also from assets assigned to the operation of
certain agreements with characteristics similar to those of concession arrangements, but to which IFRIC
12 “Concession arrangements” (note 3.a) does not apply.

2024
2023
Land and natural resources
–
–
Buildings for own use
680
–
Plant
7,592
2,897
Machinery and vehicles
62,208
70,706
In-progress property, plant and equipment and advances
962
–
Other PP&E
25,539
16,797

96,981
90,400
9. Real estate investments
As a result of the partial financial spin-off giving rise to the Inmocemento Group (note 2), practically all real
estate investments, included in Real Estate activity, were derecognised from the balance sheet as at the
date on which the transaction was completed.
As stated in note 3.e), investment property is measured at fair value based on the assessments made by
independent experts, calculated on the reporting date of these consolidated financial statements.
Environmental and sustainability aspects are an integral part of the measurement process. “Sustainability”
refers to the consideration of issues such as the environment and climate change, health and well-
being and corporate responsibility that may have an impact on an asset's value. In the context of the
measurement approach, sustainability encompasses a wide range of physical, social, environmental and
economic factors that can affect value. These factors include key environmental risks such as floods,
droughts or storms, as well as aspects of energy efficiency, carbon footprint, design, configuration,
accessibility, legislation, management and fiscal considerations as well as current and historical land use.
Sustainability has an impact on the value of an asset, even though this is not directly acknowledged. When
the impact of sustainability on value is recognised, the valuer's understanding of how market participants
factor these requirements into their products and services and the impact on market valuations are
reflected.
The information required by valuers to determine the value of the assets includes the details of Energy
Efficiency Certificates and other certifications related to compliance with sustainability and ESG
measurements of portfolio assets. As regards miscellaneous assets, it has been found that it is the lessee,
as part of its own management environmental plans, that has adjusted the global operational carbon
footprint of its business to convert properties into more sustainable spaces, implementing a variety of
initiatives that have allowed for the reduction of energy, paper and water consumption, as well as selective
waste collection to allow for its revaluation and recycling.
These features are taken into consideration when determining the income and profitability of properties
in the same way that lessees and investors take these conditions into account when making decisions. In
this case, the market references indicated in each assessment include a breakdown, insofar as possible,
of the degree of compliance with sustainability requirements, making this another aspect to be taken into
consideration when comparing properties.
Given the location of the assets, climate change risks have not been considered as significant.
The variables of the techniques employed to assess the fair value of the Group's real estate investments
are included in level 3.
At the Realia Group, the value of assets is pegged to a specific date, reflecting the conditions of the real
estate market and the asset in particular at that time. Given that the macroeconomic context has an
impact on the market, the main real estate variables taken into consideration in the assessment already
reflect this macroeconomic situation and its impact on the sector. These variables with an impact on the
assessment are analysed and compared with the market on each measurement date, in such a way that
they are updated on a six-monthly basis. In relation to projected income and the annual update thereof, the
inflation trend estimate is applied to the office segment.
At Jezzine, the macroeconomic situation has not resulted in a significant negative adjustment in the
measurement of its real estate portfolio, as consideration has been given to the nature of the agreement
regulating the lease of its assets, allowing the entire increase in indexation to be captured; this clearly
protects cash flows (income) generated on its assets in inflationary environments, as well as protecting
against asset vacancy. In addition, regulatory restrictions on increases in rental price do not affect the
appreciation of its assets either.

Cost
Accumulated
amortisation
Impairment
Net value
Additions
Amortisation
charge
2024
Land and buildings
484,013
(170,869)
(5,080)
308,064
38,687
(41,522)
Land and natural resources
51,669
(12,527)
(5,080)
34,062
8,630
(3,226)
Buildings for own use
432,344
(158,342)
–
274,002
30,057
(38,296)
Plant and other items
of property, plant and
equipment
210,694
(79,384)
(367)
130,943
49,529
(29,249)
Plant
1,037
(552)
–
485
–
(101)
Machinery and vehicles
180,018
(63,279)
(367)
116,372
43,612
(25,332)
Other PP&E
29,639
(15,553)
–
14,086
5,917
(3,816)

694,707
(250,253)
(5,447)
439,007
88,216
(70,771)
2023
Land and buildings
470,840
(143,724)
(3,925)
323,192
63,027
(41,541)
Land and buildings
42,089
(10,620)
(3,925)
27,545
3,639
(4,088)
Land and natural resources
428,751
(133,104)
–
295,647
59,388
(37,453)
Plant and other items
of property, plant and
equipment
178,374
(84,135)
(350)
93,889
42,563
(34,811)
Plant
18,759
(3,905)
–
14,854
15,496
(2,508)
Machinery and vehicles
132,528
(65,258)
(350)
66,920
25,529
(28,415)
Other PP&E
27,087
(14,972)
–
12,115
1,538
(3,888)

649,214
(227,859)
(4,275)
417,081
105,590
(76,352)

2026
2027
2028
2029
2030 and
beyond
Total
Liabilities for non-current leases
64,954
51,848
46,653
37,788
226,899
428,142
Certain agreements are excluded from the application of IFRS 16, mainly because they are low value
assets or because their term is less than twelve months (note 3.g), and are recognised as an expense
under “Other operating income” in the accompanying consolidated income statement, the amount of
which is as follows for 2024 and 2023:

2024
2023
Low value assets
8,453
10,100
Leases with term less than 12 months
55,576
46,797

64,029
56,897
b) Leases in which the Group acts as lessor
All lease agreements in which the Group acts as lessor are classified as operating leases, as substantially
all the risks and rewards of ownership of the asset are not transferred.
As a result of the partial financial spin-off giving rise to the Inmocemento Group (note 2), a very significant
part of the leases in which the Group acted as the lessor, entered into by the Real Estate segment, were
no longer valid at the end of 2024. Thus, rental income from the Real Estate activity is not included as
operating income in the accompanying consolidated income statement, rather it is included under “Profit/
(loss) for the business year from interrupted operations after tax” for the amount of 117,241 thousand
euros (note 5).
The assets leased in the Real Estate segment at the end of 2023 were mainly recognised under Investment
property on the accompanying consolidated balance sheet. Their book value and type are broken down
below:

2023
Offices and commercial premises
1,426,337
Banking entities
586,241
Residential
75,600
Plots and other investment property
3,150

2,091,328

2023
Less than a year
111,665
Between two and
323,028
five years
490,057
After five years
924,750
In addition, the Group leases tangible fixed assets, mainly machinery in the Construction Area, the carrying
amount of which is not material. These leases have generated operating income amounting to
972 thousand euros as at 31 December 2024 (1,454 thousand euros at 31 December 2023).
11. Service concession arrangements
This Note presents an overview of all the Group’s investments in concession businesses, which are
recognised in various headings under “Assets” in the accompanying consolidated balance sheet.
The following table presents the total amount of the assets held under service concession arrangements
by the Group companies, which are recognised under “Intangible assets”, “Non-current financial assets”,
“Other current financial assets” and “Investments accounted for using the equity method” (for both joint
ventures and associates) in the accompanying consolidated balance sheet at 31 December 2024
and 2023.

Intangible
fixed assets
(Note 7)
Financial
assets
(Note 14)
Joint
concessionary
businesses
Associated
concessionary
companies
Total
investment
2024
Water services
1,989,908
233,030
12,064
39,339
2,274,341
Environment
790,650
545,150
4,463
12,813
1,353,076
Transport infrastructure
and other
478,129
189,573
9,604
76,036
753,342
TOTAL
3,258,687
967,753
26,131
128,188
4,380,759
Depreciation
(1,598,666)
–
–
–
(1,598,666)
Impairment
(47,149)
–
–
–
(47,149)

1,612,872
967,753
26,131
128,188
2,734,944
2023
Water services
1,997,281
247,303
17,343
38,026
2,299,953
Environment
558,823
211,652
6,833
10,457
787,765
Transport infrastructure
and other
512,617
149,610
10,434
38,840
711,501
TOTAL
3,068,721
608,565
34,610
87,323
3,799,219
Depreciation
(1,478,640)
–
–
–
(1,478,640)
Impairment
(46,920)
–
–
–
(46,920)

1,543,161
608,565
34,610
87,323
2,273,659
The main change year on year in the “Environment” segment can mainly be attributed to the acquisition
of the Urbaser subsidiary in the United Kingdom by Environmental Services (note 4). As a direct result,
intangible fixed and non-current assets and financial assets increased by 137,633 and 330,665 thousand
euros, respectively.
Below are details of the main concessions included in the previous categories with their main
characteristics:

Net book value as at
31 December 2024

Intangible
assets
Financial
assets
Granting entity
Collection mechanism
Water services
756,476
233,030
Caltanissetta (Italy)
75,047
–
Consorzio Ambito Territoriale Ottimale
User based on consumption
Contracts in Colombia
72,542
–
Miscellaneous municipalities
User based on consumption
Jerez de la Frontera (Cádiz - Spain)
56,369
–
City Council of Jerez de la Frontera.
User based on consumption
Jeddah desalination plant (Saudi Arabia)
31,898
–
General Authority of Civil Aviation (Saudi Arabia)
User based on consumption
Lleida (Lleida, Spain)
27,629
–
Lleida City Council
User based on consumption
Acueducto Realito (Mexico)
24,160
54,310
State Water Commission
Mixed model
Llucmajor (Balearic Islands, Spain)
21,862
–
Llucmajor town council
User based on consumption
Santander (Cantabria, Spain)
21,655
–
Santander City Council
User based on consumption
Badajoz (Badajoz, Spain)
20,990
–
Badajoz City Council
User based on consumption
Oviedo (Asturias, Spain)
17,823
–
Oviedo City Council
User based on consumption
Contracts in Île de France (France)
17,412
–
Miscellaneous municipalities in the Île de France region
User based on consumption
Adeje (Tenerife, Spain)
8,154
–
Adeje City Council
User based on consumption
Vigo (Pontevedra, Spain)
7,126
–
Vigo City Council
User based on consumption
Desaladora de Mostaganem (Algeria)
–
145,784
Algerian Energie Company S.p.a.
Cubic meters with guaranteed minimum
Guaymas Desalination Plant (Mexico)
–
27,234
State Water Commission
Cubic meters with guaranteed minimum
Other contracts
353,809
5,702
Transport infrastructure and other
292,377
189,573
Coatzacoalcos submerged tunnel (Mexico)
202,450
–
Government of the State of Veracruz
Direct toll paid by the user
Conquense motorway (Spain)
22,865
–
Ministry for Economic Development
Shadow toll
Sociedad Concesionaria Tranvia de Murcia (Spain)
67,062
156,912
Murcia city council
Fixed amount plus the amount paid by the user
Parla Tram (Spain)
31,586
Municipality of Parla
Fixed amount plus the amount paid by the user
FCC Concessions Aragon (Spain)
1,075
Government of Aragón
Fixed amount

Net book value as at
31 December 2024

Intangible
assets
Financial
assets
Granting entity
Collection mechanism
Environment
564,019
545,150
Loeches plant (Alcalá de Henares, Spain)
124,098
–
Commonwealth of the East
According to tons treated
Buckinghamshire plant (United Kingdom)
123,840
9,296
Buckinghamshire County Council
Variable per ton with guaranteed minimum
Mercia plant (United Kingdom)
85,015
96,722
Herefordshire and Worcestershire County Council
Variable per ton with guaranteed minimum
Gloucestershire plant
52,325
235,982
Gloucestershire County Council
Variable per ton with guaranteed minimum
Campello plant (Alicante, Spain)
40,053
–
Plan Zonal XV consortium of the Community of Valencia
According to tons treated
CTR Plant Valladolid (Castile and Leon, Spain)
28,714
–
Valladolid Municipality
According to tons treated
Edinburgh plant (United Kingdom)
20,049
88,234
City of Edinburgh and Midlothian Council
Variable per ton with guaranteed minimum
RE3 plant (United Kingdom)
–
27,264
Councils of Reading, Bracknell Forest and Workingham
Fixed amount plus variable amount per ton
Gipuzkoa II plant
–
26,242
Gipuzkoa Waste Consortium
Variable per ton with guaranteed minimum
Manises Plant (Valencia, Spain)
–
17,112
Metropolitan entity for waste treatment
Fixed amount plus variable amount per ton
Wrexham I plant (United Kingdom)
–
16,787
Wrexham County Borough Council
Fixed amount plus variable amount per ton
Wrexham II plant (United Kingdom)
–
14,156
Wrexham County Borough Council
Fixed amount plus variable amount per ton
Other contracts
89,925
13,355
FCC Group Total
1,612,872
967,753

Net book value as at
31 December 2023

Intangible
assets
Financial
assets
Granting entity
Collection mechanism
Water services
827,682
247,303
Contracts in Colombia
103,013
–
Miscellaneous municipalities
User based on consumption
Caltanissetta (Italy)
64,453
–
Consorzio Ambito Territoriale Ottimale
User based on consumption
Jerez de la Frontera (Cadiz - Spain)
60,623
–
City Council of Jerez de la Frontera.
User based on consumption
Jeddah desalination plant (Saudi Arabia)
33,937
–
General Authority of Civil Aviation (Saudi Arabia)
User based on consumption
Acueducto Realito (Mexico)
29,647
65,766
State Water Commission
Mixed model
Lleida (Lleida, Spain)
28,681
–
Lleida City Council
User based on consumption
Santander (Cantabria, Spain)
25,120
–
Santander City Council
User based on consumption
Llucmajor (Balearic Islands, Spain)
23,105
–
Llucmajor town council
User based on consumption
Badajoz (Badajoz, Spain)
22,052
–
Badajoz City Council
User based on consumption
Contracts in Île de France (France)
20,055
–
Miscellaneous municipalities in the Île de France region
User based on consumption
Oviedo (Asturias, Spain)
18,539
–
Oviedo City Council
User based on consumption
Adeje (Tenerife, Spain)
14,626
–
Adeje City Council
User based on consumption
Vigo (Pontevedra, Spain)
14,251
–
Vigo City Council
User based on consumption
Desaladora de Mostaganem (Algeria)
–
142,575
Algerian Energie Company S.p.a.
Cubic meters with guaranteed minimum
Guaymas Desalination Plant (Mexico)
–
31,762
State Water Commission
Cubic meters with guaranteed minimum
Other contracts
369,579
7,200
Transport infrastructure and other
339,543
149,609
Coatzacoalcos submerged tunnel (Mexico)
236,485
–
Government of the State of Veracruz
Direct toll paid by the user
Conquense motorway (Spain)
33,240
–
Ministry for Economic Development
Shadow toll
Sociedad Concesionaria Tranvia de Murcia (Spain)
69,818
149,609
Murcia city council
Fixed amount plus the amount paid by the user

Net book value as at
31 December 2023

Intangible
assets
Financial
assets
Granting entity
Collection mechanism
Environment
375,937
211,652
Buckinghamshire plant (United Kingdom)
126,764
8,960
Buckinghamshire County Council
Variable per ton with guaranteed minimum
Loeches plant (Alcalá de Henares, Spain)
105,662
–
Commonwealth of the East
According to tons treated
Campello plant (Alicante, Spain)
45,072
–
Plan Zonal XV Consortium of the Community of Valencia
According to tons treated
Granada plant (Granada, Spain)
28,047
–
Provincial Council of Granada
According to tons treated
Edinburgh plant (United Kingdom)
20,118
86,838
City of Edinburgh and Midlothian Council
Variable per ton with guaranteed minimum
Houston recycling plant (United States)
17,165
–
City of Houston
According to tons treated
Gipuzkoa II plant
–
27,506
Gipuzkoa Waste Consortium
Variable per ton with guaranteed minimum
RE3 plant (United Kingdom)
–
26,403
Councils of Reading, Bracknell Forest and Workingham
Fixed amount plus variable amount per ton
Manises plant (Valencia, Spain)
–
17,262
Metropolitan entity for waste treatment
Fixed amount plus variable amount per ton
Wrexham I plant (United Kingdom)
–
16,388
Wrexham County Borough Council
Fixed amount plus variable amount per ton
Wrexham II plant (United Kingdom)
–
14,692
Wrexham County Borough Council
Fixed amount plus variable amount per ton
Other contracts
33,109
13,604
FCC Group Total
1,543,161
608,565

this type of concession range from different periods, up to a maximum of 75 years, and the facilities revert
to the concession grantor at the end of the concession period, without receiving any compensation.
In most of the fully consolidated agreements, the amount of the collections depends on the use made of
the service and is therefore variable, as the concession holder bears the demand risk, which is why they
are recorded as intangible assets. However, in exceptional cases, mainly in the case of desalination plants,
payment is received on the basis of the cubic metres actually desalinated, with the grantor guaranteeing
a minimum insured level irrespective of volume, whereby such guaranteed amounts are classified as
financial assets as they cover the fair value of the construction services.
The Water activity is characterised by a very high number of agreements, the most significant of which
are detailed in the table above. The main activity of the agreements is the end-to-end water cycle, from the
collection, transport, treatment and distribution to urban centres through the use of distribution networks
and complex water treatment facilities for drinking water purification, to the collection and treatment of
wastewater. It includes both construction and maintenance of water and sewerage networks, desalination
plants, water treatment plants and wastewater treatment plants. Billing is generally based on subscribers'
use of the service, so in most cases cash flows depend on water consumption, which is generally constant
over time. However, the agreements usually incorporate periodic tariff review clauses to ensure the
recoverability of the investment made by the concessionaire, in which future tariffs are set on the basis of
consumption in previous periods and other variables such as inflation. In order to carry out their activities,
the concessionaires build or receive the right to use the distribution and sewerage networks, as well as the
complex installations necessary for drinking water treatment and purification. The concession periods for

2024
2023
Joint ventures
79,463
145,819
Investment value
(17,523)
48,724
Loans
96,986
97,095
Associates
441,232
888,469
Investment value
149,559
670,460
Loans
291,673
218,009

520,695
1,034,288
The main difference year on year can be attributed to the fact that during 2024, the following amounts
contributed in May 2024 by the Cement and Real Estate activity segments were reclassified to “Non-
current assets held for sale” (note 5):
31.05.2024
Joint ventures
43,081
Investment value
43,081
Loans
–
Associates
518,538
Investment value
514,570
Loans
3,968

561,619

Balance at
31.12.2023
Profit of companies
accounted for by the
equity method
(Note 27.h)
Profit/(loss) for the
business year from
interrupted operations
after tax (note 5)
Distributed
Dividends
Changes in the fair
value of financial
instruments allocated
to reserves
Committee
Conversion
differences and
other movements
Change
in credits
granted
Reclassification to
non-current assets
held for sale (Note 5)
Balance at
31.12.2024
Zabalgarbi, S.A.
13,099
(447)
–
(1,800)
187
–
–
–
–
11,039
Ibisan Sociedad Concesionaria, S.A.
10,434
1,608
–
(2,497)
58
–
–
–
–
9,603
Construcciones Olabarri, S.L.
6,127
177
–
–
–
–
–
–
–
6,304
Ecoparc del Besós, S.A.
5,534
3,754
–
(3,410)
–
–
–
–
–
5,878
Orasqualia for the Development of
the Waste Treatment Plant S.A.E.
9,471
941
–
(2,587)
–
–
(2,894)
(18)
–
4,913
Atlas Gestión Medioambiental, S.A.
6,558
1,703
–
(2,815)
–
(1,920)
–
–
–
3,526
Aguas de Langreo, S.L.
3,232
86
–
–
(70)
–
(24)
–
–
3,224
Empresa Municipal de Aguas de
Benalmádena, S.A.
2,059
136
–
(32)
(94)
–
–
(819)
–
1,250
FCC Environment Group (UK)
18,057
5,034
–
–
–
–
(23,091)
–
–
–
As Cancelas Siglo XXI, S.L.
38,815
–
1,045
–
–
–
–
–
(39,860)
–
Other
32,433
3,523
155
(2,346)
223
(2,522)
4,752
729
(3,221)
33,726
Total joint ventures
145,819
16,515
1,200
(15,487)
304
(4,442)
(21,257)
(108)
(43,081)
79,463

2024
2023
Non-current assets
64,367
221,954
Current assets
135,956
169,451
Non-current liabilities
110,310
211,300
Current liabilities
125,167
141,503
Results
Revenue
226,544
278,110
Operating profit/(loss)
17,477
36,818
Profit before tax
21,718
28,479
Profit attributable to the Parent Company
17,715
20,266
The changes in the balance sheet figures compared to 2023 can mainly be attributed to the reclassification
of the assets and liabilities of the joint ventures in the Cement and Real Estate areas to assets held for sale
as at May 2024 (note 5) and the aforementioned change in the consolidation method of Beacon Waste
Limited, Mercia Waste Management Ltd. and Severn Waste Limited, now fully consolidated, following the
acquisition of Urbaser's subsidiary in the United Kingdom by Environmental Services (note 4).
The main activities carried out by joint ventures are the exploitation of concessions, such as motorways,
concessions related to the integral water cycle and urban sanitation, tunnels and passenger transport
activities.
In relation to joint ventures with third parties outside the FCC Group, it should be noted that guarantees
have been provided for an amount of 7,032 thousand euros (7,032 thousand euros in 2023), mostly for
public bodies and private customers to guarantee the successful execution of the contracts of the different
activities of the Group. There are no relevant commitments or other significant contingent liabilities in
relation to joint ventures.
In general, the joint ventures consolidated by the Group using the equity method take the legal form of
public or private limited companies and, therefore, as joint ventures, the distribution of funds to their
respective parent companies requires the agreement of the other jointly controlling shareholders.
b) Associates
The breakdown of this caption by company is shown in Annexe III to these annual accounts, which lists the
associated companies.
The transactions for 2024 and 2023 by items are as follows:

Balance at
31.12.2023
Profit of companies
accounted for by the
equity method
(Note 27.h)
Profit/(loss) for the
business year from
interrupted operations
after tax (note 5)
Distributed
Dividends
Changes in the fair
value of financial
instruments allocated
to reserves
Committee
Conversion
differences and
other movements
Change
in credits
granted
Reclassification to
non-current assets
held for sale
(Note 5)
Balance at
31.12.2024
FCC Environment Group (UK)
158,446
13,824
–
–
–
24,599
–
220,920
Future Valleys Project Co. Limited
62,247
2,606
–
–
6,822
–
1,395
4,226
–
77,296
Metro de Lima Línea 2, S.A.
38,840
3,085
–
–
–
–
2,601
–
–
44,526
Suministro de Agua de Querétaro,
S.A. de C.V.
13,322
2,341
–
(1,518)
–
–
(1,835)
–
–
12,310
World Trade Center Barcelona, S.A.
de S.M.E.
11,521
813
–
(240)
–
–
–
–
–
12,094
Tirme Group
9,817
6,961
–
(4,856)
–
–
–
–
–
11,922
Aguas del Puerto Empresa
Municipal, S.A.
9,918
(96)
–
–
442
–
–
(81)
–
10,183
FCC Environment Group (CEE)
7,759
2,954
–
(1,560)
(19)
–
(332)
–
–
8,802
Aigües del Segarra Garrigues, S.A.
7,562
1,129
–
(864)
–
(484)
875
–
–
8,218
Gestión Integral de Residuos
Sólidos, S.A.
5,526
445
–
–
–
–
–
–
–
5,971
Codeur, S.A.
3,965
(184)
–
(78)
1,413
–
115
–
–
5,231
Aigües del Vendrell
4,670
264
–
–
257
–
–
(146)
–
5,045
Cafig Constructores, S.A. de C.V.
919
95
–
–
–
–
(132)
–
–
882
Hormigones y Áridos del Pirineo
Aragonés, S.A.
6,318
–
163
–
–
–
–
–
(6,480)
–
Lázaro Echevarría, S.A.
7,828
–
53
–
19
–
–
–
(7,900)
–
Metrovacesa, S.A.
402,120
–
(2,728)
(11,589)
–
–
594
–
(388,397)
–
Giant Cement Holding
106,901
–
(2,234)
–
–
–
1,874
(189)
(106,353)
–
Other
30,790
(589)
55
(5,061)
1,090
523
(456)
888
(9,408)
17,832
Total associates
888,469
33,648
(4,691)
(25,766)
10,024
24,638
(44,183)
77,631
(518,538)
441,232

Balance at
31.12.2022
Profit of companies
accounted for by
the equity method
(Note 27.h)
Profit/(loss) for the
business year from
interrupted operations
after tax (note 5)
Distributed
Dividends
Changes in the fair
value of financial
instruments allocated
to reserves
Committee
Conversion
differences
and other
movements
Change
in credits
granted
Balance at
31.12.2023
Metrovacesa, S.A.
–
–
–
–
FCC Environment Group (UK)
–
(1,635)
–
–
–
41,820
118,261
158,446
Giant Cement Holding
18,202
–
(13,782)
–
1,418
101,810
(152)
(595)
106,901
Future Valleys Project Co. Limited
59,723
1,742
–
–
(439)
–
(1,982)
3,203
62,247
Metro de Lima Línea 2, S.A.
37,310
2,888
–
–
–
–
(1,358)
–
38,840
Suministro de Agua de Querétaro, S.A. de C.V.
11,728
2,214
–
(1,889)
–
–
1,269
–
13,322
World Trade Center Barcelona, S.A. de S.M.E.
10,399
1,122
–
–
–
–
–
–
11,521
Aguas del Puerto Empresa Municipal, S.A.
11,469
(442)
–
–
–
–
395
(1,504)
9,918
Tirme Group
9,714
4,812
–
(4,709)
–
–
–
–
9,817
Lázaro Echevarría, S.A.
8,011
(54)
–
–
–
–
(129)
–
7,828
FCC Environment Group (CEE)
7,004
2,266
–
(1,745)
10
–
224
–
7,759
Aigües del Segarra Garrigues, S.A.
7,036
1,572
–
(864)
–
–
(182)
–
7,562
Hormigones y Áridos del Pirineo Aragonés, S.A.
6,112
281
–
(75)
–
–
–
–
6,318
Gestión Integral de Residuos Sólidos, S.A.
5,342
5,342
184
–
–
–
–
–
–
5,526
Aigües del Vendrell
4,862
(257)
–
–
–
–
186
(121)
4,670
Codeur, S.A.
6,024
(139)
–
(93)
–
–
(1,827)
–
3,965
Cafig Constructores, S.A. de C.V.
3,560
(584)
–
(2,365)
–
–
308
–
919
FCC Group PFI Holdings
109,872
(346)
–
–
–
–
(32,341)
(77,185)
–
Other
27,611
(6,364)
675
(1,265)
–
–
12,396
(2,263)
30,790
Total empresas asociadas
343,979
7,260
(13,107)
(13,005)
989
101,810
420,747
39,796
888,469
In 2024, “Conversion differences and other movements” included, for the FCC Environment Group (UK),
impairment attributable to the delay and increase in the costs of the investment in the Lostock plant for
the sum of 48,134 thousand euros (note 27.h).
In 2023, the column “Conversion differences and other movements” included increases relating to a
significant influence being obtained over the company Metrovacesa, S.A. (notes 4, 14 and 27) and the
capital increase in Giant Cement Holding Inc. for the sum of 101,810 thousand euros. It also includes
the impact of the transfer of CI III Lostock EFW Limited, Lostock Sustainable Energy and Lostock Power
Limited from the FCC PFI Holding Group to the FCC Environment (UK) group for the sum of 33,035
thousand euros.

2024
2023
Non-current assets
720,619
890,757
Current assets
229,221
778,091
Non-current liabilities
608,743
679,754
Current liabilities
169,576
307,254
Results
Revenue
392,443
479,187
Operating profit/(loss)
49,507
13,461
Profit before tax
40,693
(3,241)
Profit attributable to the Parent Company
28,957
(5,847)
The changes compared to the previous year can be attributed to the reclassification of the assets and
liabilities of the associates of the Cement and Real Estate areas to assets held for sale (note 5).
Below, due to its relevance, the summarised financial information of company Metrovacesa, S.A. can be
consulted at 31 December 2023, having recognised its net assets at their fair value to which the equity
method was applied:

Balance Sheet

2023
Non-current assets
395,567
Current assets
2,417,297
Inventory
2,106,161
Cash and equivalents
196,298
Other current assets
114,838
TOTAL ASSETS
2,812,864
Equity
1,895,455
Equity Parent Company
1,895,455
Capital
1,092,070
Reserves
803,842
Own Shares
(1,668)
Other equity instruments
1,211
Profit/(Loss) Parent Company
–
Valuation adjustments
–
Non-controlling interests
–
Non-current liabilities
362,006
Non-current financial liabilities
269,168
Other non-current liabilities
92,838
Current liabilities
555,403
Current financial liabilities
204,758
Other current liabilities
350,645
TOTAL LIABILITIES
2,812,864

2024
2023
Non-current assets
248,023
210,215
Current assets
1,647,870
1,646,408
Non-current liabilities
63,852
51,413
Current liabilities
1,695,403
1,724,716
Results
Revenue
1,773,119
1,508,275
Gross operating profit/(loss)
189,041
146,585
Net operating profit/(loss)
148,189
110,130
Contracts managed through temporary joint ventures, joint ventures and other entities with similar
characteristics imply that shareholders must share the joint responsibility for the activity carried out.
In relation to contracts managed jointly with third parties outside the Group, guarantees totalling
€1,771,979 thousand (€2,024,073 thousand in 2023) were provided, mostly to public bodies and private
customers, to guarantee the successful completion of urban sanitation works and contracts.
The joint ventures have no relevant property, plant and equipment acquisition commitments.
14. Non-current financial assets and other current
financial assets
There are no significant “Non-current financial assets” or “Other non-current financial assets” in default, with
the exception of those contributed by Tranvía de Parla, S.A. acquired in April 2024 (note 4), for the amount at
31 December 2024 of 14,549 thousand euros. There is no risk of default, as the debtor is a public entity and
has the right to claim the corresponding delay payment surcharges.
The most significant items in the accompanying consolidated balance sheet under the aforementioned
headings break down as follows:

Financial assets
at amortised cost
Financial assets at
fair value charged
to reserves
Hedging
derivatives
Total
2024
Equity instruments
–
32,649
–
32,649
Derivatives
–
–
34,216
34,216
Collection rights concession
agreements (Note 11)
883,110
–
–
883,110
Deposits and guarantees
45,719
–
–
45,719
Other financial assets
67,306
7,765
–
75,071

996,135
40,414
34,216
1,070,765
2023
Equity instruments
–
30,244
–
30,244
Derivatives
–
–
25,193
25,193
Collection rights concession
agreements (Note 11)
547,318
–
–
547,318
Deposits and guarantees
76,420
–
–
76,420
Other financial assets
65,461
3,789
–
69,250

689,199
34,033
25,193
748,425
In 2024, the following amounts contributed at 31 May 2024 to “Non-current financial assets” on the
balance sheet (note 5) by the Cement and Real Estate activity segments were reclassified to “Non-current
assets held for sale”:
31.05.2024
Financial assets at
amortised cost
Financial assets at fair value
charged to reserves
Total
Equity instruments
–
1,242
1,242
Deposits and guarantees
17,651
–
17,651
Other financial assets
460
–
460

18,111
1,242
19,353
During 2024, as a result of the acquisition of Urbaser's subsidiary in the United Kingdom (notes 4, 12 and
27) in June,”Non-current financial assets” were added to the perimeter for the sum of 320,625 thousand
euros (mainly “Collection rights under concession agreements”). Likewise, during 2024, as a result of the
acquisition of 100% of Tranvía de Parla, S.A. in April, the sum of 31,429 thousand euros was incorporated
into the perimeter under “Collection rights under concession agreements” (note 4).
In turn, the increase in hedging derivatives mainly reflects the increase in the fair value of variable interest
rate to fixed rate swaps given the expectation of interest rate hikes in the coming years (note 18).

% Effective
ownership
Fair value
2024
Participations equal to or greater than 5%:
Vertederos de Residuos, S.A.
16.03 %
11,923
Shariket Miyeh Djinet, S.p.a
13.01 %
10,676
Consorcio Traza, S.A.
16.60 %
3,919
Cafasso N.V.
15.00 %
2,744
Other
2,272
Participations below 5%:
Other
1,115

32,649
2023
Participations equal to or greater than 5%:
Vertederos de Residuos, S.A.
16.03 %
9,187
Shariket Miyeh Djinet, S.p.a
13.01 %
8,996
Consorcio Traza, S.A.
16.60 %
3,919
Cafasso N.V.
15.00 %
2,744
Other
4,112
Participations below 5%:
Other
1,286

30,244

The expected maturities of “Deposits and guarantees”, “Receivables under concession agreements” and
“Other financial assets” are as follows:

2026
2027
2028
2029
2030 and
beyond
Total
Deposits and guarantees
3,029
1,191
74
1,183
40,242
45,719
Collection rights concession
agreement
74,207
91,767
75,052
159,523
482,561
883,110
Non-commercial loans and other
financial assets
11,225
14,722
13,207
4,596
23,556
67,306

88,461
107,680
88,333
165,302
546,359
996,135
Non-commercial loans mainly include the amounts granted to public entities for debt refinancing in the
water services activity, that accrue interest in accordance with market conditions. There were no events
during the year that suggests uncertainty regarding the recovery of these loans.
The deposits and guarantees basically correspond to those made by legal or contractual obligations in the
development of the activities of the Group companies, such as deposits for electrical connections, for the
guarantee in the execution of works, for rental of real estate, etc.
b) Other current financial assets
This heading of the accompanying consolidated balance sheet includes the financial deposits constituted
by contractual guarantees, the collection rights derived from concessionary financial assets (note 11)
maturing within less than twelve months, current financial investments made for more than three months
to meet certain specific treasury situations, credits granted to companies accounted for using the equity
method and loans to current third parties.

Financial assets
at amortised cost
Financial assets at
fair value charged
to profit and loss
Hedging
derivatives
Total
2024
Derivatives
–
–
–
–
Collection rights concession
arrangements
84,643
–
–
84,643
Deposits and guarantees
90,001
–
–
90,001
Other financial assets
77,823
4,231
–
82,054

252,467
4,231
–
256,698
2023
Derivatives
–
–
5,252
5,252
Collection rights concession
arrangements
61,247
–
–
61,247
Deposits and guarantees
90,754
–
–
90,754
Other financial assets
103,292
–
–
103,292

255,293
–
5,252
260,545
During the first half of 2024, the following amounts contributed at 31 May 2024 to “Non-current financial
assets” on the balance sheet (note 5) by the Cement and Real Estate activity segments were reclassified to
“Current assets held for sale”:
31.05.2024
Financial assets at
amortised cost
Deposits and guarantees
1,022
Other financial assets
11,127

12,149
Other financial assets mainly include current loans granted and other accounts receivable from joint
ventures and associates for the sum of 21,814 thousand euros (34,993 thousand euros in 2023), current
loans to third parties for the sum of 46,788 thousand euros (38,504 thousand euros in 2023) and deposits
in credit institutions for the sum of 3,374 thousand euros (20,507 thousand euros in 2023).
The average rate of return obtained by these items is in market returns according to the term of each
investment.
15. Inventories
The breakdown of “Inventory net of impairment” at 31 December 2024 and 2023 was as follows:

2024
2023
Real estate
8,262
719,718
Raw materials and other supplies
289,112
354,799
Construction
170,393
156,312
Environmental Services
79,564
78,764
Integrated Water Management
38,171
30,007
Concessions
984
1,178
Cement
–
88,526
Real Estate
–
12
Finished goods
7,939
23,267
Advances
118,415
136,554

423,728

1,234,338

2024
2023
Estates and promotions Tres Cantos (Madrid)
–
201.550
Estates and Promotions El Molar (Madrid)
–
58,060
Estates and promotions Badalona (Barcelona)
–
54,357
Estates and promotions Sant Joan Despí (Barcelona)
–
43,622
Estates and promotions Arroyo Fresno (Madrid)
–
38,449
Estates and Promotions Valdebebas (Madrid)
–
14,130
Estates and Developments Alcorcón
–
13,860
Estates and Promotions San Gregorio (Zaragoza)
–
12,750
Estates and Promotions Esencia Sabadell (Barcelona)
–
12,460
Estates and Promotions Marítimo (Valencia)
–
11,100
Estates and Promotions Ensanche Vallecas (Madrid)
–
10,610
Estates and Promotions Nueva Condomina Golf (Murcia)
–
10,430
Estates and Developments Torres del Mar (Las Palmas)
–
9,380
Estates and Promotions Las Glorias (Barcelona)
–
4,370
Other properties and developments
8,262
224,590

8,262
719,718
Property inventories are valued at the lower of acquisition or production cost adjusted, where appropriate,
to market value.
To determine whether there is any impairment, the Group estimated the fair value of the main assets
that make up its real estate portfolio of the Real Estate Area, which, as previously mentioned, have been
spun off (note 2), through independent third parties (TINSA, SAVILLS and GESVALT). The appraisals
were performed following the criteria of RICS (Royal Institution of Chartered Surveyors) measured at the
closing date of these consolidated financial statements. The Dynamic Residual, comparison and cash flow
discount methods were applied as the best approximation of the value. The Dynamic Residual Method is
the basic, essential and fundamental method used in the assessment of land and property, and is the most
widely accepted method by real estate market participants. However, as it uses different variables in its
operating scheme, the data to be used as variables must be extracted directly from the market, through
the instrumental use of the benchmarking method.

2024
2023
Progress billings receivable and trade receivables for sales
1,277,439
1,292,894
Completed output pending certification
1,136,437
1,036,769
Warranty retainers
65,517
58,254
Production billed to associated and jointly controlled companies
117,749
90,840
Trade receivables for sales and services
2,597,142
2,478,757
Advances received for orders (Note 22)
(638,660)
(646,686)
Total trade receivables for sales and services
1,958,482
1,832,071
The total amount corresponds to the net balance of receivables having considered the corrections for
insolvency risk amounting to 231,651 thousand euros (260,364 thousand euros as of 31 December 2023)
and deducting the item of advances received for orders listed under the heading “Trade payables and other
accounts payable” of the liability side of the accompanying consolidated balance sheet. This item also
includes the certified amounts of advances for various items, regardless of whether or not they have
been paid.

2024
2023
Construction
34,370
33,430
Environmental Services
205,604
247,268
Water
153,919
165,342
Concessions
5,909
45
TOTAL
399,802
446,085
Balances are considered to be in default when their due date has passed and they have not been paid by the
counterpart. However, it must be taken into account that given the different characteristics of the different
sectors in which the FCC Group operates, although certain assets are in default, there is no risk of default,
since most of its clients are public clients, in which only delays in collections can occur, as it is entitled to
claim the corresponding delay payment surcharges.
“Certified production pending collection and trade receivables” mainly includes the amount of the
certifications issued to customers for works executed in the Construction segment in the amount of
308,478 thousand euros (295,593 thousand euros at 31 December 2023) and services provided by other
segments in the amount of 982,900 thousand euros (997,300 thousand euros as of 31 December 2023),
pending collection at the date of the consolidated balance sheet. In general, there are no disputes in
relation to the above.
The difference between the amount of production recorded at inception for each of the works and
contracts in progress, assessed according to the criteria set out in note 3.s), and the amount certified
up to the date of the consolidated financial statements is recorded as “Production executed pending
certification”. This heading is broken down by activity segments as follows:

2024
2023
Construction
545,482
536,464
Environmental Services
401,850
342,076
Water
188,800
151,514
Real Estate
–
6,212
Other
305
503
TOTAL
1,136,437
1,036,769
The previous table mainly includes two concepts: On the one hand, completed work pending certification
corresponding to the construction agreements carried out by the Group, mainly in the Construction
segment, amounting to 578,789 thousand euros (554,475 thousand euros at 31 December 2023). The
aforementioned balance mainly includes the differences between the production executed, valued at
selling price, and the certification carried out to date in accordance with the contract in force, amounting
to 542,804 thousand euros (527,440 thousand euros at 31 December 2023), i.e. production recognised
according to the degree of progress arising from differences between the time at which the production of
the work, covered by the contract signed with the customer and approved by the latter, is executed and the
time at which the latter proceeds to its certification.
It also includes services rendered mainly in the Environment and Water activities which are invoiced more
frequently than monthly, basically corresponding to work carried out in the normal course of business
amounting to 460,151 thousand euros (377,866 thousand euros at 31 December 2023).

2024
2023
Public Administrations - VAT receivable (Note 24)
123,445
143,260
Public administrations - Other taxes payable (Note 24)
148,309
79,683
Other loans
123,832
97,176
Advances and credits to staff
4,093
3,206
Total other receivables
399,679
323,325
In 2024, the following amounts contributed at 31 May 2024 to “Non-current financial assets” on the
balance sheet by the Cement and Real Estate activity segments were reclassified to “Other receivables”
(note 5):
31.05.2024
Public Administrations - VAT receivable
8,796
Public Administrations - Other taxes payable
700
Other loans
2,047
Advances and credits to staff
219
Total other receivables
11,762
c) Other current assets
This heading mainly includes amounts paid by the Group in relation to certain agreements for the provision
of services, which have not yet been recognised as expenses in the accompanying income statement as
they had not yet been accrued at the end of these consolidated financial statements.
17. Cash and cash equivalents
This heading includes the Group's cash flow, as well as bank deposits and taxes with an initial due date of
three months or earlier. These balances were remunerated at market interest rates in both 2024 and 2023.
The breakdown by currency of the cash and cash equivalents position for 2024 and 2023 is as follows:

2024
2023
Euro
772,129
732,399
United States dollar
342,292
290,251
Pound sterling
256,478
216,975
Saudi riyal
139,984
111,465
Latin America (various currencies)
108,626
52,298
Georgian lari
13,046
659
Canadian dollar
68,286
45,395
Romanian leu
56,245
61,559
Other European currencies
33,697
39,241
Czech koruna
21,705
14,582
Algerian dinar
12,955
24,915
Other
24,174
19,964
Total
1,849,617
1,609,703
In 2024, 80,295 thousand euros contributed by the Cement and Real Estate activity segments at 31 May
2024 under “Cash and cash equivalents” on the balance sheet were reclassified under “Non-current assets
held for sale” (note 5).
Under certain financing agreements, especially project finance, there is an obligation to hold minimum
amounts as security for obligations under such agreements amounting to 274,9 million euros
(231,1 million euros in 2023).

(2,914,701)
The impact on “Profit attributable to the parent company” is on account of the allocation to profit/(loss)
of adjustments due to changes in value of the Cement and Real Estate activities on the date on which the
spin-off was completed for the sum of 33,992 thousand euros (note 27) and the reversal of consolidation
adjustments for intra-Group transactions related to both activities, which were eliminated in previous years
as they had not been made to third parties for the sum of 4,100 thousand euros (note 2).
At the Ordinary General Shareholders' Meeting held on 27 June 2024, the Parent Company of the Group
approved the distribution of a flexible dividend (scrip dividend) for a maximum value of €283,469
thousand. Shareholders received the corresponding allocation rights and were able to choose between
three options: the sale of rights to FCC for EUR 0.65, transfer of the rights on the market or to refrain
from transferring them and receiving new shares released. The exchange ratio was set at one new share
for every 23 old shares, resulting in the issuance of a maximum number of 18,961,170 newly released
shares, meaning that the option to transfer the rights to FCC and the option to receive new shares were
economically equivalent for the shareholder; this remuneration mechanism was set up for shareholders
who chose to receive new shares with a compensatory dividend in cash.
On 17 July 2024, the negotiation period for the allocation rights ended, with the holders of 98.99% of rights
opting to receive new shares. Thus, 18,771,215 new shares have been issued, corresponding to 4.30% of
the share capital prior to the increase. In turn, the compensation mechanism set out above entailed the
disbursement of 22,073 thousand euros by the Group. The remaining 1.00% chose to receive the payment
in cash, representing an additional outflow of cash for the Group of 2,839 thousand euros, the payment
date of which was 18 July 2024.
In March 2024, FCyC, S.A., acquired an additional holding in Realia Business, S.A., representing 10.26%
of its share capital, from the Polygon fund, worth 92,575 thousand euros (note 4). As a result of this
acquisition and other additional smaller acquisitions, FCyC, S.A.'s holding in the aforementioned company
amounted, prior to the partial financial spin-off that gave rise to the Inmocemento Group (note 2), directly
and indirectly to 77.61%. Given that, before the purchase, the Group already held control over the company,
the difference between the purchase price and the book value of the acquired non-controlling interests
generated an increase in the consolidation reserves of 23,157 thousand euros, a decrease of in non-
controlling interests of 117,312 thousand euros and an increase in valuation adjustments of 65 thousand
euros at the FCC Group.
With regard to 2023, it was agreed to reduce the share capital of Fomento de Construcciones y Contratas,
S.A. for a maximum nominal amount of 3,725,383 euros at the Ordinary General Shareholders' Meeting
held on 14 June 2023, through the repayment of up to 3,725,383 own shares with a nominal value of one
euro each.
The Board of Directors, at its meeting on 14 June 2023 after the General Shareholders' Meeting, decided
to proceed with the agreement for the distribution of the reduction of share capital through the redemption
of treasury stock for the definitive amount established of 3,521,417 shares, bringing the share capital
to 434,823,566 shares with a nominal value of one euro. On June 27, 2023, the public deed of the
aforementioned capital reduction was registered in the Barcelona Mercantile Registry.
The capital reduction for the sum of 3,521 thousand euros meant a decrease in the balance of treasury
stock in the amount of 34,304 thousand euros, taking the difference for the sum of 30,783 thousand euros
to voluntary reserves as well as making the mandatory provision of a restricted reserve for amortised
capital for the sum of 3,521 thousand euros, equal to the nominal value of the amortised shares, charged
to voluntary reserves.

The Board of Directors, at its meeting on 19 July 2023 after the Extraordinary General Shareholders'
Meeting, decided to proceed with the agreement for the distribution of the reduction of share capital
through the redemption of treasury stock for the nominal amount established of 854,234 shares,
bringing the share capital to 456,667,071 shares with a nominal value of one euro. On 25 July 2023,
the public deed for the aforementioned reduction in capital was registered in the Mercantile Registry of
Barcelona.

The capital reduction for the sum of 854 thousand euros meant a decrease in the balance of treasury
stock in the amount of 7,282 thousand euros, taking the difference for the sum of 6,428 thousand euros
to voluntary reserves as well as making the mandatory provision of a restricted reserve for amortised
capital for the sum of 854 thousand euros, equal to the nominal value of the amortised shares, charged
to voluntary reserves.
• The reduction in share capital through the acquisition of treasury stock for subsequent amortisation
through a takeover bid formulated by the Company and addressed to its shareholders for a maximum of
32,067,600 treasury shares, with a nominal value of one euro each, representing 7.01% of the company's
share capital, at a price of 12.50 euros per share.

The Board of Directors, at its meeting on 19 July 2023 after the Extraordinary General Shareholders'
Meeting, decided to proceed with the agreement for the distribution of the reduction of share capital
through the redemption of treasury stock for the nominal maximum amount of 30,027,600.00 euros,
under the terms agreed thereby. Specifically, the Board of Directors determined that the formulation
of the takeover bid would be made after the end of the opposition period of the creditors of the capital
reduction, which ended on 21 August 2023, without any of the Company's creditors having opposed this
reduction.

On 25 October 2023, the National Securities Market Commission (CNMV) authorised the takeover bid.
The acceptance period was extended from 30 October 2023 to 30 November 2023, both inclusive.

On 6 December 2023, the result of the takeover bid was announced, accepted by 20,560,154 shares,
accounting for 64.20% of the shares to which the bid was aimed and 4.50% of the share capital in the
Company. The disbursement made amounted to 257,002 thousand euros. On December 19, 2023, the
public deed of the aforementioned capital reduction was registered in the Barcelona Mercantile Registry.

The capital reduction of 20,560 thousand euros led to a decrease in the balance of treasury stock for the
sum of 257,002 thousand euros, taking the difference of 237,271 thousand euros to voluntary reserves,
net of costs inherent to the operation.
In October 2023, the sale of 24.99% of the capital in FCC Servicios Medio Ambiente Holding, S.A. to
Canadian pension fund, CPP Investments was completed for the sum of 965,000 thousand euros (note
4). This sale was considered an equity transaction and as a result, had no impact on the accompanying
consolidated statement of profit and loss. This transaction resulted in an increase in consolidation
reserves of 693,864 thousand euros, an increase in valuation adjustments of 18,723 thousand euros and
an increase in non-controlling interests of 241,310 thousand euros.
In December 2023, FCyC, S.A. acquired an additional stake in Realia Business, S.A., for the sum of 105,000
thousand euros (note 4). Given that, before the purchase, the Group already held control over the company,
the difference between the purchase price and the book value of the acquired non-controlling interests
generated an increase in the consolidation reserves of 33,412 thousand euros, a decrease of in non-
controlling interests of 139,047 thousand euros and an increase in valuation adjustments of 635 thousand
euros.

2024
2023
Reserves of the Parent
1,071,317
1,628,926
Consolidation reserves
733,535
1,833,216

1,804,852
3,462,142
b.1) Reserves of the Parent Company
This corresponds to the series of reserves set up by Fomento de Construcciones y Contratas, S.A., parent
of the Group, mainly based on retained profits and capital gains and, where appropriate, in compliance with
the different applicable legal provisions.
The breakdown at 31 December 2024 and 2023 is as follows:

2024
2023
Share premium
1,673,477
1,673,477
Legal reserve
87,669
87,669
Reserve for redeemed capital
12,110
12,110
Voluntary reserves and losses from previous years
(701,939)
(144,330)

1,071,317
1,628,926
The change in voluntary reserves and previous years' losses in 2024 included the impact of the partial
financial spin-off of Real Estate and Cement activities to Inmocemento, S.A. (note 2), resulting in a
decrease of 1,596,641 thousand euros.
Share premium
The Spanish Corporate Enterprises Act, as amended, expressly permits the use of the issue premium
account balance to increase capital and does not establish any specific restrictions as to its use for other
purposes.

2024
2023
Environment
601,547
420,742
Water
300,430
270,729
Construction
42,042
49,765
Cement
–
37,591
Real Estate
–
363,236
Concessions
(41,860)
269
Corporation
(168,624)
690,884

733,535
1,833,216
The decrease in the consolidation reserves of the Cement, Real Estate and Corporation activities includes
the sum of 625,780 thousand euros as a result of the aforementioned partial financial spin-off (note 2).
c) Shares and equity interests
This heading includes the Parent Company shares owned by this or other Group companies valued at the
cost of acquisition.
The Board of Directors and the subsidiaries are authorised by the General Shareholders' Meeting of
Fomento de Construcciones y Contratas, S.A. to buy back treasury shares within the limits and pursuant to
the requirements set out in Article 144 et seq. of the Capital Companies Law.
The movement and balance of treasury shares at 31 December are set out below:
Balance at 31 December 2022
(27.264)
Acquisitions
(271.734)
Depreciation
298.588
Balance at 31 December 2023
(410)
Acquisitions
133
Depreciation
–
Balance at 31 December 2024
(277)

2024
2023
Number
of shares
Amount
Number
of shares
Amount
Fomento de Construcciones
y Contratas, S.A.
46,910
(277)
44,957
(410)
TOTAL
46,910
(277)
44,957
(410)
As at 31 December 2024, the shares of the Parent Company, owned by it or by subsidiaries, represent
0.01% of the capital stock (0.01% as at 31 December 2023).
d) Valuation adjustments
The breakdown of this accompanying consolidated heading at 31 December 2024 and 2023 was as
follows:

2024
2023
Changes in the fair value of financial instruments
55,338
44,630
Conversion differences
(11,940)
(84,053)

43,398
(39,423)
d.1) Changes in the fair value of financial instruments:
Changes in the fair value of taxes of financial assets at fair value with changes in other comprehensive
income (Note 14) and of cash flow hedging derivatives (Note 23) are included in this heading.
The breakdown of the adjustments due to a change in the fair value of the financial instruments as at
31 December 2024 and 2023 is as follows:

2024
2023
Financial assets at fair value with changes in
other comprehensive income
8,686
6,060
Vertederos de Residuos, S.A.
8,113
6,060
Other
573
–
Financial derivatives
46,652
38,570
Future Valleys Project Co. Limited
36,566
29,744
Green Recovery Group
7,246
5,777
FCC Environment Group (UK)
2,839
(661)
Grupo Realia Business
–
2,457
Other
1

1,253

55,338

44,630
The increase in financial derivatives mainly reflects the increase in the fair value of variable interest rate to
fixed rate swaps given the expectation of interest rate hikes in the coming years (note 14).
The partial financial spin-off giving rise to the Inmocemento Group (note 2) resulted in the derecognition
of the Cement and Real Estate activities, which at the date of the aforementioned spin-off contributed
a positive amount of 28 thousand euros and 259 thousand euros respectively to this heading, charged
to profit and loss pursuant to the provisions of the regulations, as there was a loss control over these
activities.

2024
2023
Pound sterling
FCC Environment Group (UK)
(8,208)
(32,183)
Green Recovery Group
(53,757)
(44,415)
Dragon Alfa Cement Limited
–
(3,482)
Other
2,099
(59,866)
(1,724)
(81,804)
US dollar
FCC Environmental Services (USA) Llc.
17,135
4,549
FCC Group Construcción de América
5,977
5,522
Giant Cement Holding, Inc.
–
(5,492)
Other
13,154
36,266
5,236
9,815
Georgian lari
Georgia Global Utilities Group
17,296
17,296
14,282
14,282
Egyptian pound
Orasqualia Devel. Waste T.P. S.A.E.
(11,193)
(9,717)
Egypt Environmental Services, S.A.E.
(4,077)
(4,069)
Other
(1,331)
(16,601)
(1,149)
(14,935)
Tunisian dinar
Societé des Ciments d’Enfidha
–
(27,625)
Other
–
–
(44)
(27,669)
Other Currencies
Other
10,965
10,965
16,258
16,258

(11,940)

(84,053)
The changes seen in the year can mainly be attributed to the appreciation of the pound sterling and the dollar
against the euro, as well as the derecognition of the Cement and Real Estate activities following their partial
financial spin-off, which on the date of the aforementioned spin-off contributed losses of 34,415 thousand
euros and gains of 136 thousand euros respectively, charged to profit and loss pursuant to the provisions of
the regulations due to the loss of control of the aforementioned activities (note 2).
The net investment before deducting non-controlling interests in currencies other than the euro (converted
to euros in accordance with note 3.k), grouped by geographic markets is as follows:

2024
2023
United Kingdom
328,823
459,027
United States of America
291,421
364,872
Georgia
238,999
245,333
Algeria
172,871
165,769
Mexico
160,748
162,554
Czech Republic
122,324
107,286
Other
391,910
367,723

1,707,096
1,872,564
e) Earnings per share
Basic earnings per share are obtained by dividing the profit attributable to the parent company by the
weighted average number of ordinary shares outstanding during the year, with earnings per share of €0.96
in 2024 (€1.31 in 2023).

2024
2023
Profit/(loss)
Profit/(loss) attributed to the Parent
429,865
589,060
Outstanding shares
Weighted average shares
445,498,858
447,956,883
Earnings per share (in euros)
0.96
1.31
As at 31 December 2024 the Group has not issued any kind of instruments that can be converted to
shares, so the diluted earnings per share coincide with the basic earnings per share.

Equity

Capital
Reserves
Results
Total
2024
FCyC Group
–
(18,558)
18,558
–
FCC Aqualia Group
71,050
475,584
80,690
627,324
FCC Servicios MA Holding Group
2,499
346,316
35,867
384,682
Cementos Portland Valderrivas Group
–
(2,928)
2,928
–
Other
6,870
(15,249)
(324)
(8,703)

80,419
785,165
137,719
1,003,303

Equity

Capital
Reserves
Results
Total
2023
FCyC Group
11,132
699,005
40,192
750,329
FCC Aqualia Group
71,050
438,211
72,811
582,072
FCC Servicios MA Holding Group
2,499
317,733
36,520
356,752
Cementos Portland Valderrivas Group
1,139
11,266
2,748
15,153
Other
6,870
(17,088)
908
(9,310)

92,690
1,449,127
153,179
1,694,996
The main change in this heading is due to the derecognition of non-controlling interests, contributed
by the Cement and Real Estate Areas following the partial financial spin-off, which at the date of the
aforementioned spin-off contributed the sums of 16,996 thousand euros and 679,384 thousand euros
respectively (note 2).
19. Non-current and current provisions
The detail of the provisions at 31 December 2024 and 2023 is as follows::

2024
2023
Non-current
1,085,436
1,230,595
Liabilities for long-term employee benefits
17,372
15,559
Dismantling, removal and restoration of fixed and non-current assets
111,031
111,330
Environmental actions
328,023
316,677
Litigation
40,602
40,203
Contractual and legal guarantees and obligations
87,077
91,874
Actions to improve or expand the capacity of concessions
274,717
318,436
Other provisions for risks and expenses
226,614
336,516
Current
275,017
159,610
Close-outs and losses on construction contracts
159,538
135,402
Other provisions
115,479
24,208

Non-current
provisions
Provisiones
corrientes
Balance at 31/12/2022
1,141,750
148,074
Asset withdrawal or dismantling expenses
11,259
–
Change of obligations for employee benefits for actuarial profits and
losses
5,423
–
Actions to improve or expand the capacity of concessions
84,127
–
Endowments/(Reversals)
107,263
19,438
Applications (payments)
(138,617)
(9,822)
Change of scope, conversion differences and other movements
19,390
1,920
Balance at 31/12/2023
1,230,595
159,610
Asset withdrawal or dismantling expenses
11,658
–
Change of obligations for employee benefits for actuarial profits and
losses
(2,272)
–
Actions to improve or expand the capacity of concessions
15,254
–
Endowments/(Reversals)
16,989
141,162
Applications (payments)
(157,165)
(20,129)
Change of scope, conversion differences and other movements
(29,623)
(5,626)
Balance at 31/12/2024
1,085,436
275,017
In 2024, the following amounts contributed at 31 May 2024 to “Non-current provisions” and “Current
provisions” on the balance sheet (note 5) by the Cement and Real Estate activity segments were
reclassified to “Non-current liabilities related to assets held for sale”:

31.05.2024
Non-current
54,760
Environmental actions
17,888
Contractual and legal guarantees and obligations
4,648
Other provisions for risks and expenses
32,224

Current
5,559
Close-outs and losses on construction contracts
3,437
Other provisions
2,122

Within the “allocations (reversals)” item, the allocations for environmental actions for 32,714 thousand
euros (29,101 thousand euros as at 31 December 2023) are noteworthy, as well as provisions for
contractual or legal guarantees or bonds for 28,155 thousand euros (16,541 thousand euros as at
December 2023), mainly in relation to Environment activity in the United Kingdom. This also includes
provisions for improvements, replacements, capacity expansions or major repairs at concessions for the
sum of 18,180 thousand euros (18,891 thousand euros as at December 2023), as well as reversals of
38,533 thousand euros (provision of 20,231 thousand euros at December 2023) for risks in works related
to Construction activity, mainly internationally.
“Applications (payments)” includes 40,762 thousand euros (2,939 thousand euros at December 2023) as
provisions for guarantees and contractual or legal obligations, mainly in relation to Environment activity
in the United Kingdom. Furthermore, they include payments of 14,839 thousand euros (3,413 thousand
euros as at 31 December 2023) for the application of provisions for risks and expenses related to works
in the Construction Area, 31,096 thousand euros (29,049 thousand euros as at 31 December 2023) and
11,643 thousand euros (10,190 thousand euros as at 31 December 2022) for environmental actions
and replacement work and major repairs at concessions, respectively. The above movements have an
impact on the heading “Other adjustments to profit/(loss) (net) in the consolidated cash flow statement.
Additionally, €44,242 thousand (€58,114 thousand at 31 December 2023) and €12,762 thousand (€12,220
thousand at 31 December 2023) are included for actions to improve or expand capabilities in concessions,
and provisions for decommissioning and retirement of fixed assets, respectively. These amounts have an
impact on the consolidated statement of cash flows under “Payments for investment in property, plant and
equipment, intangible assets and investment property”.

Up to
5 years
More than
5 years
Total
Liabilities for long-term employee benefits
6,852
10,520
17,372
Dismantling, removal and restoration of fixed and
non-current assets
58,996
52,035
111,031
Environmental actions
64,944
263,079
328,023
Litigation
33,211
7,391
40,602
Contractual and legal guarantees and obligations
76,893
10,184
87,077
Actions to improve or expand the capacity of
concessions
200,922
73,795
274,717
Other provisions for risks and expenses
142,433
84,181
226,614

584,251
501,185
1,085,436
Liabilities for long-term employee benefits
The non-current provisions of the accompanying consolidated balance sheet include those that cover the
commitments of the Group companies in matters of pensions and similar obligations, such as medical
and life insurance, as indicated in note 25.
Dismantling, removal and restoration of fixed assets
The “Expenses for the withdrawal or dismantling of assets” item includes the counterpart of the highest
asset value corresponding to the updated value of the expenses that will be incurred at the time the asset
stops being used.
Actions to improve or expand the capacity in concessions
The “Actions to improve or expand the capacity of concessions” item includes both the counterpart of the
highest value of fixed and non-current assets corresponding to the updated value of the actions on the
infrastructure that the concessionaire will carry out during the concession period for improvements and
capacity expansion, as well as the cost of future replacement actions or major repairs in concessions of
the intangible model.
Environmental actions
The FCC Group develops an environmental policy based not only on strict compliance with current
legislation on the improvement and protection of the environment, but also through the establishment of
preventive planning and analysis and minimisation of the environmental impact of the activities the Group
carries out.
The Management of the FCC Group considers that the contingencies relating to the protection and
improvement of the environment at 31 December 2024, would not have a significant impact on the
accompanying consolidated financial statements, which include provisions to cover the probable
environmental risks that may arise.
Note 29 to these notes to the consolidated financial statements, which is devoted to information on the
environment, complements the foregoing in relation to environmental provisions.
Provisions for lawsuits
Provisions for litigation cover the contingencies of the FCC Group companies acting as defendants in
certain proceedings in relation to the liability inherent to the business activities carried on by them. Any
litigation, which may be significant in number according to estimates made on its final outcome, is not
expected to have an impact on the Group's equity.
Contractual and legal guarantees and obligations
This heading includes the provisions to cover the expenses arising from contractual and legal obligations
of a non-environmental nature.
Provision for settlement and loss of works
This corresponds to budgeted construction losses in accordance with the assessment principles set out
in note 3.v), and also to the expenses incurred on construction work after completion until final settlement,
systematically determined on the basis of a percentage of the production value throughout the execution
of the work in accordance with experience in the construction activity.

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Other provisions for risks and expenses
This heading includes the concepts not included in the previous accounts.
The value of Other provisions for risks and expenses include various risks associated with the Group's
activity, which, in the normal course of its business, is exposed to claims that mainly entail construction
defects or disputes in relation to the services provided for the sum of 118,992 thousand euros
(158,328 thousand euros at December 2023). Part of these risks are covered by insurance contracts
and the corresponding provision is provided for uninsured amounts.
This item also includes provisions related to Alpine for the sum of €345 thousand.
It also includes provisions resulting from recognising additional losses above the initial value of the
investment in associates after incurring legal or constructive obligations in relation to the investment in the
associate, amounting to €46,501 thousand (December 2023: €49,215 thousand), the remaining provisions
being of lesser significance and related to the normal operation of the Group.
In relation to the close out of the Alpine Group, 2024 started with two favourable rulings for FCC in the
two outstanding bankruptcy proceedings facing the Alpine Group with costs imposed on the bankruptcy
administrators (in total about €8 million); these rulings that were appealed by the plaintiffs.
In 2006, the FCC Group acquired an absolute majority in Alpine Holding GmbH, hereinafter AH, and thereby,
indirectly in its operating subsidiary company, Alpine Bau GmbH, hereinafter AB. Seven years later, on 19
June 2013, AB filed for insolvency before the Commercial Court of Vienna, but after the unfeasibility of
the reorganisation proposal was established, the insolvency administrator filed for, and the court decreed,
the bankruptcy, closure and liquidation of the company. On 25 June 2013, the liquidation of the company
was commenced. As a consequence of the bankruptcy of AB, its parent company, AH filed for bankruptcy
before the Commercial Court on 2 July 2013, which declared the bankruptcy and liquidation of AH.
As a result of both bankruptcies, FCC Construcción, S.A. loses control over the Alpine Group, interrupting
its consolidation.
As of the date of these consolidated financial statements, the insolvency administrators have reported
recognised liabilities of approximately €1,669 million at AB and €550 million at AH in the respective
liquidation proceedings. The share of the bankrupt estate in AB currently amounts to 15% whereas for AH's
bankruptcy, the bankruptcy administrator has not been able to estimate and determine the share.
Eleven years after the bankruptcy of both companies, and with the criminal proceedings definitively
closed and with FCC having triumphed in the proceedings brought by bondholders and having also
settled a backdating action, two further proceedings brought by the insolvency administrators against
FCC Construcción S.A. and Asesoría Financiera y de Gestión, S.A. are still pending, as is a further set of
proceedings against former directors.
During the refinancing of the Alpine Group between October 2012 and June 2013, FCC Construcción, S.A.
provided corporate guarantees to enable AB and a selection of its operating subsidiary companies to bid
for and/or be awarded construction work. At 31 December 2024, the amount set aside for these concepts
came to 345 thousand euros (31 December 2023: 11,010 thousand euros).
Between the bankruptcy of AH and AB and the date on which these financial statements were issued, a
number of proceedings were instigated against the Group and directors of AH and AB. At 31 December
2024, and as far as FCC could be directly or indirectly affected, two commercial proceedings and one
labour proceeding are still in progress:
In April 2015, the bankruptcy administrator of Alpine Holding GmbH filed a claim for 186 million euros
against FCC Construcción, S.A. and other ex-executive of AB, considering that these parties should
compensate Alpine Holding GmbH for the amounts collected through two bond issues in 2011 and
2012 that were presumably provided by this company for its subsidiary, Alpine Bau GmbH, without the
necessary guarantees and complying with a “mandate-order” from FCC Construcción S.A. On
31 July 2018, the ruling dismissing the claim was handed down and the claimant ordered to pay the
costs. Having filed appeals and cassation appeals for procedural infringement, in April 2020, the Austrian
Supreme Court declared the need to return the Orders to the Court of Instance so that the testimonial
evidence could be practiced in person before the Judge of First Instance. These witness statements took
place in June 2021. On 31 January 2024, the “second round” ruling was handed down, under which the
claim was fully dismissed and the bankruptcy administrator ordered to pay FCC Construcción, S.A. the
sum of 7,033 thousand euros within a period of 14 days. The bankruptcy administrator then filed an appeal
within the legal deadline, which FFC Construcción, S.A. contested in due course and following proper
procedure on 4 April 2024. On appeal, the proceedings were returned to the first instance court for a new
testimony to be given by an executive and, as the case may be, to request expert testimony, which will
prolong the matter longer than expected.

Non-current
Current
Total
2024
FCC Servicios Medio Ambiente Holding, S.A.U.
1,694,442
86,172
1,780,614
FCC Aqualia, S.A.
650,010
9,738
659,748
Georgia Global Utilities JSC
264,210
10,242
274,452
Green Recovery Group
112,479
8,425
120,904

2,721,141
114,577
2,835,718
2023
FCC Servicios Medio Ambiente Holding, S.A.
1,096,115
229,044
1,325,159
FCC Aqualia, S.A.
650,009
9,691
659,700
Green Recovery Group
114,755
7,486
122,241

1,860,879
246,221
2,107,100

At 31 December 2024, the 500 million euro bond was listed at 97.62%

The 600 million euro bond maturing on 4 December 2023 was repaid on that date, using the proceeds
from the issue of another new bond, also for the nominal amount of 600 million euros, paying annual
interest of 5.25% and maturing in October 2029. At 31 December 2024, this bond was listed at
107.68%
– On 8 October 2024, a new bond was issued for a nominal amount of 600 million euros, paying annual
interest of 3.715% and maturing in 2031. The funds raised as part of this issue were used to repay
bilateral financing drawn down on that date, as we will expand on in section b) 2. of this note.

At 31 December 2024, this bond was listed at 100.18%

Since their issuance, the three bonds have been admitted to trading in the unregulated market (Global
Exchange Market) of the Irish Stock Exchange, with an investment grade rating from the Fitch rating
agency. This rating was ratified on September 27, 2024, with a stable outlook (BBB), along with that of
its issuer, the parent FCC Servicios Medio Ambiente Holding.

In addition, the bonds have been issued under the classification of Green Bonds in accordance with
the GBP principles (Green Bonds Principles) which are reviewed and certified annually by independent
entities (SPOs).

The accounting balance at 31 December 2024 shown for this item amounts to 1,705,714 thousand
euros (1,102,309 thousand euros in 2023), including 11,272 thousand euros for accrued and unpaid
interest (6,194 thousand euros in 2023).

Likewise, in July 2020 and renewed annually, FCC Servicios Medioambiente Holding SAU registered a
promissory note programme - Euro Commercial Paper Programme (ECP) - on the Irish stock market
(Euronext Dublin) in the nominal amount of 400 million euros, which allows issuance with maturities of
between 1 and 364 days from the date of issue, in order to meet the financial needs of the area.

At 31 December 2024 the outstanding nominal amount was €74,900 thousand distributed with an
average maturity of 3.2 months (€222,850 thousand at 31 December 2023).
• On 8 June 2017, FCC Aqualia, S.A. successfully completed two simple bond issues. one for the nominal
amount of 700 million euros, annual remuneration of 1.413% and maturing in 2022, repaid in advance on
19 April 2022. The second for the nominal amount of 650 million euros paying annual interest of 2.629%
and maturing in 2027.

The outstanding issue is subject to the following guarantees:
– Pledge on 100% of the shares of Tratamiento Industrial de Aguas, S.A., Conservación y Sistemas,
S.A., Sociedad Española de Aguas Filtradas, S.A., Depurplan 11, S.A. and Aigues de Vallirana, S.A.
Unipersonal, and 97% of the shares of Entemanser, S.A.
– Pledge on 100% of the shareholdings of Infraestructura y Distribución General del Agua, S.L., Empresa
Gestora de Aguas Linenses, S.L., Aguas de las Galeras, S.L., Hidrotec Tecnología del Agua, S.L. and on
51% of Aqualia Czech, S.L.
– Pledge on 99.56% of the shares of Acque di Caltanisseta S.p.A. and on 100% of the shares of Aqualia
Mexico, S.A. de C.V.
– Pledge on the collection rights over certain accounts.

The issuance and circulation of both bonds took place on 8 June 2017, being admitted to trading in
the unregulated market (Global Exchange Market) of the Irish Stock Exchange, and with an investment
grade rating from the Fitch and S&P rating agencies. The rating of the outstanding bond was ratified by
Fitch on 8 July 2024 as BBB⁻ and by S&P on 27 June 2024 as BBB⁻.

At 31 December 2024, the 650 million euro bond was listed at 99.343%.

The balance at 31 December 2024 shown for this item amounts to €659,748 thousand (€659,700
thousand in 2023), including €9,738 thousand for accrued and unpaid interest (€9,691 thousand in
2023).
• Last July, FCC Aqualia, S.A.'s subsidiary, Georgia Global Utilities JSC (GGU), issued a bond for the
nominal value of 300 million dollars, paying annual interest of 8.875% and maturing in 2029. This
bond was admitted to trading on the unregulated market (Global Exchange Market) of the Irish Stock
Exchange and rated by the rating agencies S&P and Fitch. Both the bonds and the issuer obtained a BB–
rating by both agencies.

Since the transaction end date, the company has held an amount equivalent to 24 million dollars
corresponding to securities of the issue itself in its own treasury.

GGU's payment obligation in relation to the bonds is guaranteed by its, Georgian Water & Power, LLC.

At 31 December 2024, this bond was listed at 100.962%

The balance at 31 December 2024 covered by this item amounts to 274,452 thousand euros, which
includes 10,242 thousand euros for accrued and unpaid interest.
• Since November 2018, Fomento de Construcciones y Contratas, S.A. has had a Euro Commercial Paper
Programme (ECP) registered on the Irish stock exchange (Euronext Dublin) for an amount of 600 million
euros, which allows it to issue notes with maturities of between 1 and 364 days from the issue date, in
order to meet the financial needs of the Group's parent company.

At 31 December 2024, there was no outstanding balance for this concept, as was the case at
31 December 2023.
• In June 2018, the Green Recovery Group issued debt for the nominal amount of 145,000 thousand
pounds sterling was issued in the UK, in two institutional tranches, both structured through the issuance
of Private Placement bonds.

One of the tranches for 135,000 thousand pounds with a fixed rate of 3.98% and the other tranche for
10,000 thousand pounds with a fixed rate of 4.145%, both due on 17 June 2038. 6,210 thousand pounds
were repaid in 2024.

The guarantees of this issue are detailed in section b).3. of this note.

The accounting balance at 31 December 2024 shown for this item amounted to 120,904 thousand
euros (122,241 thousand euros in 2023). At 31 December 2024 and 2023, no accrued interest was
recognised as it was paid on those dates.
b) Non-current and current bank borrowings
The breakdown at 31 December 2024 and 2023 is as follows:

Non-current
Current
Total
2024
Credits and loans
–
10
10
Debts without recourse to the
parent
1,433,726
77,182
1,510,908
Debts with limited recourse for
project financing:
545,335
40,517
585,852
FCC Medio Ambiente Reino
Unido, S.A.U.
458,124
23,859
481,983
Aquajerez, S.L.
34,510
5,479
39,989
Other
52,701
11,179
63,880

1,979,061

117,709

2,096,770
2023
Credits and loans
–
73
73
Debts without recourse to the
parent
2,023,732
292,999
2,316,731
Debts with limited recourse for
project financing:
359,991
33,134
393,125
FCC Medio Ambiente Reino
Unido, S.A.U.
154,822
12,267
167,089
Sociedad Concesionaria
Tranvía de Murcia, S.A.
97,604
4,073
101,677
Aquajerez, S.L.
39,401
5,341
44,742
Other
68,164
11,453
79,617

2,383,723

326,206

2,709,929

The nominal value of the syndicated loan comes to 1,100,000 thousand euros, originally maturing in
three and having been extended for one further year in 2023, as permitted in the loan agreement.

At 31 December 2024, the loan was fully drawn down and the balance shown for this item amounts
to 1,097,721 thousand euros (1,097,458 euros thousand in 2023), including 882 thousand euros for
accrued and unpaid interest (1,346 thousand euros in 2023).

FCC Aqualia, S.A. also has 60,000 thousand euros in signed credit policies, with no amount drawn down
as at 31 December 2024.

In 2024, using part of the funds from the issuance of the Georgia Global Utilities JSC bond, the bilateral
financing taken out in 2023 by FCC Aqualia USA Corp. for a nominal amount of 95,000 thousand US
dollars for the acquisition of a controlling interest in Municipal District Services, Llc. was repaid in
advance.

This financing was fully drawn down and its balance at 31 December 2023 amounted to
86,034 thousand euros, of which 61 thousand euros for accrued and unpaid interest.
• In 2024, the Environmental Services Area, through FCC Servicios Medio Ambiente Holding, S.A.,
the parent company of this area, signed two long-term loans for a total nominal amount of
250,000 thousand euros, the funds from which were used to purchase the Urbaser Group's business in
the United Kingdom (note 4).

Part of the funds from the bond issue performed in October 2024 were assigned to the voluntary early
repayment of the nominal value of 100,000 thousand euros, leaving an outstanding nominal balance at
the end of 2024 of 150,000 thousand euros.

At 31 December 2024, the balance covered by this item amounted to 149,987 thousand euros, which
includes 400 thousand euros for accrued and unpaid interest.

FCC Medio Ambiente SAU, a subsidiary of the Environmental Services Area, took out two long-term
bilateral loans in 2023 for the total nominal amount of 150,000 euros, which had not been drawn down
at 31 December 2023. During 2024, they were fully drawn down to finance the purchase of companies in
the United Kingdom and in October, the nominal amount of 50,000 thousand euros was repaid early and
voluntarily using a portion of the funds from the bond issue.

The outstanding nominal balance of this financing amounted to 100,000 thousand euros at
31 December 2024.

In addition, FCC Medio Ambiente S.A.U. had arranged credit facilities at 31 December 2024 for a nominal
amount of 310,000 thousand euros, of which 50,920 thousand euros had been drawn down at
31 December 2024 (a nominal amount of 270,000 thousand euros, 132,363 thousand euros drawn
down at 31 December 2023).

At 31 December 2024, FCC Medio Ambiente S.A.U. recognised 560 thousand euros of unpaid accrued
interest (562 thousand euros at 31 December 2023).
The US subsidiary FCC Environmental Services LLC, to finance the expansion of its activity in America
(note 4), has two bilateral loans taken out for a total nominal amount of 96,250 thousand dollars
(75,000 thousand dollars at 31 December 2023). These loans have partial repayments and a long-term
final maturity between 2027 and 2029.

The balance at 31 December 2024 shown for this item amounts to 92,646 thousand euros
(67,874 thousand euros in 2023).

The FCC Environment CEE Group has arranged 17,678 thousand euros in credit facilities, of which
1,863 thousand euros had been drawn as at 31 December 2024 (1,840 thousand euros drawn from the
18,399 thousand euros arranged at 31 December 2023).

The FCC Environment (UK) Group currently has a revolving credit facility for a nominal amount of
30,000 thousand pounds sterling undrawn at 31 December 2024 and maturing in October 2025.

The rest of the debt in this section corresponds to debt at the FCC Environment CEE subgroup and other
mainly national investees.
At 31 December 2023, the financing corresponding to the activities of Cement and Real Estate Areas
was also included in “Debts with the parent company”, for total amounts of 139,263 thousand euros and
772,841 thousand euros respectively, as indicated previously, in 2024, these were reclassified to “Liabilities
related to non-current assets held for sale” (notes 2 and 5). The breakdown of the debt contributed at 31
December 2023 by these activities was as follows:
• The Real Estate area included the debt of the Realia Group and Jezzine Uno S.L.U. for the sums of
475,082 and 297,759 thousand euros respectively.

The Realia Group's debt comprised a syndicated loan signed by Realia Patrimonio S.L.U. and several
bilateral financings signed by Hermanos Revilla, S.A.

The syndicated loan was signed by Realia Patrimonio on 27 April 2017, for a total amount of
582,000 thousand euros, with partial maturities and final maturity in April 2024.

On 27 April 2020, it entered into a non-extinguishing modifying novation of the aforementioned loan,
extending the maturity until 27 April 2025 and renegotiating a reduction in the margin applicable to the
reference rate for the calculation of interest and ratifying the current guarantees. As a consequence of
this novation, the applicable interest rate is Euribor plus a variable margin based on the Loan to Value
ratio.

In addition, the aforementioned company entered into an interest rate swap agreement (IRS) for 70% of
the outstanding balance of the loan to reduce the risk of interest rate fluctuations and their impact on
cash flows associated with the hedged financing (note 22).

This financing required compliance with a series of financial ratios until maturity. At 31 December 2023,
the Company was in compliance with the covenants.

At 31 December 2023, the outstanding balance of this loan was 440,494 thousand euros, with the
accrued interest amounting to 4,156 thousand euros.

In turn, Planigesa, S.A. was consolidated within the Realia Group (which absorbed Hermanos
Revilla, S.A. in 2023), which had granted credit and loan policies with a limit of 60,000 thousand euros at
31 December 2023, of which the loans were fully drawn down for the amount of 36,000 thousand euros.

Jezzine Uno S.L.U. had a loan agreement, entered into on 19 October 2021, amounting to 335,000
thousand euros, with partial maturities and final maturity on 19 October 2026. The interest rate
applicable to this loan was a fixed market rate.

At 31 December 2023, the outstanding balance of this loan was 298,000 thousand euros, with the
accrued interest amounting to 722 thousand euros.
• In the Cement area, the total value of debts with credit institutions came to 139,263 thousand euros at
31 December 2023.

This balance mainly corresponded to a subordinated financing agreement involving Cementos Portland
Valderrivas, S.A. for the original amount of 80,000 thousand euros. This loan was partially repaid,
renewed and amended in July 2020, July 2021, as well as in October 2022 and September 2023.

On 20 October 2022, a new agreement was entered into extending the maturity of the loan to 20 October
2025 and changing the interest rate from a fixed rate to a variable Euribor 6M rate plus a market spread.

Between January and September 2023, repayments were made for the sum of 35,000 thousand euros.

On 21 September 2023, a new agreement was entered into increasing the principal by 35,000 thousand
euros.

In the final quarter of 2023, 20,000 thousand euros were repaid. At 31 December 2023, the outstanding
balance of this loan was 50,405 thousand euros.

Cementos Portland Valderrivas, S.A. had also arranged two bilateral financing transactions for the sum
of €25,000 thousand and €50,000 thousand, maturing in June 2026 and July 2024 respectively, bearing
interest at the Euribor rate plus a market spread.

In 2023, a partial voluntary repayment of 5,000 thousand euros was made in relation to the
50,000-thousand euro financing, and on 3 October 2023, the extension of its maturity to July 2025 was
formally arranged.

At 31 December 2023, the outstanding balance of these loans amounted to 25,000 and 45,000 thousand
euros (25,000 and 50,000 thousand euros at 31 December 2022).
Also in 2022, two credit facilities were taken out for a total amount of 25,000 thousand euros, the term
of which was extended by one year during 2023. At 31 December 2023, they had been drawn down for
the amount of 11,031 thousand euros.

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4
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5
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Consolidated Group | Notes to the consolidated financial statements | Page 73 of 152
3. Debts with limited recourse for project financing
These include all financing secured solely by the project itself and its cash-generating capabilities, which
will support the entire debt service payment, and which, under no circumstances, will be guaranteed by the
parent company Fomento de Construcciones y Contratas, S.A. or any other FCC Group company.
• FCC Medio Ambiente UK.
In 2018, FCC Energy Ltd, whose assets are the Eastcroft and Allington incinerators, issued the nominal
amount of 207,361 thousand pounds sterling of debt. This debt has a 20-year term (final maturity
on 17 June 2038) and three different tranches, two institutional for an initial total nominal amount of
145,000 thousand pounds sterling described in section a) of this note, and a commercial tranche for
the nominal amount of 62,361 thousand pounds sterling. The interest rate of the commercial tranche is
a variable rate hedged with an exchange of interest that makes it fixed plus an upward margin of up to
2.75% during the life of the project.
In total, the nominal amount of 2,667 thousand pounds were repaid from commercial tranche in 2024.
At the end of 2024, the outstanding nominal debt of the commercial tranche to be repaid was 44,384
thousand pounds sterling.
The FCC Energy Ltd financing, being project finance, includes the standard guarantees for this type
of financing, such as the pledge of the company's shares and the rest of its assets, which include the
companies that operate the two waste incineration plants.
In October 2016, FCC (E&M) Ltd signed a 142 million pound contract to design, finance, build and
operate the Millerhill Recycling and Energy Recovery Centre (RERC) in Midlothian, located on the
outskirts of Edinburgh. The plant initially had two syndicated loans, a nominal 75,713 thousand pounds
sterling loan maturing in August 2042 and a nominal 36,900 thousand pound loan maturing in May
2020. The margins on the loan maturing in 2042 range from 3% to 3.5%. Write-downs during 2024
amounting to a nominal 2,557 thousand pounds have been made. At the end of 2024 the outstanding
nominal debt to be repaid is 62,447 thousand pounds sterling.
In June 2024, the FCC Servicios Medio Ambiente Group completed the purchase of the Urbaser
business in the United Kingdom. The acquisition brought structured financing of Gloucestershire and the
consolidation of Mercia, with FCC Medio Ambiente Reino Unido already holding 50% of the shares in the
company that owns the plant (note 4).
The Gloucestershire project involves the construction, operation and maintenance of a EfW plant in the
county of Gloucestershire. This pant is now online and the outstanding nominal value of the debt used
to finance its construction at 31 December 2024 stood at 147,000 thousand pounds.
This syndicated financing is structured into several tranches. The variable interest rate applicable to this
financing is covered by an interest rate swap that converts it into a fixed rate plus a margin of between
2.4% and 4.0%. (Note 23).
This debt has a term of 22 years, with a final maturity in March 2042. Repayments were made during
2024 for a nominal amount of 4,300 thousand pounds.
The Mercia project includes the construction and operation of more than 25 facilities, including a EfW
plant, a material separation plant, four transfer stations and 17 recycling depots. The debt is divided into
two tranches, the final maturity of both being in 2029 and subject to a fixed rate of 6.31%.
At the end of 2024, the nominal debt yet to be amortised was 115,630 thousand pounds and during
2024, repayments were made for a nominal amount of 5,847 thousand pounds.
As a result of the foregoing, at 31 December 2024, of the total book value of the bank borrowings of
FCC Medio Ambiente Reino Unido, S.L.U., relate to UBB Waste (Gloucester) Ltd. 178,552 thousand euros,
Mercia Waste Management, Ltd. 139,452 thousand euros, FCC Energy Ltd. 52,107 thousand euros
(52,679 thousand at 31 December 2023) and FCC E&M (Edinburgh), a subsidiary of FCC Environment
Developments Ltd., 74,516 thousand euros (73,944 thousand at 31 December 2023); the remainder of
the limited recourse debt for project financing, up to the total book value of 481,983 thousand euros,
corresponds to the debt of other companies that make up the FCC Group in the United Kingdom.
• The financing of Aquajerez, S.L. was signed in 2016 and came to a nominal amount of 40,000 thousand
euros, for a term of 15 years with half-yearly repayments from January 2017. During 2019, FCC
Aqualia, S.A., which already held 51% of this company, acquired the remaining 49% and proceeded to
extend the initial loan to a nominal amount of 65,000 thousand euros.

At 31 December 2024, the book value of this debt came to 39,989 thousand euros (44,742 thousand
euros in 2023).
• Sociedad Concesionaria Tranvía de Murcia, S.A. During 2022, the FCC Group assumed control of this
company, incorporating a book value of 104,898 thousand euros of debt with credit institutions as at
31 December 2022.

This financing corresponds to a syndicated loan arranged in February 2018, with six-monthly
repayments maturing on 30 June 2037. At 31 December 2023, the book value of this debt came to
101,677 thousand euros.

During 2024, all financing was repaid in advance charged to own funds.

Euros
US dollars
Pounds
Sterling
Other
Total
2024
Credits and loans
10
–
–
–
10
Debt without recourse to the
parent
1,413,628
93,306
–
3,974
1,510,908
Debts with limited recourse for
project financing
68,791
–
481,983
35,078
585,852

1,482,429
93,306
481,983
39,052
2,096,770
2023
Credits and loans
73
–
–
–
73
Debt without recourse to the
parent
2,150,117
154,629
–
11,985
2,316,731
Debts with limited recourse for
project financing
177,388
–
167,089
48,648
393,125

2,327,578
154,629
167,089
60,633
2,709,929
The credits and loans in US dollars mainly finance assets in the Environmental Services segment in the
USA; those contracted in pounds sterling correspond to the financing of assets of FCC Environment UK;
and those in Other currencies, in 2024, correspond to the financing of Aquos El Realito, S.A. de C.V. in
Mexican pesos amounting to 31,007 thousand euros and Qatarat Saquia Desalination in Saudi riyals for
the sum of 4,071 thousand euros.
c) Other non-current financial liabilities

2024
2023
Non-current
Lease debt (Note 10)
382,031
358,372
Third party financial debts outside the Group
54,179
100,328
Financial liabilities from derivatives (Note 23)
1,418
1,700
Deposits and guarantees received
52,979
71,918
Other concepts
33,774
40,114

524,381
572,432
In 2024, 43,443 thousand euros contributed by the Cement and Real Estate activity segments at 31 May
2024 under “Other non-current financial liabilities” on the balance sheet were reclassified under “Liabilities
related to non-current assets held for sale” (note 5).
“Third party financial debts outside the Group” includes the put on the minority stake in Municipal District
Services, Llc., acquired in December 2023 for an amount of 3,446 thousand euros at 31 December 2024
(2,443 thousand euros at 31 December 2023) (notes 4 and 18). At 31 December 2023, this also included
the put on the minority interest in the GGU Group for an amount of 54,333 thousand euros; in 2024, this
amount has been reclassified to other current financial liabilities.
“Derivative financial liabilities” mainly include financial derivatives for risk hedging, mainly interest rate
swaps (note 23).

2024
2023
Current
Lease debt (Note 10)
86,800
76,478
Interim dividend payable
595
29,758
Third party financial debts outside the group
76,512
15,030
Suppliers of fixed assets and bills payable
56,636
168,968
Debts with associated companies and joint ventures
4,413
6,052
Financial liabilities from derivatives (Note 23)
162
19
Deposits and guarantees received
57,756
57,540
Other concepts
11,712
499

294,586
354,344
In 2024, 15,510 thousand euros contributed by the Cement and Real Estate activity segments at 31 May
2024 under “Other current financial liabilities” on the balance sheet were reclassified under “Liabilities
related to non-current assets held for sale” (note 5).
“Third party financial debts outside the group” includes the put option on the non-controlling interest in the
GGU Group for the sum of 59,625 thousand at 31 December 2024.
In 2023, “Suppliers of fixed and non-current assets and bills payable” included the amount pending
payment for the acquisition from the previous owners of Municipal District Services, Llc. for the sum of
81,433 thousand euros, which was paid out on 2 January 2024 (note 4).
“Guarantees and deposits received” includes the advance payment received for the agreement to sell the
shareholding in Concesionaria Túnel de Coatzacoalcos, S.A. for 48,396 thousand euros in both years,
owned by a company linked to the majority shareholder of the Parent Company. The sale is subject to
conditions precedent, not fulfilled at the date of formulation of these consolidated annual accounts
(note 31 d).
e) Schedule of expected due dates
The expected schedule of contract maturities, including both the payment of principal and interest, of the
debts held with credit institutions and other non-current financial liabilities, excluding derivatives, for 2024
is as follows:

2026
2027
2028
2029
2030 and
beyond
Total
2024
Bonds and other
marketable securities
615,060
748,766
88,890
944,166
745,610
3,142,492
Non-current bank
borrowings
1,283,236
262,383
59,163
178,882
381,540
2,165,204
Other financial liabilities
105,890
58,878
55,061
42,709
333,995
596,533

2,004,186
1,070,027
203,114
1,165,757
1,461,145
5,904,229
f) Changes in financial liabilities that affect cash flows from financing
activities
Below are details of the changes in non-current and current financial liabilities, differentiating those that
affected cash flows from financing activities in the Statement of Cash Flows from the remaining changes:

Without an impact on cash flows
Balance at
1 January 2024
Cash flows
from financing
activities
Exchange rate
differences
and conversion
differences
Change in
fair value
Reclasif. a pasivos
vinculados con
activos no ctes.
mantenidos para la
venta (nota 5)
Change in the
perimeter and
changes in
consolidation
method
Other changes
Balance at
31 December
2024
Non-current
4,817,034
830,126
31,744
(2,463)
(413,337)
350,038
(388,559)
5,224,583
Bonds and other marketable securities
1,860,879
852,879
14,621
–
–
(7,238)
2,721,141
Bank borrowings
2,383,723
82,487
13,756
–
(369,894)
311,643
(442,654)
1,979,061
Other financial liabilities
572,432
(105,240)
3,367
(2,463)
(43,443)
38,395
61,333
524,381
Current
926,771
(524,923)
2,650
143
(501,337)
29,018
594,550
526,872
Bonds and other marketable securities
246,221
(224,075)
561
–
–
–
91,870
114,577
Bank borrowings
326,206
(320,408)
(868)
–
(485,827)
10,927
587,679
117,709
Other financial liabilities
354,344
19,560
2,957
143
(15,510)
18,091
(84,999)
294,586

Without an impact on cash flows
Balance at
1 January 2023
Cash flows
from financing
activities
Exchange rate
differences
and conversion
differences
Change in
fair value
Change in the
perimeter and
changes in
consolidation
method
Other changes
Balance at
31 December
2023
Non-current
4,271,282
607,447
2,905
310
(2,560)
(62,350)
4,817,034
Bonds and other marketable securities
1,267,584
597,709
2,453
–
–
(6,867)
1,860,879
Bank borrowings
2,471,818
8,373
4,939
–
–
(101,407)
2,383,723
Other financial liabilities
531,880
1,365
(4,487)
310
(2,560)
45,924
572,432
Current
1,333,125
(891,644)
7,638
4
(380)
478,028
926,771
Bonds and other marketable securities
773,163
(584,513)
133
–
–
57,438
246,221
Bank borrowings
306,531
(216,689)
792
–
–
235,572
326,206
Other financial liabilities
253,431
(90,442)
6,713
4
(380)
185,018
354,344
Other movements mainly includes transfers between current and non-current, accrued interest and the debt corresponding to new lease contracts (note 10.a).

2024
2023
Suppliers
1,118,620
1,252,628
Current tax liabilities (Note 24)
52,870
39,254
Other payables to public administrations (Note 24)
364,269
314,808
Customer advances (Note 16)
638,660
646,686
Remuneration payable
116,448
96,521
Other payables
436,074
427,151

2,726,941
2,777,048
The Group has entered into confirming line and similar contracts with different financial institutions to
facilitate early payment to suppliers. In accordance with these contracts, a supplier may exercise its
collection rights against the Group companies or entities and obtain the invoiced amount, less the financial
costs for discount and fees applied by those entities and, in some cases, amounts withheld as guarantee.
The total amount of contracted lines amounted to 26,866 thousand at 31 December 2024 (56,423
thousand at 31 December 2023), with a drawn down balance of 2,609 thousand euros at 31 December
2024 (10,626 thousand euros at 31 December 2023). The decrease in the previous balances can mainly
be attributable to the inclusion in 2023 of the balances corresponding to the Cement and Real Estate
activities, while in 2024 these were not included, both activities having been subject to the partial financial
spin-off giving rise to the Inmocemento Group (note 2). The above-mentioned contracts do not modify
the main payment conditions (interest rate, deadline or amount), so they are classified as commercial
liabilities.
As regards the Resolution of the Institute of Accounting and Auditing (ICAC) of 29 January 2016, issued
pursuant to the mandate of the Second Final Provision of Law 31/2014, of 3 December, amending the
Third Final Provision of Law 15/2010, of 5 July, establishing measures to combat late payment in trade
operations, a table provided below containing information on the average payment period to suppliers of
companies based in Spain, for trade operations occurring since the entry into force of Law 31/2014, i.e.
24 December 2014.

Type of
derivative
Hedging type
% hedge
Notional 31.12.24
Nocional 31.12.23
Appreciation at
31.12.24
Appreciation at
31.12.23
Due date
Companies fully consolidated
FCC Medio Ambiente, S.A.
IRS
EF
–
–
4,965
–
12
02/04/2024
IRS
EF
–
–
3,032
–
27
02/04/2024
Option
EF
–
–
4,965
–
–
02/04/2024
IRS
EF
75 %
12,596
–
203
–
23/07/2029
IRS
EF
80 %
4,619
–
55
–
23/07/2034
RE3 Ltd.
IRS
EF
100 %
12,356
13,808
-156
-199
30/09/2029
FCC Energy Ltd.
IRS
EF
100 %
8,568
8,668
1,307
979
17/06/2038
IRS
EF
100 %
53,548
54,156
8,160
6,104
17/06/2038
FCC Wrexham PFI Ltd.
IRS
EF
95 %
13,902
14,978
-523
-643
30/09/2032
UBB Waste (Gloucestershire) Ltd
IRS
EF
25 %
37,876
–
898
–
28/01/2042
IRS
EF
4 %
6,610
–
1,039
–
28/01/2042
IRS
EF
21 %
30,885
–
733
–
28/01/2042
IRS
EF
4 %
5,553
–
132
–
28/01/2042
IRS
EF
4 %
6,610
–
1,037
–
28/01/2042
IRS
EF
25 %
37,876
–
898
–
28/01/2042
FCC Wrexham PFI (Phase II) Ltd.
IRS
EF
50 %
5,570
5,855
344
238
30/09/2032
IRS
EF
50 %
5,570
5,855
346
238
30/09/2032
FCC (E&M) Ltd.
IRS
EF
50 %
37,994
37,722
8,242
6,138
06/05/2042
IRS
EF
50 %
37,994
37,722
8,064
6,006
06/05/2042
Aquajerez, S.L.
IRS
EF
70 %
15,660
17,535
862
1,259
15/07/2031
IRS
EF
30 %
12,271
13,778
856
1,213
15/07/2031
Gipuzkoa Ingurumena Bi, S.A.
IRS
EF
38 %
7,549
8,031
499
645
30/06/2034
IRS
EF
38 %
7,549
8,031
508
673
30/06/2034
Qatarat Saquia Desalination
IRS
EF
100 %
3,693
5,872
33
90
07/06/2026
IRS
EF
–
–
1,340
–
18
28/11/2024
Aquos El Realito S.A. de C.V
IRS
EF
100 %
26,540
33,953
-33
1,036
22/01/2025
Realia Patrimonio, S.L.U.
IRS
EF
–
–
97,216
–
1,575
27/04/2024
IRS
EF
–
–
97,216
–
1,575
27/04/2024
IRS
EF
–
–
58,361
–
946
27/04/2024
IRS
EF
–
–
42,836
–
693
27/04/2024
IRS
EF
–
–
28,584
–
463
27/04/2024
Total FCC Environment CEE GMBH
FX
EF
100 %
23,332
19,916
-868
-361
29/06/2026
Total full consolidation

414,721
624,395
32,636
28,725

2025
2026
2027
2028
2029 and
beyond
Companies fully consolidated
61,422
32,973
23,916
24,940
271,470
At 31 December 2024, the total notional amount of hedges of companies consolidated using the equity
method came to 116,883 thousand euros (91,425 thousand euros at 31 December 2023) and their
fair value was 50,923 thousand euros (29,408 thousand euros at 31 December 2023). The impact of
speculative derivatives arranged at companies consolidated under the equity method was not significant
either in the accompanying consolidated income statement or balance sheet in 2024 and 2023.
The following table provides a reconciliation of the change in the valuation of the derivatives, identifying
those amounts that have been recorded in the accompanying consolidated income statement and those
that have been recorded in “Other comprehensive income” of the consolidated statement of recognised
income and expense:
Balance at
1 January 2024
Profit/(loss) from
valuation of reserves
Profit/(loss) from valuation
of results
Transfers to the income
statement
Inefficiency of
the hedging
Other changes
Balance at
31 December 2024
2024
Hedging
28,725
19,142
–
(13,326)
–
(1,905)
32,636
Balance at
1 January 2023
Profit/(loss) from
valuation of reserves
Profit/(loss) from valuation
of results
Transfers to the income
statement
Inefficiency of
the hedging
Other changes
Balance at
31 December 2023
2023
Hedging
44,869
(4,544)
–
(13,216)
–
1,616
28,725

24. Tax matters
This Note describes the headings in the accompanying consolidated income statement relating to the tax
obligations of each of the Group companies, such as deferred tax assets and liabilities, tax receivables and
payables and the corporation tax expense.
In accordance with file 18/89, the Parent Company of the Group is subject to the Corporation Tax
consolidation regime, with all the companies that meet the requirements established by the tax
legislation being integrated into said regime. In addition, part of the subsidiaries that carry out Water and
Environmental Services in the United Kingdom and the FCC Environment Group in Austria also pay taxes in
their own consolidated tax group.

1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
337
Consolidated Group | Notes to the consolidated financial statements | Page 81 of 152
As a result of the partial financial spin-off of the Cement and Real Estate activities (notes 2 and 5), the
Inmocemento Group companies that belonged to the tax group headed by Fomento de Construcciones y
Contratas, S.A., were derecognised effective 1 January 2024.
In May 2019, the tax authorities completed a procedure to recover state aid, arising from European
Commission Decision 2015/314/EU of 15 October 2014, relating to the tax amortisation of financial
goodwill from the indirect acquisition of foreign holdings. This procedure aims to adjust the tax
incentives applied by the company and Group in prior years as a result of the acquisition of the Alpine,
FCC Environment (formerly the WRG Group) and FCC CEE (formerly the ASA Group) Groups. The Tax
Administration filed a claim against the Group for a total amount (instalment and late payment interest)
equal to 111 million euros. FCC has settled this tax debt but has also filed an economic-administrative
appeal against it, which is pending resolution. The Group, in accordance with the opinion of its legal
advisors, considers it probable that the amounts already paid under such recovery procedure will be
returned. Within the framework of this procedure, the Tax Administration has recognised a negative tax
base generated in previous years in favour of the Group that has generated an activated tax credit for the
amount of 63.2 million euros.
In February 2025, the Spanish tax authorities issued corporate income tax assessments to the companies
belonging to the tax group headed up by Fomento de Construcciones y Contratas, S.A. for the years 2018
to 2020, whereby tax credits for tax loss carryforwards amounting to 10 million euros have been adjusted,
mainly in respect of related-party transactions and expenses considered to be non-deductible. FCyC S.A.
plans to lodge appeals before the courts against a significant part of the adjustment made, as it considers
it to be unlawful.
On the same date, the tax inspectorate issued reports on VAT and withholdings/payments on account for
work-related income and professional income relating to the period running from April 2019 to December
2020 in respect of the companies Fomento de Construcciones y Contratas S.A., FCC Construcción S.A.,
FCC Medio Ambiente S.A. and FCC Industrial e Infraestructuras Energéticas S.A., for a total amount of
0.6 million euros for various reasons.
a) Deferred tax assets and liabilities
Deferred tax assets mainly relate to provisions recognised, non-deductible financial expenses that will be
deductible for tax purposes from taxable income in future years, tax credits and tax loss carry forwards/
offsets and differences between accounting and tax depreciation and amortisation.
Specifically, the FCC Group has recognised deferred tax assets corresponding to tax loss carry forwards
and deductions pending application, as it considers that there are no doubts as to their recoverability,
amounting to 285,376 thousand euros (395,172 thousand euros at 31 December 2023).
The Group Management has evaluated the recoverability of deferred tax assets by estimating future tax
bases, concluding that there is no doubt surrounding their payment.
The estimates used to assess the recoverability of deferred tax assets are based on the estimate of
future taxable bases, based on the year's consolidated accounting result before the estimated tax from
continuing operations, to which the corresponding permanent and temporary differences that are expected
to take place each year have been adjusted. The provisions of the recently enacted Law 7/2024 of 20
December were considered for the purposes of determining the projections of recoverability of tax loss
carry forwards and other tax credits. This law reinstates those measures set out in Royal Decree-Law
3/2016 that were declared unconstitutional regarding the limitation on the offsetting of tax loss carry
forwards and with the reversal of tax-deductible impairments prior to 2013. Considering this regulatory
change and the profit projections made, it has been estimated that the tax group headed up by FCyC, S.A.
will be able to substantially absorb the tax loss carry forwards recognised in the balance sheet over an
estimated period of 10 years.
The estimated accounting profit for the year for the tax group headed by Fomento de Construcciones y
Contratas, S.A. is based on the planning prepared by the Group for the 2025-2027 period. Revenue growth
has been projected at 3.7% for 2025, 1.6% for 2026 and 0.6% for 2027. The projected EBITDA is 10.4% for
2025, 11.4% for 2026 and 11.3%for 2027. In subsequent periods, natural growth in pre-tax profit has been
projected at 2%. For the tax group headed by FCC Aqualia, S.A., a vegetative growth of 2% has been applied
to the profit before tax in 2024.
The deferred tax liabilities recognised by the Group mainly arise from the following:
• The differences between the tax and accounting valuation due to the fair value of assets derived from
the corporate acquisitions in the different segments of the Group's activity and investment property,
as indicated in notes 3.b) and 3.e). In general, these liabilities will not entail any future cash outflows
because they revert at the same rate as the amortisation of revalued assets.
• From the tax amortisation of leasing contracts and that of certain items of property, plant and
equipment under accelerated tax amortisation plans, and from the unrestricted amortisation on the
investments made, which allows them to be fully amortised as long as certain requirements are fulfilled.
• From the profits of temporary joint ventures that will be included in the tax base of the following year's
corporate income tax.

2025
2026
2027
2028
2029 and
beyond
Total
Assets
90,987
80,183
133,728
64,282
225,152
594,332
Liabilities
53,835
49,529
49,529
49,529
148,464
350,886
The Group has tax credits corresponding to negative tax bases (NTBs), mainly abroad, which have not
been activated in the financial statements as the recovery periods remain uncertain, for the amount of
207,5 million euros. The estimated maturity of non-activated NTBs is shown below:
Maturity time frame
Tax credits
(millions of euros)
From 2025 to 2029
31.9
From 2030 to 2034
4.9
From 2035 onwards
5.0
No maturity
165.7

207.5
Meanwhile, the Group has non-activated tax credits corresponding to tax deductions that have been
accredited and are pending application for a total amount of 5.3 million euros.
b) Public administrations
The breakdown at 31 December 2024 and 2023 of the current assets and liabilities included under the
“Public administrations” heading is as follows:
Current assets

2024
2023
Value Added Tax receivable (Note 16)
123,445
143,260
Current tax
127,185
84,449
Other tax items (Note 16)
148,309
79,683

398,939
307,392
Current liabilities

2024
2023
Value Added Tax payable (Note 22)
90,764
92,088
Current tax (Note 22)
52,870
39,254
Social Security payable and other tax items (note 22)
273,506
222,720
Deferrals
39
39

417,179
354,101

584,631

632,118
Additions
Reductions
Additions
Reductions
Permanent differences
231,768
(119,797)
111,971
44,709
(66,204)
(21,495)
Adjusted consolidated accounting profit/(loss) of continuing activities

696,602

610,623
Temporary differences
- Arising in the year
180,147
(155,967)
24,180
225,780
(120,453)
105,327
- Arising in prior years
168,802
(223,859)
(55,057)
141,973
(293,860)
(151,887)
Consolidated tax base of continuing activities (taxable profit)

665,725

564,063
Below is the reconciliation of the expense for corporation tax:

2024
2023
Adjusted consolidated accounting profit on continuing activities
696,602
610,623
Corporate tax
(165,801)
(135,729)
Tax credits and tax relief
3,489
1,668
Adjustments for tax rate change
449
(3,196)
Other adjustments
8,693
(16,803)
Corporate tax
(153,170)
(154,060)

2024
2023
Current tax
(146,746)
(135,689)
Deferred taxes
(6,424)
(18,371)
Corporate tax
(153,170)
(154,060)
The OECD has launched a project to establish a top-up tax to ensure a global minimum level of taxation
for multinational groups (the so-called “Pillar Two” project). The Pillar Two regulation has been adopted
by the European Parliament through Council Directive 2022/2523 of 15 December 2022, which has been
transposed in Spain through Law 7/2024 of 20 December. The Pillar Two regulations have been enacted
in most of the jurisdictions in which the Group operates. The legislation will be effective for the Group’s
annual periods beginning on or after 1 January 2024.
Based on the assessments performed to date, the Group has identified potential exposure to Pillar Two
taxes on profits in the United Arab Emirates and Hungary, where the expected effective Pillar Two tax rate
is likely to be lower than 15%. The potential exposure would correspond to companies, mainly operating
subsidiaries, in these jurisdictions where the Pillar 2 effective tax rate is less than 15%. It has been
estimated that the total cost of implementing Pillar Two regulations would be 0.5 million euros.
25. Pension plans and similar obligations
Most Spanish companies in the Group do not have pension plans in place that complement the Social
Security pension, with the exception of companies affiliated to the Construction sector agreement. However,
under the Consolidated Pension Plans and Pension Funds Law, in those specific cases in which similar
obligations exist, the companies externalise pension and similar obligations to its employees.
In accordance with article 38.8 of the Bylaws, Fomento de Construcciones y Contratas, S.A. holds a civil
liability insurance that covers Directors and Managers. This is a collective policy covering all the Group’s
executives, and in 2024 a premium of €1,265 thousand was paid over (€1,284 thousand in 2023).
Fomento de Construcciones y Contratas, S.A. has taken out an accident insurance policy for its directors,
encompassing both the exercise of their functions and their private life, comprising coverage in the event of
death, total and absolute permanent incapacity and severe disability. The premium paid in the year amounts
to 5 thousand euros (5 thousand euros in 2023).
Certain foreign companies belonging to the Group assumed the commitment of supplementing the
retirement and other similar commitments of its employees through defined benefit plans. Independent
actuarial experts measured the commitments accrued and, where appropriate, the assets used, through
generally accepted actuarial methods and techniques included, where appropriate, in the accompanying
consolidated balance sheet under the “Non-current provisions” heading within “Non-current employee
benefit obligations”, in line with the criteria set forth by IFRSs (Note 19).
The main benefits referred to above are the benefits corresponding to the FCC Environment (UK) Group
companies, established in the United Kingdom, which include the obligations resulting from the benefits
assumed with their employees into the accompanying consolidated balance sheet at 31 December 2024,
once the assets assigned to cover these benefits have been deducted. The actuarial value of the accrued
obligations comes to €45,182 thousand (€42,373 thousand at 31 December 2023), while the fair value of the
affected assets stands at €50,757 thousand (€44,261 thousand at 31 December 2023). The net difference
represents an active balance of 5,575 thousand euros (1,888 thousand euros at 31 December 2023),
recognised in the accompanying consolidated balance sheet under “Non-current financial assets”. The “Staff
expenses” heading of the accompanying consolidated income statement includes income of 110 thousand
euros (cost of 83 thousand euros as at 31 December 2023) for the net difference between the cost of
services and returns on assets affected by the plan. The average actuarial rate used was 5.55% (4.75% in
2023).

FCC Environment Group (UK)
Affected active balances at the beginning of the year
44,261
Expected return on assets
2,188
Actuarial profits/losses
2,828
Exchange differences
2,128
Contributions made by the employer
1,511
Contributions made by the participant
23
Benefits paid
(2,066)
Settlements
(116)
Balance of affected assets at the end of the year
50,757
Reconciliation of the actual performance of the obligation less the affected assets

FCC Environment Group (UK)
Net balance obligations less affected assets at the end of the year
(5,575)
2023:
Actual performance of the current value of the obligationn

FCC Environment Group (UK)
Balances of obligations at the beginning of the year
40,876
Cost of services for the current year
112
Interest costs
2,019
Contributions of the participants
20
Actuarial profits/losses
350
Exchange differences
841
Benefits paid during the year
(1,845)
Cost of past services
–
Settlements
–
Balance obligations at end of year
42,373
Actual performance of the fair value of affected assets

FCC Environment Group (UK)
Affected active balances at the beginning of the year
45,678
Expected return on assets
2,323
Actuarial profits/losses
(5,314)
Exchange differences
940
Contributions made by the employer
2,568
Contributions made by the participant
20
Benefits paid
(1,954)
Settlements
–
Balance of affected assets at the end of the year
44,261

FCC Environment Group (UK)
Net balance obligations less affected assets at the end of the year
(1,888)
26. Guarantee commitments to third parties
and other contingent liabilities
At 31 December 2024, the Group incurred contingent liabilities, mainly guarantees to third parties, mostly
before public bodies and private clients, to secure the correct performance of the urban sanitation works
and contracts, for 4,543,201 thousand euros (5,122,506 thousand euros at 31 December 2023).
As a result of the partial financial spin-off of the Real Estate and Cement activities completed in November
2024, the contingent liabilities contributed by these activities were eliminated (88,279 thousand euros at
31 December 2023).
Additionally, the Group has granted letters of indemnity to certain directors with management and
administration duties at subsidiaries, without the any risks for which provisions should be set aside
identified during the preparation of these financial statements. Such letters of indemnity are a common
practice in multinational companies that expatriate employees due to their double status as company
employees and executives of the subsidiary, and are of subsidiary execution in the event that the
respective directors' policies do not fully cover the contingency. Letters of indemnity were granted to five
executives in relation to the businesses that were maintained by the Group in Alpine. At present, no actions
are expected to be taken against executives covered by these letters, given that the events over which they
could hypothetically or potentially be sued are time barred.
Fomento de Construcciones y Contratas, S.A. and the Group's subsidiaries are defendants in litigation
concerning liability for different activities carried out by the Group in the performance of contracts
awarded and for which provisions have been set aside (Note 19). These lawsuits, which in number may be
significant, are for insignificant amounts when considered on a one-by-one basis. Therefore, give proven
experience and existing provisions, the resulting liabilities would not significantly affect the Group's assets.
In relation to the main contingent liabilities arising from the Alpine subgroup's bankruptcy proceedings,
it should be noted that the possible financial effects would be the cash outflow of the amount indicated
in the respective lawsuits detailed in note 19 of these consolidated interim financial statements to the
consolidated financial statements, plus interest and costs, if any.
On 15 January 2015, the Competition Chamber of the National Markets and Competition Commission
issued a decision on file S/0429/12, for an alleged violation of Article 1 of Law 15/2007 on the Defence
of Competition. The aforementioned resolution affects several companies and associations in the waste
sector, including companies belonging to the Group. The Group has filed an administrative appeal before
the Spanish National Appellate Court. At the end of January 2018, the Judgments issued by the National
Court were notified, upholding the contentious-administrative appeals filed by Gestión y Valorización Integral
del Centro, S.L. and Betearte, S.A. Unipersonal, both companies owned by FCC Servicios Medioambiente
Holding, S.A. Unipersonal, against the CNMC's ruling imposing several sanctions for alleged collusive
practices. In both decisions, the argument put forward by these companies that no single, on-going breach
existed was upheld. In April 2018, we were notified of the agreement initiating new legal proceedings for
the same conduct investigated in the previous proceedings forming the scope of the upholding decision,
commencing an 18-month examining period. In September 2019, an agreement was issued suspending the
processing of the sanctioning file until the National Court ruled on the appeals presented by other sanctioned
companies. On 22 March 2023, a ruling was handed down by the CNMC's Competition Chamber agreeing
to archive the disciplinary case. The Chamber ruled that it was no longer appropriate to continue with the
proceedings and that the case should be archived, for the purposes of all parties.
In 2019, as a result of an internal investigation in May in application of its compliance policy and regulations,
the Group became aware of the existence of payments between 2010 and 2014, initially estimated at
82 million dollars, which might not be justified and, may, therefore be illegal. These acts were uncovered
as a result of application of the procedures in the Group's compliance rules. The company has informed
prosecutors in Spain and Panama about these acts, and has been providing the utmost cooperation since
then to clarify what happened, applying the “zero tolerance” principle for corruption that permeates the entire
FCC Compliance System.
In the context of this collaboration and following the voluntary declaration made by the Group, on 29 October
2019, the Central Court of Instruction No. 2 of the National Court issued an Order in which it is stated that
“based on the documentation corresponding to the proceedings, as stated by the Public Prosecutor's
Office, and as reported in the second plea of fact of this resolution, there appear to be rational indications
of the participation of FCC Construcción, S.A., FCC Construcción América, S.A. and Construcciones
Hospitalarias, S.A. in the alleged facts that, notwithstanding their classification at the corresponding time,
could constitute offences of corruption in international transactions, provided for and punished under
Art. 286 ter of the Criminal Code and money laundering, provided for and punished under Art. 301 and
302.2 of the Criminal Code” agreeing for FCC Construcción, S.A. to be investigated as part of Preliminary
Proceedings 34/2017 as well as two of its subsidiaries, FCC Construcción América, S.A. and Construcciones
Hospitalarias, S.A.

1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
344
Consolidated Group | Notes to the consolidated financial statements | Page 88 of 152
The case is still in the investigation period, without us being able to determine at this time what type of
charges could be filed, if any. It should be noted that during 2023, the UCO (Central Operational Unit of the
Civil Guard) issued a report, referred to in various press articles, in which other amounts differing from than
those reported by Fomento de Construcciones y Contratas, S.A. are mentioned, although it must be noted
that these reports refer to behaviours conduct and sums of money that cannot all be attributed to the
Group. These actions may therefore have a financial impact on these companies, although we do not have
the information needed to qualify this impact.
On 6 July 2022, the National Markets and Competition Commission issued a resolution imposing a
sanction on several construction companies, including FCC Construcción, S.A. for sharing the costs of
technical work to verify objective data in relation to public works tenders. The Group considers that the
sanctioned conduct not only fails to infringe any precept (including those contained in the competition
law) but that this conduct has also contributed to greater efficiency and cost savings in tenders. For
these and other reasons, it filed the corresponding contentious-administrative appeal before the National
Court, which is still being heard. Furthermore, it asked said court to grant a precautionary measure for the
suspension of the payment of the fine imposed by the CNMC until a final court ruling is handed down on
this matter. This request was upheld. Therefore, it has been considered that, although this sanction may
result in cash outflows, at present and given the situation we cannot estimate the corresponding amount
and payment schedule.
The sale of 24.99% of the stake in FCC Servicios Medio Ambiente Holding, S.A. to Canadian pension fund
CPP Investments (Note 4) includes an indemnity clause that could lead to future cash outflows on the
cash flows generated by certain assets included within the scope of the sale. The Group has estimated the
amount of its likely obligations in this regard and has recognised, where appropriate, the corresponding
provision (Note 19).
Additionally, the 2018 agreement for the sale of the 49% FCC Aqualia holding envisages certain variable
prices that depend on the resolution of contingent proceedings. The Group therefore recognised, at 31
December 2024, an asset reflecting the fair value of the contingent amount expected to be collected in
relation to financial year 2024 (note 27.g). Meanwhile, it has not recognised liabilities for the claims that
may arise against its interests as it is not considered probable that significant losses will be incurred and
the amount is not material in relation to the price of the transaction.
Also, as part of the aforementioned sales transaction, FCC Topco s.a.r.l. and its subsidiary FCC Midco,
S.A. were constituted, contributing shares representing 10% of the Group's shares in FCC Aqualia to the
latter. Half these shares have been pledged as a guarantee of certain obligations assumed by the Group
before FCC Aqualia, mainly in relation to the repayment of the loan that the latter has granted to the parent
company of the Group for the amount of 806,479 thousand euros at 31 December 2024. At the date of
authorisation for issue of these consolidated abridged half-year financial statements, the Group believes
that there is no risk that these guarantees will be enforced.
The Group is involved in other lawsuits and legal procedures aside from those already described that it
considers will not generate significant cash outflows.
The shareholding of Group companies in jointly controlled operations managed through joint ventures,
joint ownership, participation accounts and other entities of similar legal characteristics means that
participants must share joint and several liability with respect to the activity carried on.
In relation to the guarantees received, it should be noted, in general, that the Group only receives
guarantees in relation to amounts paid as advances for the purchase of highly specialised equipment
that has been ordered, mainly in the Construction and Water segments, for a non-significant amount as
a whole. The Group has not obtained any significant assets as a result of the guarantees enforced in its
favour or released.
27. Income and expenses
a) Operating income
The Group records operating income under “Net turnover”, including interest income from the concession
financial model collection rights under IFRIC 12 amounting to 79,200 thousand euros at 31 December
2024 (58,006 thousand euros at 31 December 2023), except for work on own property, plant and
equipment and other operating income. The difference between these two years can mainly be attributed
to the income generated by the Gloucester and Mercia plants following the takeover of the Urbaser group
(note 4) amounting to 16,166 thousand euros.
Note 28 “Information by activity segments” shows the contribution of the business segments to
consolidated net turnover.
Operating income of 37,064 thousand euros (20,948 thousand euros at 31 December 2023), mainly in
the Construction and Environmental Services segments, has been recognised in 2024 from performance
obligations satisfied or partially satisfied in prior years.
During 2024, €376,708 thousand (at 31 December 2023: €307,626 thousand) previously recognised as
customer advances and pre-certified work (notes 16 and 22), which were recognised as revenue under
“Trade and other payables”, mainly in the Construction segment, have been recognised under liabilities.

2024
2023
Income from sundry services
118,339
111,056
Reimbursement from insurance compensation
3,880
4,379
Grants related to income
57,048
42,543
Other income
145,028
73,132

324,295
231,110
“Income from sundry services” mainly includes additional services derived from construction contracts or
provision of services not included in the main contracts and income derived from the provision of technical
assistance to entities accounted for using the equity method. “Other income” mainly includes surplus
provisions and income from leases when the Group acts as lessor in operating leases. The increase in
“Other income” can mainly be attributed to the reversal of provisions made during 2024 for the sum of
142,648 thousand euros due to the disappearance of the risks they covered (70,470 thousand euros in
2023).
At year-end 2024, based on outstanding contracts, the Group estimated that it had outstanding
performance obligations primarily for services rendered in the Environmental and Water Services segment
and arising from construction agreements mainly in the Construction and Water segments amounting to
€43,043,879 thousand (€41,484,908 thousand at year-end 2023) which it expects to recognise as revenue
in accordance with the following schedule:

up to 1 year
2 to 5 years
beyond 5 years
Total
Environmental Services
2,197,317
5,779,719
6,133,393
14,110,429
Construction
2,750,236
3,618,194
–
6,368,430
Integrated Water Management
1,762,752
8,429,840
12,372,428
22,565,020

6,710,305
17,827,753
18,505,821
43,043,879
b) Supplies
The breakdown of the balance of supplies and other external expenses as at 31 December 2024 and 2023
is as follows:

2024
2023
Subcontracting and work performed by other companies
2,339,778
2,064,471
Purchases and procurements
1,395,837
1,277,448

3,735,615
3,341,919
c) Staff costs
Below is a breakdown of staff expenses for 2024 and 2023:

2024
2023
Wages and salaries
2,052,784
1,822,999
Social security contributions
571,294
520,442
Other staff costs
79,029
60,059

2,703,107
2,403,500
Below, the average number of employees and their distribution by functional level and gender in 2024 and
2023 was as follows:

2024
2023
Governance and Management
517
509
Supervisors
4,923
4,674
Technical staff
7,093
6,721
Administrative staff
3,056
2,946
Sundry trades
54,641
51,537
70,230
66,387

2024
2023
Men
54,186
51,486
Women
16,044
14,901

70,230
66,387

2024
2023
Governance and Management
460
507
Supervisors
5,015
4,812
Technical staff
6,854
7,055
Administrative staff
2,924
2,981
Sundry trades
56,118
51,735

71,371
67,090

2024
2023
Men
54,414
52,016
Women
16,957
15,074

71,371
67,090
d) Impairment and gains/(losses) on disposal of fixed assets
The breakdown of the balance of the Impairment and gains/(losses) on disposal of fixed assets in the
years 2024 and 2023 is as follows:

2024
2023
Result acquisition 100% Concesionaria de Parla S.A. (Note 4)
41,178
–
Depreciation and amortisation of other property, plant and equipment
and intangible assets (endowment) / reversal (notes 7 and 8)
(26,689)
6,902
Profit/(loss) from disposals of other tangible and intangible assets
2,343
(1,007)
Changes in fair value of investment property (note 9)
640
–
Other concepts
(2,436)
17

15,036
5,912
In 2024, the gains of 41,178 thousand euros are worth particular mention as regards the acquisition
of 100% of Tranvía de Parla, S.A., as the consideration paid was lower than the fair value of the assets
acquired (note 4).
Also noteworthy in 2024 was the impairment of fixed and non-current assets recognised in the
Environmental Services activity in the United Kingdom for the sum of 24,308 thousand euros
e) Other gains/(losses)
In 2024, the allocation of current provisions for obligations arising from waste classification in the
Environment activity in the United Kingdom is worth particular mention (note 19).
f) Financial income and financial expenses
The breakdown of the financial income, according to the assets that generate said income, in 2024 and
2023 is as follows:

2024
2023
Financial assets at fair value with changes in other comprehensive
income
3,192
7,560
Financial assets at amortised cost
71,201
62,061
Other financial income
7,636
8,136

82,029
77,757
The breakdown of financial expenses in 2024 and 2023 is as follows:

2024
2023
Debt instruments and other marketable securities
84,630
50,571
Credits and loans
95,910
77,466
Debts with limited recourse for project financing
23,828
16,131
Creditors from leases
14,551
12,638
Financial update of provisions and other liabilities
34,395
27,368
Other financial expenses
10,805
12,275

264,119
196,449

2024
2023
Change in fair value of current financial instruments
35,170
(119)
Exchange differences
(7,431)
(19,976)
Impairment and profits/losses on disposal of financial Instruments
329
2,647

28,068
(17,448)
In 2024, the “Changes in the fair value of financial instruments” heading included income amounting to
33,738 thousand euros under the agreement to terminate the Global Vía Infraestructuras, S.A. share sale
and purchase agreement, as part of the price adjustment for the “Excluded Companies” and “Excluded
Companies Amount” (i.e. companies excluded from the scope of the sale and the economic returns from
such companies); and, income amounting to 6,958 thousand euros from the adjustment made to the
selling price of the company FCC Aqualia, S.A., as the agreement to sell 49% of this company, formalised in
2018, includes a contingent price clause (note 26).
Furthermore, in 2024, negative exchange rate differences amounting to 7,431 thousand euros (19,976
thousand euros of negative exchange rate differences in 2023) are worth mention, mainly attributable to
the depreciation of the Mexican peso.
The amount of this heading is shown in the accompanying consolidated statement of cash flows under
the heading “Other adjustments of profit/(loss) (net)”.
h) Profit/(loss) of entities valued using the equity method
The breakdown for this heading is as follows:

2024
2023
Profits/(losses) for the year (Note 12)
50,163
25,208
Joint ventures
16,515
17,948
Associates
33,648
7,260
Profit/(loss) on disposals and other
(36,921)
17,196

13,242

42,404
In 2024, “Gains/losses on disposals and other” included the following results recognised by the FCC PFI
Holdings (UK) Group:
• impairment due to the delay and increased costs of investment in the Lostock plant for the sum of
48,134 thousand euros (note 12).
• gains of 17,111 thousand euros from the fair value of the interest previously held by the Group before
the business combination of Beacon Waste Limited, Mercia Waste Management Ltd. and Severn
Waste Limited, in which Environmental Services held a 50% stake and which are now fully consolidated
following the acquisition of the subsidiary of Urbaser in the United Kingdom, which owned the remaining
50% (notes 2 and 12).
• losses due to the allocation to profit/(loss) of the valuation adjustments contributed by the companies
indicated above at the time of their change in consolidation method for the sum of 3,198 thousand
euros (notes 2, 12 and 18).
In 2023, “Gains/losses on disposals and other” included the gains on the sale of the holding in
Constructora Nuevo Necaxa Tihuatlán, S.A. de C.V., which generated pre-tax profit of 17,197 thousand
euros, including 4,952 thousand euros of valuation adjustments contributed by said company allocated to
profit/(loss).

The decrease in the amount recognised in 2024 compared to the previous year in the Real Estate segment
can be attributed to the better result contributed by this activity in 2023 (mainly due to the gains of 142,413
thousand euros, on account of the difference between the fair value of the net assets of Metrovacesa, S.A.
and the market value of the investment prior to its inclusion in the scope of consolidation, as indicated in
section i) of this note). Also, the figures for 2024 only include the gains/(losses) contributed by the minority
interests in the Cement and Real Estate activities up to the time at which the partial financial spin-off was
completed.

Total Group
Environmental
Services
Integrated Water
Management
Construction
Concessions
Corporation
Eliminations
2024
United Kingdom
1,184,522
923,627
–
261,626
–
–
(731)
Czech Republic
435,043
279,953
155,088
2
–
–
–
Georgia
99,367
–
99,367
–
–
–
–
Rest of Europe and Others
1,195,651
467,220
112,481
621,265
3,268
–
(8,583)
USA and Canada
821,144
384,152
86,549
350,443
–
–
–
Latin America
440,682
–
109,369
327,447
3,866
–
–
Middle East, Africa and Australia
427,018
–
167,531
259,487
–
–
–

4,603,427
2,054,952
730,385
1,820,270
7,134
–
(9,314)
2023
United Kingdom
1,024,406
778,736
–
249,949
–
–
(4,279)
Czech Republic
413,737
265,689
148,048
–
–
–
–
Georgia
79,240
–
79,240
–
–
–
–
Rest of Europe and Others
938,426
370,977
115,000
445,178
–
7,271
–
USA and Canada
588,865
351,562
–
237,303
–
–
–
Latin America
676,989
–
91,276
581,846
3,867
–
–
Middle East, Africa and Australia
333,742
–
134,667
200,760
–
–
(1,685)

4,055,405
1,766,964
568,231
1,715,036
3,867
7,271
(5,964)
b) Activities and investments by geographic markets
The Group performs approximately 51% of its activity abroad (49% in 2023).
The Revenue realised abroad by the Group companies for the business years 2024 and 2023 is distributed
among the following markets:

Total Group
Spain
United Kingdom
Georgia
Czech Republic
Rest of Europe
and Others
United States
of America and
Canada
Latin America
Middle East, Africa
and Australia
2024
ASSETS
Intangible assets
2,645,029
1,028,238
731,233
858
2,157
383,091
162,380
305,174
31,898
Property, plant and equipment
3,771,499
1,433,197
568,002
516,907
335,657
460,899
413,476
36,645
6,716
Investment property
3,885
–
–
3,885
–
–
–
–
–
Deferred tax assets
499,886
437,754
–
–
6,196
14,891
6,543
30,202
4,300
2023
ASSETS
Intangible assets
2,476,997
1,172,955
455,196
664
2,133
280,323
153,664
378,125
33,937
Property, plant and equipment
3,838,254
1,761,438
532,068
463,786
339,984
410,028
269,413
38,484
23,053
Investment property
2,091,328
2,088,178
–
3,150
–
–
–
–
Deferred tax assets
468,346
409,898
7,919
–
5,551
15,149
–
25,145
4,684
c) Personnel
The average number of people employed in 2024 and 2023 by business areas is as follows:

2024
2023
Environmental Services
47,849
44,565
Integrated Water Management
13,991
13,186
Construction
6,901
7,014
Cement
908
1,073
Real Estate
80
96
Concessions
202
157
Corporation
299
296

70,230
66,387

CONSOLIDATED (thousands of euros)
Euro
Dollar
Pound
Czech Koruna
Rest of Europe non-euro
Latin America
Other
TOTAL
Gross debt
3,961,748
378,178
628,153
170
61,456
45,571
21,362
5,096,638
Financial assets
(882,599)
(344,495)
(272,034)
(52,035)
(112,401)
(158,967)
(283,700)
(2,106,231)
Total consolidated net indebtedness
3,079,149
33,683
356,119
356,119
356,119
356,119
356,119
2,990,407
% Net Debt of the total
103.0 %
1.1 %
11.9 %
(1.7 %)
(1.7 %)
(3.8 %)
(8.8 %)
100.0 %
Note 17 of these Financial Statements provides a break down of Cash and Equivalents by currency; in this
breakdown, we can see how 41.7% is denominated in euros, 18.5% is denominated in US dollars, 13.9% in
sterling and 7.6% in Saudi riyals.
The Group’s general policy is to mitigate the adverse effect that exposure to the different foreign currencies
could have on its financial statements as much as possible, with regard to both transactional and purely
equity-related movements. The Group therefore manages the effect that foreign currency risk can have on
the balance sheet and the income statement.
A summary table of the sensitivity to exchange rate changes in the translation of foreign currency financial
statements in the main currencies in which the Group operates is shown below (note 18):

10 %
Profit and Loss
Equity
Pound sterling
(9,638)
32,882
US dollar
1,372
29,142
Georgian lari
1,436
23,900
Algerian dinar
2,470
17,287
Mexican peso
2,617
16,075
Czech koruna
4,564
12,232
Total
2,821
131,518

-10 %
Profit and Loss
Equity
Pound sterling
9,638
(32,882)
US dollar
(1,372)
(29,142)
Georgian lari
(1,436)
(23,900)
Algerian dinar
(2,470)
(17,287)
Mexican peso
(2,617)
(16,075)
Czech koruna
(4,564)
(12,232)
Total
(2,821)
(131,518)
The impact on sterling is mainly due to the translation of the net assets corresponding to the investment
held in the FCC Environment UK subgroup.

Total Group
Construction
Environmental
Services
Integrated Water
Management
Concessions
Corporation
Total Gross External Debt
5,096,638
8,890
2,877,417
2,204,837
330
5,164
Hedging and Financing at fixed rate at 31.12.24
(3,418,988)
(6,132)
(2,350,024)
(1,062,551)
(281)
–
Total variable rate debt
1,677,650
2,758
527,393
1,142,286
49
5,164
Ratio: Variable-rate debt / Gross External Debt at 31.12.24
32.9 %
31.0 %
18.3 %
51.8 %
14.8 %
100.0 %
The following table summarises the effect on the Group's income statement of upward movements in the
interest rate curve on gross borrowings, after excluding fixed-rate debt and debt associated with hedging
agreements:

Gross indebtedness
+25 pb
+50 pb
+75 pb
Impact on profit or loss
(4,194)
(8,388)
(12,582)

Hedging derivatives
-100 pb
-50 pb
+50 pb
+100pb
Impact on Equity:
Full consolidation
(17,624)
(8,579)
8,140
15,866
Equity method
(7,526)
(3,613)
3,338
6,425

d) Solvency risk
At 31 December 2024, the net financial indebtedness of the Environmental Services Group contained in
the accompanying consolidated balance sheet amounted to 2,990,407 thousand euros as shown in the
following table (3,100,106 thousand euros at 31 December 2023):

2024
2023
Bank borrowings
2,096,770
2,709,929
Debt instruments and other loans
2,835,718
2,107,100
Other interest-bearing financial debt
164,150
148,061
Current financial assets
(256,614)
(255,281)
Treasury and cash equivalents
(1,849,617)
(1,609,703)
Net interest-bearing debt
2,990,407
3,100,106
Net debts with limited recourse
4,051,953
4,001,840
Net indebtedness with recourse
(1,061,546)
(901,734)
Despite the reclassification of the debt of the Cement and Real Estate activities to “Liabilities related
to non-current assets held for sale” (note 5) for an amount of 766,398 thousand euros, the Net Debt
with limited recourse increased year on year, mainly due to the increase in the indebtedness of the
Environmental Services area (note 20).
As more extensively explained in note 20 on Non-current and current financial liabilities, in June 2022
the refinancing in the Water area was completed for the sum of 1,100 million euros. In July 2020,
FCC Servicios Medioambiente Holding, S.A. registered, and since then has renewed once a year, a
promissory note programme, Euro Commercial Paper Programme (ECP), on the Irish stock exchange,
for a amount of 400 million euros and in October 2023 refinanced 600 million euros through a bond
and in October 2024 completed the issue of a new bond for the amount of 600 million euros. Fomento
de Construcciones y Contratas, S.A. has had a promissory note programme - Euro Commercial Paper
Program (ECP) - registered in that same market since November 2018, for an amount of 600 million euros.
In 2024, new financing facilities were also renewed and taken out in the form of lines of credit and bilateral
loans.
These operations have helped to continue to shore up the financial solvency process and the continuation
of the policy of diversifying funding sources. These measures have contributed to achieving a much more
robust and efficient capital structure, with suitable volumes, terms and financing costs adapted to the
nature of the different business areas.

1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
365
Consolidated Group | Notes to the consolidated financial statements | Page 109 of 152
e) The FCC Group is exposed to liquidity risk
The Group carries out its operations in sectors that require a high level of financing, and has so far
obtained adequate financing to carry out its operations. However, the Group cannot guarantee that these
circumstances relating to obtaining financing will continue in the future.
The Group's ability to obtain financing depends on many factors, many of which are outside its control.
Historically, the Group has always been able to renew its loan arrangements, and it expects to continue
doing so in the coming twelve months. However, FCC Group’s ability to renew its financing depends on
various factors, many of which are outside the control of the Group, such as general economic conditions,
the availability of funds for loans from private investors and financial institutions, and the monetary
policy of the markets in which it operates. Negative conditions in debt markets could hinder or prevent
Group’s capacity to renew its financing. Therefore, the Group cannot guarantee its ability to renew credit
agreements and bond issues under economically attractive terms. The inability to renew said financing or
to secure it under acceptable terms could have a negative impact on the Group's liquidity and its ability to
meet the working capital needs.
To adequately manage this risk, the Group performs exhaustive monitoring of the repayment dates of all
credit facilities of each Group company, in order to conclude all renewals in the best market conditions
sufficiently in advance, analysing the suitability of the funding and studying alternatives if the conditions
are unfavourable on a case-by-case basis. The Group is also present in several markets, which facilitates
obtaining credit facilities and mitigating liquidity risk.
The Group's expected schedule of contract maturities in relation to non-current gross external debt,
excluding derivatives, at 31 December 2024 is as presented below. Current gross external debt matures in
less than twelve months, with no significant differences between its contract maturity and its book value:
2026
2027
2028
2029
2030 and beyond
TOTAL
1,917,624
1,015,292
153,629
1,125,088
1,174,246
5,385,879
Almost the entire amount of the gross financial debt on the balance sheet, amounting to 5,082,254
thousand euros, has no recourse to the parent company, of note being the debt of the End-to-end Water
Management segment amounting to 2,204,837 thousand euros, and of the Environmental Services
segment amounting to 2,877,417 thousand euros at 31 December 2024.
At 31 December 2024, the Group had working capital of 2,185,370 thousand euros (2,198,585 thousand
euros at 31 December 2023).
In order to manage liquidity risk, at 31 December 2024, the Group had 546,075 thousand euros in undrawn
bilateral financing lines, and 1,445,724 thousand euros in cash, in addition to the following current financial
assets and cash equivalents, whose maturities are shown below:
Thousands of euros
Amount
1-3 months
3-6 months
6-9 months
9-12 months
Other current financial
assets
256,614
32,907
18,676
18,615
186,416
Thousands of euros
Amount
1 month
1-2 months
2-3 months
Cash equivalents
403,893
192,801
–
211,092
f) Concentration risk
This is risk arising from the concentration of lending transactions with common characteristics, and it is
distributed as follows:
• Funding sources: In order to diversify this risk, the Group works with a large number of national and
international financial institutions and capital markets to obtain financing.
• Markets/geography (domestic, foreign): The Group operates in a wide variety of national and
international markets, with the debt mainly concentrated in euros and the rest in various international
markets, with different currencies.
• Products: The Group uses various financial products: loans, credit facilities, promissory notes and
obligations, syndicated loans and discounting, etc.
• Currency: The Group is financed through different currencies according to the country of the investment.
The Group’s strategic planning process identifies the objectives to be attained in each of the areas of
activity, based on the improvements to be implemented, the market opportunities and the level of risk
deemed acceptable. This process serves as a base for preparing operating plans that specify the goals to
be reached each year.
To mitigate the market risks inherent to each line of business, the Group maintains a diversified
position among businesses related to the construction and management of infrastructure, provision of
environmental services and end-to-end water management. In the area of geographical diversification,
in 2024 the weight of the external activity has been 51% of total sales, with special importance in the
activities of Environmental Services and Infrastructure Construction.

1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
366
Consolidated Group | Notes to the consolidated financial statements | Page 110 of 152
g) Credit risk
The provision of services or the acceptance of client engagements, whose financial solvency was not
guaranteed at the acceptance date, situations not known or unable to be assessed by the Group and
unforeseen circumstances arising during the provision of the service or the execution of the engagement
that could affect the client’s financial position could generate a payment risk with respect to the amounts
owed.
The Group request commercial reports and assess the financial solvency of clients before doing business
and perform on-going monitoring, and have put in place a procedure to be adopted in the event of non-
payment. In the case of public-sector customers, the Group does not accept commitments that do not
have an assigned budget and financial approval. Offers that exceed a specific payment period must be
authorised by the Finance Division. Likewise, on-going monitoring is performed of debt delinquency in
various management committees.
The maximum level of exposure to credit risk has been calculated, with the breakdown of the amount as at
31 December 2024 and 2023 as shown in the following table:
2024
2023
Financial credits granted (note 14)
1,505,772
1,092,422
Trade and other receivables (note 16)
3,124,006
2,886,531
Derivative financial assets (note 23)
34,216
30,445
Cash and cash equivalents (Note 17)
1,849,617
1,609,703
Guarantees granted (Note 26)
4,543,201
5,041,504
TOTAL
11,056,812
10,660,605
In general, the Group does not have collateral guarantees or improvements to reduce credit risk or for
financial assets or accounts receivable from traffic. Although it should be noted that bonds are requested
from subscribers in the case of certain contracts of the Water activity, mostly concessions affecting IFRIC
12, there are also offsetting mechanisms in certain contracts, mostly concessions affecting IFRIC 12 in
Water, Environmental Services and Concession activities, making it possible to guarantee the recovery of
loans granted to finance early initial fees or investment plans.
With respect to credit quality, the Group applies its best judgement to impair financial assets for which
lifetime credit losses are expected to be incurred (note 3.i). The Group regularly analyses changes in the
public ratings of the entities to which it is exposed.
h) Risks generated by the Russian invasion of Ukraine
The Group does not undertake activities in Russia, Ukraine or Belarus, meaning that the Russian invasion
of Ukraine and the subsequent sanctions have not had a direct effect on its activities. However, it has
been exposed to indirect effects such as the increase in the cost of raw materials, in particular the cost of
energy and disruption to supply chains.
In view of the above, the Group has reviewed the assumptions used to assess the signs of impairment of
its main non-financial assets, considering, among other factors, the increase in reference interest rates,
paying special attention to goodwill, and has determined that there is no impairment associated with it
(note 7).
Given that the Group does not operate in the aforementioned geographic markets, no significant increase
in the credit risk of its financial assets has been seen; therefore, no additional impairments have been
recognised beyond those considered inherent to the different activities it performs. Furthermore, no
difficulties have been detected in the Group's ability to obtain financing, as reflected by the transactions
undertaken over the course of the year. (note 20).
The aforementioned invasion has had a limited impact on the Group, meaning that the consolidated
financial statements have been prepared applying the going concern principle, considering that the effects
described do not jeopardise the continuity of their activities.
i) Climate change risks
The Group's activities may be impacted by adverse weather conditions, such as floods or other natural
disasters, and in some cases by decreases in temperature that may make it difficult, or even impossible in
extreme cases, to carry out its activities, such as in the case of severe frost in the construction activity.
The Group takes all appropriate measures to adapt to the effects of climate change and to mitigate its
possible effects on its business and fixed assets, as shown by the environmental provisions set aside for
this purpose (note 19).
The Group is committed to the decarbonisation of the activities it carries out, for which it uses the
most efficient technologies in the fight against climate change and, due to the very nature of some of
the activities it carries out, it promotes the circular economy. To achieve these objectives, the Group
implements specific policies as part of its activities and performs an analysis and assessment of the
physical risks caused by climate change as well as the risks of transitioning towards a low-carbon
economy, undertaking a variety of innovative and sustainable initiatives to reduce the impact of its
activities on the environment.

2024
2023
Fixed remuneration
1,162
966
Other payments
1,711
1,879

2,873
2,845
The senior executives listed below, who are not members of the Board of Directors, received total
remuneration of 2,307 thousand euros during the year (2,180 thousand euros in 2023).
2024

Marcos Bada Gutiérrez
General manager of Internal Audit
Felipe B. García Pérez
General Secretary
Miguel A. Martínez Parra
Managing Director of Administration and Finance
Santiago Lafuente Pérez-Lucas
CEO Aqualia
Iñigo Sánz Pérez
CEO of FCC Servicios Medio Ambiente
2023

Marcos Bada Gutiérrez
General manager of Internal Audit
Felipe B. García Pérez
General Secretary
Miguel A. Martínez Parra
Managing Director of Administration and Finance
Félix Parra Mediavilla
Managing Director of FCC Aqualia
Jaime Rocha Font
CEO of Cementos Portland Valderrivas
Note 25 “Pension plans and similar obligations” describes the insurance taken out in favour of certain
executive directors and directors.
Details of Board members who hold posts at companies in which Fomento de Construcciones y Contratas,
S.A. has a direct or indirect ownership interest were as follows:
Name or corporate name of
the director
Company name of the Group entity
Position
JUAN RODRÍGUEZ TORRES
FCC AQUALIA, S.A.
DIRECTOR
ALEJANDRO ABOUMRAD GONZÁLEZ
FCC AQUALIA, S.A.
CHAIRMAN
FCC SERVICIOS MEDIO AMBIENTE HOLDING, S.A.
CHAIRMAN
PABLO COLIO ABRIL
FCC CONSTRUCCIÓN, S.A.
CHAIRMAN
FCC SERVICIOS MEDIO AMBIENTE HOLDING, S.A.
DIRECTOR
FCC AQUALIA, S.A.
DIRECTOR
GERARDO KURI KAUFMANN
FCC AQUALIA, S.A.
DIRECTOR
FCC SERVICIOS MEDIO AMBIENTE HOLDING, S.A.
DIRECTOR
In 2024, no significant transactions were performed entailing a transfer of assets or liabilities between
Group companies and their executives and directors.
b) Situations of conflicts of interest
No conflict of interests have been directly or indirectly declared in the interest of Fomento de
Construcciones y Contratas, S.A., in accordance with applicable regulations (Article 229 of the Spanish
Corporate Enterprises Act), without prejudice to the operations of Fomento de Construcciones y
Contratas, S.A. with its related parties reflected in this report or, as the case may be, of the agreements
related to remuneration or appointment of positions. In this regard, when specific conflicts of interest have
taken place with certain directors, they have been resolved in accordance with the procedure stipulated
in the Board of Directors’ Rules, with the directors involved abstaining from the corresponding debates and
votes.

76,813
84,610
In addition, the following balance sheet balances are maintained:
Receivable
Payable
2024
2023
Realia Patrimonio, S.L.U.
Cementos Portland Valderrivas, S.A.
–
132
Fomento de Construcciones y Contratas, S.A.
28
27
FCC Industrial e Infraestructuras Energéticas
S.A.U.
414
412
FCC Medio Ambiente, S.A.
85
82
Servicios Especiales de Limpieza, S.A.
267
231
Fedemes, S.L.
50
51
Realia Business, S.A.
Fedemes, S.L.
14
Fomento de Construcciones y Contratas, S.A.
46
99,936
FCC Construcción, S.A.
4,445
1,891
FCC Industrial e Infraestructuras Energéticas
S.A.U.
18
2
FCyC, S.A.
–
87
FCyC, S.A.
Asesoria financiera y de gestión, S.A.
47
170
Fomento de Construcciones y Contratas, S.A.
33
227,485
FCC Construcción, S.A.
8,090
10,109
FCC Industrial e Infraestructuras Energéticas
S.A.U.
–
Costa Verde Habitat, S.L.
–
1,993
Jezzine Uno, S.L.U.
–
37,043
Realia Business, S.A.
–
1,440
Fedemes, S.L.
3
14
Inmocemento, S.A.
Fomento de Construcciones y Contratas, S.A.
217
–
FCC Real Estate (UK) Limited
FCC Environment (UK) Limited
4,528
4,005
FCyC, S.A.
–
207
Vela Borovica Koncern d.o.o.
FCyC, S.A.
–
189
Costa Verde Habitat, S.L.
FCyC, S.A.
–
5

1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
372
Consolidated Group | Notes to the consolidated financial statements | Page 116 of 152
FCC Construcción, S.A. has also recorded an advance payment received for the agreement to sell the
stake in Túnel de Coatzacoalcos, S.A. for the sum of 48,396 thousand euros in both years, from company
Promotora del Desarrollo de América Latina, S.A. de C.V. under “Deposits and guarantees received”.
“Promotora Ideal”, a company related to the majority shareholder of the parent company. The sale is
subject to conditions precedent, not fulfilled at the date of formulation of these consolidated annual
accounts (note 20.d).
Additionally, during 2024, the following operations were carried out with related parties:
• Service provision agreement between Fomento de Construcciones y Contratas, S.A. with Vilafulder
Corporate Group, S.L.U. for a total annual amount of 368 thousand euros.
• Service provision contract between Realia Business, S.A. and Mr Gerardo Kuri Kaufmann, for an amount
of 190 thousand euros.
• In 2024, Cementos Portland Valderrivas, S.A. cancelled the service agreements in effect with Gerardo
Kuri Kaufmann and Jaime Rocha Font, having accrued 172 thousand euros (184 thousand euros in
2023) and 106 thousand euros (150 thousand euros in 2023) during the year.
• As part of the refinancing of the debt associated with the Spanish activities of the Cementos Portland
Valderrivas Group in 2016, a financing agreement was entered into with Banco Inbursa, S.A., Institución
de Banca Múltiple. On 20 October 2022 it signed a maturity extension agreement until October 2025. As
at 31 December 2024, the loan was fully repaid (31 December 2023: 50,405 thousand euros). Financial
expenses accrued in 2024 came to 921 thousand euros. A total of 2,703 thousand euros accrued in
2023.
• Contract for the provision of IT services by Claro Enterprise Solutions, S.L. to Fomento de
Construcciones y Contratas, S.A. in the amount of 16,992 thousand euros (15,146 thousand euros in
2023).
• In May 2024, Fomento de Construcciones y Contratas, S.A. took part in the capital increase undertaken
by FCyC, S.A., making a disbursement in line with its shareholding of 160,062 thousand euros, since
the non-controlling shareholder, Soinmob Inmobiliaria Española, S.A.U., also took part in the increase,
making a disbursement in line with its shareholding of 39,938 thousand euros. This increase did not
entail any change in the shareholding in relation to FCyC, S.A.
• Assignment by FCC to FCyC of the two credits that FCC held with Realia for the sum of 100,680
thousand euros.
• Financing granted by FCC, S.A. to FCyC, S.A. to purchase 10.26% of Realia from the Polygon Investment
Fund in exchange 92,575 thousand euros.
• Granting of a loan by FCyC, S.A. to Realia Business, S.A. for a total of 60,000 thousand euros.
• Granting of a loan by Jezzine Uno, S.L.U. to Realia Business, S.A. for an amount of 3,000 thousand
euros.
• Cancellation of the financing position held by FCC in favour of FCyC, S.A., resulting from the loans
granted in previous years and those described in the preceding points in 2024, for a total amount of
428,380 thousand euros.
• Lease by Realia Patrimonio, S.A. to Realia Business, S.A., FCyC, S.A., Planigesa, S.A. and Jezzine Uno
S.L.U., of offices at Torre Realia in Madrid.
• Corporate services agreement between FCC, S.A. and Inmocemento, S.A., entered into at arm's length
and which has no material economic relevance.
• Commercial transactions in the Cement segment with the company Trituradora y procesadora de
materiales Santa Anita S.A. de C.V. (belonging to the Elementia Group), amounting to 28,706 thousand
euros up to the date of completion of the spin-off that gave rise to the Inmocemento Group (22,606
thousand euros in 2023), with outstanding receivables at the date of the spin-off amounting to 2,193
thousand euros (713 thousand euros at 31 December 2023).
• Maintenance of the guarantee by FCC, S.A. for an amount of 30,000 thousands of euros to FCC Real
Estate (UK) Ltd. in relation to the risks of the transferred landfills.
In addition, other transactions are carried out on an arm's length basis, mainly telephone and internet
access services, with related parties related to the majority shareholder for an insignificant amount.
e) Mechanisms established to detect, determine and resolve possible
conflicts of interest between the Parent Company and/or its Group
and its directors, executives or significant shareholders
FCC Group has established specific mechanisms to detect, determine and resolve any possible conflicts
of interest between the Group companies and their directors, executives and significant shareholders, as
indicated in article 20 and thereafter of the Rules and Regulations of the Board of Directors.

2024
2023
Principal
auditor
Other
auditors
Total
Principal
auditor
Other
auditors
Total
Audit services
4,796
939
5,735
4,529
754
5,283
Other assurance
services
907
592
1,499
526
248
774
Total audit and related
services
5,703
1,531
7,234
5,055
1,002
6,057
Tax advisory services
117
1,321
1,438
–
1,141
1,141
Other services
–
1,603
1,603
–
1,917
1,917
Total professional
services
117
2,924
3,041
–
3,058
3,058
TOTAL
5,820
4,455
10,275

5,055
4,060
9,115
Due to the partial financial spin-off of the Inmocemento Group (composed of the Cement and Real Estate
areas), only the fees associated with the limited reviews performed in June 2024 corresponding to these
areas have been included (note 5).
33. Events after the closing date
Subsequent to the closing date of these financial statements, in February 2025 to be precise, the Spanish
tax authorities issued assessments for corporate income tax to the companies of the tax group headed
up by Fomento de Construcciones y Contratas, S.A. in respect of the years 2018 to 2020. It likewise issued
assessments for VAT and withholdings for employment income and professional income for the period
running from April 2019 to December 2020 for the companies Fomento de Construcciones y Contratas
S.A., FCC Construcción S.A., FCC Medio Ambiente S.A. and FCC Industrial e Infraestructuras Energéticas
S.A. The accounting impact of the aforementioned inspections, being a event that has taken place after the
reporting period but which shows conditions existing at year-end, has been recognised in these financial
statements in accordance with prevailing accounting regulations (Note 24).

% Effective ownership
Auditor
ENVIRONMENTAL SERVICES
Alfonso Benítez, S.A.
Federico Salmón, 13 – Madrid
75.01
Ernst & Young
Armigesa, S.A.
Paseo de Extremadura s/n – Armilla (Granada)
38.26
Moore
Azincourt Investment, S.L.
Federico Salmón, 13 – Madrid
75.01
Corporación Inmobiliaria Ibérica, S.A.
Av. Camino de Santiago, 40 – Madrid
75.01
Ecoactiva de Medio Ambiente, S.A.
Ctra. Puebla Albortón a Zaragoza Km. 25– Zaragoza
45.01
Vaciero Auditores
Ecodeal-Gestao Integral de Residuos Industriais, S.A.
Portugal
40.22
Ernst & Young
Ecogenesis Societe Anonime Rendering of Cleansing
and Waste Management Services
Greece
38.26
Ecoparque Mancomunidad del Este, S.A.
Federico Salmón, 13 – Madrid
75.01
Ernst & Young
Egypt Environmental Services, S.A.E.
Egypt
99.25
Nearshore Middle East
Empresa Comarcal de Serveis Mediambientals del Baix Penedés –
ECOBP, S.L.
Plaça del Centre, 5 – El Vendrell (Tarragona)
49.96
Capital Auditors
Energyloop, S.A.
Av. Camino de Santiago, 40 - Madrid
41.26
Ernst & Young
Enviropower Investments Limited
United Kingdom
75.01
Eur Serv Dechets SAS
France
75.01
Fidsud Audit SAS
Eur Serv MTCE SAS
France
75.01
Fidsud Audit SAS
Eur Serv Voire SAS
France
75.01
Fidsud Audit SAS
Eur SRV Proprete SAS
France
75.01
Fidsud Audit SAS
FCC Ámbito, S.A. Unipersonal
Federico Salmón, 13 – Madrid
75.01
Ernst & Young
FCC Environment Portugal, S.A.
Portugal
75.01
Ernst & Young
FCC Environment Services (UK) Limited
United Kingdom
75.01
Ernst & Young
FCC Environmental Services CA
USA
75.01
FCC Environmental Services Florida Llc.
USA
75.01
FCC Environmental Services MN
USA
75.01
FCC Environmental Services NC
USA
75.01

% Effective ownership
Auditor
FCC Environmental Services Nebraska Llc.
USA
75.01
FCC Environmental Services Texas Llc.
USA
75.01
FCC Environmental Services (USA) Llc.
USA
75.01
Ernst & Young
FCC Environnement France
France
75.01
Fidsud Audit SAS
FCC Equal CEE, S.L.
Federico Salmón, 13 – Madrid
75.01
FCC Equal CEE Andalucía, S.L.
Av. Molière, 36 – Málaga
75.01
Aranda & Hinojosa
FCC Equal CEE Baleares, S.L.U.
Camino Fondo, 27 - Palma (Illes Balears)
75.01
FCC Equal CEE Canarias, S.L.U.
Carretera de Guanarteme a Tamaraceite S/n KM5.1 - Las Maja, 35010, (Las Palmas)
75.01
FCC Equal CEE C. Valenciana, S.L.
Riu Magre, 6 P.I. Patada del Cid – Quart de Poblet (Valencia)
75.01
FCC Equal CEE Melilla, S.L.U.
Calle Actor Tallavi, Local B, Edificio Edison, 20 (Melilla)
75.01
FCC Equal CEE Murcia, S.L.
Luis Pasteur, 8 – Cartagena (Murcia)
75.01
FCC Medio Ambiente, S.A.
Federico Salmón, 13 – Madrid
75.01
Ernst & Young
FCC Medio Ambiente Reino Unido, S.L.Unipersonal
Av. Camino de Santiago, 40 – Madrid
75.01
Ernst & Young
FCC Medioambiente Internacional, S.L.U.
Av. Camino de Santiago, 40 – Madrid
75.01
FCC Servicios Medio Ambiente Holding, S.A.
Federico Salmón, 13 – Madrid
75.01
Ernst & Young
Gamasur Campo de Gibraltar, S.L.
Antigua Ctra. de Jimena de la Frontera, s/n – Los Barrios (Cádiz)
75.01
Gandia Serveis Urbans, S.A.
Llanterners, 6 – Gandia (Valencia)
71.26
Vaciero Auditores
Gel Holdings Llc
USA
75.01
Geneus Canarias, S.L.
Electricista, 2. U.I. de Salinetas – Telde (Las Palmas)
75.01
Gestió i Recuperació de Terrenys, S.A. Unipersonal
Balmes, 36 Entresuelo – Barcelona
60.01
Vaciero Auditores
Gipuzkoa Ingurumena Bi, S.A.
Polígono Industrial Zubiondo Par A.5. – Hernani (Gipuzkoa)
69.01
Ernst & Young
Golrib, Soluções de Valorização de Residuos Lda.
Portugal
41.26
Ernst & Young
Houston Waste Services, LLC
USA
75.01
Houston Waste Solutions, LLC
USA
75.01
Industria Reciclaje de RAEES, S.L.
Crta. Santander, KM 61,50 - Osorno la Mayor (Palencia)
75.01
Integraciones Ambientales de Cantabria, S.A.
Monte de Carceña Cr CA-924 Pk 3,280 – Castañeda (Cantabria)
67.51
Ernst & Young
International Services Inc., S.A. Unipersonal
Av. Camino de Santiago, 40 – Madrid
75.01
Jaime Franquesa, S.A.
P.I. Zona Franca Sector B calle D 49 – Barcelona
75.01

% Effective ownership
Auditor
Jaume Oro, S.L.
Av. del Bosc, s/n P.I. Hostal Nou – Bellpuig (Lleida)
75.01
Limpieza e Higiene de Cartagena, S.A.
Luis Pasteur, 8 – Cartagena (Murcia)
67.51
Ernst & Young
Limpiezas Urbanas de Mallorca, S.A.
Ctra. Santa Margalida-Can Picafort – Santa Margalida (Baleares)
75.01
Ernst & Young
Premier Waste Services, LLC.
USA
75.01
Reciclado de Componentes Electrónicos, S.A.
Calle El Matorral (Parque Actividades Medioambientales) – Aznalcóllar (Sevilla)
37.51
Ernst & Young
Recuperació de Pedreres, S.L.
Balmes, 36 Entresuelo – Barcelona
60.01
Resicorreia - Gestão e Serviços de Ambiente, Ldao Ser Amb Lda
Portugal
41.26
Ernst & Young
Serveis Municipals de Neteja de Girona, S.A.
Pl. del Vi, 1 - Girona
56.26
Cataudit Auditors Associats
Servicio de Recogida y Gestión de Residuos Sólidos Urbanos
del Consorcio Vega Sierra Elvira, S.A.
Antonio Huertas Remigio, 9 – Maracena (Granada)
45.01
Capital Auditors
Servicios Especiales de Limpieza, S.A.
Federico Salmón, 13 – Madrid
75.01
Ernst & Young
Sistemas y Vehículos de Alta Tecnología, S.A.
Federico Salmón, 13 – Madrid
75.01
Ernst & Young
Societat Municipal Mediambiental d’Igualada, S.L.
Pl. de l’Ajuntament, 1 – Igualada (Barcelona)
49.44
Vaciero Auditores
Telford & Wrekin Services Limited
United Kingdom
75.01
Tratamientos y Recuperaciones Industriales, S.A.
Balmes, 36 Entresuelo – Barcelona
56.26
Capital Auditors
Valoración y Tratamiento de Residuos Urbanos, S.A.
Riu Magre, 6 – P.I. Patada del Cid – Quart de Poblet (Valencia)
60.01
Capital Auditors
Valorización y Tratamiento de Residuos, S.A.
Alameda de Mazarredo, 15-4º A – Bilbao (Vizcaya)
75.01
Vaciero Auditores
Grupo FCC CEE
FCC Hódmezövásárhely Köztisztasági Kft
Hungary
46.38
Ernst & Young
Agadax s.r.o.
Czech Republic
75.01
ASMJ s.r.o.
Czech Republic
38.26
FCC Abfall Service Betriebs GmbH
Austria
75.01
FCC Austria Abfall Service AG
Austria
75.01
Ernst & Young
FCC BEC s.r.o.
Czech Republic
75.01
Ernst & Young
FCC Bratislava s.r.o.
Slovakia
75.01
FCC Centrum Nonprofit Kft.
Hungary
75.01
Ernst & Young
FCC Česká Republika s.r.o.
Czech Republic
75.01
Ernst & Young
FCC České Budějovice s.r.o.
Czech Republic
56.26
Ernst & Young

% Effective ownership
Auditor
FCC Dačice s.r.o.
Czech Republic
45.01
Ernst & Young
FCC Eko d.o.o.
Serbia
75.01
Ernst & Young
FCC Entsorga Entsorgungs GmbH & Co. Nfg KG
Austria
75.01
FCC Environment CEE GmbH
Austria
75.01
Ernst & Young
FCC Environment Romania S.R.L.
Romania
75.01
Ernst & Young
FCC Freistadt Abfall Service GmbH
Austria
75.01
FCC Halbenrain Abfall Service GmbH & Co. Nfg KG
Austria
75.01
FCC Industrieviertel Abfall Service GmbH & Co. Nfg KG
Austria
75.01
FCC Inerta Engineering & Consulting GmbH
Austria
75.01
FCC Kikinda d.o.o.
Serbia
60.01
Ernst & Young
FCC Liberec s.r.o.
Czech Republic
41.26
Ernst & Young
FCC Litovel s.r.o.
Czech Republic
36.75
FCC Lubliniec sp. z.o.o.
Poland
46.48
FCC Magyarorzág Kft
Hungary
75.01
Ernst & Young
FCC Mostviertel Abfall Service GmbH
Austria
75.01
FCC Neratovice s.r.o.
Czech Republic
75.01
FCC Neunkirchen Abfall Service GmbH
Austria
75.01
FCC Podhale sp. z.o.o.
Poland
75.01
Ernst & Young
FCC Polska sp. z.o.o.
Poland
75.01
Ernst & Young
FCC Pro Eko sp. z.o.o.
Poland
75.01
Ernst & Young
FCC Prostějov s.r.o.
Czech Republic
56.26
Ernst & Young
FCC Regios a.s.
Czech Republic
75.00
Ernst & Young
FCC Śląsk Sp. z o.o.
Poland
60.01
Ernst & Young
FCC Slovensko s.r.o.
Slovakia
75.01
Ernst & Young
FCC Tarnobrzeg.sp. z.o.o.
Poland
44.80
Ernst & Young
FCC Textil2Use GmbH
Austria
75.01
FCC Trnava s.r.o.
Slovakia
37.51
Ernst & Young
FCC Únanov s.r.o.
Czech Republic
49.51

% Effective ownership
Auditor
FCC Vrbak d.o.o.
Serbia
38.26
FCC Wiener Neustadt Abfall Service GmbH
Austria
75.01
FCC Žabčice s.r.o.
Czech Republic
60.01
Ernst & Young
FCC Zabovresky s.r.o.
Czech Republic
66.76
FCC Zisterdorf Abfall Service GmbH
Austria
75.01
Ernst & Young
FCC Znojmo s.r.o.
Czech Republic
37.25
Ernst & Young
FCC Zohor.s.r.o.
Slovakia
63.76
Ernst & Young
Limek Plus spol., s.r.o.
Czech Republic
75.01
Ernst & Young
Obsed a.s.
Czech Republic
75.01
Quail spol. s.r.o.
Czech Republic
75.01
Ernst & Young
Siewierskie Przedsiebiorstwo Gospodarki Komunalnej sp. z.o.o.
Poland
45.01
FCC Environment Group (UK)
3C Holding Limited
United Kingdom
75.01
Ernst & Young
3C Waste Limited
United Kingdom
75.01
Ernst & Young
Allington O & M Services Limited
United Kingdom
75.01
Ernst & Young
Allington Waste Company Limited
United Kingdom
75.01
Ernst & Young
Anti-Waste (Restoration) Limited
United Kingdom
75.01
Ernst & Young
Anti-Waste Limited
United Kingdom
75.01
Ernst & Young
Arnold Waste Disposal Limited
United Kingdom
75.01
Ernst & Young
BDR Property Limited
United Kingdom
60.01
Ernst & Young
BDR Waste Disposal Limited
United Kingdom
75.01
Ernst & Young
Darrington Quarries Limited
United Kingdom
75.01
Ernst & Young
Derbyshire Waste Limited
United Kingdom
75.01
Ernst & Young
East Waste Limited
United Kingdom
75.01
Ernst & Young
FCC Environment (Berkshire) Ltd.
United Kingdom
75.01
Ernst & Young
FCC Environment (UK) Limited
United Kingdom
75.01
Ernst & Young
FCC Environment Limited
United Kingdom
75.01
Ernst & Young
FCC Environment Lostock Limited
United Kingdom
75.01

% Effective ownership
Auditor
FCC Lostock Holdings Limited
United Kingdom
75.01
Ernst & Young
FCC Recycling (UK) Limited
United Kingdom
75.01
Ernst & Young
FCC Waste Services (UK) Limited
United Kingdom
75.01
Ernst & Young
FCC Wrexham PFI Holdings Limited
United Kingdom
75.01
Ernst & Young
FCC Wrexham PFI Limited
United Kingdom
75.01
Ernst & Young
FCC Wrexham PFI (Phase II Holding) Ltd.
United Kingdom
75.01
Ernst & Young
FCC Wrexham PFI (Phase II) Ltd.
United Kingdom
75.01
Ernst & Young
Finstop Limited
United Kingdom
75.01
Focsa Services (UK) Limited
United Kingdom
75.01
Hykeham O&M Services Limited
United Kingdom
75.01
Ernst & Young
Integrated Waste Management Limited
United Kingdom
75.01
Ernst & Young
Landfill Management Limited
United Kingdom
75.01
Ernst & Young
Lincwaste Limited
United Kingdom
75.01
Ernst & Young
Norfolk Waste Limited
United Kingdom
75.01
Ernst & Young
Pennine Waste Management Limited
United Kingdom
75.01
Ernst & Young
RE3 Holding Limited
United Kingdom
75.01
Ernst & Young
RE3 Limited
United Kingdom
75.01
Ernst & Young
T Shooter Limited
United Kingdom
75.01
Ernst & Young
Waste Recovery Limited
United Kingdom
75.01
Waste Recycling Group (Central) Limited
United Kingdom
75.01
Ernst & Young
Waste Recycling Group (Scotland) Limited
United Kingdom
75.01
Ernst & Young
Waste Recycling Group (UK) Limited
United Kingdom
75.01
Ernst & Young
Waste Recycling Group (Yorkshire) Limited
United Kingdom
75.01
Ernst & Young
Wastenotts O & M Services Limited
United Kingdom
75.01
Ernst & Young
Welbeck Waste Management Limited
United Kingdom
75.01
Ernst & Young
WRG (Midlands) Limited
United Kingdom
75.01
Ernst & Young
WRG (Northern) Limited
United Kingdom
75.01
Ernst & Young
WRG Acquisitions 2 Limited
United Kingdom
75.01
Ernst & Young

% Effective ownership
Auditor
WRG Environmental Limited
United Kingdom
75.01
Ernst & Young
WRG Waste Services Limited
United Kingdom
75.01
FCC Group - PFI Holdings
FCC PFI Holdings Limited
United Kingdom
75.01
Ernst & Young
Green Recovery Group
Allington Energy Networks Ltd.
United Kingdom
38.26
FCC (E&M) Holdings Ltd.
United Kingdom
38.26
Ernst & Young
FCC (E&M) Ltd.
United Kingdom
38.26
Ernst & Young
FCC Buckinghamshire Holdings Limited
United Kingdom
38.26
Ernst & Young
FCC Buckinghamshire Limited
United Kingdom
38.26
Ernst & Young
FCC Buckinghamshire (Support Services) Limited
United Kingdom
38.26
FCC Energy Holdings Ltd
United Kingdom
38.26
Ernst & Young
FCC Energy Limited
United Kingdom
38.26
Ernst & Young
FCC Environment (Lincolnshire) Ltd.
United Kingdom
38.26
Ernst & Young
FCC Environment Developments Ltd.
United Kingdom
38.26
Ernst & Young
Green Energy Finance Solutions Ltd
United Kingdom
38.26
Ernst & Young
Green Recovery Projects Ltd
United Kingdom
38.26
Ernst & Young
Kent Energy Limited
United Kingdom
38.26
Ernst & Young
Kent Enviropower Limited
United Kingdom
38.26
Ernst & Young
Wastenotts (Reclamation) Limited
United Kingdom
38.26
Ernst & Young
Urbaser Group (UK)
Beacon Waste Limited
United Kingdom
75.01
Ernst & Young
Biowise Limited
United Kingdom
75.01
Ernst & Young
Crossco (1370), Ltd.
United Kingdom
75.01
Ernst & Young
Crossco (1371), Ltd.
United Kingdom
75.01
Ernst & Young
J&B Bio, Ltd.
United Kingdom
75.01
Ernst & Young
J&B Recycling, Ltd.
United Kingdom
75.01
Ernst & Young
Mercia Waste Management Ltd.
United Kingdom
75.01
Ernst & Young

% Effective ownership
Auditor
Severn Waste Services Limited
United Kingdom
75.01
Ernst & Young
UBB Waste (Essex), Ltd
United Kingdom
52.51
Ernst & Young
UBB Waste (Gloucestershire) Holdings Ltd.
United Kingdom
75.01
Ernst & Young
UBB Waste (Gloucestershire) Intermediate Ltd.
United Kingdom
75.01
Ernst & Young
UBB Waste (Gloucestershire) Ltd.
United Kingdom
75.01
Ernst & Young
Urbaser Environmental Limited
United Kingdom
75.01
Ernst & Young
Urbaser Investments Limited
United Kingdom
75.01
Ernst & Young
Urbaser Limited
United Kingdom
75.01
Ernst & Young
Wastewise Holding Lmited
United Kingdom
75.01
Ernst & Young
Wastewise Limited
United Kingdom
75.01
Wastewise (UK) Limited
United Kingdom
75.01
AQUALIA
Abrantaqua – Serviço de Aguas Residuais Urbanas do Municipio
de Abrantes, S.A.
Portugal
30.60
Oliveira, Reis & Asociados
Acque di Caltanissetta, S.p.A.
Italy
50.78
Ernst & Young
Aguas de Albania, S.A. E.S.P.
Colombia
50.50
BDO Auditores
Aguas de Aracataca, S.A.S.
Colombia
50.39
BDO Auditores
Aguas del Sur del Atlántico, S.A. E.S.P.
Colombia
51.00
BDO Auditores
Aguas de la Península, S.A. E.S.P.
Colombia
51.00
BDO Auditores
Aguas de la Sabana de Bogotá, S.A. E.S.P.
Colombia
40.70
BDO Auditores
Aigües de Vallirana, S.A. Unipersonal
Conca de Tremp, 14 – Vallirana (Barcelona)
51.00
Aqua Campiña, S.A.
Blas Infante, 6 – Écija (Seville)
45.90
Capital Auditors
Aquaelvas – Aguas de Elvas, S.A.
Portugal
51.00
Ernst & Young
Aquafundalia – Agua Do Fundäo, S.A.
Portugal
51.00
Ernst & Young
Aquajerez, S.L.
Cristalería, 24 – Cádiz
51.00
Ernst & Young
Aquamag, S.A.S. E.S.P.
Colombia
51.00
BDO Auditores
Aqualia Colombia, S.A.S.
Colombia
51.00
BDO Auditores
Aqualia Czech, S.L.
Av. Camino de Santiago, 40 – Madrid
51.00
Ernst & Young

% Effective ownership
Auditor
Aqualia Desalación Guaymas, S.A. de C.V.
Mexico
51.00
Ernst & Young
Aqualia Flandes S.A.S. E.S.P.
Colombia
51.00
BDO Auditores
Aqualia France
France
51.00
SNR Audit
Aqualia Gestión Los Cabos SACV
Mexico
51.00
Ernst & Young
Aqualia Infraestructuras d.o.o. Beograd-Vracar
Serbia
51.00
Aqualia Infraestructuras Inzenyring, s.r.o.
Czech Republic
51.00
CMC Audit s.r.o.
Aqualia Infraestructuras Montenegro (AIM) d.o.o. Niksic
Montenegro
51.00
Aqualia Infraestructuras Pristina Llc.
Kosovo
51.00
Aqualia Intech, S.A.
Av. Camino de Santiago, 40 – Madrid
51.00
Ernst & Young
Aqualia Latinoamérica, S.A.
Colombia
51.00
BDO Auditores
Aqualia Mace Contracting, Operation & General Maintenance Llc.
United Arab Emirates
26.01
Baker & Tilly
Aqualia Mace Qatar
Qatar
26.01
Baker & Tilly
Aqualia México, S.A. de C.V.
Mexico
51.00
Ernst & Young
Aqualia Portugal, S.A.
Portugal
51.00
Ernst & Young
Aqualia Riohacha S.A.S. E.S.P.
Colombia
26.01
BDO Auditores
Aqualia Villa del Rosario, S.A.
Colombia
51.00
BDO Auditores
Aquamaior – Aguas de Campo Maior, S.A.
Portugal
51.00
Ernst & Young
Aquos El Realito, S.A. de C.V.
Mexico
26.01
Ernst & Young
C.E.G. S.P.A. Simplifiée
France
51.00
SNR Audit
Cartagua, Aguas do Cartaxo, S.A.
Portugal
30.60
Oliveira, Reis & Asociados
Compagnie Armoricaine Des Eaux
France
51.00
SNR Audit
Compañía Onubense de Aguas, S.A.
Av. Martín Alonso Pinzón, 8 – Huelva
30.60
Conservación y Sistemas, S.A.
Federico Salmón, 13 – Madrid
51.00
Ernst & Young
Depurplan 11, S.A.
Madre Rafols, 2 – Zaragoza
51.00
Capital Auditors
Ecosistema de Morelos S.A. de C.V.
Mexico
51.00
CTS Consultores
Empresa Mixta de Conservación de la Estación Depuradora de Aguas
Residuales de Butarque, S.A.
Princesa, 3 – Madrid
35.70
Entemanser, S.A.
Castillo, 13 – Adeje (Santa Cruz de Tenerife)
49.47
Ernst & Young

% Effective ownership
Auditor
FCC Aqualia, S.A.
Av. Camino de Santiago, 40 – Madrid
51.00
Ernst & Young
FCC Aqualia América, S.A.Unipersonal
Uruguay, 11 – Vigo (Pontevedra)
51.00
FCC Aqualia U.S.A. Corp
USA
51.00
H&CO
Flores Rebollo y Morales, S.L.
Urbanización Las Buganvillas, 4 – Vera (Almería)
30.60
Genesis Lodos, S.L.
Avda. Kansas City, 9 - Seville
40.80
Haji Abdullah Ali Reza Integrated Services Ltd (H.A.A. & CO. )
Saudi Arabia
26.01
Ernst & Young
Hidrotec Tecnología del Agua, S.L. Unipersonal
Pincel, 25 – Seville
51.00
Ernst & Young
Infraestructuras y Distribución General de Aguas, S.L.U.
La Presa, 14 – Adeje (Santa Cruz de Tenerife)
51.00
Ernst & Young
Local Sports Centers Management, S.L.U.
Av. Camino de Santiago, 40 – Madrid
51.00
Municipal District Services, Llc.
USA
49.47
H&CO
Naunet, S.A.S.
Colombia
51.00
BDO Auditores
North Cluster S.P.V. Llc.
Saudi Arabia
26.01
Ernst & Young
Qatarat Saquia Desalination
Saudi Arabia
26.01
Ernst & Young
Servicios Hídricos Agricultura y Ciudad, S.L.U.
Alfonso XIII – Sabadell (Barcelona)
51.00
Severomoravské Vodovody a Kanalizace Ostrava A.S.
Czech Republic
51.00
Ernst & Young
Shariket Tahlya Miyah Mostaganem, S.P.A.
Algeria
13.01
Mustapha Heddad
Sociedad Española de Aguas Filtradas, S.A.
Jacometrezo, 4 – Madrid
51.00
Ernst & Young
Sociedad Ibérica del Agua, S.A. Unipersonal
Federico Salmón, 13 – Madrid
51.00
Société des Eaux de Fin d'Oise, S.A.S.
France
51.00
SNR Audit
Société Pays de Dreux
France
51.00
South Cluster SPV Llc
Saudi Arabia
22.95
Ernst & Young
Tratamiento Industrial de Aguas, S.A.
Federico Salmón, 13 – Madrid
51.00
Ernst & Young
Vodotech, spol. s.r.o.
Czech Republic
51.00
CMC Audit s.r.o.
Water Sur, S.L.
Urbanización Las Buganvillas, 4 – Vera (Almería)
30.60
GGU Group
Aqualia Georgia Llc.
Georgia
51.00
Gardabani Sewage Treatment Plant Llc.
Georgia
40.80
Ernst & Young
Georgia Global Utilities JSC
Georgia
40.80
Ernst & Young

% Effective ownership
Auditor
Georgian Energy Trading Company Llc.
Georgia
40.80
Ernst & Young
Georgian Engineering and Management
Georgia
40.80
Ernst & Young
Georgian Water and Power Llc.
Georgia
40.80
Ernst & Young
Saguramo Energy Llc.
Georgia
40.80
Ernst & Young
CONSTRUCTION
ACE Scutmadeira Sistemas de Gestao e Controlo de Tràfego
Portugal
100.00
Agregados y Materiales de Panamá, S.A.
Panama
100.00
Mohsin Hafeji Hajari (CPA)
Áridos de Melo, S.L.
Finca la Barca y el Ballestar, s/n – Barajas de Melo (Cuenca)
100.00
Capital Auditors
Colombiana de Infraestructuras, S.A.S.
Colombia
100.00
ASTAF Auditores y Consultores
Concesiones Viales S. de R.L. de C.V.
Mexico
100.00
Concretos Estructurales, S.A.
Nicaragua
100.00
Conservial Infraestructuras, S.L.
Federico Salmón, 13 – Madrid
100.00
Consorcio FCC Iquique Ltda.
Chile
100.00
Construcción Infraestructuras y Filiales de México, S.A. de C.V.
Mexico
52.00
Construcciones Hospitalarias, S.A.
Panama
100.00
Mohsin Hafeji Hajari (CPA)
Constructora Meco-Caabsa, S.A. de C.V.
El Salvador
60.00
Constructora Túnel de Coatzacoalcos, S.A. de C.V.
Mexico
85.60
Contratas y Ventas, S.A.
Av. de Santander, 3 1º – Oviedo (Asturias)
100.00
Ernst & Young
Corporación M&S de Nicaragua, S.A.
Nicaragua
100.00
Desarrollo y Construcción DEYCO CRCA, S.A.
Costa Rica
100.00
Dezvoltare Infraestructura, S.R.L.
Romania
100.00
Edificadora MSG, S.A. (Panamá)
Panama
100.00
Edificadora MSG, S.A. de C.V. (El Salvador)
El Salvador
100.00
Edificadora MSG, S.A. de C.V. (Nicaragua)
Nicaragua
100.00
FCC Américas, S.A. de C.V.
Mexico
50.00
FCC Américas Panamá, S.A.
Panama
50.00
PH Proaudit Solutions
FCC Colombia, S.A.S.
Colombia
100.00
ASTAF Auditores y Consultores
FCC Construcción, S.A.
Balmes, 36 – Barcelona
100.00
Ernst & Young

% Effective ownership
Auditor
FCC Construcción América, S.A.
Costa Rica
100.00
FCC Construcción Chile, SPA
Chile
100.00
FCC Construcción Costa Rica, S.A.
Costa Rica
100.00
FCC Construcción de México, S.A. de C.V.
Mexico
100.00
Ernst & Young
FCC Construcción Perú, S.A.C.
Peru
100.00
FCC Constructii Romania, S.A.
Romania
100.00
FCC Construction Australia Pty Ltd
Australia
100.00
FCC Construction Inc.
USA
100.00
Ernst & Young
FCC Construction International B.V.
Netherlands
100.00
FCC Construction Ireland DAC
Ireland
100.00
Mazars
FCC Construction Northern Ireland Limited
United Kingdom
100.00
Mazars
FCC Construction Queensland PTY, Ltd.
Australia
100.00
FCC Construction Regional Headquarter Llc
Saudi Arabia
100.00
Ernst & Young
FCC Construçoes do Brasil Ltda.
Brazil
100.00
FCC Electromechanical Llc.
Saudi Arabia
100.00
Ernst & Young
FCC Elliott Construction Limited
Ireland
100.00
Mazars
FCC Industrial de Panamá, S.A.
Panama
100.00
FCC Industrial Deutschland GmbH
Germany
50.00
FCC Industrial e Infraestructuras Energéticas, S.A. Unipersonal
Av. Camino de Santiago, 40 – Madrid
100.00
Ernst & Young
FCC Industrial Perú, S.A.
Peru
100.00
FCC Industrial UK Limited
United Kingdom
100.00
Mazars
FCC Servicios Industriales y Energéticos México, S.A. de C.V.
Mexico
100.00
Ernst & Young
FCC Soluciones de Seguridad y Control, S.L.
Federico Salmón, 13 – Madrid
100.00
Fomento de Construcciones y Contratas Canadá Ltd.
Canada
100.00
Ernst & Young
Impulsora de Proyectos Proserme, S.A. de C.V.
Mexico
100.00
Mantenimiento de Infraestructuras, S.A.
Federico Salmón, 13 2a planta – Madrid
100.00
Ernst & Young
Meco Santa Fe Limited
Belize
100.00
Megaplás, S.A. Unipersonal
Hilanderas, 4-14 – La Poveda – Arganda del Rey (Madrid)
100.00
Ernst & Young

% Effective ownership
Auditor
Megaplás Italia, S.p.A.
Italy
100.00
Collegio Sindicale
Participaciones Teide, S.A.
Av. Camino de Santiago, 40 – Madrid
100.00
Prefabricados Delta, S.A. Unipersonal
Federico Salmón, 13 – Madrid
100.00
Ernst & Young
Servicios Dos Reis, S.A. de C.V.
Mexico
100.00
CONCESSIONS
Autovía Conquense, S.A.
Av. Camino de Santiago, 40 – Madrid
100.00
Ernst & Young
Concesionaria Túnel de Coatzacoalcos, S.A. de C.V.
Mexico
85.60
Ernst & Young
FCC Concesiones Aragón, S.A.
C/ Manuel Lasala, 36 - Zaragoza (58006)
100.00
Ernst & Young
FCC Concesiones de Infraestructuras, S.L.
Av. Camino de Santiago, 40 – Madrid
100.00
Ernst & Young
FCC Concesiones Inversiones 1, S.A.
Federico Salmón, 13 – Madrid
100.00
FCC Concesiones Inversiones 2, S.L.U.
Federico Salmón, 13 – Madrid
100.00
FCC Versia, S.A.
Av. Camino de Santiago, 40 – Madrid
100.00
Baker & Tilly
PPP Infraestructure Investments B.V.
Netherlands
100.00
Sociedad Concesionaria Tranvía de Murcia, S.A.
Paseo de la Ladera, 79– Murcia
100.00
Ernst & Young
Tranvía de Parla, S.A.
100.00
Ernst & Young
Vialia Sociedad Gestora de Concesiones de Infraestructuras, S.L.
Av. Camino de Santiago, 40 – Madrid
100.00
Ernst & Young
OTHER ACTIVITIES
Asesoría Financiera y de Gestión, S.A.
Federico Salmón, 13 – Madrid
100.00
FCC LDF Limited
United Kingdom
100.00
FCC Midco, S.A.
Luxembourg
100.00
FCC Topco, S.A.R.L.
Luxembourg
100.00
Fedemes, S.L.
Federico Salmón, 13 – Madrid
100.00
Ernst & Young

% Effective ownership
Auditor
2024
2023
ENVIRONMENTAL SERVICES
Aprochim Getesarp Rymoil, S.A.
P.I. Logrezana s/n– Carreño (Asturias)
1,653
1,439
24.13
Menéndez Auditores
Aragonesa de Gestión de Residuos, S.A.
Paseo María Agustín, 36 – Zaragoza
60
39
9.00
CGM Auditores, S.L.y Villalba, Envid y
Cia. Auditores, S.L.P.
Aragonesa de Tratamientos Medioambientales XXI, S.A.
Ctra. Castellón Km. 58 – Zaragoza
582
549
24.75
Betearte, S.A.Unipersonal
Cr. BI – 3342 pk 38 Alto de Areitio – Mallabia (Vizcaya)
902
671
25.00
Gestión Integral de Residuos Sólidos, S.A.
Serrans, 12 – 14 Ent. 1 – Valencia
5,971
5,526
36.75
Grupo de Auditores Públicos
Giref Generación Renovable
Pedro Lafayo, 6 - Ibiza
15.00
FCC Group - CEE
8,802
7,759
A.K.S.D. Városgazdálkodási Korlátolt FT
Hungary
19.13
Interauditor
ASTV s.r.o.
Czech Republic
36.75
FCC + NHSZ Környezetvédelmi HKft
Hungary
37.51
Interauditor
FCC Hlohovec s.r.o.
Slovakia
37.51
Huber Abfallservice Verwaltungs GmbH
Austria
36.75
Huber Entsorgungs GmbH Nfg KG
Austria
36.75
Killer GmbH
Austria
37.51
Killer GmbH & Co KG
Austria
37.51
Rittmann
Recopap s.r.o.
Slovakia
37.51
Tev-Akva Kft.
Hungary
6.50
Lázár Enikő
FCC Environment Group (UK)
29,725
44,253
CI III Lostock Efw Limited
United Kingdom
30.00
Deloitte
Lostock Power Limited
United Kingdom
30.00
Deloitte
Lostock Sustainable Energy Plant Limited
United Kingdom
30.00
Deloitte
Tirme Group
11,922
9,818
Circulare, S.L.U.
Cr. de Sóller Km. 8,2 – Palma de Mallorca (Balearic islands)
15.00

% Effective ownership
Auditor
2024
2023
Mac Insular, S.L.
P.I. Ses Veles, (Cl. Romaní), 2 – Bunyola (Balearic islands)
10.50
Deloitte
Mac Insular Segunda, S.L.
Cr. de Sóller Km. 8,2 – Palma de Mallorca (Balearic islands)
11.25
Tirme, S.A.
Ctra. Soller Km. 8,2 Camino de Son Reus – Palma de
Mallorca (Balearic islands)
15.00
Deloitte
AQUALIA
Aguas de Archidona, S.L.
Pz. Ochavada, 1 – Archidona (Málaga)
41
38
24.48
Vaciero Auditores
Aguas de Denia, S.A.
Pedro Esteve, 17– Denia (Alicante)
428
387
16.83
Blazquez Asociados Auditores
Aguas de Guadix, S.A.
Plaza Constitución, 1– Guadix (Granada)
272
289
20.40
Capital Auditors
Aguas del Puerto Empresa Municipal, S.A.
Aurora, 1 – El Puerto de Santa María (Cádiz)
4,265
3,918
24.98
Capital Auditors
Aigües de Blanes, S.A.
Canigó, 5 – Blanes (Girona)
58
57
8.40
Faura-Casas
Aigües del Segarra Garrigues, S.A.
C/ Mas d’en Colom, 14 – Tárrega (Lleida)
0.56
Aigües del Vendrell, S.A.
Vella, 1 – El Vendrell (Tarragona)
755
234
24.99
GM Auditors
Codeur, S.A.
Mayor, 22 – Vera (Almería)
5,232
3,965
14.41
Ernst & Young
Concesionaria de Desalación de Ibiza, S.A.
Rotonda de Santa Eulalia, s/n – Ibiza (Balearic Islands)
1,111
876
25.50
Constructora de Infraestructuras de Aguas de Potosí, S.A. de C.V.
Mexico
(5,395)
(5,395)
12.50
EMANAGUA Empresa Mixta Municipal de Aguas de Nijar, S.A.
Plaza de la Glorieta, 1 – Nijar (Almería)
45
224
24.99
Capital Auditors
Empresa Mixta de Aguas de Ubrique, S.A.
Juzgado, s/n – Ubrique (Cádiz)
81
32
24.99
Capital Auditors
Empresa Mixta de Aguas de Jodar, S.A.
Pz. España, 1 – Jodar (Jaén)
(41)
(21)
24.99
Vaciero Auditores
Empresa Municipal de Aguas de Algeciras, S.A.
Av. Virgen del Carmen – Algeciras (Cádiz)
(301)
(165)
24.99
Kreston Iberaudit
Empresa Municipal de Aguas de Linares, S.A.
Cid Campeador, 7 – Linares (Jaén)
(296)
158
24.99
Vaciero Auditores
Empresa Municipal de Aguas de Toxiria, S.A.
Plaza de la Constitución – Torredonjimeno (Jaén)
65
71
24.99
Vaciero Auditores
Nueva Sociedad de Aguas de Ibiza, S.A.
Av. Bartolomé Roselló, 18 – Ibiza (Balearic Islands)
49
105
20.40
Omán Sustainable Water Services SAOC
Oman
1,816
1,666
24.99
KPMG
Operadora El Realito, S.A. de C.V.
Mexico
332
383
7.65
Prestadora de Servicios Acueducto El Realito, S.A.de C.V.
Mexico
2
2
12.50
Proveïments d’Aigua, S.A.
Astúries, 13 – Girona
684
671
7.71
GPM Auditors Associats
Sera Q A Duitama E.S.P., S.A.
Colombia
7
7
15.61
Suministro de Aguas de Querétaro, S.A. de C.V.
Mexico
12,426
13,404
25.51
Deloitte

% Effective ownership
Auditor
2024
2023
CONSTRUCTION
Agrenic Complejo Industrial Nindiri, S.A.
Nicaragua
2,484
2,757
50.00
BDO Auditores
Agriwater, S.L.U.
C/ Mas d’en Colom, 14 – Tárrega (Lleida)
875
343
26.71
Deloitte
Aigües del Segarra Garrigues, S.A.
C/ Mas d’en Colom, 14 – Tárrega (Lleida)
8,218
7,562
26.16
Deloitte
Cafig Constructores, S.A. de C.V.
Mexico
882
919
45.00
Deloitte
Construcciones y Pavimentos, S.A.
Panama
5
5
50.00
Constructora de Infraestructuras de Aguas de Potosí, S.A. de C.V.
Mexico
24.50
Deloitte
Constructora San José - Caldera CSJC, S.A.
Costa Rica
50.00
Ernst & Young
Constructora San José - San Ramón SJSR, S.A.
Costa Rica
50.00
Constructora Terminal Valle de México, S.A. de C.V.
Mexico
800
1,805
14.28
Deloitte
Desarrollo Cuajimalpa, S.A. de C.V.
Mexico
8
8
25.00
Efi Túneles Necaxa, S.A. de C.V.
Mexico
196
69
45.00
Euroconcretos de Nicaragua, S.A.
Nicaragua
40.00
FCC Tarrio TX-1 Construçao Ltda
Brazil
70.00
M50 (D&C) Limited
Ireland
(3,278)
(3,273)
42.50
N6 (Construction) Limited
Ireland
(38,419)
(38,413)
42.50
OHL-FCC GP Canada Inc.
Canada
50.00
Prestadora de Servicios Acueducto El Realito, S.A.de C.V.
Mexico
1
1
24.50
Promvias XXI, S.A.
Anglesola, 6 - Barcelona
1
1
25.00
Roadbridge FCC JV Limited
Ireland
50.00
Mazars
Servicios CTVM, S.A. de C.V.
Mexico
2
2
14.28
Serv. Terminal Valle de México, S.A. de C.V.
Mexico
25
28
14.28
CEMENT

Aplicaciones Minerales, S.A.
Camino Fuente Herrero - Cueva Cardiel (Burgos)
596
Canteras y Hormigones VRE, S.A.
Berroa (P.I. La Estrella)- Tanojar (Navarra)
(297)

% Effective ownership
Auditor
2024
2023
Grupo Giant
102,744
Coastal Cement Corporation
USA
Dragon Energy Llc.
USA
Dragon Products Company Inc.
USA
Giant Cement Company
USA
Giant Cement Holding Inc.
USA
Giant Cement NC Inc.
USA
Giant Cement Virginia Inc.
USA
Giant Resource Recovery Inc.
USA
Giant Resource Recovery - Arvonia Inc.
USA
Giant Resource Recovery - Attalla Inc.
USA
Giant Resource Recovery - Harleyville, Inc.
USA
Giant Resource Recovery - Sumter Inc.
USA
Keystone Cement Company
USA
Sechem Inc.
USA
Hormigones Castro, S.A.
Ctra. Nacional 634 - Ambrosero - Barcena de Cicero
(Cantabria)
407
Hormigones de la Jacetania, S.A.
Llano de la Victoria – Jaca (Huesca)
813
Hormigones del Baztán, S.L.
Berroa (P.I. La Estrella) - Tanojar (Navarra)
377
Hormigones Delfín, S.A.
Venta Blanca - Peralta (Navarra)
1,057
Hormigones en Masa de Valtierra, S.A.
Ctra. Cadreita Km. 1 - Valtierra (Navarra)
2,514
Hormigones Reinares, S.A.
Pintor Murillo, s/n - Calahorra (La Rioja)
1,050
Hormigones y Áridos del Pirineo Aragonés, S.A.
Ctra. Nacional, 260 Km. 516,5- Sabiñánigo (Huesca)
6,317
Lázaro Echevarría, S.A.
P.I. Isasia- Alsasua (Navarra)
7,828
Navarra de Transportes, S.A.
C/Circunvalación Inguraketa s/n - Olazagutia (Navarra)
825
Novhorvi, S.A.
Portal de Gamarra, 25 - Vitoria -Gasteiz (Alava)
86
Portcemen, S.A.
Muelle Contradique Sur-Puerto Barcelona - Barcelona
979

% Effective ownership
Auditor
2024
2023
Terminal Cimentier de Gabes-Gie
Tunisia
32
Vescem-LID, S.L.
Valencia, 245 – Barcelona
35
CONCESSIONS
Future Valleys Project Co Limited
United Kingdom
39,888
29,010
42.50
Goodman Jones
Future Valley Hold Co Limited
United Kingdom
42.50
Goodman Jones
Metro de Lima Línea 2, S.A.
Peru
44,526
38,840
18.25
Ernst & Young
World Trade Center Barcelona, S.A. de S.M.E.
Moll Barcelona (Ed. Este), s/n – Barcelona
12,094
11,521
24.01
Ernst & Young
REAL ESTATE
Las Palmeras de Garrucha, S.L.
Mayor, 19 – Garrucha (Almería)
828
Metrovacesa, S.A.
Calle Quintanavides (PQ. Via Norte), 13 28050 Madrid
402,120
TOTAL VALUE OF CONSOLIDATED COMPANIES USING
THE EQUITY METHOD (ASSOCIATED COMPANIES)
149,559
670,460

Biowise Limited
United Kingdom
Crossco (1370), Ltd.
United Kingdom
Crossco (1371), Ltd.
United Kingdom
J&B Bio, Ltd.
United Kingdom
ADDITIONS
Company
Address/Registered office
J&B Recycling, Ltd.
United Kingdom
UBB Waste (Essex), Ltd
United Kingdom
UBB Waste (Gloucestershire) Holdings Ltd.
United Kingdom
UBB Waste (Gloucestershire) Intermediate Ltd.
United Kingdom
UBB Waste (Gloucestershire) Ltd.
United Kingdom
Urbaser Environmental Limited
United Kingdom
Urbaser Investments Limited
United Kingdom
Urbaser Limited
United Kingdom
Wastewise Holding Lmited
United Kingdom
Wastewise Limited
United Kingdom
Wastewise (UK) Limited
United Kingdom
JOINT VENTURES
Scarborough Transit Connect Labour Cop
Canada
GLOBAL CONSOLIDATION
Aguas de las Galeras (4)
Av. Camino de Santiago, 40 – Madrid
Aqualia Infraestructuras d.o.o. Mostar (2)
Bosnia-Herzegovina
Áridos de Navarra, S.A. (1)
Estella, 6. Pamplona (Navarra)
Canteras de Alaiz, S.A. (1)
Dormilatería, 72 – Pamplona (Navarra)
Cementos Alfa, S.A. (1)
María Tubau, 9 – 4 planta – Madrid
Cementos Portland Valderrivas, S.A. (1)
Dormilatería, 72 – Pamplona (Navarra)
Cemark - Mobiliario Urbano e Publicidade, S.A. (3)
Portugal
Costa Verde Habitat, S.L.(1)
Paseo de la Castellana, 216 – Madrid
Dragon Alfa Cement Limited (1)
United Kingdom
Dragon Portland Limited (1)
United Kingdom
Empresa Gestora de Aguas Linenses, S.L. (4)
Federico Salmón, 13 – Madrid

Coastal Cement Corporation (1)
USA
Dragon Energy Llc. (1)
USA
Dragon Products Company Inc. (1)
USA
Giant Cement Company(1)
USA
Giant Cement Holding Inc. (1)
USA
Giant Cement NC Inc. (1)
USA
Giant Resource Recovery Inc. (1)
USA
Giant Resource Recovery - Attalla Inc. (1)
USA
Giant Resource Recovery - Harleyville, Inc. (1)
USA
Giant Resource Recovery - Sumter Inc. (1)
USA
Giant Resource Recovery Transportation Services,
Inc. (1)
USA
Keystone Cement Company (1)
EE. UU.
Hormigones Castro, S.A. (1)
Ctra. Nacional 634 - Ambrosero - Barcena de Cicero
(Cantabria)
Hormigones de la Jacetania, S.A. (1)
Llano de la Victoria – Jaca (Huesca)
Hormigones del Baztán, S.L. (1)
Berroa (P.I. La Estrella) - Tanojar (Navarra)

(1) Derecognition due to partial financial spin-off of the Inmocemento Group (note 2)
(2) Derecognition by liquidation

(3) Derecognition by disposal
(4) Derecognition by merger

Annex IV Changes in the
scope of consolidation
Company
Change in the consolidation
method(current method)
Change in the consolidation method
(previous method)
Beacon Waste Limited
Global
Equity method
Mercia Waste Management Ltd.
Global
Equity method
Severn Waste Services Limited
Global
Equity method

Proportional
integration at 31
December 2024
ENVIRONMENTAL SERVICES
UBB Essex Construction JV
70.00
UBB Gloucester Construction JV
50.00
UTE A Coruña Limpieza
70.00
UTE Agarbi Bi
60.00
UTE Agarbi Interiores
60.00
UTE Aizmendi
60.00
UTE Alcantarillado Melilla
50.00
UTE Arazuri 2020
50.00
UTE Arcos
51.00
UTE Arcos Limpieza Viaria
51.00
UTE Artigas
60.00
UTE Artigas II
60.00
UTE Arucas II
70.00
UTE Baix Ebre-Montsià
60.00
UTE Bilketa 2017
60.00
UTE Bio Eraikigarbi
60.00
UTE Bio Garbiketa
60.00
UTE Biocompost de Álava
50.00
UTE Bizkaiko Hondartzak
50.00
UTE Bizkaiko Hondartzak 2021
50.00
UTE Boadilla
50.00
UTE Cabrera de Mar
50.00
Annex V Temporary joint ventures, economic interest groups and other enterprises
managed jointly with non-Group third parties

Proportional
integration at 31
December 2024
UTE Cana Putxa
20.00
UTE Carma
50.00
UTE Castellana – Po
50.00
UTE Clausura Garraf
50.00
UTE CMG2 Lanak
92.00
UTE CMG2 Kudeaketa
92.00
UTE Complejo Ambiental Copero
67.00
UTE Compostaje MCP
50.00
UTE Contenedores las Palmas
30.00
UTE CTR – Vallès
20.00
UTE Ctr. de l’alt Empordà
45.00
UTE CTR Valladolid
80.00
UTE Cúa
50.00
UTE Dependencias Elche
80.00
UTE Donostiako Garbiketa
70.00
UTE Dos Aguas
35.00
UTE Easo Garbia
60.00
UTE Ecogondomar
70.00
UTE Ecomilla Bicipark
60.00
UTE Ecoparc 3 BCN
50.00
UTE Ecoparque Cáceres
50.00
UTE Ecourense
50.00
UTE Eco-Tri
50.00

Proportional
integration at 31
December 2024
UTE Efic. Energ. Puerto del Rosario
60.00
UTE Elche
50.00
UTE Energía Solar Onda
25.00
UTE Enllumenat Sabadell
50.00
UTE Envases Ligeros Málaga
50.00
UTE Epeleko Konposta
60.00
UTE Epremasa Provincial
55.00
UTE Es Vedra
25.00
UTE Etxebarri
60.00
UTE FCC – Ers Los Palacios
50.00
UTE FCC Perica I
60.00
UTE FCC Perica II
60.00
UTE FCC – SuFI Majadahonda
50.00
UTE FCC-Mcc Santiago del Teide
80.00
UTE FORM Ecoparc 3 BCN
50.00
UTE F.S.S.
99.00
UTE Fuentes las Palmas
25.00
UTE Fuerteventura Lote 2
50.00
UTE Gestió Integral de Runes del Papiol
40.00
UTE Gestión Instalación III
34.99
UTE Giref
20.00
UTE Goierri Bilketa
60.00
UTE Goierri Garbia
60.00
UTE Guipuzkoako Hondartzak 2020
60.00
UTE Guipuzkoako Hondartzak 2022
60.00
UTE Guipuzkoako Konposta
60.00
UTE Guipuzkoako Portuak 2019
40.00

Proportional
integration at 31
December 2024
UTE Guipuzkoako Portuak 2023
40.00
UTE Industriales Lea Artibai
60.00
UTE Interiores Bilbao
80.00
UTE Interiores Bilbao II
70.00
UTE Jardineras 2019
60.00
UTE Jardineras 2024
60.00
UTE Jardines Boadilla
70.00
UTE Jardines Pto del Rosario
78.00
UTE Jardines UJI
50.00
UTE Jerez
80.00
UTE JJ Gaiketa Sanmarko
63.00
UTE Jundiz II
51.00
UTE Kimaketak Lau
50.00
UTE la Lloma del Birlet
80.00
UTE Lagunas II
33.34
UTE Las Caldas Golf
50.00
UTE Legio VII
50.00
UTE Lekeitioko Mantenimendua
60.00
UTE Lezo Garbiketa 2018
55.00
UTE Limpieza y RSU Lezo
55.00
UTE Logroño Limpio
50.00
UTE Los Rosales - Zafra
45.00
UTE Luze Vigo
40.00
UTE LV Coslada
50.00
UTE LV Lote IV
65.00
UTE LV Ribera
90.00
UTE LV RSU Muszik
60.00

Proportional
integration at 31
December 2024
UTE LV RSU Vitoria-Gasteiz
60.00
UTE LV Zumaia
60.00
UTE LV Zumarraga
60.00
UTE Mant. Edif. Diputación Vcia
55.00
UTE Mant. Edificios Valencia
55.00
UTE Mantenimiento Manises
50.00
UTE Manteniment Lot 12
75.00
UTE Manteniment Reg Cornellà
60.00
UTE Melilla
50.00
UTE Neteja Illes Balears
50.00
UTE Neteja i Recollida Anglès
50.00
UTE Neteja Pintades Barcelona
84.20
UTE Netial
66.66
UTE Neumática Casco Antiguo
65.00
UTE Nivaria
33.50
UTE Onda Explotación
33.33
UTE Orgánica MCP Caparroso
50.00
UTE Pájara
70.00
UTE Pamplona
80.00
UTE PaP La Cellera
50.00
UTE Parla
50.00
UTE Parques Infantiles LP
50.00
UTE Plan Residuos
47.50
UTE Planta Materia Orgánica
40.00
UTE Planta Rsi Tudela
60.00
UTE Planta Transferencia FTV 2
70.00
UTE Planta Tratamiento Valladolid
90.00

Proportional
integration at 31
December 2024
UTE Poniente Almeriense
50.00
UTE Portmany
50.00
UTE PTMR
50.00
UTE Puerto de Pto del Rosario
70.00
UTE RBU Els Ports
50.00
UTE RBU Villa-Real
47.00
UTE Rec. Neum. Valdespartera
49.00
UTE Recollida Segrià
60.00
UTE Reg Cornellà
60.00
UTE Reutiliza
70.00
UTE RSU Bilbao II
60.00
UTE RSU Chipiona
50.00
UTE RSU Donosti
70.00
UTE RSU Inca
80.00
UTE RSU LV Muskiz
60.00
UTE RSU LV S. Bme. Tirajana
50.00
UTE RSU y LV Colmenar Viejo
50.00
UTE RSU y LV Palencia
50.00
UTE RSU y LV Torrejón de Ardoz
60.00
UTE RSU Málaga
50.00
UTE RSU Sestao
60.00
UTE RSU Tolosaldea
60.00
UTE S.U. Alicante
33.33
UTE S.U. Benicassim
35.00
UTE S.U. Bilbao
60.00
UTE S.U. Oropesa del Mar
35.00
UTE Saneamiento Urbano Castellón
65.00

Proportional
integration at 31
December 2024
UTE Saneamiento Vitoria-Gasteiz
60.00
UTE Sanejament Cellera de Ter
50.00
UTE Sanejament Girona
70.00
UTE Sanejament Granollers
80.00
UTE San Miguel-Anaka
50.00
UTE SAV – FCC Tratamientos
35.00
UTE Selectiva Urola Kosta II 2017
60.00
UTE Selectiva las Palmas
55.00
UTE Selectiva Sanlucar
50.00
UTE Selectiva San Marcos II
63.00
UTE Selectiva Urola Kosta
60.00
UTE Sellado Vertedero Gardelegui
50.00
UTE Sestao Garbiketa
60.00
UTE Tolosako Garbiketa
40.00
UTE Tolosako Garbiketa 2020
40.00
UTE Tolosako Garbiketa 2024
40.00
UTE Tolosaldea RSU 2018
60.00
UTE Tolosaldea RSU 2023
60.00
UTE Transp. y Elim. RSU
33.33
UTE Transporte RSU
33.33
UTE Txorierri RSU 2023
60.00
UTE Uribe Kosta
60.00
UTE Urola Erdia
60.00
UTE Urola Kosta 2023
60.00
UTE Urretxu Garbi 2023
60.00
UTE Urretxu Garbiketa
60.00
UTE Vertedero Aizmendi 2024
70.00

Proportional
integration at 31
December 2024
UTE Vertedero Gardelegui III
70.00
UTE Vertresa
10.00
UTE Vilomara II
33.33
UTE Zamora Limpia
30.00
UTE Zaragoza Delicias
51.00
UTE Zarautz Garbia
60.00
UTE Zumarraga Garbia
60.00
UTE ZZVV Santa Cruz Tenerife
50.00
AQUALIA
Aguas y Servicios de la Costa Tropical de Granada, A.I.E.
51.00
Empresa Mixta de Aguas y Servicios, S.A.
41.25
Gestión de Servicios Hidráulicos de Ciudad Real, A.I.E.
75.00
Consortium O&M Alamein
65.00
UTE Abastecimiento Picadas Almoguera
95.00
UTE Abu Rawash Construcción
50.00
UTE Aguas Alcalá
50.00
UTE Aguas del Doramás
50.00
UTE Alkhorayef-FCC Aqualia
51.00
UTE Ampliación Edam Granadilla
60.00
UTE Ampliacion Idam Melilla
50.00
UTE Badajoz Zona Este
50.00
UTE Badajoz Zona Oeste
50.00
UTE Cap Djinet
50.00
UTE Cons. Gestor Ptar Salitre
30.00
UTE Consorcio Louro
99.00
UTE Costa Tropical
51.00
UTE Costa Tropical II
51.00

Proportional
integration at 31
December 2024
UTE Costa Tropical III
51.00
UTE Depuración Poniente Almeriense
75.00
UTE Depuradoras Lote 1
95.00
UTE Edar A Guarda 2013
50.00
UTE Edar A Guarda 2022
50.00
UTE Edar Baeza
50.00
UTE Edar Galindo
50.00
UTE Edar Gijón
60.00
UTE Garrucha
85.00
UTE Gestión Cangas
70.00
UTE Groupement Solidaire Jerba
50.00
UTE Guadiana Pueblonuevo
51.00
UTE Guia de Isora
70.00
UTE Hidc – Hidr. – Inv Do Centr. Ace
50.00
UTE Ibiza
50.00
UTE Idam Ibiza
50.00
UTE Idam S.Eulalia - S.Antoni
50.00
UTE Idam Santa Eulalia
50.00
UTE Idam Santa Eulalia II
50.00
UTE Idam Santa Eulalia III
50.00
UTE Idam Santa Eulalia IV
50.00
UTE Idga Saneca
70.00
UTE Mostaganem
50.00
UTE Obra Edar Argamasilla de Calatrava
70.00
UTE OYM CAP Djinet
50.00
UTE OYM Mostaganem
50.00
UTE Ptar Ambato
60.00

Proportional
integration at 31
December 2024
UTE Qatar
51.00
UTE SEAFSA Lanzarote
60.00
UTE Sollano-Zalla
50.00
UTE TSE Riad
51.00
UTE Zafra
65.00
CONSTRUCTION
A465 OJV
33.33
ACE Caet XXI Construçoes
50.00
Consorcio Cobra – FCC Industrial
43.00
Consorcio FCC Construcción-Ferrovial Agroman Ltda.
50.00
Fast Consortium Limited Llc
43.78
Lúcios & FCC Construcción, A.C.E
50.00
ACP du Port de la Condamine
45.00
Asoc. Astaldi-FCC-Salcef-Thales, Lot 2 A
49.50
Asoc. Astaldi-FCC-Salcef-Thales, Lot 2 B
49.50
Asoc. FCC Azvi Straco S. Atel-Micasasa
55.00
Asocierea FCC-Astaldi-Convensa, Tronson 3
50.50
Asocierea FCC Azvi S. Sighisoara - Atel
55.00
Bridging Pennsylvania Constructors J.V.
50.00
CJV-UJV
43.78
Consorcio Antioquía al Mar
40.00
Consorcio Centenario de Panamá Sociedad Accidental
50.00
Consorcio Chicago II
60.00
Consorcio CJV Constructor Metro Lima
25.50
Consorcio Epc Metro Lima
18.25
Consorcio FCC-FI
50.00
Consorcio FCC – Corredor de las Playas
51.00

Proportional
integration at 31
December 2024
Consorcio FCC – Corredor de las Playas II
51.00
Consorcio FCC-JJC (Puerto Callao)
50.00
Consorcio Ica – FCC – Meco Pac-4
43.00
Consorcio Línea 2
40.00
Consorcio Línea 2 Ramal
40.00
Consorcio Línea Uno
45.00
Consorcio M&S Santa Fe Mca
50.00
Consorcio Nueva Esperanza
63.00
Cross Fraser Partnership
33.33
Fast 5 – U.J.V.
34.65
FCC - GMK - CCN CLUJ NAPOCA J.V.
50.00
FCC - Yuksel – Archidoron – Petroserv J.V.
50.00
FCS Tunnels JV
40.00
Groupement FCC - Ingenium
93.00
J.V. Asocierea Arad-Timisoara FCC-Webuild
50.00
J.V. Astaldi-FCC-UTI-Activ. Magistrala
37.00
J.V. Bypass Constata
50.00
J.V. Centure Otopeni Overpass
40.00
J.V Estension of Line 2 to Antohoupoli
50.01
J.V. SFI Leasing Company
30.00
Merseylink Civil Contractors J.V.
33.33
Metro Bucarest J.V.
47.50
Ol Pape Tunnel and Underground Stations
50.00
Onexpress Civils Contractors GP
50.00
Scarborough Transit Connect GP
50.00
Shimmick Co. Inc. FCC Co. Impregilo Spa JV
30.00
Sisk FCC Gg Ppp
50.00

Proportional
integration at 31
December 2024
Sotra Link Construction JV ANS
35.00
Thv Cafasso Construction
50.00
TJV-UJV
19.70
Uptown Stadium JV
55.00
Webuild – FCC JV (Basarab)
50.00
UTE 2ª Fase Dique de la Esfinge
35.00
UTE Accesos a La Estación de La Sagrera
37.50
UTE Acceso Norte A Vigo Nueva Estación
50.00
UTE Acceso Puerto Seco Monforte
50.00
UTE Adecuación Palacio Justicia TSJCV
63.00
UTE Adif Bancada 2018
50.00
UTE Aeropuerto Adolfo Suárez
50.00
UTE Aguas Madrid 2021
70.00
UTE Alameda de Cervantes En Lorca
60.00
UTE Album
50.00
UTE Alta Capacidad 2020
50.00
UTE Alumbrado Lugo
50.00
UTE Alumbrado Madrid Lote-1
50.00
UTE Am Boadilla
25.00
UTE Ampliación Hospital Marina Baixa
60.00
UTE Ampliación Materno Infantil
80.00
UTE Ampliación Muelle de Naos
95.00
UTE Andenes L1-L9 Tram Benidorm
65.00
UTE Arquitectura Sagrera
37.50
UTE Arroyo del Fresno
50.00
UTE Aucosta Conservación
50.00
UTE Auditorio de Lugo
50.00

Proportional
integration at 31
December 2024
UTE Autovía el Batán – Coria
50.00
UTE Autopista Ferroviaria
25.00
UTE Ave Alcántara-Garrovillas
85.00
UTE Ave Eje Sur
25.00
UTE Ave Girona
40.00
UTE Ave Madrid Noreste Lote 2
25.00
UTE Ave Maside
67.00
UTE Ave Plasencia - Badajoz
25.00
UTE Avenoreste1
25.00
UTE Avenoreste2
25.00
UTE Badajoz Sur
50.00
UTE Barbados
50.00
UTE Barcience
50.00
UTE Bergara Antzuola
71.50
UTE Bobadilla - Ronda
45.00
UTE Boetticher Clima
50.00
UTE Boetticher Electricidad
50.00
UTE Bombeo Fuente Alamo
60.00
UTE Bosque de la Herrería
40.00
UTE Brazatortas
33.34
UTE By Pass Mérida Lote 1
50.00
UTE By Pass Mérida Lote 2
50.00
UTE C&F Jamaica
50.00
UTE Cáceres Norte
50.00
UTE Calders-Vilaseca
20.00
UTE Campo Gibraltar
80.00
UTE Canal de Castilla 2022
70.00

Proportional
integration at 31
December 2024
UTE Cárcel Marcos Paz
35.00
UTE Carretera Ibiza – San Antonio
50.00
UTE Castellón - Vinaroz
50.00
UTE Castuera
33.34
UTE Catlántico
25.00
UTE Cecoex
20.00
UTE Cedillo I y II
99.00
UTE Chuac
50.00
UTE Cierre Anillo Insular Tfe
85.00
UTE Circuito
70.00
UTE Circunvalación Lucentum
50.00
UTE Ciudad Rodrigo
99.00
UTE Ciutat de la Justícia
30.00
UTE CMS La Llagosta
20.00
UTE CMS Ramal Aeropuerto BCN
25.00
UTE Coberta Tallers ZF
50.00
UTE Conexión Corredor Mediterráneo
40.00
UTE Conexión Molinar
70.00
UTE Conservacion Ex-A1
50.00
UTE Conservacion Plasencia
50.00
UTE Construcción Tranvía Zaragoza
50.00
UTE Control de Vegetación Noreste
50.00
UTE Club de Mar Mallorca
70.00
UTE Creaa
50.00
UTE Deancentro
60.00
UTE Deansur
60.00
UTE Depuración San Roque
60.00

Proportional
integration at 31
December 2024
UTE Desarrollo Puerto de Avilés Fase I
80.00
UTE Dique Este
35.00
UTE Dique Torres
27.00
UTE Donostialdea 2018
60.00
UTE Donostialdea 2023
60.00
UTE Duplicación Palencia - León
60.00
UTE Duplicación R-3
50.00
UTE Elec Lin Castellón Vinaroz
50.00
UTE Electrificación la Sagrera
50.00
UTE Enllumenat B25
50.00
UTE Enllumenat Tallers Zona Franca
50.00
UTE ErtMS Rodalíes Bcn
22.00
UTE Estació Guinardó L9
33.00
UTE Estación Girona
40.00
UTE Estacions Línea 9
33.00
UTE Ezkio Itsaso
40.00
UTE Facultad de Filosofía
60.00
UTE Fase II Pabellón Reyno de Navarra
50.00
UTE Fase B Arquitect. Sagrera
37.50
UTE FCC Industrial - Aton
90.00
UTE FCCi-Orbe
70.00
UTE F.I.F. GNL FB 301/2
35.96
UTE Fira P.Zero
60.00
UTE Fuente de Cantos
50.00
UTE FV Tallers Zona Franca
50.00
UTE Galibos Monforte
50.00
UTE Galindo-Beurko
60.00

Proportional
integration at 31
December 2024
UTE Girona Norte 2014
70.00
UTE Guadalmez - Córdoba
25.00
UTE Guadarrama 3
33.33
UTE Guadarrama 4
33.33
UTE Hornachuelos y Antequera Lote 2
25.00
UTE Hospital Alcázar
60.00
UTE Hospital Cabueñes Fase I
70.00
UTE Hospital Campus de la Salud
80.00
UTE Hospital FCC – Vvo
80.00
UTE Hospital Son Dureta
33.00
UTE Hospital Universitario de Murcia
50.00
UTE Iecisa-FCC/Interfonia En Estaciones
50.00
UTE Impermeabilización Túnel Pajares Norte
50.00
UTE Inst. TMB Zona Franca
50.00
UTE Instalación FV Balsa Alfés
50.00
UTE Instalaciones Madrid Este
46.25
UTE Instalaciones Urbanas Este
50.00
UTE Jabugo
50.00
UTE Juan Grande
50.00
UTE L1 Sur Lote 1
50.00
UTE Lac la Sagrera
50.00
UTE Lav Sevilla
45.00
UTE Línea 6 Lote 1
50.00
UTE Línea 9
33.00
UTE Lote 1 Centro
50.00
UTE Lote 1 Edif. B Son Dureta
70.00
UTE Lote 1 Urb. La Solana
60.00

Proportional
integration at 31
December 2024
UTE Lot 5 Glories
37.50
UTE Lote 4 Hospital de Alcañiz
55.00
UTE Lote 6 Sur
50.00
UTE M-407
50.00
UTE Madrid Sevilla Ave
60.00
UTE Mantenimiento R-2 2024
50.00
UTE Mantenimiento Presas de Castellón
50.00
UTE Manteniment Rondes 2022
50.00
UTE Mantenimiento Júcar
50.00
UTE Mantenimiento SAIIH Jucar 2023
50.00
UTE Mantenimiento Tdm 2018
50.00
UTE Mantenimiento Tranvía Zaragoza
50.00
UTE Mantenimiento Vía Aranjuez
50.00
UTE Medina 2023
50.00
UTE Medinaceli
22.40
UTE Mej. Viarios Leganés 2022
50.00
UTE Metro Línea 12
95.00
UTE Miv Centro
21.50
UTE Miv Centro 2021-2022
25.00
UTE Miv Sur
29.50
UTE Miv Sur Lote 6
25.00
UTE Mntto. Antequera Granada
20.00
UTE Montcada
33.33
UTE Monforte
24.00
UTE Monaje Via Sagrera
37.50
UTE Mora - Calatrava
39.97
UTE Mto Postr Tajo-Segura
60.00

Proportional
integration at 31
December 2024
UTE Muelle de la Química
70.00
UTE Muelles Mahón
50.00
UTE Mural
28.00
UTE Murcia Lorca Lote 3
50.00
UTE Navalmoral
61.00
UTE Novo Chuac Fase 1.1
50.00
UTE Nuevo Estadio Vcf
49.00
UTE Nuevo Hospital de Cáceres
50.00
UTE Nuevo Puerto de Igoumenitza
50.00
UTE Obra Cub.Capat.Catarroja
55.00
UTE Obras Alumbrado Madrid
50.00
UTE Operadora Termosolar Guzmán
67.50
UTE Osorno 2019
60.00
UTE Pago de Enmedio
75.00
UTE Palacio de Congresos de León
50.00
UTE Parques Madrid Lote 6
50.00
UTE Pasaia Berri
50.00
UTE Pasaia Berri Instalaciones
80.00
UTE Paseo Verde del Suroeste Lote 1
50.00
UTE PCI Triangle
60.00
UTE Pizarro
99.00
UTE Pla de Na Tesa
70.00
UTE Pont de Candi
75.00
UTE Ponts Ronda Litoral
50.00
UTE Pou Ventilació Sanllehy L9
33.00
UTE Presa Enciso
50.00
UTE Psir Castro Urdiales
50.00

Proportional
integration at 31
December 2024
UTE Puente Ribadesella
70.00
UTE Puente Río Ozama (Dfc-Cocimar)
35.00
UTE Puerto de Granadilla
50.00
UTE Puertollano
50.00
UTE Quintanaortuño - Montorio
75.00
UTE Radiales
35.00
UTE Red Arterial Palencia Fase I
80.00
UTE Reforma Chuac Fase Cero
50.00
UTE Reforma Plaza España
80.00
UTE Regadíos Río Flumen
60.00
UTE Rehabilitación Dique Botafoc
55.00
UTE Rehabilitación Parque la Gavia
75.00
UTE Renovación Desvíos Fase 1
25.00
UTE Renovación Desvíos Fase 2
25.00
UTE Renovación Linea Girona-Figueres
50.00
UTE Renovación Madrid Sevilla F3
50.00
UTE Rep Pant Brazatortas
25.00
UTE RIV GIJÓN-LAVIANA
40.00
UTE RIV Orense - Monforte
33.33
UTE Ruta Nacional Haití
55.00
UTE Saneamiento Arco Sur
56.50
UTE Saneamiento de Villaviciosa
80.00
UTE Serv. Energ. Piscina Cub. S. Caballo
50.00
UTE Servicios Afectados B-25
50.00
UTE Sevilla Huelva Lote 1
50.00
UTE Sevilla Huelva Lote 2
50.00
UTE Sevilla Huelva Lote 3
50.00

Proportional
integration at 31
December 2024
UTE Sica
60.00
UTE Sistemas Tunel Plaza de España
50.00
UTE Sotiello
50.00
UTE Ssaa Ap – 7
50.00
UTE Tagus II IIII y IV
99.00
UTE Tanque de Tormentas
70.00
UTE TF-5 2ª FASE
70.00
UTE Totana - Totana
70.00
UTE Tramvia Lot 4
50.00
UTE Tratamientos Selvícolas 2020
60.00
UTE Traviesas Madrid Sevilla
25.00
UTE TS Villena
88.00
UTE Túnel Aeroport
49.00
UTE Túnel de Pajares 1
50.00
UTE Túnel Fira
49.00
UTE Túneles Bolaños
47.50
UTE Túneles de Guadarrama
33.33
UTE Túneles de Sorbes
67.00
UTE UBA CYL 2023
25.00
Ute Urb. Fase 3 Mahou-Calderón
80.00
UTE Urbanización Parc Sagunt
50.00
UTE Urbanizacion Vara del Rey
57.50
UTE Urbanización Via Parque Tramo Av. Carb.-P
60.00
UTE Vandellós
24.00
UTE Velilla Sur
99.00
UTE Vertedero Castañeda
62.50
UTE Vía Pajares
50.00

Proportional
integration at 31
December 2024
UTE Viaducto Quisi
65.00
UTE Vigo-Das Maceiras
50.00
UTE Vilariño (Via izquierda)
90.00
UTE Villanueva - Brazatortas
45.00
UTE Xarxa Control
50.00
UTE Yesa
33.33
UTE Zafra Huelva
50.00
UTE Zaramillo - Bilbao
35.00
CONCESSIONS
UTE Mel 9
49.00
UTE B-25
50.00

Consolidated Group | Management Report | Page 1 of 45
FCC. Annual Report 2024
409
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Management Report
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. AND SUBSIDIARIES at 31 December 2024
1.
Status of the entity
410
2.
Business performance and results
416
3.
Liquidity and capital resources
433
4.
Major risks and uncertainties
434
5.
Acquisition and disposal of own shares
435
6.
Significant events occurring after the end of the year
435
7.
Outlook
435
8.
R&D+I Activities
439
9.
Other relevant information. Share performance and other information
443
10. Definition of alternative performance measures according
to ESMA regulations (2015/1415en)
443
11. Annual Corporate Governance Report
448
12. Annual Directors' Remuneration Report
448
13. Non-Financial Information Statement
448

FCC. Annual Report 2024
410
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Consolidated Group | Management Report | Page 2 of 45
1. Status of the entity
1.1. Status of the entity: Organisational structure and decision-making
process in management
The Group's organisational structure is based on a first level consisting of Areas, which are divided into
two main groups: operational and functional.
The operating Areas include all those activities related to the productive line. The Group has the following
operating areas, as explained at greater length in Note 1 to consolidated financial statements:
i.
Environmental Services.
ii. End-to-end Water Management.
iii. Construction.
iv. Concessions
In November 2024, the partial financial spin-off that gave rise to the Inmocemento Group
(Note 2 to the consolidated financial statements) was completed, resulting in the removal from the scope
of consolidation of the following activities previously carried out by the Group:
v.
Cement Business.
vi. Real Estate.
Each of these operating Areas is headed by one or more specialised companies which, depending on FCC,
encompass the Group's activities.
In addition, there are the functional Areas, which carry out support tasks for the operational ones:
1) Administration and Finance: the Administration and Finance Division comprises the Administration,
Taxation, Information Technologies, Finance, Communication, Purchasing and Human Resources
areas.
The Administration area directs the administrative management of the Group, and has, among others, the
following functions in relation to the Information and Internal Control Systems:
i.
General accounting.
ii.
Accounting standardisation.
iii. Consolidation.
iv. Tax advice.
v.
Tax procedures.
vi. Tax compliance.
vii. Administrative procedures.
2) Internal Audit and Risk Management: Its objective is to provide the Audit and Control Committee and
Senior Management with an independent and objective opinion on the Group's ability to achieve its
objectives through a systematic and methodological approach for the assessment, management and
effectiveness of internal control and risk management processes, assessing the effectiveness and
reasonableness of the internal control systems, as well as the functioning of processes according
to the procedures, proposing improvements and providing methodological support to the Division
in the process of identifying the main risks that affect activities and supervising the actions for their
management.
3) General Secretary reporting directly to the Group's CEO, its main duty is to support the management of
the Group, as well as management support for the heads of the other areas of the Group, by providing
the services detailed in the corresponding sections of the divisions and departments that make up the
Group, which are promoted and supervised by the General Secretary.
It is made up of the following areas: Legal Advice Department, Quality Management, Corporate
Security and General Services and Corporate Responsibility.
The Areas, on a second level, can be divided into Sectors, the operational ones, and Divisions, the
functional ones, establishing areas that allow greater specialisation when considered necessary.
The structure of the main decision-making bodies is set out below:
• Board of Directors: is the body that holds the broadest powers, without any limitation, except those
that are expressly reserved, by the Spanish Corporate Enterprises Act or the Articles of Association,
for the jurisdiction of the General Shareholders' Meeting.

FCC. Annual Report 2024
411
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Consolidated Group | Management Report | Page 3 of 45
• Audit And Control Committee: ts main function is to support the Board of Directors in its
supervisory duties by periodically reviewing the process for preparing economic and financial
information, its internal controls and the independence of the external auditor.
• Appointments and Remuneration Committee: supports the Board of Directors in relation to
proposals for the appointment, re-election, ratification and removal of Directors, establishes and
controls the policy for the remuneration of the company's Directors and senior managers and the
fulfilment of their duties by Directors, particularly in relation to situations of conflict of interest and
related-party transactions.
• Managing Committee: Each of the business units has a Managing Committee with similar duties.
Further information on the functions of the Group's decision-making bodies is given in section 1 on the
system of Internal Control over Financial Reporting (ICFR).
1.2. Status of the entity:
Business model and company strategy
The Group is one of the leading European groups specialising in the environment, water, infrastructure
development and management, with a presence in over 25 countries worldwide and nearly 50.7% of its
turnover generated in international markets, mainly Europe (32%), North America (9), Latin America (4.8%),
the Middle East (3.8%) and North Africa (0.7%).
Environmental Services
Spain
FCC Medio Ambiente has a strong presence in Spain, and has maintained a leading position in the
provision of urban environmental services for over 120 years.
At the national level, the Group provides environmental services in more than 3,700 municipalities
and organisations in all the Autonomous Communities, serving a population of more than 33 million
inhabitants. Waste collection and street cleaning are two of the most important services in this sector,
representing 61% of revenue. They are followed, in order of importance, by disposal of wastes with 15%,
cleaning and maintenance of buildings, parks and gardens and, to a lesser extent, sewage. More than 85%
of the activity is carried out with public clients.
International
In turn, the international business is mainly undertaken in the UK, Central Europe and the USA. For
years, the Group has held a leading position in the United Kingdom and Central European markets in
the integrated management of municipal solid wastes, as well as in the provision of a wide range of
environmental services. The various services provided in this sector include treatment and recycling,
disposal, waste collection and the generation of renewable energy, with a growing weight and gradual
reduction of disposal in controlled landfills.
United Kingdom
In the United Kingdom, the entire municipal waste management chain is operated, with a particular
emphasis on the recycling and recovery process, including thermal recovery, of products and by products,
subject to maximum environmental sustainability criteria. It has more than 218 recycling facilities
throughout the country and more than 167MW of installed renewable electrical power.
Central Europe
In Central and Eastern Europe, FCC provides services in seven countries (Austria, Czech Republic,
Slovakia, Poland, Hungary, Romania and Serbia) to a total population of some 6 million inhabitants,
1,571 municipalities and more than 52,300 industrial customers. FCC is one of the main four private
operators in Austria, the Czech Republic and Slovakia. In Poland, the rapid growth in the last few years
is particularly noteworthy, although there is still some way to go. In Hungary, Romania and Serbia, the
Company's presence is more discreet while waiting for legislative and regulatory changes to be introduced
that guarantee greater security and stability in operations in these countries. Taking the seven countries
as a whole, FCC is the largest operator in the region in terms of both geographic coverage and volumes
handled.
The range of services provided and the geographic dispersion is very diverse and balanced,
including municipal and industrial collection, incineration, mechanical and biological treatment, soil
decontamination, landfills, winter services, street cleaning, classification and management of recycled
materials, outsourcing, cleaning of buildings, etc. This broad diversification ensures great business stability
in a market with major barriers to entry and the possibility of providing a complex, end-to-end service
(spanning the entire value chain) to all customers who want it.
United States
In 2024, FCC Environmental Services USA ranked among the top 15 waste management companies in the
United States, serving upwards of 12 million US citizens.
A few years after entering the US market, FCC Environmental Services USA continues to tap significant
opportunities when it comes to solid waste management, encompassing residential and commercial
collection, along with waste treatment and recycling.

FCC. Annual Report 2024
412
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Consolidated Group | Management Report | Page 4 of 45
The year 2024 turned out to be an exceptional period, as demonstrated by the award of several long-
term contracts with durations of up to 10 years. These include agreements in Florida (Clay County, St.
Johns County, Sarasota County) and in two new states: Minnesota (city of Saint Paul) and North Carolina
(Buncombe County). Together, these contracts added roughly USD 1.4 billion to the company’s project
portfolio.
In 2024, FCC completed the acquisition of Gel Recycling Holdings, thus significantly strengthening its
presence in Central Florida. This acquisition brings valuable synergies in an area where FCC was already
providing collection services, adding its first treatment operation in Florida. The acquisition includes:
Two material recovery facilities (MRFs)
• A transfer station
• A construction and demolition (C&D) landfill site
• A roll-off collection operation
The acquisition adds more than 50,000 tonnes of recyclable materials annually to the facilities, while also
bringing in some 100 new employees, and adding more than 500 clients to FCC’s portfolio.
In 2024, FCC launched its Energy Recovery business line in North America, relying on its extensive global
experience with more than 15 operational Energy Recovery facilities around the world. The company sees
significant growth potential in the United States, where these facilities happen to play a crucial role in
sustainable waste management by reducing reliance on landfills and generating renewable energy.
France and Portugal
The acquisition of the operating subsidiaries of Europe Services Groupe (ESG) in France was completed in
August 2024, in exchange for 107.4 million euros. This entity operates several lines of business, including
waste collection and street cleaning, in two of the most populous regions of the country (Ille-de-France and
Rhône-Alpes).
In Portugal, 73.4% of the turnover related to waste treatment through various subsidiaries operating in the
country (Ecodeal, Goldrib and Resicoreia); the rest relates to waste collection.
Industrial Waste
Lastly, the Environmental Services Area also specialises in the end-to-end management of industrial and
commercial waste, recovery of by-products and soil decontamination, through the FCC Ámbito brand,
which encompasses a group of companies with an extensive network of management and recovery
facilities. This enables proper waste management, ensuring the protection of the environment and people's
health. In 2024, this activity accounted for almost 5% of the area’s income.
There is a broad commitment to climate change, materialised for example in the issuance of green bonds
to finance the operation and acquisition of assets developed by the area.
End-to-end Water Management
FCC Aqualia serves nearly 44,8 million users and provides services in 18 countries, offering the market all
the solutions to the needs of public and private entities in all phases of the end-to-end water cycle and for
all uses: human, agricultural or industrial.
FCC Aqualia's activity is focused on Concessions and Services, encompassing proprietary integrated
cycle infrastructures and concessions, BOT, operation and maintenance services and irrigation; as well as
Technology and Networks activities encompassing EPC contracts and industrial water risk management
activities.
Spain
In 2024, the market in Spain represents 56.4% of revenue. On a like-for-like basis, water consumption fell
slightly in Spain as a whole in 2024 by 0.6%, with the amount invoiced increasing by 5% compared to 2023.
There was also an improvement in Operation and Maintenance (O&M) activities, efficiency improvements
in operations, and a lower volume of work undertaken in relation to concession agreements. The recovery
in economic activity, especially in the services and tourism sector, was affected by the critical situation
regarding the availability of water resources amid the prolonged drought that large areas of Spain have
been enduring.
The central government and certain regional governments have approved emergency plans, most notably
for the construction of new infrastructure, and emergency work to build new deep catchments, expand
existing desalination plants, and improve surface water utilisation. Meriting special mention were the new
actions undertaken in Barcelona, Almería and Málaga in relation to desalination, and reuse in Andalusia and
Alicante, valued as a whole at around 1,400 million euros. Some of this work was carried out in 2024 and
further work along these lines will be carried out moving forward. The Spanish government has approved
the third cycle of hydrological planning for all national basins, for the period ending in 2027, with a particular
focus placed on the maintenance of ecological flows and the maintenance of quality standards set by the
European Directives, with a joint budget for the necessary actions of 22.8 billion euros.
Meanwhile, the Government of Spain approved the PERTE project for the Digitalisation of the Urban Water
Cycle, granting 1.6 billion euros of funds from the European Reconstruction and Development Mechanism.
Of the two invitations put out to tender, in the first we were awarded the contract for the Campo de
Gibraltar (Cádiz), and in the second we were handed four: Realwater (Ciudad Real), Digital Island (Canary
Islands), Anda (Asturias) and Cantabricontrol (Cantabria). These five projects will improve services for
1,540,888 people and have an approved budget of 54 million, of which we will directly carry out 32.4
million. A third phase with a further 100 million is currently open for tender and we plant compete again
with several significant projects up for grabs.

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International
The international market reached a turnover of 45.4%. FCC Aqualia focuses its activity in Europe, North
Africa, the Middle East and the Americas, with ongoing contracts in 17 countries at present.
Europe
Highlights and key events across Europe in 2024 included the following:
• Moderate reduction in consumption, due to several factors: the effects of the health crisis that emerged
in 2020 and that still persist in some regions, public awareness of the need to save water and care
for the planet, and the sensitivity of demand to tariff increases caused by rising operating costs. In
particular, in Italy, we witnessed a 5.9% reduction in consumption due to the drought restrictions that
Sicily had to endure from April onwards.
• Increase in water and sewerage tariffs. Operating costs for water have risen sharply due to the inflation
that has arisen from the energy crisis caused by the ongoing war in Ukraine. Thanks to the resilience of
water contracts supported by mature regulatory systems, these increases have also led to parallel rate
increases. For instance, the Czech Republic has increased its rates by 10%. The increase in tariffs in Italy
was also significant (7.1%), thus helping to partially offset the effects of a decline in consumption.
• In the face of water scarcity, Member States have adopted supply-side policies based on the search for
new resources in desalination and reuse, while looking to achieve greater control over groundwater and
surface water. They have also targeted demand-side policies to ensure leakage reduction, sectorisation
and digitalisation through the allocation of European funds.
• Sustainability plans to reduce the carbon footprint and champion the circular economy by transforming
the sector’s waste into new usable resources (reused water, biogas, biofertilisers, renewable energies,
etc.) have led to a raft of new regulations and pushed forward innovation in treatment technologies.
Similar efforts have been made to improve the quality of water supplied and water discharged.
Africa and Asia
Georgia
In late 2023, the national regulator GNERC published the new water tariffs for the 2024–2026 period
(previously agreed with GGU) in order to update the impact of inflation and make funds available to
increase investments for the improvement of water cycle infrastructure.
The new rates, effective from 1 January 2024, include a significant increase in the commercial rate billed
to companies, businesses and public entities. In 2024, this commercial turnover was closely monitored to
spot changes in consumption behaviour. Rather than heading downward, consumption was found to be
heading upward amid increased economic activity.
Looking at the operational side of the project, the modernisation and operational improvement programme
continued throughout the year, with the planned investment programme and the restructuring of the
operational centres. On this particular point, a total restructuring has been put in place, and a new
operations centre opened, which has significantly increased the presence on the street and therefore
greatly reduced power outages.
Algeria
In Algeria, the two desalination plants, Mostaganem and Cap Djinet, continued to operate at full capacity,
with no significant incidents. These facilities provide a critically important service to the population of the
country’s main metropolitan areas: Oran and Algiers.
Egypt
The Abu Rawash plant, with a treatment capacity of 1,600,000 m3/d, serving the western area of Cairo; the
New Cairo plant, with a capacity of 250,000 m3/d; and the Alamein desalination plant, with a capacity of
150,000 m3/d, have been brought online to the full satisfaction of the clients concerned.
Saudi Arabia
The three desalination plants traditionally operated by the Haaisco subsidiary—at Jeddah International
Airport, KAUST University and Petrorabigh—were in full operation in 2024. Meanwhile, the Jizan desalination
plant—also operated by Haaisco—has been fully operational since late 2023.
In June 2023, Haaisco signed a new O&M contract for three floating desalination plants, each with 50,000
m3/d, for the Saudi state-owned shipping group Bahri.
In Saudi Arabia, the two regional delegated water management contracts for the national operator National
Water Company were successfully implemented: those of the Northern Cluster and the Southern Cluster.
Oman
The Sohar Port Area integrated water cycle, through its subsidiary Ornan Sustainable Services Company,
already operates the entire infrastructure for seawater desalination, drinking and process water supply and
distribution, industrial cooling water distribution, wastewater collection and treatment, and reused water
distribution for irrigation.
Qatar
Aqualia MACE continued to operate the Al Dhakhira wastewater treatment plant, one of the most
important facilities in the country and whi ch supplies treated water for garden irrigation to nearby areas.

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United States
In late 2023, the company acquired 97% of Municipal District Services, LLC (MDS), a company that
manages the integral water cycle in the outskirts of Houston (Texas) and which serves a population of
some 360,000 inhabitants through 136 contracts. The arrangement took shape throughout 2024, with
the restructuring of the company and new working methodologies set up to ensure greater operational
efficiency. At year-end 2024, 147 contracts were already under way
FCC Aqualia seeks to maintain its competitive position in those end-to-end water management markets
where it has an established presence (Europe) and to take advantage of the opportunities that arise in this
activity. In other expanding markets, it plans to boost growth via BOT and O&M (North Africa, Latin America
and the Middle East), along with end-to-end cycle management, while the study of opportunities in others
(such as the USA).
In addition, FCC Aqualia will use its extensive experience in end-to-end water cycle management for
business opportunities in countries with a stable political and social balance.
Latin America
The lack of water infrastructure and the search for efficiency in existing infrastructure are factors that
strengthen Aqualia’s growth possibilities.
Mexico
In Mexico, Aqualia is a leading company in the water sector, thanks to a highly diversified portfolio of
assets that includes the distribution and purification of water through the BOT contracts for Querétaro
and San Luis de Potosí, desalination through the Guaymas BOT, wastewater treatment thanks to the
BOT contract for the Cuernavaca WWTP and the Comprehensive Management Improvement project,
which also features a BOT contract structure, at Los Cabos (Baja California Sur). Thanks to this contract,
efficiency levels will increase and the provision of drinking water services within the municipality will
improve.
Colombia
Second largest private operator in the country, with key contracts including that of the district of Riohacha
(Guajira), where we provide services to nearly 310,000 inhabitants, or the management of the capital city of
the department of Guajira (upwards of 1,400,000 inhabitants). In addition to our main project in Colombia,
we have the El Salitre wastewater treatment plant in Bogotá. Our presence in the country has been
strengthened with the recent unveiling of the remodelling and expansion of the plan view Villa del Rosario
drinking water treatment plant.
Peru
As of the reporting date, Proinversión has awarded us a contract in the province of Chincha to develop the
wastewater treatment plant worth a total of 96.5 million dollars. More than 345,000 inhabitants from seven
different districts stand to benefit from the project, which includes the design, financing, construction,
operation and 24-year maintenance of around 21 kilometres of main collection networks and drive lines,
along with a pumping station, two new treatment plants, and 7.7 kilometres of lines for the final disposal of
the treated wastewater.
Construction
The Construction Area focuses its activity on the design, development and construction of large civil,
industrial and building infrastructure projects. The presence in public works of complex elements such as
railways, tunnels and bridges stands out, which together with those involving installation and industrial
maintenance, form a large part of the activity. It has a selective presence in more than 16 countries across
Europe, MENA and America.
The teams of FFC Construcción have the experience, technical training and innovation needed to take part
in the entire project value chain, from the definition and design, to its complete execution and subsequent
operation. FCC Construcción is also a pioneer in the implementation of BIM (Building Information
Modelling) technology, a collaborative work methodology that allows for the comprehensive management
of information around a virtual model for the infrastructure. This technology not only enables technical site
planning and cost control, but also improves sustainability, quality and safety management throughout the
entire life cycle of the project.
In 2024, 60.9% of total revenues will come from abroad, including the performance of major infrastructure
projects such as lines 4, 5 and 6 of the Riyadh Metro and the Neom tunnels (Saudi Arabia), Tren Maya
(Mexico), the A-465 main road (Wales), Lima Metro (Peru), Regional Experess Rail On-Corridor in Ontario
(Canada), Scarborough Subway Extention (Canada), the construction and rehabilitation of nine bridges in
Pennsylvania (United States), the Puente Industrial bridge (Chile), Sotra Link (Norway), the A-9 motorway
from Badhoevedorp-Holendrecht (Netherlands), and the Lugoj–Timisoara Est railway line (Romania).
New contracts awarded outside Spain include the Rubí line (Casa da Música-Santo Ovidio) for the Porto
Metro (Portugal), preliminary work on the Pallas nuclear reactor project (Netherlands), and the design and
construction of the Ontario Line-Pape Tunnel and underground station (PTUS) for the Toronto subway
(Canada), the preliminary work under the EPC contract for a liquefied natural gas (LNG) storage and
regasification terminal at Stade (Hamburg, Germany), as well as work towards the Fraser River Tunnel
(Canada), the design and construction of 490 social housing units in South Cairns (Australia), and the
preliminary phase for the construction of the Qiddiya stadium in Saudi Arabia.

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On the domestic front in Spain, highlights in the period included the contracts awarded for the
refurbishment of the old fruit and vegetable market of Legazpi in Madrid, lot 1 of the Paseo Verde del
Suroeste de Madrid, which involves the undergrounding of a section of the A-5 road, the structure and
roofing project for the Zero pavilion at the Fira de Barcelona exhibition centre in Hospitalet de Llobregat,
Barcelona, work on the Civil Guard Information Service Headquarters in Madrid, the construction of the
FA1 and FA2 buildings of a battery plant in Sagunto, Valencia, lot 1 pertaining to the integral renovation
of the track superstructure of Line 6 of the Madrid Metro, running between the Avenida de América and
Laguna stations, and last but not least, the construction of sports facilities at the Parque Deportivo del
Este sports complex in Madrid.
Concessions
FCC Concesiones focuses its activity on the design, financing, construction, operation and maintenance
of transport and social infrastructure under concession, either directly or by acquiring stakes in other
companies, groupings, consortiums or any other legal form legally permitted in the country concerned.
In 2024, 90% of FCC Concesiones' turnover was earned by companies located in Spain, with the remaining
10% generated by companies located in Portugal and Mexico. Even so, the presence abroad is much
greater if one takes into account that the shareholdings in Metro de Lima and the A-465 motorway in
Wales are consolidated as companies accounted for using the equity method.
Turnover growth in 2024 compared to 2023 was 26.4% and EBITDA growth was 21.3%.
In 2024, the Company consolidated its already extensive presence in passenger rail traffic activities by
acquiring the Parla Tramway, which spans a route of 8.3 km and has 15 stops, all of them on the surface.
The contract runs until 2045.
When it comes to motorway and road concessions, the Government of Aragon has awarded us the
contract for the rehabilitation and operation of 203 km of motorways and roads, including Route 8 of a
conventional road located in the north of Zaragoza, for which the contract has been extended until 2049.
Within our extensive backlog, the company is responsible for:
• The operation and provision of all manner of services related to urban and interurban transport
infrastructure, by land or sea or building of any kind, as well as the operation and management of all
manner of works and projects in the areas of influence of infrastructure and public and private works.
• The ownership of all sorts of concessions, construction work and services of the central government,
autonomous regions, municipalities and, in general, any State or international public administration.
• The provision of services related to the preservation, repair, maintenance, sanitation and cleaning of all
kinds of construction sites, facilities and services, for both public and private entities.
Key companies in this segment:
• Murcia Tram: company engaged in the construction and operation of line 1 of the Murcia Tramway
which, spanning 18 km and featuring 28 stops, connects the northern area of Murcia with the city
centre.
• Parla Tram: company tasked with the construction and operation of line 1 of the urban transport system
that connects all the centres of the Madrid municipality of Parla. It runs for 8.3 km and has 15 stops, all
above ground.
• Auconsa: public works concession awarded by the General Secretariat of Infrastructure of the Ministry
of Public Works for the construction, conservation and maintenance of the A-3 motorway running from
km 70.70 to 177.53 and the A-31 motorway running from km 0.00 to 29.80.
• FCC Concesiones Aragón: responsible for the rehabilitation and operation of 203 km of conventional
road located in the northern area of Zaragoza.
• Cotuco: entrusted with the construction and operation of the Coatzacoalcos Submerged Tunnel, which
links the city of Coatzacoalcos with the congregation of Allende.
• A-465 main road: The “A465 Sections 5 and 6” project consists of the redevelopment of the road
between Dowlais Top and Hirwaun in Wales.
• Lima Metro: Lima and Callao Metro system project, which includes Line 2 and the Line 4 branch of a
fully automatic underground metro system in the city of Lima.
• Zaragoza Tram: company tasked with the construction, operation and maintenance of line 1 of the
Zaragoza Tramway, Parque Goya – Valdespartera, with a total length of 12.8 km, in which the private
consortium (80%) is working alongside Zaragoza City Council (20%).
• Cafasso: handed the contract for the construction, operation and maintenance of Haren prison, a
108,000 m2 complex able to accommodate 1,190 inmates.

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2. Business performance and results
2.1. Operating Performance
2.1.1. Significant events
FCC Environment strengthens its presence in the United States and Europe
As regards corporate operations performed during the year, FCC Environmental Services, the subsidiary of
the environmental area operating in the United States, acquired Gel Recycling Holdings in May, one of the
largest management companies for recyclable materials in central Florida. The acquisition also includes
the addition of three construction and demolition debris recycling facilities. In June, the acquisition of the
Urbaser Group's business in the United Kingdom, which consists mainly of recycling and waste treatment
activities, went through. In August, the acquisition of the operating subsidiaries of Europe Services Groupe
(ESG) in France was completed. The company operates in two of the most populated regions of the
country (Ile-de-France and Rhône-Alpes), across several lines of business, including waste collection and
street cleaning.
As regards the new contracts awarded in Spain, as part of the organic growth of the business, the
following are worth particular mention:
• Renewal of the MSW, street cleaning and sewerage contract in Hospitalet worth 396 million euros, for a
period of 10 years, during which a complete overhaul of the service fleet will be undertaken, employing
dynamic formulas for activity levels and assets under coverage.
• Renewal and modernisation of the street cleaning system service in San Sebastián, with a backlog of
149.1 million euros over the next 10 years.
• New contract for waste collection, street cleaning and management of clean points in the city of
Benalmádena, for a total of €82 million over the next 10 years.
In relation to the Treatment business, the management of the Badajoz municipal solid waste (MSW)
treatment plant (composting and recovery) for 15 years and an associated backlog amounting to
€94.5 million.
In the USA:
• Sarasota County (Florida) awarded a new contract worth $750 million for MSW collection in the
southern side of the county. The service will initially last for 7 years with two possible extensions
of 7 and 6 years, respectively, which will begin in the first quarter of 2025. Staying in Florida, Clay County
awarded the MSW collection service for a duration of 10 years plus two possible extensions of 5 years
each. The total amount of the awarded portfolio, including extensions, amounts to $421 million.
• In May, in Saint Paul, Minnesota’s capital city, an MSW contract worth more than $115 million was
awarded for a duration of seven years.
• In Buncombe County (North Carolina), the MSW collection contract is worth more than $100 million,
lasting for an initial duration of seven years with a possible one-year extension.
These contracts entail increasing the population served in Florida by 780,000 people, in Minnesota by
300,000 and a further 175,000 in North Carolina, taking the population served globally by the Environment
Area to almost 71 million people. In several cases, the services will be provided by new vehicles that run on
compressed natural gas, as well as other fully electric vehicles, thus demonstrating FCC’s commitment to
sustainability and the urban environment.
FCC Aqualia expands its international activity and consolidates its leadership position
in Spain
FCC Aqualia increased its position in France with a variety of awards and extensions in towns and
communities (Pithiverais-Gatinais, Goussainville, Thillay, Vaudherland, Andrésy, Chanteloup les Vignes,
Conflans-Sainte Honorine, Ecquevilly and Triel sur Seine). When combined, the contracts provide over
€88 million in backlog revenue. These awards are in addition to supply contract renewals achieved in
previous periods that increase Aqualia's presence in France, where it already provides services to one
million residents.
In Spain, the renovation of the supply and sewerage service in Mazarrón for a period of 15 years is worth
particular mention. The contract is worth 133.7 million euros.
FCC Construction Australia will build the largest social housing complex in
Queensland
FCC Construction Australia has been selected to build and deliver 490 social housing units in South Cairns,
the largest affordable housing development in Queensland, Australia. The project is supported by the
Queensland Government's A$2 billion Housing Investment Fund, an initiative that aims to support a total of
5,600 social housing units to be built across the state.

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Elsewhere, the consortium headed up by FCC Construcción (60%) was chosen to build the new Oporto
metro line, known as Rubi (H), for an attributable amount of €227.7 million. The new line will add 6.3
kilometres to the city’s existing metro network. The joint venture in Spain in which FCC Construction holds
an interest was awarded the contract for the underground construction of line R2 in Montcada i Reixac
(Barcelona), as well as the construction of the new station in this town, for an attributable amount of
€148.9 million.
In industry, two awards are worth particular mention; firstly, a consortium in which the company holds a
30% stake, received a backlog of more than €260 million for the construction of a storage and regasification
plant in Stade (Germany); in addition, the consortium formed by FCC Industrial (28% holding), was awarded
the roll out of the railway signalling and management service for the Murcia-Almería section of the
Mediterranean Corridor in Spain, worth a total amount of €177 million.
It should be noted that in the second half of the year, the design and preliminary works phases for two
important contracts were awarded (Fraser Tunnel in Canada and the Qiddiya stadium in Saudi Arabia),
whose future construction would add a significant amount to the Area's revenue backlog.
FCC Concesiones expands its backlog and enhances its capital structure
In January 2024, FCC Concesiones was awarded Lot 8 of the Extraordinary Road Investment Plan for the
Autonomous Region of Aragon. The concession contract has a term of 25 years with an initial investment
of more than 40 million euros, with actions involving over 200 km of roads. The contract was signed in
May and construction work began at the end of 2024. In addition, in April, the acquisition, approved in
December 2023, of all shares in the Parla Tram concession (Madrid), went through, with an operating
deadline until 2045. The infrastructure spans 8.3 kilometres and 15 stations. This acquisition strengthens
the position of FCC Concesiones in the high-capacity urban transport sector, adding to its tram operation
in Murcia, Zaragoza and Barcelona.
Last December, the backlog and sources of financing were reorganised. As a result, capital was increased
by more than €250 million, of which €102 million were allocated to the cancellation of bank debt,
€52.1 million to the acquisition of intra-Group debt of the Murcia Tram and a further €49.1 million to
financing the aforementioned road concession in Aragon.
The partial financial spin-off of FCC in favour of Inmocemento is now complete
On 16 May 2024, the Board of Directors of FCC S.A. announced the proposed partial financial spin-off of
FCC, whereby it will transfer en bloc the Real Estate and Cement units to Inmocemento (a company wholly
owned by FCC), without this entailing any extinction of the existing companies or units. More precisely,
all the shares of FCYC, S.A. owned by FCC, representing 80.03% of its share capital, and the entirety of
Cementos Portland Valderrivas, S.A. owned by FCC, representing 99.028% of its share capital, will be
transferred. As a result, Inmocemento will acquire, by universal succession, all the assets, liabilities, rights,
obligations and other items inherent to the spun-off assets. The proposal was approved by the General
Shareholders' Meeting held on 27 June, with 99.9% of the votes of the attending capital voting in favour.
The process was completed on 7 November, when the public deed for the spin-off was entered in the
Companies Register and Inmocemento shares began trading on 12 November.
Note: Discontinued operations
The partial financial spin-off of the Real Estate and Cement units was completed last November. As a result,
all assets and liabilities were withdrawn from the consolidated balance sheet at the start of that month.
Likewise, all profit/(loss) since the start of 2024 and until that date were included under “Profit/(loss) from
discontinued operations” (see Note 4.5).
In view of the changes, the income statement and the statement of cash flows for 2023 have been
restated in the same way to ensure a more reliable comparison.

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2.1.2. Executive summary
KEY FIGURES
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Revenue
9,071.4
8,217.3
10.4%
Gross operating profit (EBITDA)
1,435.3
1,285.2
11.7%
EBITDA margin
15.8%
15.6%
0.2 p,p
Net operating profit (EBIT)
725.4
725.9
-0.1%
EBIT margin
8.0%
8.8%
-0.8 p,p
Income attributable to the parent company
429.9
589.1
-27.0%
Equity
3,736.0
6,142.5
-39.2%
Net financial debt
2,990.4
3,100.1
-3.5%
Backlog
43,043.8
41,485.0
3.8%
In 2024, the revenue recognised by the FCC Group was up 10.4% to €9,071.4 million. This was due to
increased activity across all business areas, with the most significant growth rates and contributions
coming from Concessions and the contribution made by Environment and Water, supported by the entry of
new contracts and acquisitions made (in Europe and the USA).
Gross operating profit (EBITDA) came to €1,435.3 million in the period, up 11.7%. This improvement
reflects the increase in revenue and the stability of operating margins, also helped by the more significant
weight of the Concessions Area. The operating margin thus came to 15.8% of turnover.
In turn, attributable net profit dropped by 27% to €429.9 million. This change is attributed to different
factors, including the increase in provisions set aside and a reduction in contribution of profit/(loss)
recognised under the equity method, both in the Environment area; however, it is particularly attributable
to the 48.5% drop in profit/(loss) generated by discontinued activities, including the contribution, in both
years, of the business areas that were spun off and excluded from the FCC Group in November 2024.
Net financial debt at the end of year stood at €2,990.4 million, down by 3.5% compared to December 2023.
This drop can largely be attributed to two factors: (i) the increase in net payments for investments, up to
€1,295.4 million, with particular mention of the Environment unit (with the inclusion in consolidation of the
debt incurred on the acquisition and operations of UK Urbaser for €535.1 million, ESG in France for €107.4
million and GEL Recycling for €29.5 million) and the Water unit (including the purchase of MDS for €81.9
million in the USA) and (ii) the exclusion of financial debt concerning the spun-off areas.
In turn, equity came to €3,736 million, down by 39.2% compared to December 2023, mainly on account of
the financial spin-off mentioned above, which involved the delivery of all net assets belonging to the Real
Estate and Cement units to FCC shareholders last November.
2.1.3. Summary by business area
(million euros)
Area
Dec. 24
Dec. 23
Chg. (%)
% of 24
total
% of 23
total
REVENUE BY BUSINESS AREA
Environment
4,346.3
3,853.2
12.8%
47.9%
46.9%
Water
1,674.7
1,487.4
12.6%
18.5%
18.1%
Construction
2,991.3
2,823.1
6.0%
33.0%
34.4%
Concessions
77.8
61.6
26.3%
0.9%
0.7%
Corporate serv.
(18.7)
(8.0)
133.7%
-0.2%
-0.1%
Total
9,071.4
8,217.3
10.4%
100.0%
100.0%
REVENUE BY GEOGRAPHICAL AREA
Spain
4,468.0
4,161.9
7.4%
49.3%
50.6%
Rest of Europe
1,295.0
1,010.4
28.2%
14.2%
12.3%
Americas
1,261.7
1,266.2
-0.4%
13.9%
15.4%
United Kingdom
1,185.2
1,028.6
15.2%
13.1%
12.5%
Czech Republic
435.1
413.7
5.2%
4.8%
5.0%
Middle East, Africa and Australia
426.4
336.5
26.7%
4.7%
4.1%
Total
9,071.4
8,217.3
10.4%
100.0%
100.0%

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4
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A2
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Report
Consolidated Group | Management Report | Page 11 of 45
(million euros)
Area
Dec. 24
Dec. 23
Chg. (%)
% of 24
total
% of 23
total
EBITDA*
Environment
731.6
646.7
13.1%
51.0%
50.3%
Water
425.4
384.3
10.7%
29.6%
29.9%
Construction
169.7
169.4
0.2%
11.8%
13.2%
Concessions
55.4
45.7
21.2%
3.9%
3.6%
Corporate serv.
53.2
39.1
36.1%
3.7%
3.0%
Total
1,435.3
1,285.2
11.7%
100.0%
100.0%
NET OPERATING PROFIT (EBIT)
Environment
243.4
334.1
-27.1%
33.6%
46.0%
Water
242.2
216.3
12.0%
33.4%
29.8%
Construction
123.3
118.4
4.1%
17.0%
16.3%
Concessions
79.3
95.0
-16.5%
10.9%
13.1%
Corporate serv.
37.2
(37.9)
n/a
5.1%
-5.2%
Total
725.4
725.9
-0.1%
100.0%
100.0%
NET FINANCIAL DEBT*
Corporate
(1,061.5)
(1,233.1)
-13.9%
-35.5%
-39.8%
Areas – Without recourse
Environment
2,263.4
1,424.7
58.9%
75.7%
46.0%
Water
1,788.5
1,665.8
7.4%
59.8%
53.7%
Concessions
0.0
74.3
-100.0%
0.0%
2.4%
Cement
–
131.4
n/a
n/a
4.2%
Real Estate
–
1,037.0
n/a
n/a
33.5%
Total
2,990.4
3,100.1
-3.5%
100.0%
100.0%
(million euros)
Area
Dec. 24
Dec. 23
Chg. (%)
% of 24
total
% of 23
total
BACKLOG*
Environment
14,110.4
13,328.4
5.9%
32.8%
32.1%
Water
22,565.0
21,730.7
3.8%
52.4%
52.4%
Construction
6,368.4
6,425.9
-0.9%
14.8%
15.5%
Total
43,043.8
41,485.0
3.8%
100. 0%
100.0%
2.1.4. Income statement
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Revenue
9,071.4
8,217.3
10.4%
Gross Operating Profit (EBITDA)
1,435.3
1,285.2
11.7%
EBITDA margin
15.8%
15.6%
0.2 p,p
Provision for amortisation of fixed and non-current assets
(644.6)
(565.6)
14.0%
Other operating income
(65.3)
6.3
n/a
Net Operating Profit (EBIT)
725.4
725.9
-0.1%
EBIT margin
8.0%
8.8%
-0.8 p,p
Financial income/(expense)
(182.1)
(118.7)
53.4%
Other financial profit/(loss)
28.1
(17.5)
n/a
P/L of companies accounted for by the equity method
13.2
42.4
-68.9%
Profit/(loss) before tax from continuing activities
584.6
632.1
-7.5%
Company tax on profits
(153.1)
(154.0)
-0.6%
Income from continuing operations
431.5
478.1
-9.7%
Profit/(loss) from discontinued operations
136.1
264.1
-48.5%
Net Income
567.6
742.2
-23.5%
Non-controlling interests
(137.7)
(153.1)
-10.1%
Income attributable to the parent company
429.9
589.1
-27.0%
* See page 26 for a definition of the calculation in accordance with ESMA Guidelines (2015/1415en).

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Consolidated Group | Management Report | Page 12 of 45
2.1.4.1. Net Revenue
Consolidated revenues grew by 10.4% compared to the previous year, reaching €9,071.4 million. The trend
is one of sustained growth throughout the year, where the contribution rate at the Environment, Water
and Concessions units was a particular highlight, thanks to organic growth and acquisitions, both posting
double digit growth.
The performance was as follows at each business area:
The Environment unit saw an increase of 12.8%, in part thanks to the acquisitions in the United Kingdom,
France and the United States. In addition, growth in all jurisdictions was highlighted by new contracts in
Spain, both in the waste treatment and collection and street cleaning activities, as well as in the United
States, Poland and Portugal.
Revenues at the Water area were up 12.6%, mainly due to the strong performance of integrated water cycle
management activity, supported by the entry into the perimeter of the new acquisition of the MDS group
in Texas, as well as the effect of tariff updates. Only the technology and networks activity —which tends to
involve projects involving networks in integrated cycle operations— is separate from this growing trend.
In Construction, revenue was up by 6%, thanks to the continued strong pace at which new projects are
implemented, in particular in Industrial Construction, combined with the increase in the implementation
of other projects in progress in various EU countries and the USA as well as Canada, offsetting the drop in
work completed in Latin America.
Finally, in the Concessions unit, revenues was up by 26.3%, thanks to the inclusion of the Parla Tram
concession into full consolidation in April and the Aragon road concession at the end of the year, combined
with the increase in user traffic, in particular on the urban tram lines in operation.
Revenue breakdown by geographical area
(million euros)
Dic. 24
Dic. 23
Var. (%)
Spain
4,468.0
4,161.9
7.4%
Rest of Europe and other
1,295.0
1,010.4
28.2%
America
1,261.7
1,266.2
-0.4%
United Kingdom
1,185.2
1,028.6
15.2%
Czech Republic
435.1
413.7
5.2%
Middle East, Africa and Australia
426.4
336.5
26.7%
Total
9,071.4
8,217.3
10.4%
By geographic area and contribution, Spain saw an increase in its revenues of 7.4%, to €4.468 million. The
double-digit increase in the Concessions unit is worth particular mention, as a result of the asset additions
already mentioned, followed by the Environment unit. In the Environment unit, revenues rose by 9.8%,
amid increased activity in waste treatment and collection together with street cleaning. Meanwhile, Water
posted a 2.7% increase in revenues, thanks to a sustained increase in tariffs together with a slight increase
in consumption, more noticeable in the non-residential market, which offset the slump in Technology and
Networks activity, with lower works related to assets under management and integral cycle concession
contracts. At the Construction unit, there was a 5.7% increase, largely in projects for public and private
customers, which offset the completion of relevant non-residential construction projects for private
customers.
Rest of Europe and Other reported €1.295 million, showing remarkable growth of 28.2%, largely due to
higher revenues from construction contracts in Germany, Norway and Portugal, together with increased
activity in all the European countries in which Environment operates and in the integrated water cycle in
Georgia and France.
Revenue in America dropped slightly by 0.4% to €1,261.7 million, on account of the impact of the
termination of a relevant railway contract in Mexico at the Construction unit, which was partially offset
by new contracts on which work began in the US and Canada in the same unit. At the Water unit, revenue
was supported by operations launched in the USA, along with an increase in activity in Colombia in the
management of the integrated water cycle. In turn, the Environment unit maintained sustained growth in
contracts for the municipal waste collection and treatment in the USA, enhanced by the acquisition made
by the Treatment unit (Florida).
In the United Kingdom revenue experienced growth of 15.2% to €1,185.2 million, mostly at the Environment
unit, following the business acquisition carried out midway through the year, focussed on recycling
activities and recovery plants. Revenue growth was tempered by a drop in organic processing and waste
disposal activity.
The Czech Republic experienced growth of 5.2% to €435.1 million, with growth in both Water and
Environment units; this was achieved despite the negative impact of the exchange rate of the Czech
koruna (-4.4% in the period). In the Water unit, the increase was explained to a large extent by the tariff
update. The Environment area followed a similar growth path, following an improvement in sales prices.
in the Middle East, Africa and Australia, activity increased by 26.7% to €426.4 million, largely due to the
higher contribution in Saudi Arabia, due to both the Neom construction project, and the increase in activity
at Water in concessions and assets under management, accompanied by the other projects located in
North Africa and the Arabian Peninsula.

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Consolidated Group | Management Report | Page 13 of 45
2.1.4.2. Gross Operating Profit (EBITDA)
The Gross Operating Result amounted to 1,435.3 million euros, which represents an increase of 11.7%
compared to the previous year. This equates to a margin of 15.8%, slightly up year on year. This can largely
be attributed to the income recognised in the different activity areas and as a whole, it reflects a slight
increase in the weight and profitability of Concessions and Water, respectively.
By business area, the most noteworthy developments have been:
At Environment, earnings were up 13.1% to €731.6 million. This is attributable to the increase in
contribution across all geographies and activities, strengthened by the acquisitions made in the United
Kingdom, France and the United States. This effect has only been tempered by the impact of lower
energy sales prices at recovery plants and operating provisions made in the United Kingdom in the landfill
business.
Water reported €425.4 million, up 10.7% on the previous year, supported by the trend in revenues
mentioned above, which includes, in very similar proportions, the increase in the contribution of the
integrated cycle activity, thanks to tariff increases, together with the acquisition of MDS in the United
States in January.
In the Construction area, gross operating result increased by 0.2% to €169.7 million. This slight increase
can be attributed to the average margin of different projects under development in different geographic
areas, with the operating margin standing at 5.7% during the period and in line with the forecast for the
year.
The Concessions unit includes the contribution of the Parla Tram since 30 April. As a result, its EBITDA
came to €55.4 million, up by 21.2% compared to 2023, supported by the increase in registered traffic; its
operating margin thus came to 71.1% during the year.
The utilities areas at the Environment, Water and Concessions units accounted for a very significant 84.5%
of total operating income during the year.
% Revenue by geographical area
Spain
United Kingdom
Rest of Europe
Middle East, Africa and Austr
America
Czech Republic
49.3 %
4.8 %
13.9 %
4.7 %
14.2 %
13.1 %
% EBITDA by Business Area
Environment
Water
Construction
Concessions
Corporate
51.0 %
3.7 %
3.9 %
11.8 %
29.6 %

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2.1.4.3. Net Operating Profit (EBIT)
Net operating profit amounted to €725.4 million, similar to the previous year. This performance reflects, in
addition to the EBITDA mentioned above, two main effects: (i) the impact generated on the Concessions
area by the incorporation of the Parla Tram, for the sum of €41.2 million and especially (ii) the provision
of guarantees and contractual or legal obligations for €80.9 million in the Environment area in the United
Kingdom.
2.1.4.4. Earnings before Taxes (EBT) from continuing operations
Earnings before taxes from continuing operations came to €584.6 million, down 7.5% on the previous
year. This performance can be attributed, in addition to the change in operating revenues, the drop in the
contribution of profit from companies accounted for using the equity method and the increase in volume
of financial expenses associated with the investments made and the impact of the increase in interest
rates in previous years.
Thus, the performance was as follows for the various components:
2.1.4.4.1. Financial income/(expense)
Net financial income/(expense) came to €-182.1 million, compared to €-118.7 million in the previous year,
with this increase coming in response to a higher average borrowing costs amid the general rise in interest
rates.
2.1.4.4.2. Other financial profit/(loss)
This heading includes a total of €28.1 million, versus €-17.5 million in 2023. The difference is largely due to
the change in fair value of financial instruments, which had an impact of €35.2 million during this period,
compared to €-0.1 million in the previous year.
2.1.4.4.3. Profits/(losses) of companies accounted for by the equity method
Investee companies contributed a combined total of €13.2 million, compared to €42.4 million in the
previous year. The drop in contribution is largely due to the fact that the Environment unit recognised an
impairment due to the delay and increase in investment in a treatment plant in progress in the United
Kingdom, for the sum of €48.1 million. In turn, in 2023, profit of €17.7 million was recognised on the sale of
a subsidiary in the Construction area.
2.1.4.5. Profit/(loss) from discontinued operations
This heading includes the profit/(loss) corresponding to the series of companies classified as such up until
the date of completion of the financial spin-off completed during the final quarter of the year.
Profit/(loss) on discontinued operations came to €136.1 million during the period, compared to €264.1
million in 2023, down by 48.5%, largely due to the base effect on real-estate activity, which included a
positive contribution of €142.4 million in the previous year from the accounting reclassification of financial
investments to the equity method of an investee in the Real Estate Area.
2.1.4.6. Income attributable to the parent company
Attributable net income for the year reached €429.9 million, 27% down year-on-year. This performance is
largely due to what has already been discussed in relation to profit/(loss) from discontinued operations.
This is in addition to a decrease in earnings attributable to non-controlling shareholders, mostly distributed
between the Water and Environment areas, which amounted to €137.7 million compared to €153.1 million
in the previous year.

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Consolidated Group | Management Report | Page 15 of 45
2.1.5.
Balance sheet
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Intangible fixed and non-current assets
2,645.0
2,477.0
168.0
Property, plant and equipment
3,771.5
3,838.3
(66.8)
Real Estate investments
3.9
2,091.3
(2,087.4)
Investments accounted for using the equity method
520.7
1,034.3
(513.6)
Non-current financial assets
1,070.8
748.4
322.4
Deferred tax assets and other non-current assets
499.9
468.3
31.6
Non-current assets
8,511.8
10,657.6
(2,145.8)
Inventory
423.7
1,234.3
(810.6)
Trade and other receivables
3,194.2
2,957.4
236.8
Other current financial assets
256.7
260.5
(3.8)
Cash and cash equivalents
1,849.6
1,609.7
239.9
Current assets
5,724.2
6,062.0
(337.8)
TOTAL ASSETS
14,236.0
16,719.7
(2,483.7)
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Equity attributable to shareholders of the parent company
2,732.7
4,447.5
(1,714.8)
Non-controlling interests
1,003.3
1,695.0
(691.7)
Equity
3,736.0
6,142.5
(2,406.5)
Subsidies
243.4
226.6
16.8
Non-current provisions
1,085.4
1,230.6
(145.2)
Long-term financial debt
4,770.9
4,361.0
409.9
Other non-current financial liabilities
453.7
456.0
(2.3)
Deferred tax liabilities and other non-current liabilities
417.7
439.5
(21.8)
Non-current liabilities
6,971.1
6,713.8
257.3
Current provisions
275.1
159.6
115.5
Short-term financial debt
325.7
604.1
(278.4)
Other current financial liabilities
201.2
322.7
(121.5)
Trade and other payables
2,726.9
2,777.0
(50.1)
Current liabilities
3,528.9
3,863.4
(334.5)
TOTAL LIABILITIES
14,236.0
16,719.7
(2,483.7)
2.1.5.1. Property, plant and equipment, intangible assets and real estate investments
Operating fixed and non-current assets contracted by 23.6% to €6,420.4 million. This reduction can be
attributed to the exclusion of investment property and property, plant and equipment associated with
the Real Estate and Cement area following its spin-off. In the case of property, plant and equipment, the
decrease was almost entirely offset by the assets incorporated, mainly in the Environment area.

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Consolidated Group | Management Report | Page 16 of 45
2.1.5.2. Investments accounted for using the equity method
The heading of investments accounted for by the equity method came to €520.7 million, compared
to €1,034.3 million the previous year. This significant drop can be attributed to the exclusion of the
Real Estate and Cement areas as a result of the financial spin-off explained above. The breakdown of
investments by area of activity as at December 2024 is as follows:
1) 275.1 million euros for the stake in companies in the Environment area (recycling and municipal
services, mainly in Spain and the United Kingdom).
2) 143.5 million euros for the stake in transport and public infrastructure concessions, mainly in Spain,
Peru and the United Kingdom.
3) 63.7 million euros for stakes held in companies in the Water area, largely concessionary companies
that manage services abroad (North Africa, Spain and Mexico).
4) 38.4 million euros in investees in the Construction area located abroad.
2.1.5.3. Non-current financial assets
Non-current financial assets saw significant growth of 43.1% to €1,070.8 million. This increase is mainly
attributed to the acquisition and consolidation of the Urbaser Group in the United Kingdom, which has
generated a substantial increase in collection rights associated with the concession agreements in
the Environment area. This item also includes financial credits granted to third parties, deposits and
guarantees provided on a long-term basis.
2.1.5.4. Cash and cash equivalents
Cash and cash equivalents amounted to €1,849.6 million at December 2024, €239.9 million more than at
year-end the previous year. This balance can be distributed as follows:
1) In the perimeter with recourse, cash and equivalents totalled 973.5 million euros.
2) In the perimeter without recourse, cash and equivalents amounted to 876.1 million euros.
2.1.5.5. Equity
Equity at the end of the period came to €3,736 million, compared to €6,142.5 million the previous year. This
decrease was mainly attributable to the spin off of the Cement and Real Estate activities described above.
2.1.5.6. Financial debt
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Bank borrowings
2,096.8
2,710.0
(613.2)
Debt instruments and other loans
2,835.7
2,107.0
728.7
Finance lease payables
7.0
14.0
(7.0)
Other financial liabilities
157.1
134.1
23.0
Gross Financial Debt
5,096.6
4,965.1
131.5
Treasury and other current financial assets
(2,106.3)
(1,865.0)
(241.3)
Net Financial Debt
2,990.4
3,100.1
(109.7)
Net financial debt with recourse
(1,061.5)
(901.7)
(159.8)
Net financial debt without recourse
4,051.9
4,001.8
50.1
The Group's gross financial debt increased by €131.5 million compared to December of the previous year,
coming to €5,096.6 million. Most of this figure, 93.6%, matured in the long term and can be distributed
between bank debt (44.4%) and capital markets (55.6%). The remaining 6.4% matures in the short term,
also distributed between bank debt and commercial paper in the Environment Area.
As regards net financial debt, this dropped by €109.7 million, to €2,990.4 million, 3.5% down on the
previous year. This reduction can be attributed to the combination of the exclusion of debts associated
with the spun-off business areas and the increase in investments made, primarily in the Environment Area.

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Consolidated Group | Management Report | Page 17 of 45

Net financial debt, without recourse in its entirely, is distributed between the Water and Environment areas,
structured as follows:
(i) the Environment area accounts for €2,263.4 million, of which three bonds issued by the area's parent
company are worth particular mention, for a nominal amount of €1,700 million, with €375.5 million
corresponding to the activity and acquisition made in the United Kingdom and €99.5 million to investments
in the USA; (ii) the Water area is responsible for €1,788.5 million, mainly in the form of a long-term
syndicated loan for the sum of €1,100 million, a corporate bond in relation to the area's parent company for
a nominal amount of €650 million and another bond affecting its subsidiary in Georgia for the amount of
$300 million.
As a result, the Group's parent company had a net cash position with recourse of €1,061.5 million at the
end of the year.
2.1.5.7. Other current and non-current financial liabilities
The other current and non-current financial liabilities heading totals 654.9 million euros at the end of the
business year. The balance mainly includes the item suppliers of fixed and non-current assets for operating
leases, amounting to 461.9 million euros. It also includes other liabilities that are not financial liabilities,
such as those associated with hedging derivatives, suppliers of fixed and non-current assets, guarantees
and deposits received.
2.1.6. Cash flows
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Gross Operating Profit (EBITDA)
1,435.3
1,285.2
11.7%
(Increase)/decrease in working capital
(176.9)
(701.8)
-74.8%
Corporation tax (paid)/received
(198.7)
(97.3)
104.2%
Other operating cash flow
218.2
299.3
-27.1%
Operating cash flow
1,277.9
785.4
62.7%
Investment payments
(1,608.0)
(864.8)
85.9%
Divestment receipts
53.6
35.8
49.7%
Other investment cash flows
259.0
(133.4)
n/a
Investment cash flow
(1,295.4)
(962.4)
34.6%
Interest paid
(205.3)
(149.4)
37.4%
(Payment)/receipt of financial liabilities
579.8
(71.7)
n/a
Other financing cash flow
(139.8)
431.4
-132.4%
Financing cash flow
234.7
210.3
11.6%
Exchange differences, change in consolidation scope, etc.
22.6
1.0
n/a
Increase/(decrease) in cash and cash equivalents
239.9
34.2
n/a
2.1.6.1. Operating cash flow
The operating cash flow generated in the year amounted to €1,277.9 million, €492.5 million up on the
previous year. This can mainly be attributed to a drop in investment in operating working capital, mainly in
the Construction area and to a lesser extent in the Environment area, which entailed the use of funds of
€176.9 million, compared to €701.8 million the previous year.
“Collections/(payment) of corporation tax” features an outflow of €198.7 million, €101.4 million up on
2023, a year in which a positive adjustment to corporate tax corresponding to 2022 was made, in addition
to a higher amount payable in the Construction area this year.
Breakdown of Net Financial Debt without recourse by Business Area
Environment
Water
55.9 %
44.1 %

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In turn, “Other operating cash flows” has an inflow of €218.2 million and includes operating cash generated
up to October from the two areas of spun off activity (Real Estate and Cement).
2.1.6.2. Investment cash flow
Investment cash flow increased significantly in 2024, with a total use of €1,295.4 million, 34.6% up on the
previous year. Investment payments increased to €1,608 million. This growth can mainly be attributed to
the Environment area, with a particular emphasis on the purchase of Urbaser UK (€265.1 million), ESG in
France (€107.4 million) and Gel Recycling in the USA (€29.5 million). Also worth note is the acquisition of
MDS in Texas, USA by the Water Area for the sum of
€81.9 million. Other investment flows feature an inflow of €259 million compared to an outflow of €133.4
million the previous year, with the inflow of liquidity from companies acquired during the period (UK
Urbaser, GEL Recycling, ESG and Tranvía de Parla), as well as the impact on cash of the dissolution of
balances held with the areas of activity financially spun off.
During this period, as was the case in the previous year, there were no significant divestments.
The breakdown of net investments by business area, excluding other cash flows from investment
activities, in terms of payments and collections, is as follows:
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Environment
(1,022.8)
(531.8)
(491.0)
Water
(311.1)
(241.6)
(69.5)
Construction
(51.5)
(47.1)
(4.4)
Concessions
168.3
86.3
82.0
Corporate serv. & adjustments
(169.0)
(8.5)
(160.5)
Net investments (Payments - Collections)
(1,554.4)
(829.0)
(725.4)
2.1.6.3. Financing cash flow
The financing cash flow features an inflow of €234.7 million, 11.6% up on the previous year. “Interest
payment” includes an outflow of €205.3 million, compared to €149.4 million the previous year, due to an
increase financing costs and distributed between the Environment and Water Areas. “Proceeds from/
(payments on) financial liabilities” features an inflow of €579.8 million compared to the outflow of €71.7
million in the previous year, with the issue of a bond in the Environment Area for €600 million euros and
another in Georgia, in the Water Area, for $300 million worth particular mention.
“Other financing flows” contains an outflow of €139.8 million in this business year, which mainly includes
dividend payments to shareholders for the sum of €121.8 million. In 2023, the most relevant events
included in this heading included, the sale of a minority holding in the parent company of the Environment
Area, for the sum of €965 million and, in the opposite direction, the payment for the takeover bid made
by the parent of the Group for 4.502% of its capital stock, with an outflow of €257 million, combined with
other capital acquisitions in subsidiaries for more than €117 million.
2.1.6.4 Change in cash and cash equivalents
As a result of the evolution of the different cash flow components, the FCC Group's treasury position
closed the 2024 financial year with an increase of €239.9 million, to a balance of €1,849.6 million.
2.1.7. Analysis by business area
2.1.7.1. Environment
The Environment area contributed 51% of the Group's EBITDA in the 2024 business year. Around 82% of its
activity focused on the provision of essential waste collection, treatment and disposal services, as well as
street cleaning. The remaining 18% corresponded to other types of urban environmental activities, such as
the conservation of green areas or sewage systems.
In Spain it provides services in more than 3,700 municipalities and serves a population of more than 33
million inhabitants. It is worth mentioning the important weight of the urban waste management and
street cleaning services. In the UK, it focuses on urban waste treatment, recovery and disposal activities
and serves more than 16 million people. In central Europe, mainly Austria and the Czech Republic, it is
present throughout the entire waste management chain (collection, treatment and disposal). The activity
in the US is carried out both in the collection and in the comprehensive recovery of urban waste and serves
more than 11 million inhabitants. The FCC Group has been running its environmental business for more
than 120 years, serving almost 71 million people across 5,400 municipalities around the world.

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2.1.7.1.1. Earnings
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Turnover
4,346.3
3,853.2
12.8%
Waste collection and street cleaning
2,122.9
1,938.6
9.5%
Waste processing
1,441.3
1,142.6
26.1%
Other services
782.1
772.0
1.3%
EBITDA
731.6
646.7
13.1%
EBITDA margin
16.8%
16.8%
0.0 p.p
EBIT
243.4
334.1
-27.1%
EBIT margin
5.6%
8.7%
-3.1 p.p
Revenues at the Environment Area increased by 12.8% to €4,346.3 million. Waste collection and street
cleaning activities recognised income of €2,122.9 million, up by 9.5%, due in particular to the increase
in contribution in Spain and new contracts added in France following the purchase of ESG's operating
subsidiaries and in the USA. Waste treatment activity saw significant growth of 26.1% to €1,441.3 million,
attributable to the increase in the contribution of treatment plants in Spain and the consolidation of UK
Urbaser contracts in the United Kingdom, following its purchase last June. Other services remained at
similar levels to the previous year.
Breakdown of revenue by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
2,291.3
2,086.3
9.8%
United Kingdom
923.6
778.7
18.6%
Central Europe
654.5
607.0
7.8%
United States
384.1
351.5
9.3%
France and Portugal
92.8
29.7
n/a
Total
4,346.3
3,853.2
12.8%
By geographical areas, turnover in Spain grew by 9.8% year-on-year, to €2,291.3 million. This positive
performance can mainly be attributed to the incorporation of new contracts for waste collection and street
cleaning activities, as well as progress made with the construction of the waste treatment plants in Las
Calandrias, Jerez de la Frontera, and Valladolid. There was also an increase in the contribution made by the
environmental complex in Loeches, Madrid.
In the United Kingdom, revenues grew by 18.6% to €923.6 million, driven by the consolidation of UK
Urbaser and the increase in recycling activity, which have offset the decrease in the collection of the landfill
tax. Recovery activity remained at similar levels to the previous year.
In Central Europe, revenues increased by 7.8% to €654.5 million, with a strong performance in all
geographies in which the area operates, with greatest growth in the Czech Republic, on account of the
increase in prices for municipal collection and secondary materials, followed by Poland on account of the
improvement in municipal collection.
Lastly, revenue in the United States came to €384.1 million, 9.3% up on the previous year, with new
residential waste collection contracts performing well, mainly in Florida; this was in addition to the
contribution of Gel Recycling Holdings, a company dedicated to the management of recyclable materials in
central Florida and acquired at the end of May.
Finally, sales in France and Portugal came to €92.8 million compared to €29.7 million the previous year.
This significant increase can mainly be attributed to the consolidation of ESG in France, which was
acquired last August. Although to a lesser extent, Portugal also contributed positively during the year.
Breakdown of revenue by geographical area
Spain
United Kingdom
Central Europe
US
France and Portugal
52.7 %
2.1 %
8.8 %
15.1 %
21.3 %

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Gross operating earnings (EBITDA) increased by 13.1% to €731.6 million, on account of the increase in
revenues in all geographies; worth particular mention was the improvement in treatment activity in Spain
and the contributions made by new contracts in the United Kingdom, France and the USA. This positive
result was tempered by the provisions set aside for the sum of €10.9 million relating to a claim of the
landfill tax collected on behalf of the public authorities in the United Kingdom. As a result, the operating
margin stood at 16.8%, the same as the previous year.
Net operating result (EBIT) was down 27.1% compared to the previous year, to €243.4 million, on account
of the increase in the provision for the depreciation of the largest items of PP&E in operation and linked to
acquisitions made during the period in addition to the increase in provisions made in the United Kingdom.
Breakdown of backlog by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
8,501.3
8,390.6
1.3%
International
5,609.1
4,937.8
13.6%
Total
14,110.4
13,328.4
5.9%
At the end of the year, the backlog amounted to €14,110.4 million, 5.9% up on December 2023. The
international area experienced greatest growth, up by 13.6% to €5,609.1 million, both on account of the
new contracts incorporated following the acquisition of Urbaser UK, the acquisition in France and the new
contracts in the USA. Spain, which accounts for 60.2% of the total backlog, maintained similar levels to the
previous year, coming to €8,501.3 million.
2.1.7.1.2. Financial Debt
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Net Financial Debt
2,263.4
1,424.7
838.7
Net financial debt increased by €838.7 million compared to December 2023 to €2,263.4 million. During
the year, a bond was issued by the parent company of the area for €600 million to strengthen and orient
the financing structure for the increased investment in acquisitions and new contracts obtained, mainly in
the international area.
2.1.7.2. Water
The Water area contributed 29.6% of FCC Group's EBITDA in the year. 92% of its activity is focused on
public service concession and asset management related to the end-to-end water cycle (collection,
treatment, storage, distribution and recovery) and the operation and maintenance of different types of
water infrastructures; the remaining 8% corresponds to Technology and Networks, which is responsible
for the design, engineering and equipment of hydraulic infrastructures, related in the large part to the
development of new concessions and maintenance and improvement works for operations.
In Spain, the area serves more than 13 million inhabitants. In Central and Eastern Europe, it is mainly
present in the Czech Republic and Georgia, serving close to 3 million users across the two countries; in
other EU countries, its presence in France, Italy and Portugal is worth particular mention. In Latin America,
the Middle East, and Africa its activity centres on the design, equipping, and operation of hydraulic
infrastructures and processing plants. Overall, the Water area provides supply and/or sanitation services to
more than 45 million inhabitants.
2.1.7.2.1. Earnings
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Turnover
1,674.7
1,487.4
12.6%
Cycle Management and Services
1,540.0
1,343.7
14.6%
Technology and Networks
134.7
143.7
-6.3%
EBITDA
425.4
384.3
10.7%
EBITDA margin
25.4%
25.8%
-0.4 p.p
EBIT
242.2
216.3
12.0%
EBIT margin
14.5%
14.5%
0.0 p.p
Revenue at the end of the year increased by 12.6% year on year to €1,674.7 million. Starting in January,
the contribution made by the consolidation of American company MDS based in Houston (Texas) in
Management activity to the comprehensive cycle and Services is worth particular mention, as is the
important tariff updates as regards operations in Georgia and the Czech Republic. There was a decline of
6.3% in Technology and Networks activity due to lower activity in Spain.

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A2
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Consolidated Group | Management Report | Page 21 of 45
Breakdown of revenue by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
944.3
919.2
2.7%
Central and Eastern Europe
254.8
232.7
9.5%
America
195.8
91.4
114.2%
Middle East and Africa
167.6
134.6
24.5%
Rest of Europe (France, Portugal and Italy)
112.2
109.5
2.5%
Total
1,674.7
1,487.4
12.6%
By geographical area, revenues in Spain increased by 2.7% to €944.3 million, catalysed mainly by
the increase in tariffs and the slight growth in consumption in integrated cycle activity. However, the
restrictions imposed as a result of the drought in Catalonia and Andalusia, as well as the drop in
Technology and Networks works on account of the investment plans associated with concession
agreements, have tempered this growth.
In Central and Eastern Europe, sales increased by 9.5% to €254.8 million, largely on account of the
significant increase in tariffs in the integrated cycle management in the Czech Republic and Georgia,
despite the unfavourable exchange rate performance of the Czech crown and the Georgian lari during
the period (-4.4% and -3.7%, respectively). Technology and Networks activity performed in the opposite
direction following the completion of the WWTP project in Glina, Romania.
Revenues in the rest of Europe increased by 2.5% to €112.2 million, catalysed by new contracts in
France and tariff increases in Portugal. These results offset the fall in consumption in Italy as a result of
restrictions imposed no account of the severe drought and drop in infrastructure work at the concession in
Caltanissetta, Sicily.
In America, revenue grew significantly, to €195.8 million, €104.4 million up on the previous year, mainly
due to the contribution made by the acquisition of MDS in Texas in January. Added to this is the greater
contribution of integrated cycle contracts in Colombia. Technology and Networks activity also experienced
growth, thanks to the construction of water infrastructure in Mexico.
In the Middle East and Africa, turnover increased by 24.5% to €167.6 million, due to increased activity in
the two regional contracts (“Cluster”) in Saudi Arabia, in addition to an increase in the contribution by the
Mostaganem plant in Algeria as a result of the tariff update. In addition, Technology and Networks activity
performed positively as a result of the actions performed as part of the regional contracts in Saudi Arabia
mentioned above, which have offset the completion of works on the Riyadh Metro.

Gross operating earnings (EBITDA) experienced growth of 10.7% to €425.4 million, as a result of the
aforementioned growth in revenue, thanks to tariff increases and the incorporation of new contracts. As a
result, the operating margin stood at 25.4%, compared to 25.8% the previous year.
EBIT increased by 12% to reach €242.2 million, due to the trend in gross operating profit mentioned earlier.
Breakdown of backlog by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
6,495.4
6,860.6
-5.3%
International
16,069.6
14,870.1
8.1%
Total
22,565.0
21,730.7
3.8%
The backlog at the end of June amounted to €22.565 million, up 3.8% on December 2023. The
international backlog gained 8.1% to €16,069.6 million, following the incorporation of the revenue backlog
associated with MDS in the United States, the new contracts in France and the consolidated tariff updates
in Georgia and the Czech Republic. The foregoing has served to offset the 5.3% drop in Spain.
Breakdown of revenue by geographical area
Spain
Middle East, Africa and Othe
Central and Eastern Europe
America
Rest of Europe
56.4 %
6.7 %
11.7 %
15.2 %
10 %

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Ethical governance
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FCC in 2024
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Financial
Statements
A2
Sustainability
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Consolidated Group | Management Report | Page 22 of 45
2.1.7.2.2. Financial Debt
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Net Financial Debt
1,788.5
1,665.8
122.7
Net financial debt was up €122.7 million on December of the previous year, to reach €1,788.5 million, due
to higher payments on investments, in particular the acquisition of MDS in the USA.
2.1.7.3. Construction
Construction activity contributed 11.8% to the Group's consolidated EBITDA during the period. Its activity is
focused on the implementation of large-scale projects in the civil, industrial and construction sectors. The
Area maintains a selective presence in more than 20 countries and its project backlog is noteworthy on
account of its essential infrastructures such as railways, tunnels, bridges and motorways.
(million euros)
Dic. 24
Dic. 23
Var. (%)
Turnover
2,991.3
2,823.1
6.0%
EBITDA
169.7
169.4
0.2%
EBITDA margin
5.7%
6.0%
-0.3 p.p
EBIT
123.3
118.4
4.1%
EBIT margin
4.1%
4.2%
-0.1 p.p
During the year, revenue in this area increased by 6% to €2,991.3 million, due to work commencing on new
projects awarded during the last year, including industrial projects for development of renewable energy
and gas, and other major international railway and highway infrastructure projects.
Breakdown of revenue by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
1,171.1
1,108.1
5.7%
Rest of Europe
882.8
695.1
27.0%
America
677.8
819.3
-17.3%
Middle East, Africa and Australia
259.6
200.6
29.4%
Total
2,991.3
2,823.1
6.0%
In terms of geographical areas, turnover in Spain increased by 5.7%, to €1,171.1 million, with good
progress in all work in progress, particularly railways, such as the high-speed project in Totana, and the
start-up of new works, notably solar facilities in Guillena (Seville), which offset the reduction in turnover
following completion of work on Madrid's Santiago Bernabéu Stadium.
In the Rest of Europe, turnover increased by 27% to €882.8 million, mainly due to the further progress
made in building motorways in the United Kingdom, the Netherlands and Romania.
In America, turnover was down 17.3% on the previous year to reach €677.8 million, mainly due to
completion of the Maya Train project in Mexico, which was not fully offset despite the increasing
contribution of railway works in Toronto (Canada) and Pennsylvania (United States).
There was an 29.4% increase in revenue in the Middle East, Africa and Australia to €259.6 million, due
in large part to the increased contribution of the Neom project in Saudi Arabia, progress with which has
comfortably offset the almost completion of the Riyadh Metro project.

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2
Ethical governance
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3
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FCC in 2024
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Statements
A2
Sustainability
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Consolidated Group | Management Report | Page 23 of 45

Gross operating earnings increased by 0.2% to €169.7 million, with an operating margin of 5.7% compared
to 6% the previous year. This can mainly be attributed to a change in the composition of the project
backlog, in line with plans for the year.
Net operating profit was up by 4.1% year on year to €123.3 million. The margin remained stable and in line
with the previous year, performing similarly throughout the year.
Breakdown of backlog by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
2,12.3
2,386.1
1.1%
International
3,956.1
4,039.8
-2.1%
Total
6,368.4
6,425.9
-0.9%
The revenue backlog experienced a slight drop compared to December 2023, coming to €6,368.4 million.
International activity experienced a drop of 2.1% to €3,956 million, despite noteworthy major projects
such as GNL Stade (Germany) and the construction of social housing in Australia (Queensland). In turn,
the backlog in Spain grew by 1.1% following the completion of certain major works. However, it should be
noted that the international backlog includes the design phase and preliminary study in some projects,
meaning that contracting during the construction phase would add a considerable amount to the balance
recognised at year-end.
Breakdown of the Backlog by Activity Segment
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Civil engineering works
4,561.1
5,112.4
-10.8%
Building
1,034.4
656.9
57.5%
Industrial Projects
772.9
656.6
17.7%
Total
6,368.4
6,425.9
-0.9%
By type of activity, civil engineering maintained its importance at year-end, accounting for 71.6% of the
total backlog, mainly in the form of large public contracts in certain selective markets in Europe, America
and the Middle East. Building and industrial projects, although relevant, account for a smaller proportion.
2.1.7.4. Concessions
The Concessions area contributed 3.9% to the Group's EBITDA in 2024. Its activity is focussed on the
development, operation and maintenance of infrastructure, mainly transport and other facilities. At 31
December, the parent company of the area, FCC Concesiones, held a total of 14 concessions in varying
degrees of participation (5 under global consolidation).
2.1.7.4.1. Earnings
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Turnover
77.8
61.6
26.3%
EBITDA
55.4
45.7
21.2%
EBITDA margin
71.2%
74.2%
-3.0 p.p
EBIT
79.3
95.0
-16.5%
EBIT margin
101.9%
154.2%
-52.3 p.p
Breakdown of revenue by geographical area
Spain
Middle East, Africa and Australia
Europe
America
39.2 %
22.7 %
29.5 %
8.69 %

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Consolidated Group | Management Report | Page 24 of 45
Revenue in the area saw significant growth of 26.3% to €77.8 million during the period. This increase can
mainly be attributed to the rise in road and rail traffic, which boosted the revenue recognised by Auconsa
and Tranvía de Murcia. The entry into consolidation of the Tranvía de Parla concession, following the
acquisition of all of its capital in the second quarter of the year, has shored up this trend.
Breakdown of revenue by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
70.6
57.7
22.4%
Mexico and Others
7.2
3.9
84.6%
Total
77.8
61.6
26.3%
By geographical area, most revenue is concentrated in Spain, amounting to €70.6 million, 22.4% up on
the previous year. The biggest contribution can be attributed to the Conquense motorway and the Murcia
tramway. The concession in Cotuco, in Mexico, remained particularly stable compared to the previous year,
despite the depreciation of the Mexican peso during the period (-3.28%).

Gross operating profit amounted to €55.4 million, up 21.2% on the same period of the previous year. The
operating margin stood at 71.2% during the period.
In turn, net operating profit came to €79.3 million, 16.5% down on the previous year, although higher than
EBITDA given that, in both years, “Other operating income” included the positive impact of changes in the
consolidation perimeter of the area of miscellaneous concessions, as was the case of the Tranvía de Parla,
with profit of €41.2 million.
2.1.7.4.2.Financial Debt
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Net financial debt
0.0
74.3
(74.3)
Net financial debt fell to zero in 2024. This can be attributed to the fact that in December, several
capital and debt repayment operations were performed with a view to reorganising and strengthening
the structure and financial capacity of the concession holders and the parent company of the area,
FCC Concesiones.
2.2. Business performance. Environment
The information relating to the FCC Group's environmental policy is set out in greater detail in note 29 and
30 to the consolidated financial statements and in the Non-Financial Information Statement.
The FCC Group carries out its activities on the basis of business commitment and responsibility,
compliance with applicable legal requirements, respect for the relationship with its stakeholders and its
ambition to generate wealth and social well-being.
Aware of the importance for the Group of preserving the environment and the responsible use of available
resources, and in line with the vocation of service through activities with a clear environmental focus,
the Group promotes and encourages the following principles throughout the organisation, on which the
contribution to sustainable development is based:
• Continuous improvement: Promote environmental excellence by establishing objectives for the
continuous improvement of performance, minimising the negative impacts of the Group's processes,
products and services, and enhancing the positive impacts on its areas of activity.
• Monitoring and control: establish environmental indicator management systems for the operational
control of processes, which provide the necessary knowledge for monitoring, assessment, decision-
making and communication of the Group's environmental performance and compliance with the
commitments undertaken.
Breakdown of revenue by geographical area
Spain
Mexico and Othe
90.7 %
9.3 %

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2
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Consolidated Group | Management Report | Page 25 of 45
• Climate change and pollution prevention: Lead the fight against climate change through the
implementation of processes with lower greenhouse gas emissions, and by promoting energy
efficiency and renewable energies. Prevent pollution and protect the environment through responsible
management and consumption of natural resources, and also by minimising the impact of emissions,
discharges and waste generated and managed by the Group's activities.
• Observation of the environment and innovation: Identify the risks and opportunities of the activities in
the face of the changing natural environment in order, among other things, to drive innovation and the
application of new technologies, and also to generate synergies between the Group's various activities.
• Life cycle of products and services: enhancing environmental considerations in business planning,
procurement of materials and equipment, and relations with suppliers and contractors.
• The necessary participation of all parties: promote the knowledge and application of environmental
principles among employees and other stakeholders. Share experience in the most excellent practices
with the different agents in order to promote alternative solutions to those currently in place, which
contribute to the achievement of a sustainable environment.
2.3. Business performance. Personnel
Attached is a breakdown of the Group's headcount at the end of the year, by business area:
Areas
Spain
Abroad
Total
%s/Total
2024
Environment
37,390
12,842
50,232
70.4%
Water Management
7,079
6,961
14,040
19.7%
Construction
4,228
2,394
6,622
9.3%
Concessions
173
0
173
0.2%
Central Services
302
2
304
0.4%
TOTAL
49,172
22,199
71,371
100.0%
3. Liquidity and capital resources
Liquidity
In order to optimise its financial position, the Group maintains a proactive liquidity management policy with
daily cash monitoring and forecasts.
The Group covers its liquidity needs through the cash flows generated by the businesses and through the
financial agreements reached.
In order to improve the Group's liquidity position, active collection management is carried out with
customers to ensure that they meet their payment commitments.
To ensure liquidity and meet all payment commitments arising from the business, the Group has cash
flows as shown in the balance sheet (see note 17 to the consolidated financial statements) and detailed
financing (see note 20 to the consolidated financial statements).
Note 30 to the consolidated financial statements sets forth the policy implemented by the Group to
manage liquidity risk and the factors mitigating said risk.
Capital resources
The Group manages its capital to ensure that its member companies will be able to continue as profitable
and solvent businesses.
As part of its capital management operations, the Group obtains financing through a wide range of
financial products.
In 2019, FCC Servicios Medioambiente Holding, S.A. completed the issue of two simple bonds worth a
total of 1,100 million euros, as FCC Aqualia, S.A. did back in 2017. In December 2023 the 600 million euro
bond of FCC Servicios Medioambiente Holding, S.A. was repaid with the proceeds obtained from the issue
of a new bond for the same amount, and in October 2024 the company completed the issue of a new bond
worth 600 million euros.
In November 2018, FCC, S.A. registered a 300 million euros promissory notes programme, which was
subsequently expanded to 600 million euros in March 2019. Since then, new funding facilities were also
arranged in the form of credit facilities. In 2020, FCC Servicios Medioambiente Holding, S.A. registered a
promissory note programme which it renewed annually for an amount of up to €400 million; it also has
financing facilities in the form of credit facilities and bilateral loans.

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
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Furthermore, in June 2022 FCC Aqualia, S.A. took out a syndicated loan for the amount of €1.1 billion, the
main purpose of which was to refinance part of the bonds issued in 2017 maturing in 2022 and the early
repayment of the bond that the Georgia Global Utilities Group had on the takeover date (Note 4 to the
consolidated financial statements).
These operations have helped to continue to shore up the financial solvency process and the continuation
of the policy of diversifying funding sources. These measures have contributed to achieving a much more
robust and efficient capital structure, with suitable volumes, terms and financing costs adapted to the
nature of the different business areas.
In order to optimise the cost of capital resources, the Group maintains an active policy of interest rate risk
management, constantly monitoring the market and taking different positions depending mainly on the
assets financed.
The performance of interest rates in recent years is shown below.
As can be seen from the graph above, in 2022 the Secured Overnight Financing Rate (SOFR) and the
Sterling Overnight Index Average (SONIA) replaced the LIBOR in dollars and LIBOR in pounds sterling,
respectively.
This section is discussed in greater detail in note 30 to the consolidated financial statements.
4. Major risks and uncertainties
4.1. Risk Management Policy and System
The FCC Group's Risk Management Model is designed with the aim of identifying, analysing and assessing
the potential risks that could affect the different areas of the Group, as well as establishing mechanisms
integrated into the organisation's processes that allow risks to be managed within accepted levels,
providing the Board of Directors and senior management with reasonable security in relation to the
achievement of the main objectives defined. This Model applies to all FCC Group companies, as well as
to those affiliates where FCC has effective control, promoting the development of work frameworks that
enable suitable risk control and management in those companies where effective control is not available.
This model is mainly based on the integration of the risk-opportunity vision and the assignment of
responsibilities, which, together with the segregation of functions, favour the monitoring and control of
risks, consolidating an adequate control environment.
The activities included in the FCC Group's Risk Management Model include the identification and
classification of risks depending on their type, their assessment, in terms of impact and probability of
occurrence, the application of prevention and control activities to mitigate the effect of these risks and
the establishment of reporting flows and communication mechanisms at different levels, which enable
decision-making as well as their review and continuous improvement.
The risk management duties and responsibilities at the different levels of the organisation are detailed in
section E on the Risk Management and Control System of the Annual Corporate Governance Report.
4.2. Major risks and uncertainties
The FCC Group is exposed to various risk factors inherent to both the nature of its activities and the risks
related to environmental, economic, social and geopolitical upgrades in the different countries in which
it carries out these activities and to the risks arising from its relations with third parties, including the
risks arising from the non-exhaustive application of the principles of ethics and compliance set out in its
regulations. Many of these risk factors are strongly interconnected and could potentially affect both the
achievement of business objectives and the image and reputation of the FCC Group.
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
6.00%
Dec20 Dec21 Dec22
Dec19
Mar23 Jun23 Sep23 Dec23 Jan24 Feb24 Mar24 Apr24 May24 Jun24 Jul24 Aug24 Sep24 Oct24 Nov24 Dec24
EURIB 6M
GBP-LIBOR 6M
USD-LIBOR 6M
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A breakdown of the main risks related to strategic, environmental, social, operational and compliance
issues that could affect the Group's activities, as well as a description of the systems used to manage
and monitor them, can be found in section E of the Annual Corporate Governance Report, as well as in
the sections on Environmental, Social and Governance Information and in Appendix I of the Non-Financial
Statement.
With regard to financial risks, which are considered to be the changes in the financial instruments arranged
by the FCC Group due to political, market and other factors, and their repercussions on the financial
statements, the risk management philosophy is consistent with the business strategy, seeking maximum
efficiency and solvency at all times. To this end, strict financial risk control and management criteria have
been established, consisting of identifying, measuring, analysing and controlling the risks incurred by
the Group's operations, with the risk policy being correctly integrated into the Group's organisation. The
financial risks to which the Group is exposed are discussed in greater detail in Note 30 to the consolidated
financial statements, in section E of the Annual Corporate Governance Report.
5. Acquisition and disposal of own shares
At 31 December 2024, Fomento de Construcciones y Contratas, S.A. held 46,910 treasury shares.
There were no acquisitions or disposals of treasury shares during the year, except for those arising from
the capital increase relating to the scrip issue, as disclosed in Note 18 of the consolidated annual report.
6. Significant events occurring after
the end of the year
Subsequent to the closing date of these financial statements, in February 2025 to be precise, the Spanish
tax authorities issued assessments for corporate income tax to the companies of the tax group headed
up by Fomento de Construcciones y Contratas, S.A. in respect of the years 2018 to 2020. It likewise
issued assessments for VAT and withholdings for employment income and professional income for
the period running from April 2019 to December 2020 for the companies Fomento de Construcciones y
Contratas S.A., FCC Construcción S.A., FCC Medio Ambiente S.A. and FCC Industrial e Infraestructuras
Energéticas S.A. The accounting impact of the aforementioned inspections, being a event that has taken
place after the reporting period but which shows conditions existing at year-end, has been recognised in
these financial statements in accordance with prevailing accounting regulations (Note 24).
7. Outlook
The outlook for the performance of the Group's main business areas in 2024 is given below.
Environmental Services
In the countries where the Environmental Services Area operates, the sector is undergoing a process of
transformation, mainly due to the environmental requirements of each country derived from the European
Directives (new opportunities based on the ambitious objectives set by the European Union in relation to
the circular economy and climate change). The new services will focus on energy efficiency, urban mobility
and smart cities.
Spain
In Spain, moderate growth is expected based on the implementation of new contracts, competing in all
tenders that may be of interest due to their strategy and/or attractiveness.
With regard to the waste collection and street cleaning activity, it is expected to maintain the current rate of
contract renewal above 90% and the rate of new contracts at around 20%, with growth in activity based on
obligation to apply current legislation on waste in municipalities with smaller populations.
In relation to waste treatment, the opportunities that may be generated by the new Waste Master Plans of
the different regional governments will be harnessed.
In relation to industrial waste activity, the aim is to diversify into other types of processing in addition to
those currently being developed and expand the portfolio of services to large clients.
Europe
In Portugal, business opportunities related to processing industrial waste and the disposal of municipal
waste is worth particular mention.
Consideration shall be given to any growth opportunities (including inorganic growth), especially if they can
add value to the Group.
Strategic actions in France will focus on growing the core activities of waste collection and street cleaning,
while also tapping any opportunities that arise in relation to waste incineration.

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In the United Kingdom, on a macroeconomic scale, the economy is expected to grow moderately
throughout 2025, with growth expected to reach 1.5% according to the Bank of England, somewhat higher
than the 1.0% in 2024. Meanwhile, inflation (CPI) is expected to hit 2.5% in 2025, which is not far off the
government’s target of 2.0%. Consequently, the market expects the pound sterling interest rate to decline
in 2025, ultimately closing out the year between 3.75% and 4.00%.
On the environmental side, the UK Government has set a number of recycling targets with the aim of
achieving the transition to a circular economy:
1. Reduce the residual waste fraction to no more than 287 kg per person to be achieved by 2042, a 50%
reduction from 2019 levels.
2. Increase the quality of recyclable material by increasing the separation of materials at source.
3. Implement the Deposit Return Scheme with a target date of October 2027, which will require regulatory
approval in 2025, as well as the deployment of the infrastructure and organisation needed to make it
happen.
When it comes to tax measures, the “Plastic Tax” was introduced in 2022 for packaging with less than 30%
recycled content, and an emissions tax has been announced for 2028, which would affect the Energy from
Waste (EfW) sector. FCC continues to pursue its policy of offering a wide range of waste treatment and
recycling services, both at municipal and commercial and industrial levels.
In June 2024, the FCC Servicios Medio Ambiente Group completed the purchase of the Urbaser business
in the United Kingdom. This acquisition cements the company’s status as one of the country’s leading
waste management operators. The acquisition of Urbaser’s UK business will enable it to broaden its
product and service offering and enhance the value proposition for its clients. UK subsidiary Urbaser has
composting, material recovery, energy recovery and disposal facilities in the United Kingdom, as well as
domestic recycling centres. It also provides municipal waste collection, recycling centre management and
street cleaning services.
In Central and Eastern Europe, moderate GDP growth is expected, although it will be more subdued in
Austria, Slovakia and Hungary, which are taking longer to recover from the economic slowdown that took
place in 2024. In 2025, inflation will remain at levels substantially similar to those seen in 2024. Therefore,
further emphasis will be placed on increasing energy efficiency in treatment processes, cost reduction,
optimisation of routes and processes, and rapid adjustment of tariffs with clients. Gas and electricity
prices will remain on a par with the levels seen in 2024 and the sale of electricity at the Zistersdorf plant
will take place at market prices, when in 2024 two thirds of sales were hedged with futures at up to four
times the market value. This will limit and reduce margins at the Zistersdorf incinerator.
Recycling prices are expected to remain stable and very close to those observed in 2024; a portfolio of
soil decontamination projects (solidification and biodegradation) in the Czech Republic and Slovakia very
similar to that of the previous year following the award of various new contracts; greater importance of
treatment due to legislative changes in several countries where FCC has already made (or has begun
to make) the necessary investments to be able to face them; and an increase in rates in practically all
commercial activities thanks to contractual flexibility (short duration for industrial clients) or to the price
clauses included in municipal contracts (normally also of short duration so prices can also be easily
negotiated).
The mid-term strategy is inexorably undergoing a change in the business model in the Czech Republic and
Slovakia mainly, towards further treatment and development of energy recovery technology using waste
(incineration and fuel generation) given that the legal situation (prohibition of landfills or taxes on landfills)
has already been defined and this transition is essential to maintaining the competitiveness and market
share. Austria is a mature and developed market and in Poland there is already a ban on untreated waste
going to landfill. Other essential strategic objectives include the need to improve both the quality and
quantity of reusable raw materials so as to meet the ambitious objectives of the European Union (Circular
Economy). This will be achieved by investing in selective collection and automatic sorting facilities, while
also diversifying the business model in niche segments such as the management and treatment of
hazardous wastes.
In the United States, FCC launched its North American Energy Recovery business line in 2024, building on
its extensive global experience with more than 15 operational energy recovery facilities worldwide. The
company sees significant growth potential in the United States, where these facilities happen to play a
crucial role in sustainable waste management by reducing reliance on landfills and generating renewable
energy. It currently operates more than 76 energy recovery plants, most of them built in the 1980s and
1990s. These obsolete facilities are an opportunity for FCC to modernise its infrastructure and lead the
market by embracing innovative technologies. FCC’s patented technologies and operational experience
stand the company in good stead to design and develop highly efficient and environmentally friendly
facilities that cater to growing regulatory and sustainability demands.
In 2025, FCC will focus on expanding this business line by actively pursuing refurbishment projects and
developments from the ground up. Key regions identified for these initiatives include the counties of
Miami-Dade, Pinellas, Hillsborough, Broward and Palm Beach.

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The strategic focus for 2025 includes:
• Expanding the energy recovery business.
• Improving vertical integration by bringing in energy recovery facilities and processing contracts.
• Seeking out acquisitions that are aligned with FCC’s long-term growth objectives.
FCC has begun to promote mechanical biological treatment plants in the United States, in line with new
regulations that are beginning to make it mandatory in some statuses to minimise waste sent for landfill
disposal. The Group's extensive experience at an international level will bring considerable development
in this business for FCC, which has a clearly differentiating experience in this technology compared to its
usual competitors in the country. During mid-2022, the first contract of this type was launched in Placer
County (California), renovating and operating facilities where 650,000 tonnes will be treated per year,
pursuant to the new and more restrictive environmental regulations in force in California. Throughout
2023, these operations have been consolidated, while the final handover of the facilities is scheduled for
December 2024 and we believe that this will shake-up the market once they are fully operational.
Water
The outlook for 2025 is for the recovery to take hold and for the situation to return to pre-pandemic levels
of activity in relation to non-residential consumption. The plan is also to commission the Mar de Alborán
SWDP. This situation will be aided by the new contracts added in Colombia, France and the United States.
We expect to see a continuation of the high contract roll-over rates that Aqualia has historically seen upon
contract expiry (above 90%), while electricity tariffs should stabilise on the operational front.
At the concession businesses operating in the international realm, tariff revenues will grow following a
broad increase in water and sewerage tariffs. Despite the inflationary crisis, these businesses should
maintain their EBITDA margin thanks to the water and energy efficiency measures arising from our
sustainability strategy. Meanwhile, the company's entry into the US market, following the acquisition of
a majority stake in MDS, raises expectations for new projects, especially in the large cities of the state of
Texas.
Throughout 2025, we will also look to promote the design of renewable energy generation projects in a
bid to reduce the carbon footprint across all countries in which we operate (Spain, Mexico, Qatar, Georgia,
Czech Republic and Portugal). The construction of custom projects will be fairly quiet on the international
front, as the El Salitre WWTP in Colombia and the Glina WWTP in Romania have now been completed.
While other projects associated with Aqualia’s technological edge over its competitors will continue to be
explored, we will also remained focused on projects related to our own concessions.
Similarly, no major changes in O&M activity are expected moving forwards. Our existing contracts will
continue to press ahead at a normal pace and we expect to see a significant contribution from new
contracts in Saudi Arabia (management of the clusters awarded in 2023 and the operation of floating
desalination plants).
Within Europe, drought conditions continued to be a problem throughout 2024, especially in Portugal.
In response water management in the country has focused on limiting the use of water resources by
increasing the monitoring of groundwater consumption and holding public tenders to promote the
efficiency of distribution networks as part of the sector’s ongoing digital transition. Meanwhile, policies
have been adopted with the aim of increasing the supply of water, with the announcement also of the
construction of new desalination and reuse infrastructures.
Along these lines, the Portuguese Water Strategic Plan (PENSAARP 2030) aims to kick-start leakage
reduction activity. Under the plan, any network upgrades should introduce smart grids to meet the target
of 20% (10 percentage points below the current level) of non-revenue water by 2030 set by the country’s
water regulator (ERSAR).
When it comes to desalination, highlights include the ongoing seawater desalination projects in the
Algarve, as well as those planned for the port and industrial area of Sines, and the agricultural area in the
south of the country.
A new phase is also beginning in the industrial sector, which is acutely aware of the existing water
shortage and is actively seeking more efficient solutions for the consumption and treatment of its liquid
effluents.
In Italy, the year was marked by the ongoing drought in Sicily. Restrictions on water use were frequently
imposed since late April and became absolutely essential in the summer. This troubling situation has laid
bare the chronic infrastructure deficit in the region. To mitigate this, the authorities have deployed plans to
improve and reinforce the existing infrastructure and to develop new infrastructure capable of mitigating a
new outlook of low rainfall, as in the last two years.
Acque di Caltanisetta received a total of 8.4 million euros in Civil Protection funding euros to undertake
various projects to combat the water emergency, most notably the project to create of a new well field in
the southeast of the province, with a production capacity of 100 l/s.
In addition, new funding of 4.2 million was secured in Sicily to implement a new project to upgrade the
networks in Caltanissetta in 2025, plus a further 2.5 million euros to undertake a second project for phase
one of upgrading the networks in the industrial areas of Caltanissetta and San Cataldo.

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In France, development activity will pick up with the prospecting and selection of new business
opportunities inside and outside the current perimeter. We also plan to open new sales offices, including in
Lyon, where in fact the new office is already up and running and will bolster our presence in the south and
east of the country.
In the Czech Republic, Czech subsidiary SmVak has designed an ambitious Sustainability Plan, aligned
with Aqualia's Sustainability Plan, establishing new investments aimed at improving the energy efficiency
of existing infrastructure and reducing the system's carbon footprint. In terms of business activity in the
country, the Czech subsidiary SmVaK was awarded the contract for the Mošnov industrial zone in Ostrava
(Moravia Silesia region).
In Georgia, the trend in terms of results for the current year is expected to continue following the approval
of the new 2024–2026 regulatory period, with the resulting tariff updates to go ahead once the terms and
conditions of the three-year Infrastructure Master Plan have been set.
In Algeria the two desalination plants, Mostaganem and Cap Djinet, continued to operate at full capacity
and without significant incidents, providing a critically important service to the population of the country's
most important metropolitan areas, Oran and Algiers.
In Mexico, we expect to finally overcome the operational issues relating to the Realito aqueduct, while
also making significant progress towards the project for the end-to-end improvement of Los Cabos, which
began in 2023.
The main event in Peru during 2025 will be the launch of the BOT Chincha project. In this country, we also
happen to be developing four other private initiative projects in wastewater treatment and a further two in
desalination.
Also in 2025, we expect to several BOT contracts to be put out to tender in Egypt and Saudi Arabia, for
which Aqualia is well positioned.
Water scarcity, the obsolescence of the hydraulic infrastructures and the low penetration of private
operators in the sector are the source of the main growth opportunities for the company in certain states.
The increasingly more demanding legislation on the control and elimination of processing contaminants
for the protection of aquifers and surface water is a business opportunity to be explored in the coming
years.
Construction
In the international market, FCC focuses on countries and markets with a stable presence and on the
execution of projects with guaranteed financing.
The search for contracts in the domestic and international markets is one of the Group's objectives,
although this is done through demanding risk management that must provide access to a selective
backlog of projects that ensure the company's profitability and cash flow generation. Taking into account
the above, it is estimated that in 2025, the turnover obtained in Spain will remain similar to that obtained in
2024.
In the foreign market, it is estimated that turnover in 2025 will be similar to that obtained in 2024, with
the development of large infrastructure works obtained between 2022 and 2024 and the contribution of
markets in America (United States, Canada and Peru), Australia, the Middle East (Saudi Arabia), and Europe
(Germany, Norway, the Netherlands, Portugal and Romania).
Given the current global macroeconomic outlook, 2025 is expected to be a year of recovery and sustained
growth following the global economic challenges seen in recent years. International Monetary Fund (IMF)
projections point to moderate global GDP growth, driven by a recovery in advanced economies and a more
lively performance by the emerging bloc. This propitious environment could lead to increased investment
in infrastructure—both public and private—, which would directly benefit companies in the construction
sector such as FCC Construcción.
We also expect to see more stable commodity prices and improved global financing conditions, which
should help to make infrastructure projects more viable and profitable. Sustainability and innovation will
remain the hallmarks of FCC Construcción’s strategy, as we align ourselves with prevailing global trends
targeting a greener and more digitalised economy.
Concessions
FCC Concesiones aims to maintain competitive tension in both costs and revenues in all markets in which
it operates, as it seeks to become a benchmark within the sector across all the countries in which it is
already present.
It is therefore continuing its quest for growth by focusing internationally on the United States, Europe (e.g.
Czech Republic, United Kingdom) and Asia (Middle East and Oceania) as its main target markets.
In 2024, the Company consolidated its already extensive presence in passenger rail traffic activities by
acquiring the Parla Tramway, which spans a route of 8.3 km and has 15 stops, all of them on the surface.
The contract runs until 2045.

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When it comes to motorway and road concessions, the Government of Aragon has awarded us the
contract for the rehabilitation and operation of 203 km of motorways and roads, including Route 8 of a
conventional road located in the north of Zaragoza, for which the contract has been extended until 2049.
Both contracts will drive revenue growth throughout 2025, which is expected to exceed 100 million euros.
8. R&D+I Activities
The FCC Group's R&D&I activities in 2024 have resulted in more than 50 projects.
These projects seek to respond to the challenges of each business area while maintaining overall
coordination between the different business areas of the FCC Group.
The activities of the different Business Areas and the main projects developed throughout 2024 are
detailed below.
Services
In the environmental services activity, we have continued with the development of projects started in
previous years, such as:
ABATE
BIOMET
BIOPROLIGNO
DEEP PURPLE
ECLOSION
ECO2D4.0
LIFE LANDFILL BIOFUEL
LIFE PLASMIX
LUCRA
MINETHIC
RSU4ROM
VALOMASK
ZEROLANDFILLING
H2TRUCK
PLAUSU
PV4INK
COMPLAST

In addition, new ones have been launched during 2024, which are outlined below:
In the field of waste management we have five new projects:
• PROSPER: a new solution for the sorting and recycling of bio-based plastics through the reactivation of
bioplastics within the packaging market, thus achieving a fully circular value chain for these materials.

The PROSPER project aims to improve the recycling rates of these bioplastics through citizen
involvement, the use of new sorting systems based on AI at treatment plants, and the improvement of
mechanical and chemical recycling systems.
• UNITED CIRCLES: this project pursues several objectives, which come together to close out the cycles
of three value chains of urban-industrial symbiosis: organic waste, urban waste water and construction
and demolition wastes.

The main aim of United Circles is to make faster progress towards a fully decarbonised future, where
waste and water cycles come full circle.
In the field of specialised machinery for waste collection activities, there is a new project under way:
• TOP-LOAD CARRIAGE ON 2.3M WIDE CHASSIS: This project involves developing a new top-loading
body for the collection of Igloo-type containers with a capacity of 2,000 to 3,500 litres, with a semi-
automatic crane located in the upper part of the collection box of 8 tm x m and a double hook system,
with an ejector plate unloading system without tipping the box, on a chassis powered by compressed
natural gas featuring three axles and 27 tonnes of MMA, narrowed down to 2.3 metres wide.
Integrated water management
Aqualia’s innovation activity is geared towards the search for innovative solutions that minimise
the environmental impact and maximise the quality of the service delivered to people. This vision is
built around two pillars that are deployed throughout the integrated water cycle: eco-efficiency and
sustainability.
The projects highlighted in 2024 are listed below:
• LIFE INTEXT: the project optimises low-cost purification technologies in small towns with a view
to minimising the energy cost, carbon footprint and waste from the treatment process. It assess
sustainable solutions from an ecological and economic perspective for settlements with less than 5,000
residents, supported by specialist SMEs from Germany, Greece and France.

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• LIFE PHOENIX: the project optimises tertiary risk management to achieve the most ambitious
objectives of the new European regulation on water reuse, assessing effluents at several mobile plants.
These devices combine physicochemical treatments with advanced filtration and various ultra- and
nanofiltration membrane refining skids.
• LIFE ZERO WASTE WATER: the project seeks to achieve a purification process with a zero carbon
footprint. To this end an anaerobic reactor with AnMBR membranes has been set up, which produces
biogas, followed by the ELAN® process in the water line to eliminate nitrogen with low energy
consumption. The management of FORSU is assessed with the transport the mixture of organic matter
in a single stream in the sewerage system.
• LIFE INFUSION: as part of the project, new resource recovery plants have been designed using
municipal solid waste and the leachate digestion system has been optimised.
• LIFE RESEAU: the RESEAU project aims to increase the capacity and resilience of the existing sanitation
water infrastructures to the impact of climate change. The aim is to develop a flexible flow management
model.
• LIFE SALTEAU: project launched in 2024 aimed at achieving the sustainable production of drinking and
irrigation water from alternative saline water resources.
• H2020 BBI B-FERST: project to develop new biofertilisers using urban wastewater and by-products of
agri-food industries. The potential of raw materials recovered from municipal waste and effluents in the
production of fertilisers in three countries (Spain, Italy and Czech Republic) is analysed.
• H2020 BBI DEEP PURPLE: the project implements on a demonstration scale a new biorefinery model
that integrates purple and phototrophic bacteria (PPB) in anaerobic carousels. These bacteria use
solar energy to treat wastewater without aeration, and transform the organic content of wastewater
and municipal wastes into raw materials for biofuels, plastics, cellulose and new base materials in the
chemical and cosmetics industry.
• H2020 SEA4VALUE: project focussed on recovering resources from concentrated brines in seawater
desalination stations (SWDPs). At least eight innovative technological solutions are being developed at a
basic scientific level. The aim is to enrich the most valuable components of seawater (lithium, caesium
and rubidium) and to recover critical raw materials (magnesium, boron, scandium, gallium, vanadium,
indium, molybdenum and cobalt) to a purity that allows them to be exploited on the market.
• H2020 ULTIMATE: the project consisted of the installation in the WWTP with a fluidised anaerobic
reactor (FBBR/Elsar) on an industrial scale, to recover biomethane and supply a fuel cell. The co-
digestion of residual yeast is also being studied.
• H2020 REWAISE: the project reinforces Aqualia's strategic lines of technological development, with
sustainable desalination and new membranes, the recovery of materials from brine, the reuse of
wastewater and its transformation into energy and by-products. To improve the operation and control of
the processes, work is under way on the simulation of networks and plants, optimising the efficiency of
the service as well as water quality.
• H2020 NICE: the generates scientific knowledge using nature based solutions (NBS), such as wetlands
or green walls. These elements are involved in the purification and recovery of resources from urban
wastewater.
• ECLOSION MISSIONS: roject co-financed by the CDTI (Centre for Technological Development and
Innovation), its main objective is to create new materials, technologies and processes for the generation,
storage and transport of renewable and indigenous gases, such as hydrogen and biomethane. These
energy vectors will be made using urban waste, agri-food, wastewater and sewage sludge and will be
monitored using eco-efficient, flexible and smart optimisation tools.
• ZEPPELIN MISSIONS: project co-financed by the CDTI that researches a flexible series of green
hydrogen production and storage technologies based on the use of waste and by-products (agri-
food, textiles, treatment plants and refineries). The aim is to make this energy vector more efficient,
addressing the technological challenges linked to biogas and bioethanol reforming, dark fermentation,
microbial electrolysis, gasification and hydrogen storage.
• HE D4RUNOFF: develops tools to quantify, avoid and manage diffuse pollution created by urban runoff
water.
• HE CHEERS: the project aims to revalue by-products that are underused or wasted by the brewing
industry, such as bagasse, wastewater, CO2 and methane. Through a biorefinery approach, inspired by
the biodiversity of nature (insect and microbe platforms), five innovative bio-products are generated that
are competitive at a market level: insect protein, disinfectant, microbial protein, ectoin and caproic acid.
• HE NINFA: the project develops groundwater monitoring and protection systems, starting with the
measurement, modelling and treatment of different pollutants (nutrients, pesticides, pharmaceuticals,
hydrocarbons, heavy metals, micro plastics and salinity). The groundwater management and pollution
prevention strategy is structured around early detection systems, a better understanding of the effects
to achieve synergies and to control the risks of multiple disturbance factors. These elements are
combined with predictive methodologies to increase resilience and implement treatment and mitigation
solutions.
• HE CIRSEAU: project aimed at building a water-smart economy and society.

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• UMI AQUATIM: its aim is to respond to current challenges, by studying and implementing new
technologies throughout the entire water cycle. Innovation, the development of new circular economy
models and digitalisation are key factors in obtaining new sources of green energy (H2 and biogas), new
natural resources and their efficient use (nutrients, metals and water). It also includes the protection
of ecosystems and biodiversity through nature-based solutions (NBS), the development of new digital
technologies (sensors, traceability, models and predictive systems) and the introduction of improvement
actions to ensure the quality of water masses.
• RESURGENCE: the project pursues a model of circularity in industrial water consumption from a broad
perspective: efficient technologies for the circularity of water, the recovery of energy and raw materials,
with a view to contributing to climate neutrality, circularity and the competitiveness of the European
Union.
• UNITED CIRCLES: the project aims to unify efforts, from feasibility studies through to financing for
industrial-urban symbiosis driven by circular economy centres.
• INTERREG GESTEAUR: project launched in 2024 aimed at implementing sustainable and digitalised
water management in rural communities in south-west Europe.
• INTERREG IDIWATER: The main aim is to develop advanced and sustainable solutions to common
challenges associated with the industrial water cycle, particularly in areas such as desalination, water
supply and reclamation, and their linkage with agriculture and energy.
Construction
FCC Construcción promotes an active policy of technological development, constantly bringing innovation
to its projects, with a strong commitment to research and development, sustainability and contribution
to the quality of life of society as competitive factors. This innovation policy is coordinated with all other
business areas of the FCC Group.
The development and use of innovative technologies to carry out the works is an important contribution to
added value and is a differentiating factor in today's highly competitive and internationalised market.
The three types of projects developed by FCC Construcción and its investee companies are: internal
projects, projects with other companies in the FCC Group and projects in collaboration with other
companies in the sector or other related sectors, often with technology-based SMEs, which enables open
innovation projects to be carried out with the participation of the value chain and occasionally in horizontal
cooperation. In addition, the presence of universities and technology centres is essential in almost all
projects.
In addition, the presence of universities and technology centres is essential in almost all projects.
At an international level, in 2024 work was undertaken as part of (i) the European R&D&i project
“DigiChecks”, funded by the EU Research and Innovation Framework Programme, Horizon Europe, as part
of which a Digital Environment is being developed to facilitate interoperability and communication between
different construction industry platforms, the management of permits and controls accordingly. The
project is structured around new technologies (including BIM, GIS, Artificial Intelligence, Blockchain, Digital
Twin), using previous international initiatives as a reference, and (ii) the “EC2” project financed by EDF-DA
(European Defence Fund). The EC2 project consists of the development of software that provides the
functional capacity of strategic command and control for a future General Headquarters of the European
Union, which will help to achieve the capabilities for planning and conducting military operations, both
executive and non-executive. The system will make it possible to centralise all operating capacities in a
single point of access.
Meanwhile, the company invested its own funds in 2024 in an R&D project alongside Qatar Rail for
the development of low carbon footprint concrete through the alkaline activation of waste. This project
targets the R&D of alkaline activated (AA) concretes or geo-polymers for civil engineering and construction
applications. The aim is to create a low carbon footprint cement using industrial waste as precursors, thus
achieving a level of mechanical performance similar to that of Portland cement. In addition, specific AA
concretes will be designed for applications such as 3D printing, precast items and poured concrete, thus
optimising dosages and consistencies to cater to various construction needs.
In relation to the National Projects undertaken during 2024, the development of the following projects is
worth particular note:
• PRACAN: included in the call for CDTI Cooperation projects, the aim of which is to develop a robotic
platform for the identification, control and monitoring of carcinogenic agents in construction
environments. This platform will be structured around a series of mobile nodes, one land-based and
one airborne, with the ability to detect/estimate carcinogens, in particular asbestos and respirable
crystalline silica (RCS) as well as a decision-making and alarm configuration system for occupational
risk prevention (ORP) technicians, which will activate action protocols and recommendations.
• CYBERSEC: developed by FCC Industrial and Infraestructuras Energéticas, S.A. and financed by the
CDTI as part of the CIEN programme, this project entails research into various technologies, techniques,
tools, methodologies and knowledge aimed at developing technological solutions for securing against
cyber-attacks in highly critical connected environments, such as Industry 4.0, smart cities or critical
infrastructures.

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• EDIFICTEH: collaborative project submitted to CDTI that aims to develop a new 4.0 technological
solution for the construction sector employing connected and centralised management for the
installation of facades.
• SMART CONSTRUCTION MANAGER: project presented as part of the CDTI national CIEN programme,
the objective of which is the development of a new smart and autonomous system for the control
and management of works; research into a variety of technologies that allow the main management
processes of a project to be digitised and automated, integrating them into a collaborative tool in
which the entities involved can share reliable and secure information about the progress made and the
materials used, thus promoting transparency.
• 0ACCIDNTES: project submitted as part of the CDTI's CIEN programme, the objective of which is
research into new safety and health in construction technologies with 0 accidents: development of a
comprehensive cognitive ecosystem for real-time monitoring and prediction of dangerous situations
for the safety and health of construction workers, carrying out research that facilitates the collection,
interpretation, digitization and smart and automatic management of information generated in different
construction environments, based on state-of-the-art sensors, autonomous robotic systems, cyber-
secure connectivity ecosystems and various elements of artificial intelligence.
• ESPADIN: project developed by FCC Industrial e Infraestructuras Energéticas, S.A., included in the CDTI
MISSIONS programme, the objective of which is to make collaborative technological developments
dedicated to take the sharing and use of the value of data to industrial practice under the paradigm of
the so-called shared data spaces.
• ECOLOGÍA COTORRAS: project developed by Mantenimiento de Infraestructuras, S.A., within the
framework of the industrial doctoral candidates programme organised by the Community of Madrid;
its aim is to delve into the ecology of the Argentine parrot and Kramer's parrot (and its ecological and
health impacts) to better understand how biological invasion processes work and integrate the scientific
knowledge generated into the management plans in place for these species.
• CLIMPORT: project submitted to the Public-Private Collaboration programme, as part of the 2021-2023
State Plan for Scientific, Technical and Innovation Research, within the framework of the Recovery,
Transformation and Resilience Plan, the main objective of which is to develop an innovative modular
system with new professional methodologies for the design and construction of port infrastructure
adapted to climate change.
• BIOPROLIGNO: project developed by Mantenimiento de Infraestructuras, S.A., submitted to the Public-
Private Collaboration programme as part of the 2021-2023 State Plan for Scientific, Technical and
Innovation Research, within the framework of the Recovery, Transformation and Resilience Plan, which
will investigate the transformation of lignocellulosic waste into bio-products for use in the maintenance
of infrastructure and green areas.
• FOTOVOLPLAS: project developed by Megaplas, S.A., submitted for one of the electrical self-
consumption grants offered by IDEA, the objective of which is the installation of photovoltaic panels
on the MEGAPLAS factory roof. The installation consists of 144-cell PERC HALF CELL SILICON
MONOCRYSTALLINE photovoltaic panels with 550 Wp, by the JA Solar brand, model JAM72S30 550/
MR, up to a total power of 252 kWp (458 units).
• SOSTEVAL-TEC: this project, developed by FCC Construcción and MATINSA, has been presented to
the Public-Private Partnership programme for R&D&I to support technological innovation projects with
a pull-on effect in the Community of Madrid, the aim of which is to research advanced solutions for an
integrated automated smart system for the evaluation and improvement of sustainability throughout the
life cycle of civil works.
• DEMOLTECH: project undertaken alongside by FCC Construcción that has been submitted to the Public-
Private Partnership 2023 programme of the State Plan for Scientific, Technical and Innovation Research
as part of the Recovery, Transformation and Resilience Plan, the aim of which is to achieve smart
demolition and revaluation processes for the generation of circular raw materials in urban environments.
Research, Development and Innovation (R&DI) is expressly contemplated in the Sustainability
Management System under procedure PR/FCC-730. The company holds an RD&I Management System
Certificate: RD&I Management System requirements based on Spanish-harmonised standard UNE
166002:2021, certified by AENOR, the Spanish Standardisation and Certification Association. MATINSA
and FCC Industrial and Infraestructuras Energéticas are also R&D&i Management System certified
pursuant to UNE 166002:2021.

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9. Other relevant information.
Share performance and other information
9.1. Share performance
Attached is a table detailing the performance of FCC's shares during the year compared to the previous
year.
Jan. – Dec. 2024
Jan. – Dec. 2023
Closing price (€)*
8.89
9.66
Change in the period
(14.5%)
69.1%
Maximum (€)*
10.30
10.50
Minimum (€)*
7.02
3.26
Average daily trading (no. of shares)
26,764
55,044
Average daily trading (million euros)
0.3
0.6
Capitalisation at end of period (million euros)
4,043
6,350
No. outstanding shares
454,878,132
436.,106,917
* Prices adjusted for 2023 and 2024 scrip dividends
9.2. Dividends
The Company's Board of Directors, at its meeting held on 27 June 2024, agreed to implement the
resolution on the distribution of the scrip dividend for the sum of €0.65/share, as passed at FCC’s General
Shareholders' Meeting held that same day (27 June 2024), under item five on the Agenda, all the foregoing
in accordance with the terms and conditions agreed in that resolution passed by shareholders at the
General Meeting. Subsequently, in June 2024 to be precise, the holders of 99% of the free allotment rights
opted to receive new shares, a percentage similar to previous years. Therefore, the increase in paid-up
capital amounted to 18,771,215 shares. Thus, total share capital, after filing the deed formalising the
capital increase, amounted to 454,878,132 shares.
10. Definition of alternative performance measures
according to ESMA regulations (2015/1415en)
EBITDA
We define EBITDA as earnings from continuing operations before tax, earnings of companies accounted
for using the equity method, financial result, depreciation and amortisation charges, impairment, gains
or losses on disposals of non-current assets, grants, net changes in provisions and other non-recurring
revenues and expenses.

Dec 2024
Dec 2023
Operating profit/(loss)
725.4
725.9
Amortisation of fixed assets and allocation of grants for non-financial and
other assets
635.4
556.1
Impairment and gains/(losses) on disposal of fixed and non-current assets
-15
-5.9
Other gains/(losses)
89.5
9.1
EBITDA
1,435.3
1,285.2
Its calculation is justified by the wide use of this indicator by the different agents of the financial markets,
as it is a measure of the operating profit generated before depreciation and amortisation, which does not
imply a cash flow for the company and does not depend on its capital structure.
EBIT
This corresponds to the operating profit/(loss) in the consolidated income statement presented in the
accompanying consolidated financial statements.
Its calculation is justified by the wide use of this indicator in the economic and financial field, as it is a
measure of the operating profit obtained after the amortisation and depreciation of assets that allows the
comparison of the company's results without taking into account its capital structure.

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Backlog
As at any given date, the backlog reflects pending production, that is, amounts under contracts or client
orders, net of taxes on production, less any amounts under those contracts or orders that have already
been recognised as revenue. We value pending production according to current prices as at the date of
calculation. We include in backlog only amounts to which clients are obligated by a signed contract or firm
order.
At the Environment division, we recognise the backlog for our waste management contracts only when the
relevant contract grants us exclusivity in the geographical area where the plant, landfill or other facility is
located.
In our Water business area, we calculate initial backlog on the basis of the same long-term volume
estimates that serve as the basis for our contracts with clients and for the tariffs set in those contracts.
In our Construction business area, we recognise the backlog only when we have a signed contract with,
or a firm order from, the end client. Once we have included a contract in our backlog, the value of pending
production under that contract remains in backlog until fulfilled or cancelled. However, we do adjust the
values of orders in the backlog as needed to reflect any price or schedule changes that may be agreed
with the client. For example, after the date of calculation, a price may increase or decrease as a result of
changes in contractual production due to additional works to be performed. Due to a number of possible
factors, we could fail to realise as revenue part or all of our calculated backlog with regard to a given
contract or order. Our backlog is subject to adjustments and project cancellations and is, therefore, an
uncertain indicator of future earnings.
We calculate the backlog for our Environment, Water and Construction areas because these businesses
are characterised by medium and long-term contracts. This indicator is a measure of the expected future
income of certain areas of the company.
Net financial debt
Net financial debt is defined as total gross financial debt (current and non-current) less current financial
assets, cash and other cash equivalents. The numerical breakdown is provided in note 30 to these
consolidated financial statements.
Helps to determine the situation of a company in terms of its financial debt obligations before third parties
from outside the Group, less its cash and equivalents. It is often used to assess the solvency of a company
and calculate financial indicators.
EBITDA Margin
Considered as EBITDA (or gross operating profit) divided by Net Turnover in each case.
A measure of a company's operating profit compared to its income. Used to determine the efficiency of the
operating activities it performs.
EBIT margin
Considered as EBIT (or operating profit) divided by Net Turnover in each case.
A measure of a company's net operating profit compared to its income, before paying taxes and interests.
Working Capital
The part of Current Assets financed using long-term funds (Non-Current Liabilities and Net Equity). It is
calculated as the sum of Current Assets minus the sum of Current Liabilities.
This is an important when it comes to obtaining an insight into the company's capacity to continue
performing its activities and assessing its liquidity to meet short-term obligations.

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Net cash with recourse
It is defined as Cash and other equivalent liquid assets, plus short-term Financial Assets, minus the
Gross Financial Debt, of the parent company and that of those subsidiary companies that are financially
guaranteed with the equity of the forementioned parent company.
Helps to determine the situation of a company in terms of cash and equivalents less its financial debt
obligations before third parties from outside the Group. It is often used to assess the solvency of a
company and calculate financial indicators.
Gross financial debt
Debts (current and non-current) with credit institutions, debt instruments and loans, financial lease
payables and other financial borrowings from third parties, joint ventures and associates on the Liabilities
side of the consolidated balance sheet.
Its calculation provides an overview of a company's financial debt obligations, determining future
maturities and its financial situation.
Economic value generated and distributed
Both indicators are calculated pursuant to GRI 201 (2016). Below is the formula for calculating both
indicators, facilitating, as applicable, the reconciliation of the corresponding items of the financial
statements (in thousands of euros):

2024
2023
Economic value generated
9,477,740
8,526,159
Turnover
9,071,416
8,217,292
From renewable sources
406,324
308,867
Other operating income
324,295
231,110
Financial income
82,029
77,757
Economic value distributed
8,419,385
7,618,682
Operating costs
5,326,124
4,846,125
Supplies
3,735,615
3,341,919
Other operating expenses
1,591,020
1,506,972
Change in inventory of finished
products and products and those being
manufactured
-511
-2,766
Employees
2,703,107
2,403,500
Staff costs
2,703,107
2,403,500
Capital suppliers
236,051
213,897
Financial expenses
264,119
196,449
(-) Other financial profit/(loss)
-28,068
17,448
Taxes
153,170
154,060
Corporate income tax
153,170
154,060
Community
933
1,100
Economic value retained
1,058,355
907,477
“Community” includes donations to non-profit organisations.
Information on the creation and distribution of economic value reflects the economic profile of an
organisation and is useful when it comes to looking at how a company generates wealth, through the
direct monetary value added to the economies in which it operates. In relation to the headings on the
income statement, balance sheet and statements of cash flows provided in note 2.1 of the management
report, the following reflects their reconciliation with the corresponding headings on the financial
statements of the FCC Group shown in italics:

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Income statement
(million euros)
Dec. 24
Dec. 23
Revenue
9,071.4
8,217.3
Self-constructed assets
68.8
86.4
Other operating income
324.3
231.1
Changes in finished goods and work in progress inventories
0.5
2.8
Procurements
-3,735.6
-3,341.9
Staff costs
-2,703.1
-2,403.5
Other operating expenses
-1,591.0
-1,507.0
Gross operating profit (EBITDA)
1,435.3
1,285.2
EBITDA Margin
15.8%
15.6%
Provision for amortisation of fixed and non-current assets
-644.6
-565.6
Amortisation of fixed and non-current assets and allocation of grants for
non-financial and other assets
-635.4
-556.1
Non-financial and other capital grants taken to income (*)
-9.2
-9.5
Other operating income/(losses)
-65.3
6.3
Impairment and gains/(losses) on disposal of fixed assets
15.0
5.9
Other gains/(losses)
-89.5
-9.1
Non-financial and other capital grants taken to income (*)
9.2
9.5
Income statement
(million euros)
Dec. 24
Dec. 23
EBIT margin
725.4
725.9
Financial income
8.0%
8.8%
Financial income
-182.1
-118.7
Finance expenses
82.0
77.8
Other financial profit/(loss)
-264.1
-196.5
P/L of companies accounted for by the equity method
28.1
-17.5
Profit/(loss) before tax from continuing activities
13.2
42.4
Company tax on profits
584.6
632.1
Income tax
-153.1
-154.0
Impuesto sobre beneficios
-153.1
-154.0
Income from continuing operations
431.5
478.1
Profit/(loss) for the business year from interrupted operations after tax
136.1
264.1
Net Income
567.6
742.2
Consolidated profit/(loss) for the year
567.6
742.2
Non-controlling interests
-137.7
-153.1
Profit/(loss) attributable to non-controlling interests
-137.7
-153.1
Profit attributable to the Parent
429.9
589.1
(*) In the financial statements, the heading “Amortisation of fixed assets and allocation of grants for non-financial and
other assets” includes Apportionment of grants for fixed and non-current assets and others”, which in the management
report is included under “Other operating profit/(loss)”.

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Balance sheet
(million euros)
Dec. 24
Dec. 23
Intangible assets
2,645.0
2,477.0
Property, plant and equipment
3,771.5
3,838.3
Investment property
3.9
2,091.3
Investments accounted for using the equity method
520.7
1,034.3
Non-current financial assets
1,070.8
748.4
Deferred tax assets and other non-current assets
499.9
468.3
Non-current assets
8,511.8
10,657.6
Inventories
423.7
1,234.3
Trade and other receivables
3,194.2
2,957.4
Trade and other receivables
3,124.0
2,886.5
Other current assets
70.2
70.9
Other current financial assets
256.7
260.5
Cash and cash equivalents
1,849.6
1,609.7
Current assets
5,724.2
6,062.0
TOTAL ASSETS
14,236.0
16,719.7
Balance sheet
(million euros)
Dec. 24
Dec. 23
Equity attributable to shareholders of the parent company
2,732.7
4,447.5
Non-controlling interests
1,003.3
1,695.0
Equity
3,736.0
6,142.5
Grants
243.4
226.6
Non-current provisions
1,085.4
1,230.6
Non-current financial debt
4,770.9
4,361.0
Non-current financial liabilities
5,224.6
4,817.0
Other non-current financial assets not included in financial debt (*)
-453.7
-456.0
Other non-current financial liabilities
453.7
456.0
Other non-current financial assets not included in financial debt (*)
453.7
456.0
Deferred tax liabilities and other non-current liabilities
417.7
439.5
Deferred tax liabilities
256.4
289.6
Other non-current liabilities
161.2
149.9
Non-current liabilities
6,971.1
6,713.8
Current provisions
275.1
159.6
Current financial debt
325.7
604.1
Current financial liabilities
526.9
926.8
Other current financial assets not included in financial debt (*)
-201.2
-322.7
Other current financial liabilities
201.2
322.7
Other current financial assets not included in financial debt (*)
201.2
322.7
Trade payables and other accounts payable
2,726.9
2,777.0
Current liabilities
3,528.9
3,863.4
TOTAL LIABILITIES
14,236.0
16,719.7
(*) Non-current and current “Other financial liabilities” include amounts that form part of the financial debt and others that
do not. Financial debt is included under “Long/short-term financial debt” and non-financial debt are reported under “Other
non-current/current financial liabilities” in the management report.

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Cash flow
(million euros)
Dec. 24
Dec. 23
Gross Operating Profit (EBITDA)
1,435.3
1,285.2
Profit/(loss) before tax from continuing operations
584.6
632.1
Amortisation and depreciation
644.6
565.6
Impairment and gains/(losses) on disposal of fixed assets
-15.0
-5.9
Other adjustments to profit/(loss) (net) (*)
221.1
93.4
(Increase)/decrease in working capital
-176.9
-701.8
Changes in working capital
-176.9
-701.8
Corporation tax (paid)/received
-198.7
-97.3
Other operating cash flow
218.2
299.3
Dividend collections
28.9
50.5
Other collections/(payments) from operating activities
189.3
248.8
Operating cash flow
1,277.9
785.4
Investment payments
-1,608.0
-864.8
Proceeds from divestments
53.6
35.8
Other investment cash flows
259.0
-133.4
Investment cash flow
-1,295.4
-962.4
Interest paid
-205.3
-149.4
(Payment)/receipt of financial liabilities
579.8
-71.7
Other financing cash flow
-139.8
431.4
Issuance/(amortisation) of equity instruments
-0.1
-0.2
(Acquisition)/disposal of own shares
-
693.0
Dividends paid and payments on equity instruments
-121.8
-58.3
Other collections/(payments) from financing activities
-17.9
-203.1
Financing cash flow
234.7
210.3
Exchange differences, change in consolidation scope, etc.
22.6
1.0
Increase/(decrease) in cash and cash equivalents
239.9
34.2
(*) “Other adjustments to net income” on the financial statements is divided into two subheadings on the statement
of cash flows in the management report, taking EBITDA as a starting point and not the “Profit/(loss) before tax from
continuing operations”
11. Annual Corporate Governance Report
The Annual Corporate Governance Report is available on the website of the National Securities Market
Commission and on the issuer's website.
https://www.cnmv.es/portal/Consultas/EE/InformacionGobCorp.aspx?TipoInforme=1&nif=A-28037224
12. Annual Directors' Remuneration Report
The Annual Directors' Remuneration Report is available on the website of the National Securities Market
Commission and on the issuer's website.
https://www.cnmv.es/portal/Consultas/EE/InformacionGobCorp.aspx?TipoInforme=6&nif=A-28037224
13. Non-Financial Information Statement
The Non-Financial Information Statement (NFIS) is available on the issuer’s website.
https://www.fcc.es/informes-de-sostenibilidad1
This information is part of the Management Report, includes the information required for said statement
and is subject to the same approval, deposit and publication criteria as the Management Report.

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Audit Report on Consolidated
Financial Statements issued by an
Independent Auditor
FOMENTO DE CONSTRUCCIONES Y
CONTRATAS, S.A. AND SUBSIDIARIES
Consolidated Financial Statements and
Consolidated Management Report
for the year ended
December 31, 2024

FCC. Annual Report 2024
450
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Consolidated Group | Management Report | Page 42 of 45
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2

Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our audit opinion thereon, and we do not provide a separate opinion on these matters.
Recoverability of the deferred tax assets of the Spain Tax group
Description
As explained in Note 24 to the accompanying consolidated financial statements, at
31 December 2024 the Group recognised deferred tax assets on the consolidated
balance sheet for the Spain Tax Group amounting to 449.431 thousand euros.
According to the accounting policy described in Note 3.q to the accompanying
consolidated financial statements, the Group recognises deferred tax assets except in
cases where there are reasonable doubts about their future recovery.
The assessment made to determine the recoverable amount of these assets requires
Group management to make complex judgements regarding the estimates of the
future taxable profit of the companies comprising the Spain Tax Group based on
financial projections and business plans considering applicable tax laws and
accounting standards.
Given the complexity inherent in management's projections of business performance
to estimate future taxable profits of the companies comprising the Spain Tax Group
and the significance of the amounts involved, we determined this to be a key audit
matter.

Our
response
Our audit procedures related to this matter included:

Understanding the process designed by Group management to assess the
recoverability of deferred tax assets.

Assessing the reasonableness of the key assumptions used by Group
management to estimate the period for recovering deferred tax assets, focusing
on the economic, financial and tax assumptions used to estimate the future
taxable profits of the Spain Tax Group based on budgets, business performance
and historical experience.

Assessing, with the involvement of our tax specialists, the key assumptions
made by Group management regarding applicable tax laws.

Testing how sensitive the results are to reasonably possible changes in the key
assumptions made.
►
Reviewing the disclosures made in the notes to the consolidated financial
statements and assessing whether they are in conformity with the applicable
financial reporting framework.

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folio 68, hoja nº 87.690-1, inscripción 1a. C.I.F. B-78970506.

A member firm of Ernst & Young Global Limited.

Ernst & Young, S.L.
C/ Raimundo Fernández Villaverde, 65
28003 Madrid
Tel: 902 365 456
Fax: 915 727 238
ey.com

AUDIT REPORT ON CONSOLIDATED FINANCIAL STATEMENTS ISSUED BY AN INDEPENDENT
AUDITOR
Translation of a report and financial statements originally issued in Spanish. In the event of discrepancy, the
Spanish-language version prevails
To the shareholders of Fomento de Construcciones y Contratas, S.A.:
Audit report on the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Fomento de Construcciones y Contratas,
S.A. (the Parent) and its subsidiaries (the Group), which comprise the balance sheet at December 31,
2024, the income statement, the statement of recognised income and expense, the total statement
of changes in the equity, the statement of cash flow, and the notes thereto, all of them consolidated,
for the year then ended.
In our opinion, the accompanying consolidated financial statements give a true and fair view, in all
material respects, of equity and the financial position of the Group at December 31, 2024 and of its
financial performance and its cash flows, all of them consolidated, for the year then ended in
accordance with International Financial Reporting Standards, as adopted by the European Union
(IFRS-EU), and other provisions in the regulatory framework applicable in Spain.
Basis for opinion
We conducted our audit in accordance with prevailing audit regulations in Spain. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
We are independent of the Group in accordance with the ethical requirements, including those related
to independence, that are relevant to our audit of the consolidated financial statements in Spain as
required by prevailing audit regulations. In this regard, we have not provided non-audit services nor
have any situations or circumstances arisen that might have compromised our mandatory
independence in a manner prohibited by the aforementioned requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.

FCC. Annual Report 2024
451
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Consolidated Group | Management Report | Page 43 of 45
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Spin-off from the FCC Group to create the Inmocemento Group
Description
On November 7, 2024, the Parent transferred to its former investee, Inmocemento,
S.A., two economic units consisting of the entire shares of FCYC, S.A. owned by the
PParent, which represented 80.03% of its share capital, as well as all the shares of
Cementos Portland Valderrivas, S.A., likewise owned by the Parent, which
represented 99.028% of share capital.
In accordance with accounting policy described in Note 2 to the accompanying
consolidated financial statements, the Group derecognized the spin-off assets and
liabilities, which had previously been classified as held for sale, and amounted to
4,451,728 and 1,537,027 thousand euros,respectively, with a balancing entry in
equity.
As this transaction constitutes the most significant event that occurred during the
period, and due to the relevance of the amounts involved, we determined this to be a
key audit matter.
Information on the applied measurement standards and the related disclosures are
provided in Notes 2, 5 and 18 to the accompanying consolidated financial
statements.

Our
response
Our audit procedures related to this matter included:

Understanding Group management's process for evaluating the impact of the
spin-off and how it was recorded for accounting purposes.

Analyzing the documentation supporting the related agreements and the
amounts recognized for the abovementioned spin-off.

Reviewing the accounting impact of the spin-off, verifying that they were
correctly recorded in the consolidated financial statements.

Reviewing the disclosures made in the notes to the consolidated financial
statements and assessing whether they are in conformity with the applicable
financial reporting framework.
Other information: consolidated management report
Other information refers exclusively to the 2024 consolidated management report, the preparation
of which is the responsibility of the Parent company’s directors and is not an integral part of the
consolidated financial statements.
Our audit opinion on the consolidated financial statements does not cover the consolidated
management report. Our responsibility for the consolidated management report, in conformity with
prevailing audit regulations in Spain, entails:
a.
Checking only that the consolidated non-financial statement and certain information included
in the Annual Corporate Governance Report and in the Annual Directors' Remuneration
Report, to which the Audit Law refers, was provided as stipulated by applicable regulations
and, if not, disclose this fact.

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Recognition of revenue from long-term contracts in the Construction segment
Description
As explained in Note 3.s to the accompanying consolidated financial statements,
performance obligations in the construction activity are satisfied over time, so
revenue is recognised using the percentage of completion method.
The recognition of revenue from long-term construction contracts requires Group
management to make significant estimates regarding, e.g. total contract costs to be
incurred, estimated contract revenue and, where appropriate, the amount of contract
modifications and claims relating to, e.g. the total costs to be incurred, the estimate
of expected revenue and, where appropriate, the amount of contract modifications
that will finally be accepted by the customer.
Given the significance of the amounts involved since this affects a large portion of
total "Revenue" and the measurement of completed work pending certification
recognised under "Trade and other receivables", which amounted to 578,789
thousand euros at 31 December 2024, and the complexity required to make these
estimates, which requires Group management to make judgements in determining the
assumptions used, which means changes in those assumptions could give rise to
material differences in the amount of revenue recognised, we determined this to be a
key audit matter.
Information on the applicable measurement standards and the disclosures for
revenue and the aforementioned accounts receivable are provided in Notes 3.s, 16.a
and 27.a to the accompanying consolidated financial statements.

Our
response
Our audit procedures related to this matter included:

Understanding the process designed by Group management to recognise
revenue, assessing the design and implementation of the relevant controls in
place in that process, and verifying the operating effectiveness of those
controls for the main components of the Group that have this type of contract.

Selecting a sample of projects from the Group's main components with this type
of contract, for which we obtained the related contracts to read and understand
the most important clauses and their implications, and, e.g. budgets, internal
assessments of revenue recognition, certifications, follow-up presentations on
the execution of projects and amounts received.

Assessing for these contracts the reasonableness of Group management's
assumptions through meetings with technical staff and project managers, and
analysing the reasons for deviations between originally planned and actual costs
and their impact on estimated project margins.

Assessing the reasonableness of estimates of completed work pending
certification recognised as revenue at year-end, checking the status of
negotiations of the main customer contracts, and reviewing the reasonableness
of documents supporting the probability of recovery.

Assessing the reasonableness of Group management's approach for recognising
and measuring contract modifications and claims submitted, covering especially
the estimate of amounts expected to be recovered and the probability of
success.

Reviewing the disclosures made in the notes to the consolidated financial
statements and assessing whether they are in conformity with the applicable
financial reporting framework.

FCC. Annual Report 2024
452
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Consolidated Group | Management Report | Page 44 of 45
A member firm of Ernst & Young Global Limited.
6


Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

Conclude on the appropriateness of the directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to
continue as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding
the financial information of the entities or business units within the Group as a basis for
forming an opinion on the consolidated financial statements. We are responsible for the
direction, supervision and review of the audit work performed for the purposes of the Group
audit. We remain solely responsible for our audit opinion.
We communicate with the Audit and Control Committee of the Parent company regarding, among
other matters, the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide the Audit and Control Committee of the Parent company with a statement that we
have complied with relevant ethical requirements regarding independence, and to communicate with
them all matters that may reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threads or safeguards applied.
From the matters communicated with the Audit and Control Committee, we determine those matters
that were of most significance in the audit of the consolidated financial statements of the current
period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter.
Report on other legal and regulatory requirements
European single electronic format
We have examined the digital files of the European single electronic format (ESEF) of Fomento de
Construcción y Contratas, S.A. and subsidiaries for the 2024 financial year, which include the XHTML
file containing the consolidated financial statements for the year, and the XBRL files as labeled by the
entity, which will form part of the annual financial report.

A member firm of Ernst & Young Global Limited.
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b.
Assessing and reporting on the consistency of the remaining information included in the
consolidated management report with the consolidated financial statements, based on the
knowledge of the Group obtained during the audit, in addition to evaluating and reporting on
whether the content and presentation of this part of the consolidated management report are
in conformity with applicable regulations. If, based on the work we have performed, we
conclude that there are material misstatements, we are required to disclose this fact.
Based on the work performed, as described above, we have verified that the information referred to
in paragraph a) above is provided as stipulated by applicable regulations and that the remaining
information contained in the consolidated management report is consistent with that provided in the
2024 consolidated financial statements and its content and presentation are in conformity with
applicable regulations.
Responsibilities of the Parent company´s directors and the Audit and Control Committee for the
consolidated financial statements
The directors of the Parent company are responsible for the preparation of the accompanying
consolidated financial statements so that they give a true and fair view of the equity, financial
position and results of the Group, in accordance with IFRS-EU, and other provisions in the regulatory
framework applicable to the Group in Spain, and for such internal control as they determine is
necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors of the Parent company are
responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or to cease operations, or has no realistic alternative
but to do so.
The Audit and Control Committee is responsible for overseeing the Group’s financial reporting
process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with prevailing audit regulations in Spain will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with prevailing audit regulations in Spain, we exercise professional
judgement and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

FCC. Annual Report 2024
453
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Consolidated Group | Management Report | Page 45 of 45
A member firm of Ernst & Young Global Limited.
7

The directors of Fomento de Construcción y Contratas, S.A. are responsible for submitting the annual
financial report for the 2024 financial year, in accordance with the formatting and mark-up
requirements set out in Delegated Regulation EU 2019/815 of 17 December 2018 of the European
Commission (hereinafter referred to as the ESEF Regulation). In this regard, the Annual Corporate
Governance Report and the Annual Directors' Remuneration Report have been incorporated by
reference in the consolidated management report.
Our responsibility consists of examining the digital files prepared by the directors of the Parent
Company, in accordance with prevailing audit regulations in Spain. These standards require that we
plan and perform our audit procedures to obtain reasonable assurance about whether the contents of
the consolidated financial statements included in the aforementioned digital files correspond in their
entirety to those of the consolidated financial statements that we have audited, and whether the
consolidated financial statements and the aforementioned files have been formatted and marked up,
in all material respects, in accordance with the ESEF Regulation.
In our opinion, the digital files examined correspond in their entirety to the audited consolidated
financial statements, which are presented and have been marked up, in all material respects, in
accordance with the ESEF Regulation.
Additional report to the Audit and Control Committee of the Parent company
The opinion expressed in this audit report is consistent with the additional report we issued to the
Audit and Control Committee of the Parent company on February 25, 2025.
Term of engagement
The ordinary general shareholders’ meeting held on June 14, 2023 appointed us as auditors of the
Group for 3 years, commencing on December 31, 2024.
Previously, we were appointed as auditors by the agreement of the ordinary general meeting of
shareholders for 3 years, and we have been carrying out the audit of the financial statements
continuously since December 31, 2021.

ERNST & YOUNG, S.L.

(Registered in the Official Register of

Auditors under No. S0530)

(Signature on the original in Spanish)

_______________________________

Alfonso Balea López

(Registered in the Official Register of

Auditors under No. 20970)

February 26, 2025

FCC. Annual Report 2024
454
454
Fomento de Construcciones
y Contratas, S.A.
454
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Balance sheet at year-end 2024 _ 455
Income statements _ 457
Statement of changes in net equity _ 458
Statement of changes in equity _ 459
Cash flow statement _ 460
Notes to the financial statements _ 462
Management Report _ 509

FCC. Annual Report 2024
455
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Balance sheet at year-end 2024 | Page 1 of 2
ASSETS
31/12/2024
31/12/2023
NON-CURRENT ASSETS

2,963,579

3,883,749
Intangible assets (Note 5)
4,372
4,366
Property, plant and equipment (Note 6)

22,574
23,953
Land and buildings
11,637

11,672
Other property, plant and equipment
10,937

12,281
Non-current investments in group companies and associates (Notes 9.a and 19.b)

2,832,027

3,717,258
Equity instruments
2,429,945

3,296,179
Loans to companies
402,082

421,079
Non-current financial investments (Note 8.a)

5,638

20,360
Deferred tax assets (Note 16)

98,968

117,812
CURRENT ASSETS

268,772

640,279
Trade and other receivables

119,280

63,083
Trade receivables for sales and services (Note 18)
2,498

2,615
Clients, group companies and associates (Note 19.b)
18,379

12,047
Receivables from the public administrations (Note 16.a)
97,997

48,004
Other receivables
406

417
Current investments in group companies and associates (Notes 9.b and 19.b)

18,858

409,471
Current financial investments (Note 8.b)

5,436

1,198
Cash and cash equivalents (Note 10)

125,198

166,527
TOTAL ASSETS

3,232,351

4,524,028
Balance sheet at year-end 2024
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. at 31 December 2024 (in thousands of euros)
Notes 1 to 22 and the attached annexes I to III form an integral part of the financial statements and, together with these, make up the annual accounts for 2024.

FCC. Annual Report 2024
456
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Balance sheet at year-end 2024 | Page 2 of 2
EQUITY AND LIABILITIES
31/12/2024
31/12/2023
EQUITY (Note 11)

1,825,903

3,207,375
Shareholders’ equity
1,825,903
3,207,375
Capital
454,878
436,107
Share premium
1,673,477
1,673,477
Reserves
753,367
2,348,223
Shares and equity interests
(277)
(410)
Prior years’ losses
(1,250,023)
(2,392,774)
Profit/(loss) for the business year
194,481
1,142,752
NON-CURRENT LIABILITIES

860,660

927,220
Non-current provisions (Note 12.a)
53,810
120,371
Non-current payables (Note 13)
1
1
Non-current payables to Group companies and associates (Note 9.c)
806,479
806,479
Deferred tax liabilities (Note 16)
370
369
CURRENT LIABILITIES

545,788

389,433
Current provisions (Note 12.b)
19,040

1,883
Current payables (Note 13)

103

73
Bank borrowings
10

Other financial liabilities
93

–

Current payables to Group companies and associates (Notes 9.d and 19.b)

498,765

362,650
Trade and other payables

27,880

24,827
Suppliers
1,236

977

Suppliers, Group companies and associates (Note 19.b)
1,804

2,090

Other payables to public administrations (Note 16.a.2)
2,049

1,022

Other payables
22,791

20,738

TOTAL EQUITY AND LIABILITIES

3,232,351

FCC. Annual Report 2024
457
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Income statements
Income statements
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. at 31 December 2024 (in thousands of euros)

31/12/2023
31/12/2023
CONTINUING OPERATIONS

Revenue (Note 18)
114,596
95,270
Trade receivables for sales and services
63,517
61,237
Income from interests in Group companies and associates (Note 19.a)
27,216
14,286
Financial income from marketable securities and other financial instruments in Group companies and associates (Notes 18 and 19.a)
23,863
19,747
Other operating income
43,500
38,865
Staff expenses (Note 18)
(25,066)
(24,354)
Other operating expenses (Note 18)
(66,166)
(56,249)
Depreciation and amortisation (Notes 5 and 6)
(4,266)
(5,585)
Provision surpluses (Note 12)
50,809
639
OPERATING PROFIT/(LOSS)
113,407
48,586
Financial income
2,499
3,457
From shareholdings in equity instruments in third parties
–
–
From marketable securities and other financial instruments of third parties
2,499
3,457
Finance cost
(37,457)
(47,485)
Payables to Group companies and associates (Note 19.a)
(36,755)
(38,039)
On payables to third parties
(702)
(9,446)
Change in fair value of financial instruments
33,738
436
Exchange differences
(12)
91
Impairment losses and gains/(losses) on disposal of financial instruments (Note 9)
96,367
1,151,511
FINANCIAL PROFIT/(LOSS)
95,135
1,108,010
PROFIT/(LOSS) BEFORE TAX
208,542
1,156,596
INCOME TAX (Note 16)
(14,061)
(13,844)
PROFIT/(LOSS) FOR THE YEAR FROM CONTINUING OPERATIONS
194,481
1,142,752
PROFIT/(LOSS) FOR THE YEAR
194,481
1,142,752
Notes 1 to 22 and the attached annexes I to III form an integral part of the financial statements and, together with these, make up the annual accounts for 2024.

FCC. Annual Report 2024
458
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Statement of changes in net equity
Statement of changes in net equity
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. at 31 December 2024 (in thousands of euros)
A) Statement of recognised income and expense
Notes 1 to 22 and the attached annexes I to III form an integral part of the financial statements and, together with these, make up the annual accounts for 2024.

31/12/2023
31/12/2023
Profit/(loss) as per income statement
194,481
1,142,752
Income and expenses recognised directly in equity
–
436
Write-offs to statement of profit and loss
–
(436)
TOTAL RECOGNISED INCOME AND EXPENSE
194,481
1,142,752

FCC. Annual Report 2024
459
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Statement of changes in equity
Statement of changes in equity
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. at 31 December 2024 (in thousands of euros)

Share capital
(Notes 3 and 11.a)
Share premium
(Note 11.b)
Reserves
(Notes 3 and 11.c)
Own shares
(Note 11.d)
Prior years’ losses
Profit/(loss) for
the year (Note 3)
Equity
Equity at 31 December 2022
438,345
1,673,477
2,619,098
(27,264)
(2,392,774)
45,867
2,356,749
Total recognised income and expenditure
–
–
–
–
–
1,142,752
1,142,752
Transactions with partners or owners
(2,238)
–
(316,742)
26,854
–
–
(292,126)
Capital increases
22,698
–
(22,810)
–
–
–
(112)
Capital reductions
(24,936)
–
(274,480)
298,588
–
–
(828)
Distribution of dividends
–
–
(19,452)
–
–
–
(19,452)
Transactions with shares or equity interests (net)
–
–
–
(271,734)
–
–
(271,734)
Other changes in net equity
–
–
45,867
–
–
(45,867)
–
Equity at 31 December 2023
436,107
1,673,477
2,348,223
(410)
(2,392,774)
1,142,752
3,207,375
Total recognised income and expenditure
–
–
–
–
–
194,481
194,481
Transactions with partners or owners
18,771
–
(1,594,856)
133
–
–
(1,575,952)
Capital increases
18,771
–
(18,875)
–
–
–
(104)
Distribution of dividends
–
–
(24,912)
–
–
–
(24,912)
Increase (reduction) in equity resulting from a business combination
–
–
(1,551,069)
–
–
–
(1,551,069)
Transactions with shares or equity interests (net)
–
–
–
133
–
–
133
Other changes in net equity
–
–
–
–
1,142,752
(1,142,752)
–
Equity at 31 December 2024
454,878
1,673,477
753,367
(277)
(1,250,022)
194,481
1,825,903
Notes 1 to 22 and the attached annexes I to III form an integral part of the financial statements and, together with these, make up the financial statements for the 2024 business year. In particular, Note 11 “Equity” contains further details on this statement.

FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
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value creation
4
FCC in 2024
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Fomento de Construcciones y Contratas, S.A. | Cash flow statement | Page 1 of 2
Cash flow statement
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. at 31 December 2024 (in thousands of euros)

31/12/2024
31/12/2023
Profit for the year before tax

208,542

1,156,596
Adjustments to profit/(loss)

(190,403)

(1,139,476)
Depreciation and amortisation (Notes 5 and 6)
4,266

5,585

Impairment loss allowances (Note 9)
(96,345)

(263,225)

Changes in provisions (Note 12)
(48,451)

(3,026)

Gains from cancellations and disposal of financial instruments (Note 9.a)
(4)

(888,279)

Financial income
(53,578)

(37,489)

Financial expenses
37,457

47,485

Exchange differences
12

(91)

Change in fair value of financial instruments
(33,760)

(436)

Changes in working capital

(3,532)

8,428
Trade and other receivables
(6,025)

19,600

Trade and other payables
2,493

(11,225)

Miscellaneous current assets and liabilities
–

Other cash flows from operating activities

(10,175)

(7,444)
Interest paid
(37,569)

(48,324)

Interest and dividend collections
55,773

11,523

Corporation tax refunded/(paid) (Note 16.h)
(28,379)

29,357

TOTAL CASH FLOWS FROM OPERATING ACTIVITIES

4,432

18,104
Notes 1 to 22 and the attached annexes I to III form an integral part of the financial statements and, together with these, make up the annual accounts for 2024.

FCC. Annual Report 2024
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Fomento de Construcciones y Contratas, S.A. | Cash flow statement | Page 2 of 2

31/12/2024
31/12/2023
Payments on investments

(651,631)

(377,672)
Group companies and associates (Note 9)
(648,214)

(375,165)

Intangible fixed and non-current asset, property, plant and equipment and other assets (Notes 5 and 6)
(3,417)

(2,507)

Proceeds from divestments

522,140

1,055,972
Group companies and associates (Note 9)
477,314

1,053,522

Intangible fixed and non-current asset, property, plant and equipment and other assets (Notes 5, 6 and 18)
44,826

2,450

TOTAL CASH FLOWS FROM INVESTING ACTIVITIES

(129,491)

678,300
Proceeds and (payments) from equity instruments (Note 11)

(104)

(272,676)
Proceeds from (payments on) financial liabilities (Note 13)

109,421

(247,625)
Issuance of:

Debt instruments and other marketable securities
–

226,030

Payables to Group companies and associates
150,470

32,224

Repayment and amortisation of:

Debt instruments and other marketable securities
–

(249,230)

Bank borrowings
–

(154,564)

Payables to Group companies and associates
(41,049)

(102,056)

Other payables
–

(29)

Dividend payments (Note 11)

(24,912)

(19,452)
TOTAL CASH FLOWS FROM FINANCING ACTIVITIES

84,405

(539,753)
Effect of changes in exchange rates

(675)

(707)
NET INCREASE/(DECREASE) IN CASH OR CASH EQUIVALENTS

(41,329)

155,944
Cash and cash equivalents at the start of the period

166,527

10,583
Cash and cash equivalents at the end of the period

125,198

166,527
Cash flow statement
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. at 31 December 2024 (in thousands of euros)
Notes 1 to 22 and the attached annexes I to III form an integral part of the financial statements and, together with these, make up the annual accounts for 2024.

Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 1 of 47
FCC. Annual Report 2024
462
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Statements
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Report
Notes to the financial statements
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. at 31 December 2024
1.
Company activity
463
2.
Basis of presentation of the financial statements
463
3.
Distribution of profit
465
4.
Recognition and measurement standards
465
5.
Intangible fixed assets
471
6.
Property, plant and equipment
472
7.
Leases
473
8.
Non-current and current financial investments
474
9.
Investments and payables to Group and associated companies
475
10. Cash and cash equivalents
479
11. Equity
479
12. Non-current and current provisions
482
13. Non-current and current debts
484
14. Trade payables
485
15. Information on the nature and risk of financial instruments
485
16. Deferred taxes and tax position
489
17. Guarantee commitments to third parties and other contingent liabilities
493
18. Revenue and expenses
495
19. Transactions and balances with related parties
496
20. Environmental information
502
21. Other information
502
22. Subsequent events
504

Annex I: Group companies
505
Annex II: Joint ventures
507
Annex III: Associates and jointly controlled companies
508

FCC. Annual Report 2024
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Chairwoman and CEOS
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FCC in 2024
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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 2 of 47
1. Company activity
Fomento de Construcciones y Contratas, S.A. is the parent company of the FCC Group, which comprises a
wide range of both Spanish and international subsidiaries and associates.
Company identification data
Name of the reporting entity or other means of
identification
Fomento de Construcciones y Contratas, S.A.
Legal form of the entity
Public Limited Company (In Spain: Sociedad Anónima)
Address of the entity’s registered office
C. Balmes 36, 08007 Barcelona, Spain
Address of the entity
Avenida Camino de Santiago 40, 28050, Madrid, Spain
Country of incorporation
Spain
Main place of business
Spain
Name of the parent company
Control Empresarial de Capitales, S.A. de C.V.
Name of the controlling parent of the group
Control Empresarial de Capitales, S.A. de C.V.
Changes in the name of the reporting entity
No changes have occurred this year
FCC The Group operates in the following business areas:
• Environmental Services. Services related to urban sanitation, industrial waste treatment, green area
conservation, including both the construction and operation of treatment plants and the energy recovery
of waste.
• Integrated Water Management. Services relating to the integrated water cycle: collection, purification
and distribution of water for human consumption; wastewater collection, filtration and purification;
design, construction, operation and maintenance of water infrastructure for municipal, industrial,
agricultural services, etc.
• Construction. Specialising in infrastructure, building and related sectors: motorways, highways, roads,
tunnels, bridges, hydraulic works, ports, airports, urban developments, housing, non-residential building,
lighting, industrial climate control installations, environmental restoration, etc.
• Concessions. Mainly includes concession agreements related to the operation of motorways, tunnels
and other similar infrastructures and urban tramways.
In November 2024, the partial financial spin-off that gave rise to the Inmocemento Group (Note 2) was
completed, resulting in the removal from the scope of consolidation of the following activities previously
carried out by the Group:
• Real Estate. Dedicated to the promotion of housing and the rental of offices, commercial premises and
residential properties.
• Cement. Operation of quarries and mineral sites, the manufacturing of cement, limestone, plaster and
derivate pre-manufactured products and the production of concrete.
2. Basis of presentation of the financial statements
The financial statements have been drawn up from the accounting records of Fomento de Construcciones
y Contratas, S.A. and the temporary joint ventures in which it participates, so they present fairly the equity,
the financial position, the results of the company and the cash flows for the year.
The regulatory framework applicable to the company is established in:
• The Spanish Commercial Code and other commercial legislation.
• General Accounting Plan and its sector adaptations.
• The mandatory rules approved by the Spanish Institute of Accounting and Auditing in order to
implement the General Accounting Plan and its supplementary rules.
• All other applicable Spanish accounting legislation.
These financial statements, which have been prepared by the company’s Board of Directors, will be
submitted for approval at the Annual Shareholders’ Meeting, and they are expected to be approved without
any modification. The 2023 financial statements were approved by the shareholders at the General
Shareholders Meeting held on 27 June 2024.
On 10 April 2024, Fomento de Construcciones y Contratas, S.A. incorporated, as sole shareholder, the
company Inmocemento, S.A., in order to contribute, through a partial financial spin-off, the company’s
entire stake in the Real Estate activities (represented by the stake held in FCyC, S.A.) and Cementos
activities (represented by the stake in Cementos Portland Valderrivas, S.A.). On 27 June 2024, at its
General Shareholders’ Meeting, Fomento de Construcciones y Contratas, S.A. approved the proposed
spin-off, which was approved on the same date by the Sole Director of Inmocemento, S.A.

FCC. Annual Report 2024
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1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 3 of 47
According to the partial spin-off, the deed of which was signed on 7 November 2024 and filed with the
Barcelona Companies Register on 7 November 2024, in accordance with Article 60 of Royal Legislative
Decree 5/2023, the shareholders of Fomento de Construcciones, S.A. were allotted, to coincide with
the partial financial spin-off, a number of shares issued by Inmocemento, S.A. identical to the number
of shares they held in the spun-off company, Fomento de Construcciones y Contratas, S.A., through the
capital increase that Inmocemento, S.A. carried out as part of the aforementioned spin-off (Note 11). In
this regard, Inmocemento, S.A. reduced its share capital to zero, both prior to and simultaneously with the
aforementioned capital increase.
The accounting treatment applied to the aforementioned partial financial spin-off was as set out in the
Spanish General Chart of Accounts for transactions between group companies, specifically as regards
spin-offs. In accordance with applicable regulations, the transaction was been recognised with accounting
effects from 1 January 2024, such that the assets spun off, i.e. the stakes in FCyC, S.A. and Cementos
Portland Valderrivas, S.A., have been derecognised at their carrying amount at 1 January 2024, reversing
any accounting entries corresponding to movements that took place between 1 January 2024 and the date
of completion of the spin-off.
The value at which the spun-off assets, i.e. the stakes in FCyC, S.A. and Cementos Portland
Valderrivas, S.A., were derecognised came to EUR 1,596,641 thousand (Note 9), with a corresponding
reduction in reserves for the same amount (Note 11).
The financial statements are expressed in thousands of euros.
Joint ventures and similar entities
The balance sheets, income statements, statements of changes in equity and cash flow statements of
the joint ventures in which the company participates were incorporated by the proportional consolidation
method, based on the shareholding of each joint venture.
The joint ventures were included through adjustments to unify the accounting period and the valuation
methods, together with the reconciliations and reclassifications required and the appropriate eliminations,
both of the asset and liability balances and of the reciprocal revenue and expenses. In the notes to the
financial statements, the corresponding amounts are broken down when they are large.
The balance sheet and income statement include the balance sheet aggregates at the shareholding in the
joint ventures shown below:

2024
2023
Revenue
65
75
Operating profit/(loss)
17
15
Non-current assets
18
20
Current assets
323
502
Non-current liabilities
2
3
Current liabilities
319
499
The joint ventures and percentage holdings are listed in Appendix II.
Grouping of epigraphs
Certain balance sheet, income statement and cash flow statement epigraphs have been grouped together
so that they may be more easily understood; in any event, all significant information is broken down
separately in the corresponding notes to the financial statements.
Going concern
At 31 December 2024, the company had a negative working capital of EUR 277,016 thousand, mainly
as a result of current debts with its subsidiaries amounting to EUR 498,765 thousand. Despite this, the
directors of Fomento de Construcciones y Contratas, S.A. have drawn up these accounts on a going
concern basis, as there are no doubts as to the ability of the group of companies, of which the company
is the parent, to continue to generate revenues from its operations (consolidated operating income of EUR
725,411 thousand and cash position of EUR 1,849,617 thousand). It also has the capacity to finance itself
in response to prevailing working capital requirements, as it has a programme to issue commercial paper
(ECP) of up to EUR 600,000 thousand, of which nothing had been drawn as at 31 December (Note 13.a).
It can also draw on credit facilities arranged with banks of up to EUR 175,000 thousand, all of which were
fully available as of 31 December (Note 13.b).

FCC. Annual Report 2024
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1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Statements
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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 4 of 47
Consolidated financial statements
Fomento de Construcciones y Contratas, S.A. is the parent of a group of companies that make up
FCC Group, so its directors are required to draw up separate consolidated financial statements. These
consolidated financial statements were prepared in accordance with International Financial Reporting
Standards (IFRS-EU), as set forth in Regulation (EC) No. 1606/2002 of the European Parliament and of the
Council of 19 July 2002 and all enacting provisions and interpretations. The 2024 consolidated financial
statements of the FCC Group, which have been prepared by its directors, will likewise be submitted for
approval at the General Shareholders’ Meeting. Meanwhile, the consolidated financial statements for the
year 2023, as drawn up on 27 February 2024, were approved at the General Shareholders’ Meeting held on
27 June 2024 and filed with the Companies Registry of Barcelona.
The main figures of the consolidated annual accounts of Fomento de Construcciones y Contratas, S.A.
prepared in accordance with International Financial Reporting Standards (EU IFRS) are the following:

2024
2023
Total assets
14,235,959
16,719,652
Equity attributable to the Parent
2,732,716
4,447,476
Revenue
9,071,416
8,217,292
Profit attributable to the Parent
429,865
589,060
Restatements
No restatements were made in the current financial statements.
3. Distribution of profit/loss
The Board of Directors of Fomento de Construcciones y Contratas, S.A. decided to make the mandatory
allocation of profit to the legal reserve in the amount of 3,307 thousand euros, allocating the remaining
profit for 2024 of 191,174 thousand euros to retained earnings. Accordingly, it was not proposed to
distribute or apply this profit to any other account.
In 2023, the company posted a profit of 1,142,752 thousand euros, which was used to offset losses from
previous years. Following the preparation of these financial statements, the ordinary General Shareholders’
Meeting approved the distribution of a scrip dividend with an impact on voluntary reserves of 43,787
thousand euros (Note 11).
4. Recognition and measurement standards
The main recognition and measurement bases used by the company in the preparation of the 2024
financial statements, in accordance with the Spanish General Chart of Accounts, were as follows:
a) Intangible assets
a.1) Concession arrangements
Concession arrangements are recognised pursuant to Order EHA/3362/2010, approving the rules for
adapting the Spanish General Chart of Accounts to public infrastructure concessionary companies.
The company has assets classified as concession agreements corresponding to assets from contracts
operated jointly through temporary joint ventures, all of which are intangible assets under the intangible
asset model, given that the demand risk is assumed by the concessionary company and this company
does not have an unconditional entitlement to receive anything from the granting authority.
a.2) Other intangible assets
The remaining intangible assets, basically software applications, are recognised at their acquisition or
production cost And, subsequently, at cost less any accumulated amortisation and any accumulated
impairment losses. At year-end, no signs of losses in value were identified in any of the company’s
intangible fixed and non-current assets relating to this heading.
Maintenance costs are recorded in the statement of profit and loss for the year they are accrued.
Generally, intangible assets are amortised over their useful lives on a straight-line basis.

FCC. Annual Report 2024
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Chairwoman and CEOS
2
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at the highest level
3
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4
FCC in 2024
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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 5 of 47
b) Property, plant and equipment
Items of property, plant and equipment are measured initially at acquisition or production cost when the
company has performed in-house work on its non-current assets, and are subsequently carried net of
accumulated depreciation and any impairment losses. Upkeep and maintenance costs relating to property,
plant and equipment are taken to the statement of profit and loss in the business year in which they are
incurred. However, improvement expenses leading to increased capacity or efficiency or to a lengthening
of the useful life of the assets are capitalised.
For property, plant and equipment that necessarily takes a period of more than twelve months to get ready
for their intended use, the capitalised costs include such borrowing costs as might have been incurred
before the assets are ready for their intended use and which have been charged by the supplier or relate
to loans or other specific-purpose or general purpose borrowings directly attributable to the acquisition or
manufacturing of the assets.
The company’s in-house work on property, plant and equipment is recorded at the accumulated cost
resulting from external costs, in-house costs determined on the basis of the in-house consumption of
materials, direct labour costs and general manufacturing overheads.
The company depreciates essentially all of its property, plant and equipment on a straight-line basis, using
annual rates based on the years of estimated useful life of the assets, as follows:

Years of estimated useful life
Buildings and other constructions
25 – 50
Technical installations and machinery
5 – 15
Other installations, tools and furniture
8 – 12
Other property, plant and equipment
4 – 10
c) Impairment of intangible assets and property, plant and equipment
All of the company’s intangible assets and property, plant and equipment have a finite useful life and
it therefore performs impairment tests to estimate the possible existence of losses that cause their
recoverable amount to fall below their carrying amount.
Recoverable amount is determined as the greater of fair value less costs to sell and value in use. In order
to calculate the recoverable amount of assets subject to impairment tests, the current value of the net
cash flows originating from the associated cash-generating units (CGUs) is estimated, and a pre-tax
discount rate is used to discount cash flows; this discount rate includes the current market assessments
of the time value of money and the risks specific to each cash-generating unit.
Where an impairment loss on the assets is subsequently reversed, the carrying amount of the asset or
cash-generating unit is increased to the revised estimate of its recoverable amount, up to the limit of
the carrying amount that would have been determined had no impairment loss been recognised in prior
business years. The reversal of an impairment loss is recognised as income in the income statement.
d) Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all of the
risks and rewards incidental to ownership of the leased asset to the lessee. Other leases are classified as
operating leases. All leases contracted by the company are classified as operating leases.
When the company acts as lessee, it recognises the expenses from operating leases in profit or loss in the
business year in which they accrue.
When the company acts as lessor, revenue and expenses from operating leases are recognised in profit or
loss in the year in which they accrue. The acquisition cost of the leased asset is presented in the balance
sheet in accordance with the nature of the asset, increased by the amount of the investments arising from
the directly attributable lease arrangements, which are expensed over the term of these arrangements,
using the same method as applied for recognition of lease income.
Any collection or payment that may arise when an operating lease is concluded is treated as a collection or
prepayment that is allocated to profit or loss over the leasing term as the benefits of the leased asset are
transferred or received.

FCC. Annual Report 2024
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1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Statements
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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 6 of 47
e) Financial instruments
e.1) Financial assets
Classification
The financial assets held by the company are classified in the following categories:
1. Financial assets at amortised cost. In general, the following fall into this category:
• Credits for commercial operations: financial assets originating from the sale of goods and the
provision of services from the company’s ordinary business subject to deferred payment.
• Credits for non-commercial operations: financial assets which, not being equity instruments or
derivatives, do not originate from trade operations and whose collections are of a determined or
determinable amount, deriving from loan or credit operations granted by the company.
Financial assets classified in this category are initially measured at their fair value which, unless there is
evidence to the contrary, is assumed to be the transaction price, which is equivalent to the fair value of
the consideration given, plus directly attributable transaction costs.
However, loans for commercial operations maturing in no more than one year and that do not have an
explicit contractual interest rate, as well as loans to personnel, dividends receivable and disbursements
required on equity instruments, the amount of which is expected to be received in the short term, are
measured at their nominal value when the effect of not updating the cash flows is not significant.
For subsequent measurement, the amortised cost method is used. Accrued interest is recorded in the
profit and loss statement (financial income), applying the effective interest rate method.
2. Financial assets at fair value through changes in equity: investments in equity instruments are
included, provided that they are not held for trading or should be valued at cost.
Financial assets classified in this category are initially measured at their fair value which, unless there is
evidence to the contrary, is assumed to be the transaction price, which is equivalent to the fair value of
the consideration given, plus the transaction costs that are directly attributable.
The subsequent measurement is at fair value, without deducting the transaction costs that could
be incurred in its sale. Changes that occur in the fair value are recognised directly in equity, until
the financial asset is removed from the balance sheet or is impaired, whereupon the amount thus
recognised is allocated to the profit and loss statement.
3. Financial assets at cost: includes investments in Group, associated and jointly controlled companies.
Group companies are considered to be those over which the company has control, while associated
companies are companies over which the company exercises a significant influence. Jointly controlled
companies include companies over which joint control is exercised with one or more partners through
an agreement.
Investments in this category are initially measured at cost, which is the fair value of the consideration
given. The subsequent measurement is also at cost less the accumulated amount of the valuation
corrections for impairment. These adjustments are calculated as the difference between their book
value and the recoverable amount, understood as the greater of their fair value minus selling costs and
the present value of the future cash flows resulting from the investment. Unless better evidence of the
recoverable amount is available, the estimated loss for impairment is calculated based on the investee’s
equity, consolidated where appropriate, corrected for any unrealised gains at the measurement date,
including any goodwill.
At least at the end of each reporting period, the company books the related impairment loss allowances
for financial assets that are not carried at fair value when there is objective evidence of impairment if
this value is lower than its carrying amount, in which case, the impairment is recognised in the income
statement. In particular, the company calculates impairment loss allowances for trade and other
receivables by carrying out a case-by-case analysis of the insolvency risk of each receivable.
The company derecognises financial assets when the rights to the cash flows from the financial asset
expire or have been transferred and substantially all the risks and rewards of ownership have been
transferred.

FCC. Annual Report 2024
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1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
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Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 7 of 47
e.2) Financial liabilities
All financial liabilities held by the company are classified in the category of financial liabilities at amortised
cost.
Financial liabilities are those payables and accounts payable that the company has and that have resulted
from the purchase of goods and services as a result of the company’s trade transactions, or those that,
without having a commercial origin, cannot be considered as financial instruments.
Financial liabilities classified in this category are initially measured at their fair value which, unless there is
evidence to the contrary, is assumed to be the transaction price, which is equivalent to the fair value of the
consideration given, adjusted by the transaction costs that are directly attributable.
Accounts payable are initially measured at the fair value of the consideration received. These financial
liabilities are subsequently measured at amortised cost.
Borrowing costs are recognised on an accrual basis in the income statement using the effective interest
method and are added to the amount of the instrument to the extent that they are not settled in the year in
which they arise.
Bank borrowings and other current and non-current financial liabilities maturing within no more than twelve
months from the balance sheet date are classified as current liabilities and those maturing within more than
twelve months as non-current liabilities.
The company derecognises financial liabilities when the obligations giving rise to them are extinguished.
e.3) Equity instruments
An equity instrument represents a residual interest in the company’s equity after deducting all of its
liabilities from its assets, and the securities issued are recognised in equity at the amount received, after
deducting the issue charges, net of taxes.
Own shares acquired by the company during the business year are recognised at the value of the
consideration paid and are deducted directly from equity. Any gains or losses on the purchase, sale,
issue or redemption of own equity instruments are recognised directly in equity and never in the income
statement.
f) Foreign currency transactions
The company’s functional currency is the euro. As a result, transactions in currencies other than the Euro
are deemed to be foreign currency transactions and are recorded at the exchange rates prevailing at the
transaction dates.
At each reporting date, monetary assets and liabilities denominated in foreign currencies are translated to
euros at the closing exchange rate. Profits or losses are directly recorded in the income statement in the
business year in which occur.
g) Corporation tax
The expense for corporation tax is calculated on the basis of profit before tax, increased or decreased, as
appropriate, by the permanent differences between taxable profit and accounting profit. The corresponding
tax rate based on the applicable legislation is applied to this adjusted accounting profit. The tax relief and
tax credits earned in the year are deducted and the positive or negative differences between the estimated
tax charge calculated for the prior year’s accounting close and the subsequent tax settlement at the
payment date are added to or deducted from the resulting tax charge.
The temporary differences between accounting profit and taxable profit for corporation tax purposes,
together with the differences between the carrying amounts of assets and liabilities recognised in the
balance sheet and their tax bases, give rise to deferred taxes that are recognised as non-current assets
and liabilities. These amounts are measured at the tax rates that are expected to apply in the business
years in which they will foreseeably be reversed, without performing financial discounting at any time.
The company recognises deferred tax assets corresponding to temporary differences, negative tax bases
pending compensation or deductions pending application for which it is likely that the Tax Group will have
future taxable profits that make it possible to recover these assets. To calculate the value of deferred tax
assets, the Directors estimate the amounts and dates on which future taxable profits will be obtained and
the reversal period for temporary differences.

FCC. Annual Report 2024
469
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 8 of 47
h) Revenue and expenses
Income and expenses are allocated on an accrual basis, i.e. when the actual flow of goods and services
they represent takes place, regardless of when the resulting monetary or financial flow occurs. Revenue is
measured at the fair value of the consideration received, less discounts and tax.
The main income recognised by the company corresponds to income from subsidiaries, both from the
provision of services and dividends and financial income. As a result of the publication in 2009 by the ICAC
of a consultation relating to the accounting recognition of income from holding companies, “Income from
investments in Group companies and associates” and “Finance income from marketable securities and
other financial instruments of Group companies and associates” are recognised under “Revenue” in the
accompanying income statement.
Interest received on financial assets is recognised using the effective interest method, while dividends are
recognised when the shareholder’s right to receive payment has been established. In any case, interest and
dividends on financial assets accrued subsequent to acquisition are recorded as income in the income
statement.
In keeping with the accounting principle of prudence, the company only recognises realised income at
year-end, whereas foreseeable contingencies and losses, including possible losses, are booked as soon as
they become known, through the posting of the appropriate provisions.
i) Cash and cash equivalents
Cash and other liquid equivalent assets include cash on hand and demand deposits with credit institutions.
Other highly liquid short-term investments are also included under this concept as long as they are easily
convertible into cash and are subject to an insignificant risk of changes in value. For these purposes,
investments with maturities of less than three months from the date of acquisition are included.
j) Provisions and contingencies
The company recognises provisions on the liability side of the accompanying balance sheet for present
obligations arising from past events for which the company considers it probable that there will be an
outflow of funds to settle them on maturity.
These provisions are recognised when the related obligation arises and the amount recognised is the
best estimate, at the date of the accompanying financial statements, of the present value of the future
expenditure required to settle the obligation. The change in the year relating to the discount to present
value has an impact on financial profit/(loss).
Provisions are classified as current or non-current in the accompanying balance sheet on the basis of the
estimated maturity date of the obligation covered by them, and non-current provisions are considered
to be those whose estimated maturity date exceeds the average cycle of the activity giving rise to the
provision.
Contingent liabilities resulting from possible obligations that might arise from past events, whose
existence will be confirmed only by the occurrence or non-occurrence of one or more future events not
wholly within the control of the company are not recognised in the financial statements, as the probability
that such obligation will have to be met is remote.
k) Capital assets of an environmental nature
Environmental assets are assets that are used on a lasting basis in the company’s activities, the main
purpose of which is to minimise environmental impact and to protect and improve the environment,
including the reduction or elimination of future pollution.
The company, due to its nature and activity, (Note 1) does not have a significant environmental impact.

FCC. Annual Report 2024
470
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 9 of 47
l) Pension and similar obligations
The company has arranged pension plans to complement the public pensions available under the social
security system, in compliance with the collective bargaining agreement for the construction sector.
Under the Consolidated Pension Plans and Pension Funds Law, in those specific cases in which similar
obligations exist, the company outsources its commitments to its employees in this area.
Contributions made by the company are recognised under “Staff expenses” in the income statement. No
significant amounts were recognised during the period.
m) Use of estimates
In the preparation of these financial statements, estimates were made by the company’s directors to
measure certain of the assets, liabilities, income, expenses and obligations reported herein. These
estimates relate basically to the following:
• The recoverability of deferred tax assets (Notes 4.g and 16).
• The recoverability of investments in Group companies and associates, and loans and receivables with
these, as well as financial assets with third parties (Notes 4.e, 8 and 9).
• The measurement of possible impairment losses on certain assets (Notes 4.c, 5 and 6).
• The useful life of property, plant and equipment and intangible assets (Notes 4.a and 4.b).
• The calculation of certain provisions (Notes 4.j and 12).
Although these estimates were drawn up on the basis of the best information available as at 31 December
2024, future events may require adjustments in coming years, where appropriate to be made in advance.
n) Related party transactions
The company carries out all transactions with related parties at arm’s length.
The Spanish General Chart of Accounts (Plan General Contable) defines group companies as both
those in which there is a relationship of subordination or control within the meaning of Article 42 of the
Commercial Code, and those belonging to the same coordination group, i.e. all companies controlled by
any means by one or more natural or legal persons, acting jointly, or under a single management structure
by virtue of an agreement or clause in the articles of association. Therefore, all transactions carried out
between Fomento de Construcciones y Contratas, S.A. and the companies belonging to the FCC Group
and Inmocemento, S.A. and the companies in which the Inmocemento Group holds stakes are considered
transactions with group companies. All transactions carried out with companies in which the controlling
shareholder holds stakes are likewise considered to be transactions with group companies.
Note 19 “Related party transactions and balances” to these financial statements details the main
transactions with the company’s significant shareholders, its directors and senior executives, and between
Group companies or entities.
o) Cash flow statement
The following terms are used in the statement of cash flows with the meanings specified:
• Cash flows: cash entries and withdrawals and their equivalents.
• Cash flows from operating activities: payments and collections from the company’s principal revenue-
producing activities and other activities that are not classified as investing or financing activities.
• Cash flows used in investing activities: payments and collections resulting from purchases and
divestments of non-current assets.
• Cash flows from financing activities: payments and collections from the placement and settlement of
financial liabilities, equity instruments and dividends.

FCC. Annual Report 2024
471
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 10 of 47
5. Intangible fixed assets
Changes in this heading in the accompanying balance sheet in the 2024 and 2023 business years were as
follows:

Concession
agreements
Software
applications
Other
intangible
fixed and
non current
asset
Accumulated
amortisation
Impairment
Total
Balance at 31.12.22
53
54,645
13
(49,215)
(7)
5,489
Receipts or endowments
–
1,139
–
(2,254)
–
(1,115)
Derecognitions,
disposals or reductions
–
–
(10)
2
–
(8)
Balance at 31.12.23
53
55,784
3
(51,467)
(7)
4,366
Receipts or endowments
–
1,337
–
(1,331)
–
6
Derecognitions,
disposals or reductions
–
–
–
–
–
–
Balance at 31.12.24
53
57,121
3
(52,798)
(7)
4,372
The balance for “Software applications” relates mainly to implementation, development and improvement
costs for the corporate information system, and costs related to information technology infrastructure.
Details of the fixed and non-currents assets and of the related accumulated amortisation as of 31
December 2024 and 2023 are as follows:

Cost
Accumulated
amortisation
Impairment
Net
2024
Concession agreements
53
(29)
(7)
17
Software applications
57,121
(52,766)
–
4,355
Other intangible fixed and non current assets
3
(3)
–
–

57,177
(52,798)
(7)
4,372
2023
Concession agreements
53
(28)
(7)
18
Software applications
55,784
(51,436)
–
4,348
Other intangible fixed and non current assets
3
(3)
–
–

55,840
(51,467)
(7)
4,366
With regard to net intangible assets, only 17 thousand euros (19 thousand euros at 31 December 2023)
relate to assets arising from arrangements operated jointly through joint ventures.
All intangible assets at year-end were used in production processes; however, some such intangible
assets, basically software applications, had been fully amortised, in the amount of 50,111 thousand
euros (47,815 thousand euros at 31 December 2023). The amount corresponding to joint ventures was
insignificant.
At 31 December 2024, the company did not own any significant intangible assets pledged as security or
purchase commitments of a significant amount.

FCC. Annual Report 2024
472
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 11 of 47
6. Property, plant and equipment
Changes in this heading in the accompanying balance sheet in the 2024 and 2023 business years were as follows:

Other property, plant and equipment

Land and
buildings
Plant and other items of
property, plant and equipment
Advances and PP&E under
construction
Accumulated
amortisation
Impairment
Total
Balance at 31.12.22
17,843
37,558
–
(23,551)
(5,088)
26,762
Receipts or endowments
–
437
84
(3,330)
–
(2,809)
Derecognitions, disposals or reductions
–
–
–
–
–
–
Balance at 31.12.23
17,843
37,995
84
(26,881)
(5,088)
23,953
Receipts or endowments
–
669
929
(2,935)
–
(1,337)
Transfers
1,012
(1,012)
–
–
–
Derecognitions, disposals or reductions
–
(117)
–
75
–
(42)
Balance at 31.12.24
17,843
39,559
1
(29,741)
(5,088)
22,574
The detail of property, plant and equipment and of the related accumulated depreciation at 31 December
2024 and 2023 is as follows:

Cost
Accumulated
amortisation
Impairment
Net
2024
Land and buildings
17,843
(1,118)
(5,088)
11,637
Plant and other items of property, plant and equipment
39,559
(28,623)
–
10,936
Advances and PP&E under construction
1
–
–
1

57,403
(29,741)
(5,088)
22,574
2023
Land and buildings
17,843
(1,083)
(5,088)
11,672
Plant and other items of property, plant and equipment
37,995
(25,798)
–
12,197
Advances and PP&E under construction
84
–
–
84

55,922
(26,881)
(5,088)
23,953
The company owns buildings, whose value separated from the net depreciation of said buildings and the
value of land, at year-end, was as follows:

2024
2023
Land
10,500
10,500
Buildings
1,137
1,172

11,637
11,672
At the end of 2024 and 2023, there were no significant assets from contracts operated jointly through joint
ventures.
In the 2024 and 2023 business years, the company had not capitalised any finance costs under “Property,
plant and equipment”. It did not have any significant commitments to acquire property, plant and
equipment. It also has no assets subject to significant ownership restrictions.

FCC. Annual Report 2024
473
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 12 of 47
Most of the items of property, plant and equipment, at the closing date, are used in the various production
processes. Part of said property, plant and equipment, however is fully depreciated, amounting to 12,451
thousand euros (6,229 thousand euros at 31 December 2023).
The company takes out insurance policies to cover the possible risks to which its property, plant and
equipment are subject. At year-end, all items of property, plant and equipment had been fully insured
against these risks.
7. Leases
As explained in Note 4.d, all the leases contracted by the company are classified as operating leases.
The amount recognised in 2024 for operating lease expenses totalled 10,852 thousand euros
(10,623 thousand euros at 31 December 2023) (Note 18).
Noteworthy among the operating lease arrangements signed by Fomento de Construcciones y
Contratas, S.A., due to their size, were those relating to FCC Group’s corporate headquarters:
• Office building in Las Tablas, Madrid.

On 19 November 2010, the owner and the company signed a lease agreement on this building, with
the rental arrangement beginning, once the building had been completed, on 23 November 2012. This
arrangement has an 18-year term, extendable at the company’s discretion by two periods of five years
each, with annual rent adjusted annually in line with the CPI.

On 21 September 2018, a non-extinguishing modifying Addendum to the original agreement was signed
with the new owner, “Las Tablas 40 Madrid, S.L.U.”. The modified terms and conditions mainly lead to a
5.6% reduction in rent and the possibility of sub letting to third parties without the consent of the owner,
provided that certain requirements are met.
• Office buildings at Federico Salmón, 13, Madrid and Balmes, 36, Barcelona.

On 29 December 2011, the owners of these buildings and Fomento de Construcciones y Contratas, S.A.
had signed two lease agreements for them, for a minimum committed period of 30 years, extendable,
at the company’s discretion, by two periods of five years each, with initial annual rent adjustable in line
with the CPI. These buildings were transferred by the company to their current owner through a sale and
leaseback arrangement. The owners, in turn, granted a purchase option to Fomento de Construcciones y
Contratas, S.A., which can only be exercised at the end of the lease period, at fair value or at the amount
of the sale adjusted by the CPI, if this is higher.

On 1 June 2016, the company ceded its contractual position to Fedemes, S.L., wholly owned by it, which
signed sub-lease agreements with the FCC Group companies that occupied the buildings, including
Fomento de Construcciones y Contratas, S.A., with the same duration conditions as the original
arrangement as indicated previously.
At year-end, there were non-cancellable future payment commitments amounting to 97,426 thousand
euros (106,297 thousand euros in 2023). Details, by maturity, of the non-cancellable future minimum
payments at 31 December 2024 and 2023 were as follows:

2024
2023
Up to one year
10,944
10,852
Between one and five years
42,849
42,449
More than five years
43,634
52,996

97,427
106,297
As the lessor, when it is the holder of the lease arrangements, the company invoices FCC Group investees
based on the use they make of such arrangements, recognising such revenue as operating income.

FCC. Annual Report 2024
474
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 13 of 47
8. Non-current and current financial investments
a) Non-current financial investments
The balance for “Non-current financial investments” at 2024 and 2023 year-end is as follows:

Instrumentos
de patrimonio
Créditos a
terceros
Otros activos
financieros
Total
2024
Financial assets at amortised cost
–
1,854
3,783
5,637
Financial assets at fair value changes in net
worth
1
–
–
1

1
1,854
3,783
5,638
2023
Financial assets at amortised cost
–
1,488
18,871
20,359
Financial assets at fair value with changes
in equity
1
–
–
1

1
1,488
18,871
20,360
Financial assets at amortised cost
The detail by maturity of this category of financial assets is as follows:

2026
2027
2028
2029
2030 and
beyond
Total
Financial assets at
amortised cost
–
–
–
–
5,638
5,638
On 31 July 2024 a Termination Agreement was signed for the purchase and sale of shares in Global
Vía Infraestructuras, S.A., whereby the most significant amount under this heading, namely the escrow
deposit of 15,088 thousand (31 December 2023: 15,088 thousand euros), related to the sale of Global Vía
Infraestructuras, S.A. completed in 2016, was released (Note 18). This heading also includes guarantees
and deposits for legal or contractual obligations in the course of the company’s activities.
Financial assets at fair value through changes in equity
The entire amount relates to a residual stake held in the company Aguas Industriales de Tarragona, S.A.
b) Current financial investments
The balance of “Current financial assets” at 2024 and 2023 year-ends is as follows:
Other financial
assets
2024
Financial assets at amortised cost
1,205
Financial assets at fair value changes in the income statement
4,231

5,436
2023
Financial assets at amortised cost
1,198
Financial assets at fair value with changes in profit or loss
–

1,198
The balance of the heading “Financial assets at fair value through profit or loss” in 2024 includes the
amount receivable for an adjustment made to the sale price of FCC Aqualia, S.A., completed in 2018 and
amounting to 4,231 thousand euros (Notes 17 and 18), in addition to guarantees and deposits covering
legal or contractual obligations. In 2023, this related to bonds and deposits to cover legal or contractual
obligations.

FCC. Annual Report 2024
475
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 14 of 47
9. Investments and payables to group
and associated companies
a) Non-current investments in Group companies and associates
Non-current investments in group companies and associates at 31 December 2024 and 2023 breaks down
as follows:

Cost
Accumulated
impairment
Total
2024
Equity instruments in Group companies
2,705,689
(280,111)
2,425,578
Equity instruments in associates
4,367
–
4,367
Loans to Group companies
402,082
–
402,082

3,112,138
(280,111)
2,832,027
2023
Equity instruments in Group companies
4,029,284
(737,472)
3,291,812
Equity instruments in associates
4,367
–
4,367
Loans to Group companies
421,079
–
421,079

4,454,730
(737,472)
3,717,258
Details of changes in these epigraphs is as follows:

Equity
instruments
of Group
companies
Equity
instruments
of
associates
Loans
to Group
companies
Loans to
associates
Impairment
Total
Balance at 31.12.22
4,060,089
4,367
444,049
–
(1,090,240)
3,418,265
Receipts or endowments
107,030
–
22,030
–
(1,316)
127,744
Disposals and reversals
(182,835)
–
–
–
354,084
171,249
Transfers
45,000
–
(45,000)
–
–
–
Balance at 31.12.23
4,029,284
4,367
421,079
–
(737,472)
3,717,258
Receipts or endowments
494,898
–
113,971
–
–
608,869
Disposals and reversals
–
–
–
–
96,344
96,344
Inmocemento spin-off
(1,957,658)
–
–
–
361,017
(1,596,641)
Transfers
139,165
–
(132,969)
–
–
6,196
Balance at 31.12.24
2,705,689
4,367
402,082
–
(280,111)
2,832,027
Equity instruments in Group companies
In 2024, the main changes under “Additions or allowances” were as follows:
• Partial financial spin-off of Fomento de Construcciones y Contratas S.A. Prior to the demerger (Note 2),
there are two events to take into account in 2024:4:
– Capital increase with a cash contribution from FCyC S.A. in the amount of 160,063 thousand euros.
– Acquisition of stakes in Cementos Portland Valderrivas, S.A. from third parties for an amount of
81 thousands of euros.
With these movements, the total amount of the portfolio of FCyC, S.A. stood at 937,823 thousand euros,
while the portfolio of Cementos Portland Valderrivas, S.A. came to 1,019,835 thousand euros, with
accumulated impairment in the case of the latter company of 361,017 thousand euros.
Therefore, the total outflow due to the partial financial spin-off of Fomento de Construcciones y
Contratas, S.A. in favour of Inmocemento, S.A. (Note 2) amounts to 1,596,641 thousand euros, as shown
under the line “Inmocemento spin-off”.

FCC. Annual Report 2024
476
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 15 of 47
• Transactions related to FCC Concesiones de Infraestructuras, S.L.U. arising from the restructuring of
concessional interests within the FCC Group:
– Acquisition of the stake held by FCC Construction, S.A. worth 169,881 thousands of euros and arising
from the subsequent capital increases in 2024 by FCC Concesiones de Infraestructuras, S.L.U. in
which FCC Construction, S.A. contributed its own concession assets.
– Cash capital increase of 101,165 thousand euros at the company FCC Concesiones de
Infraestructuras, S.L.U.
– Acquisition of Tranvía de Parla, S.A. for 18,000 thousand euros and subsequent contribution of the
company under the capital increase at FCC Concesiones de Infraestructuras, S.L.U.
The following activity took place under the heading “Transfers” in 2024:
– Capital increase through the capitalisation of the loan granted to FCC Concesiones de
Infraestructuras S.L.U. on 18 May 2021 and amounting to 35,043 thousand euros.
– Capital increase through the capitalisation of the loan granted to FCC Concesiones de
Infraestructuras S.L.U. on 8 February 2024 and amounting to 2,022 thousand euros.
– Capital increase through the capitalisation of the loan granted to FCC Concesiones de
Infraestructuras S.L.U. on 16 October 2024 and amounting to 102,100 thousand euros.
Meanwhile, the main movements in 2023 were as follows:
• Sale of a 24.99% stake in FCC Servicios Medioambientales Holding, S.A., worth 75,211 thousands of
euros, to the CPP Investments fund for 965,000 thousand euros, generating a profit, net of expenses
inherent to the operation, of 888,279 thousand euros (Notes 13 and 15.d)
• Operations related to FCC Concesiones e Infraestructuras, S.L.U. derived from the reorganization of
concessional interests in the FCC Group.
– Acquisition of the stake held by FCC Construction, S.A. worth 89,789 thousands of euros and
originating from the subsequent capital increases in 2023 by FCC Concesiones de Infraestructuras,
S.L.U. in which FCC Construction, S.A. has contributed its own concession assets.
– Contribution from the company FCC Versia, S.A.U. to the capital increase of FCC Concesiones e
Infraestructuras, S.L.U. The portfolio was worth 12,972 thousand euros and resulted in the divestment
in FCC Versia, S.A.U. and, in exchange, the recognition of an investment in FCC Concesiones
e Infraestructuras, S.L.U. for the same amount. Additionally, and prior to the aforementioned
contribution, several operations took place at FCC Versia, S.A.U.
- Capitalisation of the equity loan granted to this company for 45,000 thousand euros, with total
impairment of 28,640 thousand euros.
- Distribution of a dividend of 5,116 thousand euros and considered as a return of contributions.
- Write-off of the entire portfolio valued at 12,972 thousand euros, net (gross investment of
102,508 thousand euros and accumulated impairment of 89,536 thousand euros).
– Cash capital increase at the company FCC Concesiones de Infraestructuras, S.L.U. for a total of
3,672 thousand euros.
– Capital increase via non-monetary contribution at FCC Concesiones de Infraestructuras, S.L.U. of the
17.80% stake held in Port Torredembarra, S.A., for a total of 516 thousand euros (Note 8.a).
The breakdown, by company, of the “Investments in Group companies and associates” headings for 2024
and 2023 is presented in Annexes I and III, respectively, indicating the following details for each company
in which direct stakes are held: name, registered office, activity, share of capital directly or indirectly owned,
amount of equity (capital, reserves and others), profit or loss, dividends received and whether or not the
company is listed on the stock market, together with its carrying amount.
Non-current loans to Group companies
Los saldos más significativos son los siguientes:

2024
2023
FCC Servicios Medio Ambiente Holding, S.A.
389,224
379,731
FCC Concesiones de Infraestructuras, S.L.U.
–
31,548
FCC Construcción, S.A.
9,141
8,565
FCC Medio Ambiente, S.A.
3,655
1,173
Other
62
62
GROSS TOTAL
402,082
421,079

FCC. Annual Report 2024
477
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 16 of 47
The balance at 31 December 2024 is mainly composed of:
• Subordinated loans granted to FCC Servicios Medio Ambiente Holding, S.A. for a total of 345,203
thousand euros, with a final maturity date on 2034, without partial repayments and at a fixed interest
rate of 2.5% per year that will be capitalised. Any amount, whether interest or principal, to be collected by
the lender will be subordinated to the full repayment of the bonds issued by the borrower. At year-end,
the final balance, including capitalised interest, was 389,224 thousand euros. Interest accrued in the
current year amounts to 9,493 thousand euros (9,216 thousand euros at 31 December 2023).
The most significant movement in 2024 is the capitalisation of the loan granted to FCC Concesiones de
Infraestructuras S.A.U. for 35,043 thousand euros, as mentioned earlier in this note to the consolidated
financial statements under “Equity instruments of Group companies”.
There is no impairment for this item.
Impairment
The following significant changes took place in 2024:
• Reversal of the impairment of the investment in FCC Construcción, S.A. for the sum of 96,337 thousand
euros, mainly on account of the improvement in the ordinary results of its activity.
The following significant changes took place in 2023:
• Reversal of the impairment associated with the stake in Cementos Portland Valderrivas, S.A. worth
81,800 thousand euros, mainly due to the improvement of the ordinary results of its activity.
• Reversal of the impairment of the investment in FCC Construcción, S.A. amounting to 181,019 thousand
euros, mainly on account of the improvement in the ordinary results of its activity.
• Reversal of the impairment of the stake in FCC Versia, S.A.U. for the entirety (89,536 thousand euros) as
a consequence of the process of contribution of this company to FCC Concesiones e Infraestructuras,
S.L. and commented on in this same note of the Report within the heading of “Equity instruments of
Group companies”.
b) Current investments in Group companies and associates
This section includes mainly the loans and other non-trade credits granted to Group companies and
associates, among others, in line with certain specific cash situations, as well as other temporary financial
assets, measured at the lower of cost or market value, increased by interest earned at a market rate. It
also includes the balances generated by tax effects with the subsidiary companies in the tax consolidation
group, as well as outstanding dividends.
The most significant balances in this regard were as follows:

2024
2023
FCC Servicios Medio Ambiente Holding S.A.
11,457
25,237
FCC Medio Ambiente, S.A.
3,137
–
FCC Environmental Services Florida, LLC
2,029
17,519
FCyC, S.A.
22
227,481
Realia Business, S.A.
–
99,894
Cementos Portland Valderrivas, S.A.
–
12,558
FCC Aqualia, S.A.
–
12,485
Other
2,213
14,297

18,858
409,471
In 2024, highlights included the collection of the loans granted to FCyC, S.A., as follows:
• 39,933 thousand euros outstanding in relation to the loan granted in the amount of 126,500 thousand
euros in 2022 and accruing interest for the year of 898 thousand euros.
• 178,804 thousand euros outstanding in relation to the loan granted for the same amount in 2023 and
which accrued interest in the year of 5,560 thousand euros.
• 92,575 thousand euros outstanding in relation to the loan granted in the year for the same amount
for the purchase of 10.26% of the stake in Realia held by the investment fund Polygon, which accrued
interest in the year of 988 thousand euros.
The loans granted to Realia Business, S.A. in 2021 and amounting to 120,000 thousand euros, of which
65,000 thousand euros remained outstanding, and in 2023 and amounting 40,000 thousand euros, of
which 34,000 thousand euros had been drawn down and which remained outstanding, were transferred
to FCyC, S.A., which repaid the outstanding debt in full. These receivables accrued interest in the year
amounting to 3,444 thousand euros.

FCC. Annual Report 2024
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1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 17 of 47
All these repayments were made prior to the partial financial spin-off of Fomento de Construcciones y
Contratas, S.A. in favour of Inmocemento, S.A. (Note 2).
In 2023, highlights included the loan granted to FCyC, S.A. for an amount of 178,804 thousand, maturing
in one year and with the interest rate referenced to Euribor plus a spread, with the possibility of partial
repayment. The loan was mainly aimed at purchasing the 12.19% stake in Realia and 5.934% stake in
Metrovacesa, which directly or indirectly control Control Empresarial de Capitales, S.A, de C.V. With regard
to the loan granted to this company in 2022 for a total amount of 126,500 thousand euros, it should be
noted that, at the end of financial year 2023, the outstanding balance of this loan was 39,933 thousand
euros (31 December 2022: 118,208 thousand euros). This loan has an annual maturity and interest rate
tied to Euribor plus a spread, with the possibility of partial repayments. The interest accrued for these loans
during this year was 3,843 thousand euros (31 December 2022: 1,530 thousand euros).
Also during 2023, an additional loan was granted to Realia Business, S.A. for an amount of 40,000
thousand euros, of which 34,000 thousand euros had been drawn at year-end. The loan has a one-year
maturity, with the interest rate referenced to Euribor plus a spread, with optional partial repayments.
Regarding the loan granted to this company in 2021 for a total amount of 120,000 thousands of euros,
it should be noted that, at the end of financial year 2023, the outstanding balance of this loan is 65,000
thousands of euros (70,000 thousands of euros as of 31 December 2022). On December 21, 2023, an
addendum to the main contract has been signed, by which the original contract is extended for one year
under the same conditions as the main contract. The interest accrued for these loans during this year was
3,759 thousand euros (31 December 2022: 1,124 thousand euros).
In addition, the increase in the balance with FCC Aqualia, S.A. is due to the distribution of the dividends,
which were pending to be paid as of 31 December 2023.
c) Non-current payables to Group companies and associates
The balance at 31 December 2024 (same as at 31 December 2023) corresponds in its entirety to the loan
that FCC Aqualia, S.A. has granted to the company, in accordance with the following conditions:
• Loan amount: 806,479 thousand euros.
• Maturity: 28 September 2048.
• Interest periods: annual periods, except the final period which will end on 28 September 2048.
• Interest rate: 3.55%.
• Payment of annual interest when the borrower and its subsidiary companies, excluding the FCC Aqualia
subgroup, hold “available cash” at 30 September which is not less than the amount of the accrued
interest. Any unpaid matured interest will be capitalised and accrue interest, as regulated in article
317 of the Code of Commerce.
• Collateral: the guarantees mentioned in Note 17 continued to be granted.
The aforementioned loan has accrued interest of 29,107 thousand euros in the business year (29,028
thousand euros at 31 December 2023).
d) Current payables to Group companies and associates
Payables to Group and associated companies include loans received by the company which are
remunerated at market prices, as well as the balances generated by the tax effect with the subsidiary
companies of the tax consolidation group. The most significant balances on the liabilities side of the
accompanying balance sheet are as follows:

2024
2023
Asesoría Financiera y de Gestión, S.A.U.
379,899
235,781
FCC Construcción, S.A.
73,736
46,534
Fedemes, S.L.U.
23,052
22,605
FCC Environmental Services Florida, LLC
3
15,184
FCC Environmental Services Texas, LLC
4,441
11,783
Cementos Portland Valderrivas, S.A.
4,160
6,495
FCyC, S.A.
3,606
4,548
Other
9,868
19,720

498,765
362,650
The most significant amount in both years was the amount corresponding to Asesoría Financiera y de
Gestión, S.A. for the sum of 379,899 thousand euros (235,781 thousand euros as at 31 December 2023).
In 2015, cash pooling contracts were signed between the aforementioned company and FCC Group
companies, including the Parent Fomento de Construcciones y Contratas, S.A., whereby financial
movements are channelled through said subsidiary.

FCC. Annual Report 2024
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1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 18 of 47
10. Cash and cash equivalents
The composition of this heading as of December 31 is as follows:

2024
2023
Cash
123,598
166,527
Cash
22
34
Demand current accounts
123,576
166,493
Cash equivalents
1,600
–
NET TOTAL
125,198
166,527
Current accounts earn the usual market interest rate for this type of account.
Almost all of the amounts in this heading have no availability restrictions.
11. Equity
The General Shareholders’ Meeting held on 27 June 2024 approved the partial proposed financial spin-
off signed on 16 May 2024 by all the members of the Board of Directors of Fomento de Construcciones
y Contratas, S.A. and the Sole Administrator of Inmocemento, S.A.U., in favour of the latter, whereby two
economic units were transferred en bloc to the latter company, without being extinguished. The first of
these economic units consisted of all the shares of FCyC, S.A. owned by Fomento de Construcciones y
Contratas, S.A., representing 80.03% of the share capital of FCyC, S.A., while the second consisted of all the
shares of Cementos Portland Valderrivas, S.A. owned by Fomento de Construcciones y Contratas, S.A. and
representing 99.028% of the share capital of Cementos Portland Valderrivas, S.A. The Beneficiary company
acquired both units by universal succession, encompassing all the assets, liabilities, rights, obligations and
other items attaching to the spun-off assets. This partial financial spin-off took place on 7 November 2024,
with a charge to unrestricted reserves of 1,596,641 thousand euros (Note 2).
Moreover, the ordinary General Shareholders’ Meeting held on 27 June 2024 resolved, among other matters,
to distribute a scrip dividend by issuing new ordinary shares with a par value of 1 euro each, without a share
premium, of the same class and series as the shares already in circulation, with a charge to reserves. This
resolution also included an offer by the company to acquire the free allocation rights at a guaranteed price.
At its meeting on 27 June 2024, following the General Shareholders’ Meeting, the Board of Directors
resolved to execute the scrip dividend distribution resolution adopted by the Shareholders’ Meeting, the
most significant characteristics of which are described below:
• Maximum value of the scrip dividend: 283,469,476.05 euros, equivalent to 0.65 euros per share.
• Shareholders received the corresponding allocation rights and could choose between three options:
receiving the new shares released, transferring their rights in the market or selling their rights to the
company for the guaranteed price of 0.65 euros per share.
• The number of free allotment rights required to receive a new share was set at 23. Shareholders who
chose this option also received a compensatory cash dividend of 1.176 euros for each new bonus share
received, to make this financially equivalent to transferring their rights to the company.
• At the end of the trading period of the free-of-charge allocation rights on 17 July 2024, holders of
431,693,015 (98.99%) rights opted to receive new shares, while shareholders holding 4,368,945 rights
opted to accept the company’s offer to acquire their rights at a guaranteed price. Accordingly, the final
number of 1 euro bonus shares issued was 18,771,215 shares, corresponding to 4.30% of the capital
stock prior to the increase, resulting in a cash outflow for the compensatory dividend, as well as for the
rights acquired by the company of 24,912 thousand euros.
• On 23 July 2024, the public deed to increase the company’s paid-up capital with a charge to voluntary
reserves was registered at the Barcelona Mercantile Registry.
The following table shows the effect of distribution of the scrip dividend on the equity of Fomento de
Construcciones y Contratas, S.A., in both financial years:

2024
2023
Capital stock increase
18,771
22,698
Share capital
18,771
22,698
Capital stock increase
(18,771)
(22,698)
Costs, net of tax
(104)
(112)
Acquisition rights at guaranteed price
(2,840)
(1,783)
Compensatory dividend
(22,072)
(17,669)
Voluntary reserves
(43,787)
(42,262)
Change in equity
(25,016)
(19,564)

FCC. Annual Report 2024
480
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 19 of 47
The ordinary General Shareholders’ Meeting held on 14 June 2023 passed the following resolutions,
among others:
1. Reduction of share capital through the redemption of treasury stock
Reduction of the share capital of Fomento de Construcciones y Contratas, S.A. for a maximum nominal
amount of 3,725,383.00 euros, through the cancellation of up to 3,725,383 own shares with a nominal
value of one euro each.
The Board of Directors, at its meeting on 14 June 2023 after the General Shareholders’ Meeting, decided
to proceed with the agreement for the distribution of the reduction of share capital through the redemption
of treasury stock for the definitive amount established of 3,521,417 shares, bringing the share capital
to 434,823,566 shares with a nominal value of one euro. On June 27, 2023, the public deed of the
aforementioned capital reduction was registered in the Barcelona Mercantile Registry.
The capital reduction for the sum of 3,521 thousand euros meant a decrease in the balance of treasury
stock in the amount of 34,304 thousand euros, taking the difference for the sum of 30,783 thousand euros
to voluntary reserves as well as making the mandatory provision of a restricted reserve for amortised
capital for the sum of 3,521 thousand euros, equal to the nominal value of the amortised shares, charged
to voluntary reserves.
2. Distribution of a scrip dividend
Implemented through the issuance of new common shares with a nominal value of 1 euro each, with no
issue premium, of the same class and series as those in circulation, charged to reserves. This resolution
also included an offer by the company to acquire the free allocation rights at a guaranteed price.
>At its meeting on 28 June 2023, following the General Shareholders’ Meeting, the Board of Directors
resolved to execute the scrip dividend distribution resolution adopted by the Shareholders’ Meeting, the
most significant characteristics of which are described below:
• Maximum value of the scrip dividend: 219,172,491.50 euros, equivalent to 0.50 euros per share.
• Shareholders received the corresponding allocation rights and could choose between three options:
receiving the new shares released, transferring their rights in the market or selling their rights to the
company for the guaranteed price of 0.50 euros per share.
• The number of free allotment rights required to receive a new share was set at 19. Shareholders who
chose this option also received a compensatory cash dividend of 0.78 euros for each new bonus share
received, to make this financially equivalent to transferring their rights to the company.
• At the end of the trading period of the free-of-charge allocation rights on 17 July 2023, holders of
431,257,401 (99.18%) rights opted to receive new shares, while shareholders holding 3,566,498 rights
opted to accept the company’s offer to acquire their rights at a guaranteed price. Accordingly, the final
number of 1 euro bonus shares issued was 22,697,739 shares, corresponding to 5.22% of the capital
stock prior to the increase, resulting in a cash outflow for the compensatory dividend, as well as for the
rights acquired by the company of 19,452 thousand euros.
• On 25 July 2023, the public deed to increase the company’s paid-up capital with a charge to voluntary
reserves was registered at the Barcelona Mercantile Registry.
Furthermore, the Extraordinary General Shareholders’ Meeting held on 19 July 2023 adopted resolutions
including but not limited to the following:
1. Reduction of share capital through the redemption of treasury stock
Reduction of the share capital by a nominal amount of 854,234.00 euros through the redemption of a
maximum of 854,234 treasury shares with a nominal value of one euro.
The Board of Directors, at its meeting on 19 July 2023 after the Extraordinary General Shareholders’
Meeting, decided to proceed with the agreement for the distribution of the reduction of share capital
through the redemption of treasury stock for the nominal amount established of 854,234 shares, bringing
the share capital to 456,667,071 shares with a nominal value of one euro. On 25 July 2023, the public deed
for the aforementioned reduction in capital was registered in the Mercantile Registry of Barcelona.
The capital reduction for the sum of 854 thousand euros meant a decrease in the balance of treasury
stock in the amount of 7,282 thousand euros, taking the difference for the sum of 6,428 thousand euros
to voluntary reserves as well as making the mandatory provision of a restricted reserve for amortised
capital for the sum of 854 thousand euros, equal to the nominal value of the amortised shares, charged to
voluntary reserves.

FCC. Annual Report 2024
481
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 20 of 47
2. Reduction of share capital through the redemption of treasury stock acquired
within the framework of a public takeover bid
Reduction in share capital through the acquisition of treasury stock for subsequent amortisation through a
takeover bid formulated by the company and addressed to its shareholders for a maximum of 32,067,600
treasury shares, with a nominal value of one euro each, representing 7.01% of the company’s share capital,
at a price of 12.50 euros per share.
The Board of Directors, at its meeting on 19 July 2023 after the Extraordinary General Shareholders’
Meeting, decided to proceed with the agreement for the distribution of the reduction of share capital
through the redemption of treasury stock for the nominal maximum amount of 32,027,600.00 euros, under
the terms agreed at the Extraordinary General Shareholders’ Meeting. Specifically, the Board of Directors
determined that the formulation of the takeover bid would be made after the end of the opposition period
of the creditors of the capital reduction, which ended on 21 August 2023, without any of the company’s
creditors having opposed this reduction.
On 25 October 2023, the National Securities Market Commission (CNMV) authorised the takeover bid.
The acceptance period was extended from 30 October 2023 to 30 November 2023, both inclusive.
On 6 December 2023, the result of the takeover bid was announced, accepted by 20,560,154 shares,
accounting for 64.20% of the shares to which the bid was aimed and 4.50% of the share capital in the
company. The disbursement made amounted to 257,002 thousand euros. On December 19, 2023, the
public deed of the aforementioned capital reduction was registered in the Barcelona Mercantile Registry.
The capital reduction of 20,560 thousand euros led to a decrease in the balance of treasury stock for the
sum of 257,002 thousand euros, taking the difference of 237,271 thousand euros to voluntary reserves, net
of costs inherent to the operation.
a) Capital
The capital of Fomento de Construcciones y Contratas, S,A. at 31 December 2024 comprises
454,878,132 ordinary shares represented through book entries with a par value of 1 euro each.
All shares are fully subscribed and paid and carry the same rights.
The securities representing the capital stock of Fomento de Construcciones y Contratas, S.A. are admitted
to official listing on the four Spanish stock exchanges (Madrid, Barcelona, Bilbao and Valencia) via Spain’s
Continuous Market.
In relation to the part of the capital held by other companies, directly or through their subsidiaries,
when it exceeds 10%, according to the information provided, the company Control Empresarial de
Capitales, S.A. de C.V., which belongs to the Slim family, directly and indirectly holds 69.607% at the date
of authorisation for issue of these accounts. Furthermore, Finver Inversiones 2020, S.L.U., 100% owned
by Inmobiliaria AEG, S.A. de C.V., which in turn is controlled by Carlos Slim Helú, has a 11.916% holding.
Finally, the company Nueva Samede Inversiones 2016, S.L.U. has a direct holding of 3.182% of the capital.
Esther Koplowitz Romero de Juseu also holds 157,671 direct shares in Fomento de Construcciones y
Contratas, S.A.
b) Share premium
The Spanish Limited Liability Companies Law, as amended, expressly permits the use of the share
premium account balance to increase capital and does not establish any specific restrictions as to its use
for other purposes.
c) Reservas
The breakdown for this heading for the 2024 and 2023 business years is as follows:

2024
2023
Legal reserve
87,669
87,669
Other reserves
665,698
2,260,554

753,367
2,348,223
The partial financial spin-off of Fomento de Construcciones y Contratas, S.A. to Inmocemento, S.A.
(Note 2) led to an outflow of voluntary reserves amounting to 1,596,641 thousand euros.
In accordance with the Spanish Corporate Enterprises Act, as amended, 10% of the net profit for each
financial year must be transferred to the legal reserve until the balance of this reserve reaches at least
20% of the share capital. The legal reserve cannot be distributed to shareholders except in the event of
liquidation.
The legal reserve may be used to increase capital provided that the remaining reserve balance is greater
than 10% of the increased capital.
Otherwise, until it exceeds 20% of capital stock and provided there are no sufficient available reserves, the
legal reserve may only be used to offset losses.

FCC. Annual Report 2024
482
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 21 of 47
At 31 December 2024 the legal reserve was not fully covered and therefore the amount necessary to reach
20% of the capital will be set aside when distributing 2024 earnings (Note 3). At 31 December 2023, the
legal reserve was fully posted.
Noteworthy under “Other reserves” were restricted reserves amounting to 12,110 thousand euros,
equivalent to the nominal value of the own shares redeemed which, pursuant to article 335.c of the
Spanish Limited Liability Companies Law, is restricted, except with the same requirements as for the
capital reduction.
d) Own shares
Movements in the “Own shares” heading in the 2024 and 2023 financial years were as follows:
Balance at 31 December 2022
(27,264)
Sales
–
Depreciation
298,588
Acquisitions
(271,734)
Balance at 31 December 2023
(410)
Sales
–
Other changes
133
Acquisitions
–
Balance at 31 December 2024
(277)
Details of own shares at 31 December 2024 and 2023 were as follows:
2024
2023
Number of shares
Amount
Number of shares
Amount
46,910
(277)
44,957
(410)
At 31 December 2024, the company’s treasury shares represented 0.01% of the capital stock (0.01% at
31 December 2023).
12. Non-current and current provisions
a) Non-current provisions:
The changes in the financial year were as follows:

Liabilities and
contingencies
Contractual and
legal guarantees
and obligations
Self-insurance
reserve
Total
Balance at 31.12.22
77,334
19,223
14,339
110,896
Provisions
3,594
–
98
3,692
Applications/reversals
(3,868)
–
(87)
(3,955)
Transfers
–
–
9,738
9,738
Balance at 31.12.23
77,060
19,223
24,088
120,371
Provisions
2,236
–
118
2,354
Applications/reversals
(53,045)
(19,223)
(72)
(72,340)
Transfers
369
–
3,056
3,425
Balance at 31.12.24
26,620
–
27,190
53,810
Provision for liabilities and contingencies
This item includes the risks arising for the company in the performance of its activities that are not
included in other categories. In relation to 2024, the decline is due to the revaluation of risks by the
directors.

FCC. Annual Report 2024
483
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 22 of 47
Provisions for guarantees and contractual and legal obligations
This heading includes the provisions to cover the expenses arising from contractual and legal obligations
of a non-environmental nature. Practically the entire balance related to the financial commitments
granted to the buyers of the company Globalvia Infraestructuras, S.A., formalized in fiscal year 2016
(Note 8.a). This provision was reversed in 2024 following the agreement to terminate the sale of Globalvía
Infraestructuras, S.A. entered into with the original purchasers, whereby the escrow account was released
(Note 8.a) and an agreement was reached on the differences regarding various aspects relating to the
“Excluded Companies” and “Excluded Companies Amounts” (i.e. companies excluded from the scope of
the sale), and the economic benefits arising therefrom, respectively.
Self-insurance reserves
This heading includes provisions to cover actions as the insurer itself. During the audit conducted in
financial year 2023 by the General Audit Office of the Social Security regarding how self insurance
arrangements were being managed in previous years, it is suggested that the self insurance reserve of all
the companies of the FCC Group with this arrangement be registered in the parent company. Therefore,
at the end of this year, the wholly-owned subsidiaries FCC Construction, S.A. and FCC Medio Ambiente,
S.A. have transferred the entire balance of the aforementioned reserve to Fomento de Construcciones y
Contratas, S.A. for a total amount of 3,027 million euros (December 2023: 9,738 million euros), as shown in
the “Transfers” line of the accompanying table.
b) Current provisions
The balance shown under this heading mainly reflects the best estimate of the cash outflow arising from
indemnity clauses granted to non-controlling shareholders of the company’s stakes in subsidiaries, by
virtue of the clauses signed in the sale contracts of previous years.
Other information
In relation to the liquidation of the Alpine Group, two favourable rulings for FCC was handed down in
2024 in connection with the two outstanding bankruptcy proceedings facing the Alpine Group, with costs
imposed on the bankruptcy administrators (in total about 8 million euros); these rulings were appealed by
the claimants.
In 2006, the FCC Group acquired an absolute majority in Alpine Holding GmbH, hereinafter AH, and thereby,
indirectly in its operating subsidiary company, Alpine Bau GmbH, hereinafter AB. Seven years later, on
19 June 2013, AB filed for insolvency before the Commercial Court of Vienna, but after the unfeasibility of
the reorganisation proposal was established, the insolvency administrator filed for, and the court decreed,
the bankruptcy, closure and liquidation of the company. On 25 June 2013, the liquidation of the company
was commenced. As a consequence of the bankruptcy of AB, its parent company, AH filed for bankruptcy
before the Commercial Court on 2 July 2013, which declared the bankruptcy and liquidation of AH.
As a result of both bankruptcies, FCC Construcción, S.A. loses control over the Alpine Group, interrupting
its consolidation.
On the reporting date, the administrators recognised liabilities of approximately EUR 1,669 million
in AB and EUR 550 million in AH as part of the corresponding receivership proceedings. The share
of the bankrupt estate in AB currently amounts to 15% whereas for AH’s bankruptcy, the bankruptcy
administrator has not been able to estimate and determine the share.
Eleven years after the bankruptcy of both companies, and with the criminal proceedings definitively
closed and with FCC having triumphed in the proceedings brought by bondholders and having also
settled a backdating action, two further proceedings brought by the insolvency administrators against
FCC Construcción S.A. and Asesoría Financiera y de Gestión, S.A. are still pending, as is a further set of
proceedings against former directors.
During the refinancing of the Alpine Group between October 2012 and June 2013, FCC Construcción, S.A.
provided corporate guarantees to enable AB and a selection of its operating subsidiary companies to bid
for and/or be awarded construction work. At 31 December 2024, the amount set aside for these concepts
came to 345 thousand euros (31 December 2023: 11,010 thousand euros).
Between the bankruptcy of AH and AB and the date on which these financial statements were issued, a
number of proceedings were instigated against the Group and directors of AH and AB. At 31 December
2024, and as far as FCC could be directly or indirectly affected, two commercial proceedings and one
labour proceeding are still in progress:

FCC. Annual Report 2024
484
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 23 of 47
In April 2015, the bankruptcy administrator of Alpine Holding GmbH filed a claim for 186 million euros
against FCC Construcción, S.A. and other ex-executive of AB, considering that these parties should
compensate Alpine Holding GmbH for the amounts collected through two bond issues in 2011 and 2012
that were presumably provided by this company for its subsidiary, Alpine Bau GmbH, without the necessary
guarantees and complying with a “mandate-order” from FCC Construcción S.A. On 31 July 2018, the ruling
dismissing the claim was handed down and the claimant ordered to pay the costs. Having filed appeals and
cassation appeals for procedural infringement, in April 2020, the Austrian Supreme Court declared the need
to return the Orders to the Court of Instance so that the testimonial evidence could be practiced in person
before the Judge of First Instance. These witness statements took place in June 2021. On 31 January
2024, the “second round” ruling was handed down, under which the claim was fully dismissed and the
bankruptcy administrator ordered to pay FCC Construcción, S.A. the sum of 7,033 thousand euros within a
period of 14 days. The bankruptcy administrator then filed an appeal within the legal deadline, which FFC
Construcción, S.A. contested in due course and following proper procedure on 4 April 2024. On appeal, the
proceedings were returned to the first instance court for a new testimony to be given by an executive and, as
the case may be, to request expert testimony, which will prolong the matter longer than expected.
In April 2017, a Group company, Asesoría Financiera y de Gestión S.A. was notified of a suit in which an
AB bankruptcy administrator made a joint and several claim against the former finance director of Alpine
Bau GmbH and against Asesoría Financiera y de Gestión S.A. for the payment of €19 million for the alleged
violation of corporate and bankruptcy law, considering that Alpine Bau GmbH, on making a deposit at
Asesoría Financiera y de Gestión S.A., allegedly made payments charged against equity, considered to be a
capital refund, and therefore prohibited by law. On 9 February 2024, the ruling was handed down rejecting the
bankruptcy administrator’s request for an expert opinion to be issued on whether ALPINE Bau was in crisis
at the end of 2011. The court rejected the plaintiff’s claim for joint and several liability for payment of 19,000
thousand euros plus 8% interest calculated against the sum of 46,000 thousand euros from 9 January 2012
to 8 February 2012, for the sum of 27,648 thousand euros from 9 February 2012 to 10 April 2012 and for the
sum of 19,000 thousand euros from 11 April 2012, less 116 thousand euros paid in interest, and moreover
the plaintiff was ordered to pay costs of 501 thousand euros to Asesoria Financiera y de Gestión, S.A.U.
This judgment was appealed by the bankruptcy administrator and the appeal was contested by Asesoria
Financiera y de Gestión, S.A.U. on 4 April 2024. This lawsuit was won on appeal, but has since been appealed
by the bankruptcy administrator to the Supreme Court.
Also in April 2017, a former FCC employee and former executive at AH and AB was notified of a claim filed
by the insolvency administrator of Alpine Bau GmbH in the Social Claims Court for 72 million euros. The
claimant argues that this amount represents the damage to the bankruptcy estate caused by the alleged
delay in initiating insolvency proceedings. In the event that the insolvency administrator’s claim succeeds,
with a firm ruling on an indemnity duty, the FCC Group’s subsidiary liability could arise in a remote case.
In terms of these disputes, the FCC Group and its legal advisors do not consider it very probable there will be
any future outflows of cash prior to the issuance of these financial statements; therefore, no provisions have
been set aside, as the Group believes that they represent contingent liabilities.
13. Non-current and current debts
The balance of “Non-current payables” and “Current payables” was as follows:

Non-current
Current
2024
Bank borrowings
–
10
Other financial liabilities
1
93

1
103
2023
Bank borrowings
–
73
Other financial liabilities
1
–

1
73
In 2023, and following the sale of 24.99% of the subsidiary FCC Medio Ambiente Servicios Holding, S.A. and
the corresponding cash inflows (965,000 thousands of euros), all current debt held by the company was
settled, meaning that only the interest on the interim disbursements made in December and non-current
bonds (Notes 9.a and 15.d) remain.
All the financial liabilities reflected in the table above are classified within the category of financial liabilities
at amortised cost.

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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 24 of 47
a) Bonds and other current marketable securities
Fomento de Construcciones y Contratas, S.A has been running a registered Euro Commercial Paper
Programme (ECP) since November 2018 on the Irish stock exchange (Euronext Dublin) for a maximum
amount of 600 million euros as at December 2024, at a fixed interest rate and with a maximum maturity of
one year, which allows issuance with maturities of between 1 and 364 days from the date of issue, in order
to meet general financial needs.
No issues were outstanding at 31 December 2024 and 2023.
b) Current bank borrowings
At 31 December 2024 and 2023, there were no current bank borrowings.
However, neither did the company use the financing facilities in the form of bilateral credit facilities with a
maximum limit of 175,000 thousand euros with a number of financial institutions at 31 December 2024.
They have annual maturity and interest rates referenced to Euribor plus a market spread.
14. Trade payables
In relation to the Spanish Accounting and Audit Institute (ICAC) Resolution dated 29 January 2016,
enacted in compliance with the Second Final Provision of Law 31/2014, of 3 December, which amends
the Third Additional Provision of Law 15/2010, of 5 July, stipulating measures to combat late payment
in commercial transactions, the following table provides information on the average payment period to
suppliers for commercial transactions arranged since the date of entry into force of Law 31/2014, i.e.
24 December 2014.
Additionally, Article 9, Chapter IV of Law 18/2022 of 28 September, on the creation and growth of
companies, introduces the obligation to report the following indicators: monetary volume and number
of invoices paid in a period less than the maximum established in the late-payment regulations and
the percentage that these represent from the total number of invoices and the total monetary value of
payments to suppliers.

2024
2023

Days
Days
Average payment period to suppliers
54
58
Ratio of paid operations/transactions
51
58
Ratio of operations/transactions pending payment
89
56

Amount
Amount
Total payments outstanding
5,934
5,828
Total payments made
71,608
66,559
Total payments made in a period less than the maximum
established in the late-payment regulations
50,517
30,562
Ratio (%)
71 %
46 %
Total number of invoices paid during the period
6,632
6,334
Number of invoices paid in a period less than the maximum
established in the late-payment regulations
4,405
3,115
Ratio (%)
66 %
49 %
15. Information on the nature and risk
of financial instruments
The concept of financial risk refers to changes in the financial instruments arranged by Fomento de
Construcciones y Contratas, S.A., as a result of political, market and other factors and their impact on the
financial statements. The risk management philosophy of the company and of FCC Group is consistent
with their business strategy, and seeks to achieve maximum efficiency and solvency at all times. To this
end, strict financial risk management and control criteria have been established, consisting of identifying,
measuring, analysing and controlling the risks incurred in the Group’s operations. The risk policy has been
integrated into the Group’s organisation in the appropriate manner.
In view of the company’s activities and the transactions through which it carries on its business, it is
currently exposed to the following financial risks:

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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 25 of 47
a) Capital risk
To manage capital, the main objective of the company and of FCC Group is to reinforce its financial-equity
structure, in order to improve the balance between borrowed funds and shareholders’ equity, and the Group
endeavours to reduce the cost of capital and, in turn, to preserve its solvency status, in order to continue
managing its activities and to maximise shareholder value, not only at Group level, but also at the level of
the parent, Fomento de Construcciones y Contratas, S.A.
The essential base considered by the FCC Group to be capital is recognised under “Equity” in the balance
sheet. Given the sector in which they operate, the company and the Group are not subject to external
capital requirements, although this does not prevent the frequent monitoring of equity to guarantee
a financial structure based on compliance with the prevailing regulations of the countries in which it
operates, also analysing the capital structure of each of the subsidiary companies to enable an adequate
distribution between debt and capital.
The above is reflected in the results of ratios, debt levels and the high percentage classed as Investment
grade, mainly in the parent’s subsidiaries that account for a large part of the Group’s financial debt, such as
FCC Aqualia and FCC Servicios Medio Ambiente Holding.
The Economic-Finance Division, as responsible for financial risk management, regularly reviews the
debt-equity ratios and compliance with financing covenants, together with the capital structure of the
subsidiaries.
b) Foreign currency risk
A noteworthy consequence of FCC Group’s positioning in international markets is the exposure resulting
from net positions in foreign currencies against the euro or in one foreign currency against another when
the investment and financing of an activity cannot be arranged in the same currency.
Although the benchmark currency in which the company and the Group mainly operate is the euro, they
also hold financial assets and liabilities accounted for in currencies other than the euro. Exchange rate risk
is mainly found in debt denominated in foreign currency, except when this entails a natural hedge of the
assets financed since they are denominated in the same currency, in investments in international markets,
and in collections and payments in currencies other than the euro.
FCC Group’s general policy is to mitigate the adverse effect on its financial statements of exposure
to foreign currencies as much as possible, with regard to both transactional and purely equity-related
movements. The Group therefore manages the effect that foreign currency risk can have on the statement
of financial position and the income statement.
c) Interest rate risk
Fomento de Construcciones y Contratas, S.A. and the FCC Group are exposed to the risk derived from
variations in interest rates because their financial policy aims to guarantee that their current financial
assets and debt are partially linked to variable interest rates. The benchmark interest rate for debt arranged
with credit entities in euros is mainly the Euribor.
Any increase in interest rates could give rise to an increase in financing costs associated with its
borrowings at variable interest rates, and could also increase the cost of refinancing the borrowings and
the issue of new debt.
In order to ensure a position that is in the best interests of the company and of FCC Group, an interest
rate risk management policy is actively implemented, with on-going monitoring of markets and assuming
different positions depending primarily on the asset financed.
The table below summarises the effect on the company’s income statement of increases in the interest
rate curve with regard to gross debt:

+25 pb
+50 pb
+70 pb
+100 pb
Impact on profit or loss
1,036
2,072
3,108
4,145

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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 26 of 47
d) Solvency risk
Below is a table in which you can see the evolution of the net financial debt that appears in the attached
balance sheet.
2024
2023
Bank borrowings (Note 13)
10
73
Financial payables to Group and associated companies
(Notes 9.c and 9.d)
1,227,558
1,112,632
Financial loans with Group and associated companies (Note 9.b)
(9,372)
(404,987)
Other current financial assets (Note 8.b)
(5,436)
(1,198)
Cash and cash equivalents (Note 10)
(125,198)
(166,527)

1,087,562
539,993
The increase in net financial debt is due, firstly, to the reduction in financial loans with group companies
following the collection of these loans with FCyC, S.A. and Realia Business, S.A. (Note 9.b) and the
conversion of other loans into capital at FCC Concesiones de Infraestructuras, S.L.U, in addition to the
cash contributions under the capital increases (Note 9.a) at the same company, as well as the increase in
financial debts with group companies and associates due to cash pooling arrangements (Note 9).
e) Liquidity risk
Fomento de Construcciones y Contratas, S.A. and its group of companies carry out their operations in
sectors that require a high level of financing, having to date obtained adequate financing to carry out
their operations. However, the company cannot guarantee that these circumstances relating to obtaining
financing will continue in the future.
The ability of the company and the FCC Group to obtain financing depends on many factors, many of
which are beyond their control.
Historically, the FCC Group has always been able to renew its loan arrangements, and it expects to
continue doing so in the coming twelve months. However, FCC Group’s ability to renew its financing
depends on various factors, many of which are outside the control of the Group, such as general economic
conditions, the availability of funds for loans from private investors and financial institutions, and the
monetary policy of the markets in which it operates. Negative conditions in debt markets could hinder
or prevent FCC Group’s capacity to renew its financing. Accordingly, the FCC Group cannot guarantee
its ability to renew its financing on economically attractive terms. The inability to renew such loans or
to ensure financing under acceptable terms may have a negative impact on the liquidity of Fomento de
Construcciones y Contratas, S.A. and its Group companies, and on its ability to meet its working capital
needs.
To adequately manage this risk, the Group performs exhaustive monitoring of the repayment dates of all
credit facilities of each Group company, in order to conclude all renewals in the best market conditions
sufficiently in advance, analysing the suitability of the funding and studying alternatives if the conditions
are more unfavourable on a case-by-case basis. The Group is also present in several markets, which
facilitates the obtainment of credit facilities and the mitigation of liquidity risk.
At 31 December 2024, the company had a negative working capital of EUR 277,016 thousand, mainly
as a result of current debts with its subsidiaries amounting to EUR 498,765 thousand. Despite this, the
directors of Fomento de Construcciones y Contratas, S.A. have drawn up these accounts on a going
concern basis, as there are no doubts as to the ability of the group of companies, of which the company
is the parent, to continue to generate revenues from its operations (consolidated operating income of EUR
725,411 thousand and cash position of EUR 1,849,617 thousand). It also has the capacity to finance itself
in response to prevailing working capital requirements, as it has a programme to issue commercial paper
(ECP) of up to EUR 600,000 thousand, of which nothing had been drawn as at 31 December (Note 13.a).
It can also draw on credit facilities arranged with banks of up to EUR 175,000 thousand, all of which were
fully available as of 31 December (Note 13.b).
f) Concentration risk
The risk arising from the concentration of lending transactions with common characteristics is distributed
as follows:
• Funding sources: in order to diversify this risk, the company and FCC Group work with a large number of
Spanish and foreign financial entities to obtain funds.
• Markets/geography (domestic, foreign): The FCC Group operates in a wide variety of national and
international markets, with the debt mainly concentrated in euros and the rest in various international
markets, with different currencies.
• Products: the company uses various financial products, such as loans, credit facilities, commercial
paper, syndicated loans, assignments and discounting.
FCC Group’s strategic planning process identifies the objectives to be attained in each of the areas of
activity, based on the improvements to be implemented, the market opportunities and the level of risk
deemed acceptable. This process serves as a base for preparing operating plans that specify the goals to
be reached each business year.

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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 27 of 47
g) Credit risk
The provision of services or the acceptance of client engagements, whose financial solvency was not
guaranteed at the acceptance date, situations not known or unable to be assessed and unforeseen
circumstances arising during the provision of the service or the execution of the engagement that could
affect the client’s financial position could generate a payment risk with respect to the amounts owed.
The company and FCC Group request commercial reports and assess the financial solvency of clients
before doing business and perform on-going monitoring, and have put in place a procedure to be
adopted in the event of insolvency. In the case of public-sector customers, the Group does not accept
commitments that do not have an assigned budget and financial approval. Offers that exceed a specific
payment period must be authorised by the Finance Division. Likewise, on-going monitoring is performed of
debt delinquency in various managing committees.
With regard to credit ratings, the company and the FCC Group apply its best judgement to impair financial
assets on which it expects to incur credit losses over their entire lives. The Group regularly analyses
changes in the public ratings of the entities to which it is exposed.
h) Risks generated by the Russian invasion of Ukraine
The Group does not undertake activities in Russia, Ukraine or Belarus, meaning that the Russian invasion
of Ukraine and the subsequent sanctions have not had a direct effect on its activities. However, it has
been exposed to indirect effects such as the increase in the cost of raw materials, in particular the cost of
energy and disruption to supply chains.
In view of the above, the Group has reviewed the assumptions used to assess the signs of impairment of
its main non-financial assets, considering, among other factors, the increase in reference interest rates,
paying special attention to goodwill, and has determined that there is no impairment associated with it.
Given that the Group does not operate in the aforementioned geographic markets, no significant increase
in the credit risk of its financial assets has been seen; therefore, no additional impairments have been
recognised beyond those considered inherent to the different activities it performs. Furthermore, no
difficulties have been identified in the Group’s ability to obtain financing.
The invasion has had a limited impact on the company and its Group, meaning that the individual and
consolidated financial statements have been prepared applying the going concern principle, considering
that the effects described do not jeopardise the continuity of their activities.
i) Climate change risks
The performance of the activities carried out by the FCC Group may be impacted by adverse weather
conditions, such as floods or other natural disasters and in some cases, by the decrease in temperature
that may hinder, or even prevent in extreme cases, the performance of their activities, such as the case of
intense frosts in the Construction business.
The company and its Group of companies take all the appropriate measures to adapt to the effects
of climate change and mitigate its possible effects on their activity and fixed assets, as shown in the
corresponding environmental provisions, committing to the decarbonisation of the activities it carries out,
for which it uses the most efficient technologies in the fight against climate change and by the very nature
of some of the activities it carries out, it promotes the circular economy. In order to attain these objectives,
specific policies are implemented in the activities carried out:
• The Construction area has an Integrated Policy to analyse environmental incidents, the involvement of
the interested parties and the establishment of a plan to reduce the significant impacts of the activities
of the works, emphasising the mitigation of the generation of waste, the consumption of resources,
the generation of noise and vibrations, promoting the use of sustainable and reusable materials and
the sustainable use of water. It has environmental certifications in several of the countries in which it
operates, as well as environmental certification according to ISO 14001 at the centres located in Spain
at some of its main investees.
• The very nature of the Environmental Services Area aims to protect and conserve the environment
and contribute to the circular economy by treating waste as a resource, through its reuse and energy
recovery. It also relies on technologies and equipment to optimise water consumption, promoting a
rational use and the use of water from alternative sources, such as the use of rainwater. As for policies
aimed at optimising energy consumption, Spain has an Energy Management System certified in
accordance with the ISO 50001 standard and projects for the use of landfill gas to generate electricity
and hot water.
• In 2021, the Water Area was the first company in the sector to certify the Strategy for the Contribution
of the Sustainable Development Goals, by AENOR. Furthermore, the Area has implemented energy
management policies with a view to optimising energy consumption at its facilities; this policy is
reflected in the calculation of the company’s Carbon Footprint at its plants in Spain. The Area has
also implemented policies to reduce greenhouse gas emissions, through the signing of a PPA (Power
Purchase Agreement) contract for renewable energies (photovoltaic) and projects to install renewable
energy (photovoltaic) at some of its facilities.

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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 28 of 47
• The Cement Area, which underwent the partial financial spin-off that gave rise to the Inmocemento
Group (Note 2), takes specific actions in response to the needs and circumstances of each facility,
its technological, human and economic resources, prevailing legislation, and the expectations
of stakeholders. The objectives of such measures are to promote the circular economy and to
reduce greenhouse gas emissions by increasing material and energy recovery with a greater use of
decarbonised raw materials, recoverable waste and biomass fuels, increasing energy efficiency through
the optimisation of the fuel mix and the use of expert systems in the manufacturing process and
transition to LED lighting and increasing the mix of renewable energies through solar and/or wind energy
facility projects and boosting the consumption of biomass in clinker manufacturing.
Pursuant to the reporting requirements set out in the Taxonomy Regulation (EU) 2020/852, the FCC Group
has analysed the proportion of its economic activities that are eligible, and where appropriate, aligned and
non-aligned, and ineligible under the Environmental Taxonomy, in terms of business volume, CapEx and
OpEx relative to 2024. The Statement of Non-Financial Information that forms part of the Management
Report provides greater details about the results and methodology followed in the application of the
aforementioned Regulation, in particular specifying how the Group has analysed the climate risks affecting
all its activities.
As a result of the foregoing, these individual financial statements were prepared under the going concern
principle, since there are no doubts regarding the continuity of the company and its group of companies.
16. Deferred taxes and tax position
In accordance with case 18/89, Fomento de Construcciones y Contratas, S.A., as the parent company,
files consolidated corporate income tax returns, including all the Group companies that comply with the
requirements of the tax legislation. It should be noted that those companies subject to the partial financial
spin-off of Fomento de Construcciones y Contratas, S.A. and that were included in the aforementioned Tax
Group left that group with effect from 1 January 2024.
a) Balances with public administrations and deferred taxes
a.1) Tax receivables

2024
2023
Non-current
Deferred tax assets
98,968
117,812

98,968
117,812
Current
Current tax assets
97,715
47,738
Other receivables from the public administrations
282
266

97,997
48,004
The breakdown of the “Deferred tax assets” heading is as follows:

2024
2023
Tax loss carryforwards and activated deductions (Note 16.e)
88,844
95,674
Negative income obtained in a foreign PE
5,191
4,958
Non-deductible provisions
2,525
14,770
Other
2,408
2,410

98,968
117,812
The management of Fomento de Construcciones y Contratas, S.A., the parent of the Tax Group 18/89,
has assessed the recoverability of deferred tax assets by estimating future tax bases relating to the
aforementioned Group, concluding that no doubts exist with respect to their recovery.

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The estimates used to assess the recoverability of deferred tax assets are based on the estimate of
future taxable bases, based on the year’s consolidated accounting result before the estimated tax
from continuing operations, to which the corresponding permanent and temporary differences that
are expected to take place each year have been adjusted. The provisions of the recently enacted Law
7/2024 of 20 December were considered for the purposes of determining the projections of recoverability
of tax loss carryforwards and other tax credits. This law reinstates those measures set out in Royal
Decree-Law 3/2016 that were declared unconstitutional regarding the limitation on the offsetting of tax
loss carryforwards and with the reversal of tax-deductible impairments prior to 2013. Considering this
regulatory change and the profit projections made, it has been estimated that the tax group headed
up by Fomento de Construcciones y Contratas, S.A. will be able to substantially absorb the tax loss
carryforwards recognised in the balance sheet over an estimated period of 10 years.
Estimated accounting profit for the year for the tax group headed up by Fomento de Construcciones y
Contratas, S.A. is based on the planning drawn up by the Group for the 2025 to 2027 period. Revenue
growth of 3.5% in 2025, 1.6% in 2026 and 0.6% in 2027 has been considered. The projected EBITDA margin
is 10.4% in 2025, 11.4% in 2026 and 11.3% in 2027. In the subsequent periods, an organic growth rate of
2% is projected at the pre-tax result level.
The balance of “Current tax assets” is largely due to the balance generated by corporate income tax for
financial year 2023, as well as the estimate for 2024.
a.2) Accounts payable

2024
2023
Non-current
Deferred tax liabilities
370
369

370
369
Current
Other payables to public administrations:
Withholdings
421
402
VAT and other indirect taxes
1,168
182
Social Security bodies
460
438

2,049
1,022
a.3) Changes in deferred tax assets and liabilities
Movements in deferred tax assets and liabilities in the 2024 and 2023 business years were as follows:

Deferred
tax assets
Deferred tax
liabilities
Taxable temporary differences
Balance at 31.12.22
135,072
407
Arising in the year (Note 16.b)
–
–
Arising in prior years (Note 16.b)
(1,885)
–
Activation of tax credits (Note 16.a)
–
–
Other adjustments
(15,375)
(38)
Balance at 31.12.23
117,812
369
Arising in the year (Note 16.b)
255
–
Arising in prior years (Note 16.b)
(12,246)
–
Other adjustments
(6,853)
1
Total balance at 31.12.24
98,968
370
The “Other adjustments” heading mainly includes the positive or negative differences between tax
estimates made at the end of the year and the subsequent settlement of the tax at the time of payment, as
well as the adjustment of tax credits arising from the tax inspection (Note 16.f). In relation to 2023, this is
largely due to the impact on the reassessment of the future deductibility of certain provisions.

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Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 30 of 47
b) Reconciliation of accounting profit and taxable income
The reconciliation between accounting profit and taxable profit for corporation tax purposes is as follows:

2024
2023
Accounting profit/(loss)
for the financial year
before tax

208,542

1,156,596
Additions
Reduc-
tions
Additions
Reduc-
tions
Permanent differences
2.278
(154.272)
(151.994)
1.502
(1.122.420)
(1.120.919)
Adjusted accounting
profit/(loss)

56,548

35,677
Temporary differences
(Note 16.a)
(47,963)
(7,542)
- Arising in the year
1,020
1,020
–
–
–
- Originating from previous
years
(48,983)
(48,983)
–
(7,542)
(7,542)
Income and expenses
recognised directly in equity
(139)
(1,255)
Tax base (taxable profit/
(loss)

8,446

26,880
Looking at the above table, the following is worth note:
• The permanent differences corresponding to both years have their origin basically in:
– Impairment on investments of the Tax Group 18/89 and at the remaining investees (Note 9).
– The exemption to avoid the double taxation of dividends. Corporate Income Tax Law 27/2014, of
27 November, eliminated the tax credit for the double taxation of dividends, substituting it with the
aforementioned exemption.
– The price adjustment arising from the agreement to terminate the Global Vía Infraestructuras, S.A.
share sale and purchase agreement, due to the price adjustment for the “Excluded Companies” and
the “Excluded Companies Amount” (Note 18).
• Temporary differences for 2024 arise from the reversal of provisions (Note 12). With respect to 2023,
they relate mainly to the deductibility in the year of financial expenses that were not deductible in
previous years and were capitalised in 2022 (Note 16.a).
c) Reconciliation of accounting profit to the corporation tax expense
The reconciliation of accounting profit to the corporation tax expense was as follows:

2024
2023
Adjusted accounting profit/(loss)
56,548
35,677
Corporate income tax charge
(14,137)
(8,919)
Activation of tax credits (Note 16.a)
–
–
Other adjustments
76
(4,925)
Corporation tax expense/(income)
(14,061)
(13,844)
d) Breakdown of the corporation tax expense
The breakdown of Corporate Income Tax expense was as follows:

2024
2023
Current tax
1,921
8,693
Deferred tax (Note 16.a)
(15,982)
(22,537)
Total tax (expense)/income
(14,061)
(13,844)

FCC. Annual Report 2024
492
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 31 of 47
e) Tax loss carryforwards and unused tax credits
At year-end, the company had tax loss carryforwards from prior years pending offset amounting to
301,940 thousand euros, as a member of Tax Group 18/89, detailed as follows, by year:

Amount
2013
164,655
2014
44,908
2016
48,480
2019
16,855
2020
8,709
2022
18,334
Total
301,940
The company also has unused tax credits pending application from previous years amounting to 13,359
thousand euros. The breakdown is as follows:
Deductions
Amount
Period
for use
R+D+I Activities
7,736
18 years
Reinvestment
4,688
15 years
Creation of employment
749
15 years
Other
186
—

13,359
The company has capitalised all the tax bases pending compensation and deductions pending application
(Note 16.a).
f) Financial years pending verification and inspection actions
Fomento de Construcciones y Contratas, S.A. has all the financial years not yet statute-barred open for
review by the tax authorities for the taxes applicable to them.
In February 2025, the Spanish tax authorities issued corporate income tax assessments to the companies
belonging to the tax group headed up by Fomento de Construcciones y Contratas, S.A. for the years
2018 to 2020, whereby tax credits for tax loss carryforwards amounting to 10,233 thousand euros
(4,290 thousand euros at the company) have been adjusted, mainly in respect of related-party transactions
and expenses considered to be non-deductible. Fomento de Construcciones y Contratas, S.A. plans to
lodge appeals before the courts against a significant part of the adjustment made, as it considers it to
be unlawful.
On the same date, the tax inspectorate issued reports on VAT and withholdings/payments on account for
work-related income and professional income relating to the period running from April 2019 to December
2020 in respect of the companies Fomento de Construcciones y Contratas S.A., FCC Construcción S.A.,
FCC Medio Ambiente S.A. and FCC Industrial e Infraestructuras Energéticas S.A., for a total amount of
629 thousand euros for various reasons (408 thousand euros at the company).
The accounting impact of the aforementioned inspections, being a event after the reporting period that
shows conditions existing at year-end, has been recorded in these financial statements in accordance with
prevailing accounting regulations.
In May 2019, the tax authorities completed a procedure to recover state aid, arising from European
Commission Decision 2015/314/EU of 15 October 2014, relating to the tax amortisation of financial
goodwill from the indirect acquisition of foreign holdings. This procedure aims to adjust the tax incentives
applied by the company and FCC Group in prior years as a result of the acquisition of the Alpine,
FCC Environment (formerly the WRG Group) and FCC CEE (formerly the ASA Group) Groups. The tax
authorities made a payment for a total amount of 111 million euros (instalment and interest) to Fomento
de Construcciones y Contratas, Parent of the FCC Group. The company has settled this tax debt but has
also filed an economic administrative appeal against it, which is pending resolution. The legal advisors
of Fomento de Construcciones y Contratas, S.A. consider it likely that the amounts already paid in this
recovery procedure will be returned. Within the framework of this procedure, the Tax Administration
recognised a negative tax base in favour of the FCC Group, which generated in previous years a tax credit
capitalised in the amount of 63.2 million euros (49 million euros at the company).
In relation to the rest of the business years and taxes open for review, as a result of the criteria that the tax
authorities may adopt in the interpretation of the tax regulations, the outcome of the inspections currently
under way, or those that may be performed in the future for the years open for review, could generate
contingent tax liabilities whose amount cannot currently be quantified objectively. However, Group
management considers that the liabilities resulting from this situation would not have a significant effect
on the Group’s equity.

FCC. Annual Report 2024
493
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 32 of 47
g) Other tax information
The following table includes the details of the “Corporation tax refunded/(paid)” heading in the statement
of cash flows for the 2024 and 2023 business years:

2024
2023
Corporate income tax (CIT) from previous years
4,222
55,954
Prepayments
(97,821)
(71,607)
Collections from/payments to Group companies for prior years’
corporation tax charge and corporation tax prepayments in the year
66,299
46,146
Withholdings and other
(1,079)
(1,136)

(28,379)
29,357
h) Pillar Two Project
The OECD has launched a project to establish a top-up tax to ensure a global minimum level of taxation
for multinational groups (the so-called “Pillar Two” project). The Pillar Two regulation has been adopted
by the European Parliament through Council Directive 2022/2523 of 15 December 2022, which has been
transposed in Spain through Law 7/2024 of 20 December. The Pillar Two regulations have been enacted
in most of the jurisdictions in which the Group operates. The legislation is effective for the Group’s annual
periods beginning on or after 1 January 2024.
Based on the assessments performed to date, the Group has identified potential exposure to Pillar Two
taxes on profits in the United Arab Emirates and Hungary, where the expected effective Pillar Two tax rate
is likely to be lower than 15%. The potential exposure would correspond to companies, mainly operating
subsidiaries, in these jurisdictions where the Pillar 2 effective tax rate is less than 15%. It has been
estimated that the total cost of implementing Pillar Two regulations at the FCC Group level would be 0.5
million euros.
17. Guarantee commitments to third parties
and other contingent liabilities
As of 31 December 2024, Fomento de Construcciones y Contratas, S.A. has issued guarantees with
credit institutions for an amount of 14,402 thousands of euros (31 December 2023: 20,135 thousand
euros), of which 11,487 thousand euros (31 December 2023: 12,788 thousand euros) relates to deposited
guarantees to secure obligations assumed with Group companies, mainly companies operating in the
Environment and Concessions segments. The rest correspond to guarantees in procedures with the Public
Administrations in the countries in which the company operates. In both cases, the decrease seen during
the year can be attributed to the transfer of guarantees to companies for the aforementioned activity.
Fomento de Construcciones y Contratas, S.A. has also appeared as the respondent in some lawsuits.
However, the company’s directors consider that the resulting liabilities would not have a material effect on
the company’s equity.
The possible financial effects of the main contingent liabilities derived from the bankruptcy of the Alpine
subgroup would be the cash outflows indicated in the respective lawsuits described in Note 12 of this
report, a risk not considered likely.
On 15 January 2015, the Competition Chamber of the National Markets and Competition Commission
issued a decision on file S/0429/12, for an alleged violation of Article 1 of Law 15/2007 on the Defence
of Competition. The aforementioned resolution affects several companies and associations in the waste
sector, including companies belonging to the Group. The Group has filed an administrative appeal before
the Spanish National Appellate Court. At the end of January 2018, the Judgments issued by the National
Court were notified, upholding the contentious-administrative appeals filed by Gestión y Valorización
Integral del Centro, S.L. and Betearte, S.A. Unipersonal, both companies owned by FCC Servicios
Medioambiente Holding, S.A., against the CNMC’s ruling imposing several sanctions for alleged collusive
practices. In both decisions, the argument put forward by these companies that no single, on-going breach
existed was upheld. In April 2018, we were notified of the agreement initiating new legal proceedings for
the same conduct investigated in the previous proceedings forming the scope of the upholding decision,
commencing an 18-month examining period. In September 2019, an agreement was issued suspending
the processing of the sanctioning file until the National Court ruled on the appeals presented by other
sanctioned companies. On 22 March 2023, a ruling was handed down by the CNMC’s Competition
Chamber agreeing to archive the disciplinary case. The Chamber ruled that it was no longer appropriate to
continue with the proceedings and that the case should be archived, for the purposes of all parties.

FCC. Annual Report 2024
494
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 33 of 47
In 2019, as a result of an internal investigation in May in application of its compliance policy and
regulations, the FCC Group became aware of the existence of payments between 2010 and 2014, initially
estimated at 82 million dollars, which might not be justified and, may, therefore be illegal. These acts were
uncovered as a result of application of the procedures in the Group’s compliance rules. The company
has informed prosecutors in Spain and Panama about these acts, and has been providing the utmost
cooperation since then to clarify what happened, applying the “zero tolerance” principle for corruption that
permeates the entire FCC Compliance System.
In the context of this collaboration and following the voluntary declaration made by the Group, on
29 October 2019, the Central Court of Instruction No. 2 of the National Court issued an Order in which
it is stated that “based on the documentation corresponding to the proceedings, as stated by the Public
Prosecutor’s Office, and as reported in the second plea of fact of this resolution, there appear to be
rational indications of the participation of FCC Construcción, S.A., FCC Construcción América, S.A. and
Construcciones Hospitalarias, S.A. in the alleged facts that, notwithstanding their classification at the
corresponding time, could constitute offences of corruption in international transactions, provided for and
punished under Art. 286 ter of the Criminal Code and money laundering, provided for and punished under
Art. 301 and 302.2 of the Criminal Code” agreeing for FCC Construcción, S.A. to be investigated as part of
Preliminary Proceedings 34/2017 as well as two of its subsidiaries, FCC Construcción América, S.A. and
Construcciones Hospitalarias, S.A.
The case is still in the investigation period, without us being able to determine at this time what type of
charges could be filed, if any. It should be noted that during 2023, the UCO (Central Operational Unit of the
Civil Guard) issued a report, referred to in various press articles, in which other amounts differing from
than those reported by Fomento de Construcciones y Contratas, S.A. are mentioned, although it must
be noted that these reports refer to behaviours conduct and sums of money that cannot all be attributed
to the Group. For all these reasons, we classify it as possible that economic impacts could arise for the
aforementioned companies, as a result of the aforementioned procedure, although we do not have the
necessary information that allows us to establish a quantification of them.
On 6 July 2022, the National Markets and Competition Commission issued a resolution imposing a
sanction on several construction companies, including FCC Construcción, S.A. for sharing the costs of
technical work to verify objective data in relation to public works tenders. The Group considers that the
sanctioned conduct not only fails to infringe any precept (including those contained in the competition
law) but that this conduct has also contributed to greater efficiency and cost savings in tenders. For
these and other reasons, it filed the corresponding contentious-administrative appeal before the National
Court, which is still being heard. Furthermore, it asked said court to grant a precautionary measure for the
suspension of the payment of the fine imposed by the CNMC until a final court ruling is handed down on
this matter. This request was upheld. Therefore, it has been considered that, although this sanction may
result in cash outflows, at present and given the situation we cannot estimate the corresponding amount
and payment schedule.
The sale of 24.99% of the stake in FCC Servicios Medio Ambiente Holding, S.A. to Canadian pension fund
CPP Investments (Note 9.a) includes an indemnity clause that could lead to future cash outflows on the
cash flows generated by certain assets included within the scope of the sale. The company has estimated
the amount of its likely obligations in this regard and has recognised, where appropriate, the corresponding
provision (Note 12).
Additionally, the 2018 agreement for the sale of the 49% FCC Aqualia holding envisages certain variable
prices that depend on the resolution of contingent proceedings. The company therefore recognised, at
31 December 2024, an asset reflecting the fair value of the contingent amount expected to be collected in
relation to financial year 2024 (Notes 9 and 18). Meanwhile, it has not recognised liabilities for the claims
that may arise against its interests as it is not considered probable that significant losses will be incurred
and the amount is not material in relation to the price of the transaction.
Also, as part of the aforementioned sales transaction, FCC TopCo s.a.r.l. and its subsidiary FCC MidCo, S.A.
were constituted, contributing shares representing 10% of the Group’s shares in FCC Aqualia to the
latter. Half of the aforementioned shares are pledged as collateral for certain obligations of the Group
towards FCC Aqualia, mainly for the repayment of the loan that the latter has granted to Fomento de
Construcciones y Contratas, S.A. for the amount of 806,479 thousand euros as of 31 December. At the
date of authorisation for issue of these financial statements, the Group believes that there is no risk that
these guarantees will be enforced.
The company is involved in other lawsuits and legal procedures aside from those already described that it
considers will not generate significant cash outflows.
The company’s stake in joint operations managed through joint ventures, joint ownership, participation
accounts and other similar arrangements means that participants share joint and several liability for the
activities performed.
It should be noted that the company has not obtained any significant assets as a result of the guarantees
enforced in its favour or released.

FCC. Annual Report 2024
495
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 34 of 47
18. Revenue and expenses
In addition to sales and services, revenue includes dividends and accrued interest arising from finance
extended to investees (Note 4.h).
The “Trade receivables for sales and services” heading mainly includes billings for management support
services provided by Fomento de Construcciones y Contratas, S.A. to other Group companies.
Details of “Staff expenses” are shown below:

2024
2023
Wages and salaries
20,384
19,656
Labour costs
4,682
4,698

25,066
24,354
The detail of “Other operating expenses” is as follows:

2024
2023
External services related to information technologies
24,161
20,063
Leases
10,852
10,623
Royalties
11,731
9,947
Independent professional services
5,936
3,431
Insurance premiums
936
544
Repairs and preservation
443
393
Supplies and procurements
366
268
Banking and similar services
175
110
Other services
11,566
10,870

66,166
56,249
“Finance income from marketable securities and other financial instruments at Group companies and
associates” includes the accrued interest arising from the financing granted to Group companies (Note 9),
notably including:

2024
2023
FCC Servicios Medio Ambiente Holding, S.A.
9,493
9,216
FCyC, S.A.
8,801
3,843
Realia Business, S.A.
2,504
3,759
FCC Concesiones e Infraestructuras, S.L.U.
2,377
2,489
Other
688
440

23,863
19,747
In 2024, the “Changes in the fair value of financial instruments” heading included income amounting to
26,780 thousand euros under the agreement to terminate the Global Vía Infraestructuras, S.A. share sale
and purchase agreement; 26,780 thousand euros from the price adjustment for the “Excluded Companies”
and “Excluded Companies Amount” (i.e. companies excluded from the scope of the sale and the economic
returns from such companies); and, income amounting to 6,958 thousand euros from the adjustment
made to the selling price of the company FCC Aqualia, S.A., as the agreement to sell 49% of this company,
formalised in 2018, includes a contingent price clause (Note 17).

FCC. Annual Report 2024
496
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 35 of 47
19. Transactions and balances with related parties
a) Transactions with related parties
Details of transactions with related parties in 2024 and 2023 are as follows:

(wholly owned)
Group
Companies
Joint
ventures
Associates
Total
2024
Trade receivables for sales and services
63,389
–
–
63,389
Other operating income
43,234
138
–
43,372
Receipt of services
26,400
–
–
26,400
Dividends
25,754
–
1,463
27,217
Finance cost
36,755
–
–
36,755
Financial income
23,863
–
–
23,863
2023
Trade receivables for sales and services
60,915
–
–
60,915
Other operating income
38,347
181
–
38,528
Receipt of services
24,579
–
–
24,579
Dividends
12,485
–
1,801
14,286
Finance cost
38,039
–
–
38,039
Financial income
19,746
–
1
19,747
b) Balances with related parties
The detail of the balances with related parties at year-end was as follows:

(wholly owned)
Group
Companies
Joint
ventures
Associates
Total
2024
Current investments (Note 9)
18,858
–
–
18,858
Non-current investments (Note 9)
2,827,660
–
4,367
2,832,027
Current payables (Note 9)
498,765
–
–
498,765
Non-current payables (Note 9)
806,479
–
–
806,479
Trade receivables
18,379
–
–
18,379
Trade payables
1,804
–
–
1,804

2023
Current investments (Note 9)
409,471
–
–
409,471
Non-current investments (Note 9)
3,712,891
–
4,367
3,717,258
Current payables (Note 9)
362,650
–
–
362,650
Non-current payables (Note 9)
806,479
–
–
806,479
Trade receivables
11,995
–
52
12,047
Trade payables
2,090
–
–
2,090

FCC. Annual Report 2024
497
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 36 of 47
The details of trade receivables from and trade payables to Group companies and associates are as
follows:

2024
2023
Company
Receivables
Payable
Receivables
Payable
FCC Medio Ambiente, S.A.
5,857
834
1,959
344
FCC Construcción, S.A.
4,620
11
3,054
–
FCC Aqualia, S.A.
3,595
89
3,585
130
Hidrotec Tecnología del Agua, S.L.U.
2,499
–
1,429
3
FCC Environmental Services (USA) Llc.
–
–
456
–
FCC Environmental Services Florida Llc.
18
228
430
964
Resto
1,790
642
1,134
649

18,379
1,804
12,047
2,090
c) Transactions with directors of the company and senior
executives of the Group
The directors of Fomento de Construcciones y Contratas, S.A. accrued the following amounts at the
company, in thousands of euros:
2024
2023
Fixed remuneration
761
735
Other payments
1,040
1,245

1,801
1,980
The senior executives listed below, who are not members of the Board of Directors, received total
remuneration of 2,307 thousand euros (2,180 thousand euros in the 2023 financial years).
2024

Marcos Bada Gutiérrez
Head of Internal Audit
Felipe B. García Pérez
General Secretary
Miguel Ángel Martínez Parra
Managing Director of Administration and Finance
Santiago Lafuente Pérez - Lucas
CEO of Aqualia
Iñigo Sanz Pérez
CEO of FCC Servicios Medio Ambiente
2023

Marcos Bada Gutiérrez
General manager of Internal Audit
Felipe B. García Pérez
General Secretary
Miguel Ángel Martínez Parra
Managing Director of Administration and Finance
Félix Parra Mediavilla
Managing Director of FCC Aqualia
Jaime Rocha Font
CEO of Cementos Portland Valderrivas
Under Article 38.5 of the Articles of Association, the company has taken out a third-party liability insurance
policy covering directors and executives. This is a collective policy covering all the Group’s executives, with
a premium of 1,265 thousand euros being paid in 2024.
The company has taken out an accident insurance policy for its directors, encompassing both the exercise
of their functions and their private life, comprising coverage in the event of death, total and absolute
permanent incapacity and severe disability. The premium paid in the business year amounted to 5
thousand euros.
Except as indicated in the preceding paragraphs, no other remuneration, advance payments, loans or
guarantees were granted to the Board of Directors, nor were any obligations assumed in terms of pensions
and life insurance policies by current and former members of the Board of Directors.

FCC. Annual Report 2024
498
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 37 of 47
Details of Board members who hold posts at companies in which Fomento de Construcciones y
Contratas, S.A. has a direct or indirect ownership interest were as follows:
Name or company name of the Director
Company name of the Group entity
Position
JUAN RODRÍGUEZ TORRES
FCC AQUALIA, S.A.
DIRECTOR
ALEJANDRO ABOUMRAD GONZÁLEZ
FCC AQUALIA, S.A.
CHAIRMAN
FCC SERVICIOS MEDIO AMBIENTE HOLDING, S.A.
CHAIRMAN
PABLO COLIO ABRIL
FCC CONSTRUCCIÓN, S.A.
CHAIRMAN
FCC SERVICIOS MEDIO AMBIENTE HOLDING, S.A.
DIRECTOR
FCC AQUALIA, S.A.
DIRECTOR
GERARDO KURI KAUFMANN
FCC AQUALIA, S.A.
DIRECTOR
FCC SERVICIOS MEDIO AMBIENTE HOLDING, S.A.
DIRECTOR
In 2024, no significant transactions were performed entailing a transfer of assets or liabilities between
Group companies and their executives and directors.
d) Situations of conflicts of interest
No direct or indirect conflicts of interest arose in respect of the company’s activities, under the applicable
regulations (Article 229 of the Spanish Limited Liability Companies Law), without prejudice to the
company’s transactions with its related parties set forth in these notes to the financial statements or,
where appropriate, agreements related to remuneration matters or appointments. In this regard, when
specific conflicts of interest have taken place with certain directors, they have been resolved in accordance
with the procedure stipulated in the Board of Directors’ Rules, with the directors involved abstaining from
the corresponding debates and votes.
e) Transactions with related parties
During the business year, a number of transactions took place involving companies in which shareholders
of Fomento de Construcciones y Contratas, S.A. own equity interests, the most significant of which were
as follows:
• Execution of construction and service provision contracts between Group companies and investees by
other parties related to the controlling shareholder, as follows:
Recipient
Provider
2024
2023
Realia Patrimonio, S.L.U.
FCC Industrial e Infraestructuras
Energéticas S.A.U.
1,036
1,047
FCC Medio Ambiente, S.A.
186
180
Servicios Especiales de Limpieza, S.A.
466
494
Fedemes, S.L.
13
28
Fomento de Construcciones y
Contratas, S.A.
1
1
Realia Business, S.A.
FCC Construcción, S.A.
8,481
6,772
Fomento de Construcciones y
Contratas, S.A.
2,677
3,931
Fedemes, S.L.
69
142
FCyC, S.A.
–
348
Residencial Turo del Mar,C.B.
–
6
Jezzine Uno, S.L.U.
–
15
FCyC, S.A.
FCC Construcción, S.A.
38,436
41,050
Asesoría Financiera y de Gestión, S.A.
12
9
Fomento de Construcciones y
Contratas, S.A.
8,864
3,899
Fedemes, S.L.
83
140
Realia Business, S.A.
–
3,780
Inmocemento, S.A.
Fomento de Construcciones y
Contratas, S.A.
262
–
Hermanos Revilla, S.A.
Servicios Especiales de Limpieza, S.A.
–
127
Fedemes, S.L.
–
26

FCC. Annual Report 2024
499
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 38 of 47
Recipient
Provider
2024
2023
Jezzine Uno S.L.U.
Realia Business, S.A.
–
104
Fedemes, S.L.
4
8
AS Cancelas Siglo XXI, S.L
Realia Business, S.A.
–
2,094
FCC Real Estate UK
Grupo FCC Environment (UK)
324
7
Planigesa, S.A.
Fedemes, S.L.
15
5
Fomento de Construcciones y
Contratas, S.A.
1
1
Servicios Especiales de Limpieza, S.A.
146
25
Cementos Portland Valderrivas, S.A.
Realia Patrimonio, S.L.U.
–
568
FCC Ámbito, S.A. Unipersonal
458
–
FCC Construcción, S.A.
57
–
FCC Medio Ambiente, S.A.
506
–
Fedemes, S.L.
147
–
Fomento de Construcciones y Contratas, S.A.
1,296
–
Cementos Alfa, S.A.
FCC Ambito, S.A.
5
–
Integraciones Ambientales de
Cantabria, S.A.
2
–
Fomento de Construcciones y
Contratas, S.A.
Realia Patrimonio, S.L.U.
13
15
Realia Business, S.A.
56
59
FCC Construcción, S.A.
FCyC, S.A.
5
4
Realia Business, S.A.
–
60
Canteras de Alaiz, S.A.
74
–
Cementos Alfa, S.A.
8
–
Cementos Portland Valderrivas, S.A.
5,656
–
FCC Medio Ambiente, S.A.
Canteras de Alaiz, S.A.
74
–
Cementos Portland Valderrivas, S.A.
113
–
Fedemes, S.L.
Realia Patrimonio, S.L.U.
66
22
Planigesa, S.A.
58
–
Recipient
Provider
2024
2023
Valaise, S.L.U.
FCC Industrial e Infraestructuras
Energéticas S.A.U.
–
50
FCC Industrial e Infraestructuras
Energéticas, S.A.U.
Cementos Alfa, S.A.
2
–
Cementos Portland Valderrivas, S.A.
24
–
Áridos de Melo, S.L.
Cementos Portland Valderrivas, S.A.
4,674
–
Contratas y Ventas, S.A.
Cementos Portland Valderrivas, S.A.
2
–
FCC Ámbito, S.A. Unipersonal
Cementos Portland Valderrivas, S.A.
20
–
Mantenimiento de
Infraestructuras, S.A.
Cementos Portland Valderrivas, S.A.
20
–
Prefabricados Delta, S.A. Unipersonal
Cementos Portland Valderrivas, S.A.
2,355
–
Tratamientos y Recuperaciones
Industriales, S.A.
Cementos Portland Valderrivas, S.A.
44
–
FCC Aqualia, S.A.
Hormigones Delfín, S.A.
1
–
Hormigones Reinares, S.A.
1
–
Giant Cement Holding Inc.
Cementos Portland Valderrivas, S.A.
–
272
Giant Cement Company
Uniland Trading B.V.
–
5,771
Coastal Cement Corporation
Uniland Trading B.V.
–
13,550

76,813
84,610
• In addition, the following balance sheet balances are maintained:
Receivable
Payable
2024
2023
Realia Patrimonio, S.L.U.
Cementos Portland Valderrivas, S.A.
–
132
Fomento de Construcciones y
Contratas, S.A.
28
27
FCC Industrial e Infraestructuras
Energéticas S.A.U.
414
412
FCC Medio Ambiente, S.A.
85
82
Servicios Especiales de Limpieza, S.A.
267
231
Fedemes, S.L.
50
51

FCC. Annual Report 2024
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2
Ethical governance
at the highest level
3
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value creation
4
FCC in 2024
5
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Statements
A2
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Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 39 of 47
Receivable
Payable
2024
2023
Realia Business, S.A.
Fedemes, S.L.
–
14
Fomento de Construcciones y Contratas, S.A.
46
99,936
FCC Construcción, S.A.
4,445
1,891
FCC Industrial e Infraestructuras
Energéticas S.A.U.
18
2
FCyC, S.A.
–
87
FCyC, S.A.
Asesoria financiera y de gestión, S.A.
47
170
Fomento de Construcciones y Contratas, S.A.
33
227,485
FCC Construcción, S.A.
8,090
10,109
FCC Industrial e Infraestructuras
Energéticas S.A.U.
–
–
Costa Verde Habitat, S.L.
–
1,993
Jezzine Uno, S.L.U.
–
37,043
Realia Business, S.A.
–
1,440
Fedemes, S.L.
3
14
Inmocemento, S.A.
Fomento de Construcciones y
Contratas, S.A.
217
–
FCC Real Estate (UK) Limited
FCC Environment (UK) Limited
4,528
4,005
FCyC, S.A.
–
207
Vela Borovica Koncern d.o.o.
FCyC, S.A.
–
189
Costa Verde Habitat, S.L.
FCyC, S.A.
–
5
Planigesa, S.A.
Servicios Especiales de Limpieza, S.A.
30
15
Fomento de Construcciones y Contratas, S.A.
–
1
Fedemes, S.L.
–
3
Valaise, S.L. Unipersonal
FCC Industrial e Infraestructuras
Energéticas S.A.U.
–
4
Participaciones Teide, S.A.
Las Palmeras de Garrucha, S.L.
30
–
Receivable
Payable
2024
2023
Fomento de Construcciones
y Contratas, S.A.
Realia Patrimonio, S.L.U.
2,179
2,290
Realia Business, S.A.
72
67
FCyC, S.A.
3,607
4,549
Cementos Portland Valderrivas, S.A.
4,160
–
Residencial Turo del Mar,C.B.
Realia Business, S.A.
–
2
Hermanos Revilla, S.A.
Servicios Especiales de Limpieza, S.A.
–
30
Jezzine Uno, S.L.U.
FCyC, S.A.
–
3,805
Realia Business, S.A.
–
32
Fedemes, S.L.
–
1
AS Cancelas Siglo XXI, S.L.
Realia Business, S.A.
–
8,370
FCC Industrial e Infraestructuras
Energéticas S.A.U.
Realia Patrimonio, S.L.U.
17
25
Realia Business, S.A.
–
12
Cementos Portland Valderrivas, S.A.
3
–
FCC Construcción, S.A.
FCyC, S.A.
6
–
Realia Business, S.A.
480
330
Canteras de Alaiz, S.A.
14
–
Cementos Portland Valderrivas, S.A.
883
–
FCC Medio Ambiente, S.A.
Canteras de Alaiz, S.A.
14
–
Cementos Portland Valderrivas, S.A.
6
–
Áridos de Melo, S.L.
Cementos Portland Valderrivas, S.A.
420
–
FCC Ámbito, S.A. Unipersonal
Cementos Portland Valderrivas, S.A.
3
–
Prefabricados Delta, S.A. Unipersonal
Cementos Portland Valderrivas, S.A.
118
–
Tratamientos y Recuperaciones
Industriales, S.A.
Cementos Portland Valderrivas, S.A.
8
–
Aqualia Intech, S.A.
Hormigones y Morteros Preparados, S.A.U
1
–
FCC Environment (UK) Limited
FCC Real Estate (UK) Limited
103
98
Fedemes, S.L.
Realia Patrimonio, S.L.U.
1,443
1,362
Giant Cement Holding Inc.
Cementos Portland Valderrivas, S.A.
–
4,692

FCC. Annual Report 2024
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Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 40 of 47
Receivable
Payable
2024
2023
Uniland Acquisition Corporation
Uniland International B.V.
–
10
Cementos Portland Valderrivas, S.A.
FCC Ámbito, S.A. Unipersonal
118
–
FCC Construcción, S.A.
58
–
FCC Medio Ambiente, S.A.
135
–
Fomento de Construcciones y Contratas, S.A.
353
–
Cementos Alfa, S.A.
FCC Ámbito, S.A. Unipersonal
2
–
Integraciones Ambientales de Cantabria, S.A.
1
–
Giant Cement Company
Uniland Trading B.V.
–
1,628
Coastal Cement Corporation
Uniland Trading B.V.
–
3,341

32,535
416,192
In the two tables above for financial year 2024, the position at 31 December 2024 has been considered
following the completion of the partial financial spin-off that gave rise to the Inmocemento Group.
Therefore, the transactions between companies of the FCC Group and companies of the Inmocemento
Group are disclosed. In 2023, transactions with companies considered to be related parties at 31
December 2023 are disclosed, i.e. transactions between companies belonging to the FCC Group at that
date and companies in which the controlling shareholder or companies related to it held an interest.
In 2024, the following transactions were carried out with related parties:
• Agreement for the provision of services between Fomento de Construcciones y Contratas, S.A. and
Vilafulder Corporate Group, S.L.U. for a total annual amount of 368 thousand euros.
• Service agreement between Realia Business, S.A. and Gerardo Kuri Kaufmann, amounting to 190
thousand euros.
• Agreement for the provision of services between FCyC, S.A. and Gerardo Kuri Kaufmann amounting to
190 thousand euros.
• In 2024, Cementos Portland Valderrivas, S.A. cancelled the service agreements in effect with Gerardo
Kuri Kaufmann and Jaime Rocha Font, having accrued 172 thousand euros (184 thousand euros in
2023) and 106 thousand euros (150 thousand euros in 2023) during the year.
• As part of the refinancing of the debt associated with the Spanish activities of the Cementos Portland
Valderrivas Group in 2016, a financing agreement was entered into with Banco Inbursa, S.A., Institución
de Banca Múltiple. On 20 October 2022 it signed a maturity extension agreement until October 2025. As
at 31 December 2024, the loan was fully repaid (31 December 2023: 50,405 thousand euros). Financial
expenses accrued in 2024 came to 921 thousand euros. A total of 2,703 thousand euros accrued in
2023.
• Contract for the provision of IT services by Claro Enterprise Solutions, S.L. to Fomento de
Construcciones y Contratas, S.A. in the amount of 16,992 thousand euros (15,146 thousand euros in
2023).
• In May 2024, Fomento de Construcciones y Contratas, S.A. took part in the capital increase undertaken
by FCyC, S.A., making a disbursement in line with its shareholding of 160,062 thousand euros, since
the non-controlling shareholder, Soinmob Inmobiliaria Española, S.A.U., also took part in the increase,
making a disbursement in line with its shareholding of 39,938 thousand euros. This increase did not
entail any change in the shareholding in relation to FCyC, S.A.
• Assignment by Fomento de Construcciones y Contratas, S.A. to FCyC, S.A. of the two loans held by
Fomento de Construcciones y Contratas, S.A. vis-à-vis Realia Business, S.A., amounting to 100,680
thousand euros.
• Financing granted by Fomento de Construcciones y Contratas, S.A. to FCyC, S.A. to purchase 10.26%
of Realia from the Polygon Investment Fund in exchange 92,575 thousand euros.
• Granting of a loan by FCyC, S.A. to Realia Business, S.A. for a total of 60,000 thousand euros.
• Granting of a loan by Jezzine Uno, S.L.U. to Realia Business, S.A. for an amount of 3,000 thousand
euros.
• Cancellation of the financing position held by Fomento de Construcciones y Contratas, S.A. in favour
of FCyC, S.A., resulting from the loans granted in previous years and those described in the preceding
points in 2024, for a total amount of 428,380 thousand euros.
• Lease by Realia Patrimonio, S.A. to Realia Business, S.A., FCyC, S.A., Planigesa, S.A. and Jezzine Uno
S.L.U., of offices at Torre Realia in Madrid.
• Corporate services agreement between Fomento de Construcciones y Contratas, S.A. and
Inmocemento, S.A., entered into at arm’s length and which has no material economic relevance.
• Commercial transactions in the Cement segment with the company Trituradora y procesadora de
materiales Santa Anita S.A. de C.V. (belonging to the Elementia Group), amounting to 28,706 thousand
euros up to the date of completion of the spin-off that gave rise to the Inmocemento Group (22,606
thousand euros in 2023), with outstanding receivables at the date of the spin-off amounting to 2,193
thousand euros (713 thousand euros at 31 December 2023).

FCC. Annual Report 2024
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1
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Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 41 of 47
• Maintenance of the guarantee by FCC, S.A. for an amount of 30,000 thousands of euros to FCC Real
Estate (UK) Ltd. in relation to the risks of the transferred landfills.
Furthermore, other transactions are carried out under market conditions, mainly telephone and internet
access services, with parties related to the majority shareholder for a non-significant amount.
f) Mechanisms established to detect, determine and resolve possible
conflicts of interests between the parent and/or its Group and its
directors, executives or significant shareholders
FCC Group has established specific mechanisms to determine and resolve any possible conflicts of
interest between the Group companies and their directors, executives and significant shareholders, as
indicated in article 20 and thereafter of the Board of Directors’ Rules.
20. Environmental information
As indicated in Note 1 to these financial statements, Fomento de Construcciones y Contratas, S.A. is the
parent of FCC Group, which carries out diverse activities that, due to their characteristics, specifically
focus on controlling environmental impact. These aspects are described in detail in the “Corporate Social
Responsibility” document published annually by the Group through various channels, including the
www.fcc.es website. Readers are advised to refer to this information as the best representation of this Note.
21. Other information
a) Personnel
The average number of people employed by the company in the 2024 and 2023 business years was as
follows:

2024
2023
Directors and managers
55
55
Supervisors
39
38
Technicians
141
142
Clerical Staff
48
45
Sundry trades
3
3

286
283
The table below details the average number of people with a disability of 33% or more in 2024 and 2023,
pursuant to Royal Decree 602/2016, of 2 December, which introduced new disclosure requirements for
companies’ financial statements:

2024
2023
Technicians
2
2
Clerical Staff
3
2
Sundry trades
2
2

7
6

FCC. Annual Report 2024
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2
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value creation
4
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5
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Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 42 of 47
The numbers of employees, directors and senior managers at the company as at 31 December 2024 and
2023, broken down by gender, were as follows:
2024
Men
Women
Total
Directors
7
4
11
Senior executives
5
–
5
Directors and managers
32
17
49
Supervisors
23
16
39
Technicians
69
74
143
Clerical Staff
18
31
49
Sundry trades
2
1
3

156
143
299
2023
Men
Women
Total
Directors
7
4
11
Senior executives
5
–
5
Directors and managers
34
15
49
Supervisors
22
14
36
Technicians
72
74
146
Clerical Staff
16
31
47
Sundry trades
2
1
3

158
139
297
The average number of employees, directors and senior executives of the company, distributed by men
and women, was as shown below in the 2024 and 2023 financial years:

2024
2023
Men
155
156
Women
141
137

296
293
b) Remuneration to auditors
The fees accrued for financial years 2024 and 2023 for audit and other assurance services and other
professional services provided to the company by the principal auditor, Ernst & Young S.L., and other
participating auditors and their related entities are shown in the table below:

2024
2023

Principal
auditor
Other
auditors
Total

Principal
auditor
Other
auditors
Total
Audit services
317
–
317

385
–
385
Other assurance services
25
152
177

23
–
23
Total audit and related
services
342
152
494

408
0
408
Tax advisory services
–
10
10

–
42
42
Other services
–
891
891

–
786
786
Total professional services
–
901
901

–
828
828
TOTAL
342
1,053
1,395

408
828
1,236

FCC. Annual Report 2024
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1
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Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 43 of 47
22. Subsequent events
Subsequent to the closing date of these financial statements, in February 2025 to be precise, the Spanish
tax authorities issued assessments for corporate income tax to the companies of the tax group headed
up by Fomento de Construcciones y Contratas, S.A. in respect of the years 2018 to 2020. It likewise
issued assessments for VAT and withholdings for employment income and professional income for
the period running from April 2019 to December 2020 for the companies Fomento de Construcciones y
Contratas S.A., FCC Construcción S.A., FCC Medio Ambiente S.A. and FCC Industrial e Infraestructuras
Energéticas S.A. The accounting impact of the aforementioned inspections, being a event that has taken
place after the reporting period but which shows conditions existing at year-end, has been recognised in
these financial statements in accordance with prevailing accounting regulations (Note 16).

FCC. Annual Report 2024
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1
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Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 44 of 47
Annex I Group companies at 31 December 2024
Company
Carrying amount
Stake (%)
Dividends
Capital
Reserves
Other net equity
line items
2024 profit/loss
Assets
Impairment
Operating
Continuing
operations
Asesoría Financiera y de Gestión, S.A.U.
Federico Salmón, 13 – Madrid
- Holding company -
14,010
__
100
__
6,842
25,354
__
320
5,495
Egypt Environment Services SAE
El Cairo – Egipto
- Urban sanitation -
7,760
7,734
direct
97,00
indirect
3,00
__
8,000
(1,934)
(6,046)
764
498
FCC Aqualia, S.A.
Federico Salmón, 13 – Madrid
- Water management -
91,115
__
direct
41,00
indirect
10,00
18,430
145,000
516,798
22,550
124,948
42,152
FCC Concesiones de Infraestructuras, S.L.U.
Avenida Camino de Santiago, 40 – Madrid
- Concessions -
580,798
__
100
__
98,634
489,038
__
1,738
2,662
FCC Construcción, S.A.
Balmes, 36 – Barcelona
- Construction -
1,752,075
272,377
100
__
220,000
889,535
__
43,357
98,932
FCC LDF Limited
3, Sidings Court, White Rose Way - Doncaster
Reino Unido
- Real Estate -
58

100

58
__
__
__
__
FCC Servicios Medioambiente Holding, S.A.
Federico Salmón,13 - Madrid
- Environmental services -
225,753
__
75,01
__
10,000
251,270
__
50,621
905
FCC TopCo S.à.r.l
48, Boulevard Grande-Duchesse Charlotte
Luxembourg
- Holding company -
22,263
__
100
7,324
50
17,806
__
(41)
7,374
Fedemes, S.L.U.
Federico Salmón, 13 – Madrid
- Real Estate -
11,782
__
100
__
10,301
16,216
__
1,122
1,013
TOTAL
2,705,614
280,111

25,754

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1
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Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
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Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 45 of 47
Annex I Group companies at 31 December 2023
Company
Carrying amount
Stake (%)
Dividends
received
Capital
Reserves
Other net equity
line items
2023 profit/loss
Assets
Impairment
Operating
Continuing
operations
Asesoría Financiera y de Gestión, S.A.U.
Federico Salmón, 13 - Madrid
- Holding company -
14,010
__
100
__
6,842
18,240
__
344
7,114
Cementos Portland Valderrivas, S.A.
Dormilatería, 72 – Pamplona
- Cement -
1,019,754
361,017
99,51
__
233,955
206,376
692
89,284
56,919
Egypt Environment Services SAE
El Cairo – Egipto
- Urban sanitation -
7,760
7,734
direct
97,00
indirect
3,00
__
8,000
(1,785)
(6,069)
(193)
(150)
FCC Aqualia, S.A.
Federico Salmón, 13 – Madrid
- Water management -
91,115
__
direct
41,00
indirect
10,00
12,485
145,000
508,930
8,330
137,218
49,472
FCC Concesiones de Infraestructuras, S.L.U.
Avenida Camino de Santiago, 40 – Madrid
- Concessions -
107,011
__
100
__
21,401
29,052
__
5,631
4,684
FCC Construcción, S.A.
Balmes, 36 – Barcelona
- Construction -
1,752,075
368,714
100
__
220,000
611,639
__
56,495
275,572
FCC Servicios Medioambiente Holding, S.A.
Federico Salmón,13 - Madrid
- Environmental Services -
225,753
__
75,01
__
10,000
240,926
__
44,031
10,344
FCC TopCo S.à.r.l
48, Boulevard Grande-Duchesse Charlotte
Luxembourg
- Holding company -
22,263
7
100
__
50
22,247
__
(36)
(41)
FCyC, S.A.
Paseo de la Castellana, 216 – Madrid
- Real Estate -
777,761
__
80,03
__
55,745
920,434
__
14,792
88,053
Fedemes, S.L.U.
Federico Salmón, 13 – Madrid
- Real Estate -
11,782
__
100
__
10,301
15,549
__
715
666
TOTAL
4,029,284
737,472

12,485

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1
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Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 46 of 47
Annex II Joint ventures
% Participación
ALCANTARILLADO MADRID LOTE D
0,01
AQUALIA-FCC-VIGO
0,01
CENTRO DEPORTIVO GRANADILLA DE ABONA
1,00
LOTE 4 CULEBRO A
1,00
MANCOMUNIDAD DE ORBIGO
1,00
REDONDELA
0,01

FCC. Annual Report 2024
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1
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Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Notes to the financial statements | Page 47 of 47
Annex III Associates and jointly controlled entities
At 31 December 2024
Company
Book value
Holding %
Dividends
received
Capital
Reserves
Other net equity
line items
2024 profit/loss
Assets
Impairment

Operating
Continuing
operations
Suministros de Agua de Queretaro S.A. de C.V.
Santiago de Queretaro (Méjico)
- Water Management -
4,367
—
direct
24,00
indirect
2,00
1,463
18,196
32,188
(9,647)
11,967
9,366
TOTAL
4,367
—
1,463
A 31 de diciembre de 2023
Sociedad
Book value
Holding %
Dividends
received
Capital
Reserves
Other net equity
line items
2024 profit/loss
Assets
Impairmen
Operating
Continuing
operations
Suministros de Agua de Queretaro S.A. de C.V.
Santiago de Queretaro (Méjico)
- Water Management -
4,367
—
direct
24,00
indirect
2,00
1,801
18,196
29,527
(2,427)
12,623
8,854
TOTAL
4,367
—
1,801

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Strategy and
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Business lines
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Statements
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Sustainability
Report
Managemento Report
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. at 31 December 2024
1.
Status of the entity
510
2.
Business performance and results
516
3.
Liquidity and capital resources
533
4.
Major risks and uncertainties
534
5.
Acquisition and disposal of own shares
535
6.
Significant events occurring after the end of the year
535
7.
Outlook
535

R&D+I Activities
539
543
543
548
548
9.
Other relevant information. Share performance and other information
10. Definition of alternative performance measures
according to ESMA regulations (2015/1415en)
11. Annual Corporate Governance Report
12. Annual directors’ Remuneration Report
13. Non-financial information statement
548

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1.
Status of the entity
Fomento de Construcciones y Contratas, S.A. is the Parent of the FCC Group and holds direct or
indirect ownership of the interests in the Group’s businesses and areas of activity. Therefore, to provide
information on the economic, financial, social and environmental events that occurred during the year and
place them in their proper context, the FCC Group’s Consolidated Management Report, which includes the
consolidated Statement of Non-Financial Information, is reproduced below. The company’s non-financial
information can be found in the aforementioned report.
1.1. Status of the entity: organisational structure
and decision-making process in management
The Group’s organisational structure is based on a first level consisting of Areas, which are divided into
two main groups: operational and functional.
The operating Areas include all those activities related to the productive line. The Group has the following
operating areas, as explained at greater length in Note 1 to consolidated financial statements:
i.
Environmental Services.
ii. End-to-end Water Management.
iii. Construction.
iv. Concessions
In November 2024, the partial financial spin-off that gave rise to the Inmocemento Group (Note 2 to
the consolidated financial statements) was completed, resulting in the removal from the scope of
consolidation of the following activities previously carried out by the Group:
v.
Cement Business.
vi. Real Estate.
Each of these operating Areas is headed by one or more specialised companies which, depending on FCC,
encompass the Group’s activities.
In addition, there are the functional Areas, which carry out support tasks for the operational ones:
1) Administration and Finance: the Administration and Finance Division comprises the Administration,
Taxation, Information Technologies, Finance, Communication, Purchasing and Human Resources
areas.
The Administration area directs the administrative management of the Group, and has, among others, the
following functions in relation to the Information and Internal Control Systems:
i.
General accounting.
ii.
Accounting standardisation.
iii. Consolidation.
iv. Tax advice.
v.
Tax procedures.
vi. Tax compliance.
vii. Administrative procedures.
2) Internal Audit and Risk Management: Its objective is to provide the Audit and Control Committee and
Senior Management with an independent and objective opinion on the Group’s ability to achieve its
objectives through a systematic and methodological approach for the assessment, management and
effectiveness of internal control and risk management processes, assessing the effectiveness and
reasonableness of the internal control systems, as well as the functioning of processes according
to the procedures, proposing improvements and providing methodological support to the Division
in the process of identifying the main risks that affect activities and supervising the actions for their
management.
3) General Secretary: reporting directly to the Group’s CEO, its main duty is to support the management
of the Group, as well as management support for the heads of the other areas of the Group, by
providing the services detailed in the corresponding sections of the divisions and departments that
make up the Group, which are promoted and supervised by the General Secretary.

It is made up of the following areas: Legal Advice Department, Quality Management, Corporate
Security and General Services and Corporate Responsibility.

The Areas, on a second level, can be divided into Sectors, the operational ones, and Divisions, the
functional ones, establishing areas that allow greater specialisation when considered necessary.
The structure of the main decision-making bodies is set out below:
• Board of Directors: is the body that holds the broadest powers, without any limitation, except those
that are expressly reserved, by the Spanish Corporate Enterprises Act or the Articles of Association,
for the jurisdiction of the General Shareholders’ Meeting.

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• Audit And Control Committee: its main function is to support the Board of Directors in its
supervisory duties by periodically reviewing the process for preparing economic and financial
information, its internal controls and the independence of the external auditor.
• Appointments and Remuneration Committee: supports the Board of Directors in relation to
proposals for the appointment, re-election, ratification and removal of Directors, establishes and
controls the policy for the remuneration of the company’s Directors and senior managers and the
fulfilment of their duties by Directors, particularly in relation to situations of conflict of interest and
related-party transactions.
• Managing Committee: each of the business units has a Managing Committee with similar duties.
Further information on the functions of the Group’s decision-making bodies is given in section 1 on the
system of Internal Control over Financial Reporting (ICFR).
1.2. Status of the entity:
Business model and company strategy
The Group is one of the leading European groups specialising in the environment, water, infrastructure
development and management, with a presence in over 25 countries worldwide and nearly 50.7% of its
turnover generated in international markets, mainly Europe (32%), North America (9), Latin America (4.8%),
the Middle East (3.8%) and North Africa (0.7%).
Environmental Services
Spain
FCC Medio Ambiente has a strong presence in Spain, and has maintained a leading position in the
provision of urban environmental services for over 120 years.
At the national level, the Group provides environmental services in more than 3,700 municipalities
and organisations in all the Autonomous Communities, serving a population of more than 33 million
inhabitants. Waste collection and street cleaning are two of the most important services in this sector,
representing 61% of revenue. They are followed, in order of importance, by disposal of wastes with 15%,
cleaning and maintenance of buildings, parks and gardens and, to a lesser extent, sewage. More than 85%
of the activity is carried out with public clients.
International
In turn, the international business is mainly undertaken in the UK, Central Europe and the USA. For
years, the Group has held a leading position in the United Kingdom and Central European markets in
the integrated management of municipal solid wastes, as well as in the provision of a wide range of
environmental services. The various services provided in this sector include treatment and recycling,
disposal, waste collection and the generation of renewable energy, with a growing weight and gradual
reduction of disposal in controlled landfills.
United Kingdom
In the United Kingdom, the entire municipal waste management chain is operated, with a particular
emphasis on the recycling and recovery process, including thermal recovery, of products and by products,
subject to maximum environmental sustainability criteria. It has more than 218 recycling facilities
throughout the country and more than 167MW of installed renewable electrical power.
Central Europe
In Central and Eastern Europe, FCC provides services in seven countries (Austria, Czech Republic,
Slovakia, Poland, Hungary, Romania and Serbia) to a total population of some 6 million inhabitants, 1,571
municipalities and more than 52,300 industrial customers. FCC is one of the main four private operators
in Austria, the Czech Republic and Slovakia. In Poland, the rapid growth in the last few years is particularly
noteworthy, although there is still some way to go. In Hungary, Romania and Serbia, the company’s
presence is more discreet while waiting for legislative and regulatory changes to be introduced that
guarantee greater security and stability in operations in these countries. Taking the seven countries as a
whole, FCC is the largest operator in the region in terms of both geographic coverage and volumes handled.
The range of services provided and the geographic dispersion is very diverse and balanced,
including municipal and industrial collection, incineration, mechanical and biological treatment, soil
decontamination, landfills, winter services, street cleaning, classification and management of recycled
materials, outsourcing, cleaning of buildings, etc. This broad diversification ensures great business stability
in a market with major barriers to entry and the possibility of providing a complex, end-to-end service
(spanning the entire value chain) to all customers who want it.
United States
In 2024, FCC Environmental Services USA ranked among the top 15 waste management companies in the
United States, serving upwards of 12 million US citizens.
A few years after entering the US market, FCC Environmental Services USA continues to tap significant
opportunities when it comes to solid waste management, encompassing residential and commercial
collection, along with waste treatment and recycling.

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The year 2024 turned out to be an exceptional period, as demonstrated by the award of several long
term contracts with durations of up to 10 years. These include agreements in Florida (Clay County, St.
Johns County, Sarasota County) and in two new states: Minnesota (city of Saint Paul) and North Carolina
(Buncombe County). Together, these contracts added roughly USD 1.4 billion to the company’s project
portfolio.
In 2024, FCC completed the acquisition of Gel Recycling Holdings, thus significantly strengthening its
presence in Central Florida. This acquisition brings valuable synergies in an area where FCC was already
providing collection services, adding its first treatment operation in Florida. The acquisition includes:
Two material recovery facilities (MRFs)
• A transfer station
• A construction and demolition (C&D) landfill site
• A roll-off collection operation
The acquisition adds more than 50,000 tonnes of recyclable materials annually to the facilities, while also
bringing in some 100 new employees, and adding more than 500 clients to
FCC’s portfolio.
In 2024, FCC launched its Energy Recovery business line in North America, relying on its extensive global
experience with more than 15 operational Energy Recovery facilities around the world. The company sees
significant growth potential in the United States, where these facilities happen to play a crucial role in
sustainable waste management by reducing reliance on landfills and generating renewable energy.
France and Portugal
The acquisition of the operating subsidiaries of Europe Services Groupe (ESG) in France was completed in
August 2024, in exchange for 107.4 million euros. This entity operates several lines of business, including
waste collection and street cleaning, in two of the most populous regions of the country (Ille-de-France and
Rhône-Alpes).
In Portugal, 73.4% of the turnover related to waste treatment through various subsidiaries operating in the
country (Ecodeal, Goldrib and Resicoreia); the rest relates to waste collection.
Industrial Waste
Lastly, the Environmental Services Area also specialises in the end-to-end management of industrial and
commercial waste, recovery of by-products and soil decontamination, through the FCC Ámbito brand,
which encompasses a group of companies with an extensive network of management and recovery
facilities. This enables proper waste management, ensuring the protection of the environment and people’s
health. In 2024, this activity accounted for almost 5% of the area’s income.
There is a broad commitment to climate change, materialised for example in the issuance of green bonds
to finance the operation and acquisition of assets developed by the area.
End-to-end Water Management
FCC Aqualia serves nearly 44.8 million users and provides services in 18 countries, offering the market all
the solutions to the needs of public and private entities in all phases of the end-to-end water cycle and for
all uses: human, agricultural or industrial.
FCC Aqualia’s activity is focused on Concessions and Services, encompassing proprietary integrated
cycle infrastructures and concessions, BOT, operation and maintenance services and irrigation; as well as
Technology and Networks activities encompassing EPC contracts and industrial water risk management
activities.
Spain
In 2024, the market in Spain represents 56.4% of revenue. On a like-for-like basis, water consumption fell
slightly in Spain as a whole in 2024 by 0.6%, with the amount invoiced increasing by 5% compared to 2023.
There was also an improvement in Operation and Maintenance (O&M) activities, efficiency improvements
in operations, and a lower volume of work undertaken in relation to concession agreements. The recovery
in economic activity, especially in the services and tourism sector, was affected by the critical situation
regarding the availability of water resources amid the prolonged drought that large areas of Spain have
been enduring.
The central government and certain regional governments have approved emergency plans, most notably
for the construction of new infrastructure, and emergency work to build new deep catchments, expand
existing desalination plants, and improve surface water utilisation. Meriting special mention were the new
actions undertaken in Barcelona, Almería and Málaga in relation to desalination, and reuse in Andalusia and
Alicante, valued as a whole at around 1,400 million euros. Some of this work was carried out in 2024 and
further work along these lines will be carried out moving forward. The Spanish government has approved
the third cycle of hydrological planning for all national basins, for the period ending in 2027, with a particular
focus placed on the maintenance of ecological flows and the maintenance of quality standards set by the
European Directives, with a joint budget for the necessary actions of 22.8 billion euros.
Meanwhile, the Government of Spain approved the PERTE project for the Digitalisation of the Urban Water
Cycle, granting 1.6 billion euros of funds from the European Reconstruction and Development Mechanism.
Of the two invitations put out to tender, in the first we were awarded the contract for the Campo de
Gibraltar (Cádiz), and in the second we were handed four: Realwater (Ciudad Real), Digital Island (Canary
Islands), Anda (Asturias) and Cantabricontrol (Cantabria). These five projects will improve services for
1,540,888 people and have an approved budget of 54 million, of which we will directly carry out 32.4
million. A third phase with a further 100 million is currently open for tender and we plant compete again
with several significant projects up for grabs.

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International
The international market reached a turnover of 45.4%. FCC Aqualia focuses its activity in Europe, North
Africa, the Middle East and the Americas, with ongoing contracts in 17 countries at present.
Europe
Highlights and key events across Europe in 2024 included the following:
• Moderate reduction in consumption, due to several factors: the effects of the health crisis that emerged
in 2020 and that still persist in some regions, public awareness of the need to save water and care
for the planet, and the sensitivity of demand to tariff increases caused by rising operating costs. In
particular, in Italy, we witnessed a 5.9% reduction in consumption due to the drought restrictions that
Sicily had to endure from April onwards.
• Increase in water and sewerage tariffs. Operating costs for water have risen sharply due to the inflation
that has arisen from the energy crisis caused by the ongoing war in Ukraine. Thanks to the resilience of
water contracts supported by mature regulatory systems, these increases have also led to parallel rate
increases. For instance, the Czech Republic has increased its rates by 10%. The increase in tariffs in Italy
was also significant (7.1%), thus helping to partially offset the effects of a decline in consumption.
• In the face of water scarcity, Member States have adopted supply-side policies based on the search for
new resources in desalination and reuse, while looking to achieve greater control over groundwater and
surface water. They have also targeted demand-side policies to ensure leakage reduction, sectorisation
and digitalisation through the allocation of European funds.
• Sustainability plans to reduce the carbon footprint and champion the circular economy by transforming
the sector’s waste into new usable resources (reused water, biogas, biofertilisers, renewable energies,
etc.) have led to a raft of new regulations and pushed forward innovation in treatment technologies.
Similar efforts have been made to improve the quality of water supplied and water discharged.
Africa and Asia
Georgia
A finales de diciembre de 2023, el regulador nacional GNERC publicó las nuevas tarifas del agua para
el In late 2023, the national regulator GNERC published the new water tariffs for the 2024–2026 period
(previously agreed with GGU) in order to update the impact of inflation and make funds available to
increase investments for the improvement of water cycle infrastructure.
The new rates, effective from 1 January 2024, include a significant increase in the commercial rate billed
to companies, businesses and public entities. In 2024, this commercial turnover was closely monitored to
spot changes in consumption behaviour. Rather than heading downward, consumption was found to be
heading upward amid increased economic activity.
Looking at the operational side of the project, the modernisation and operational improvement programme
continued throughout the year, with the planned investment programme and the restructuring of the
operational centres. On this particular point, a total restructuring has been put in place, and a new
operations centre opened, which has significantly increased the presence on the street and therefore
greatly reduced power outages.
Algeria
In Algeria, the two desalination plants, Mostaganem and Cap Djinet, continued to operate at full capacity,
with no significant incidents. These facilities provide a critically important service to the population of the
country’s main metropolitan areas: Oran and Algiers.
Egypt
The Abu Rawash plant, with a treatment capacity of 1,600,000 m3/d, serving the western area of Cairo; the
New Cairo plant, with a capacity of 250,000 m3/d; and the Alamein desalination plant, with a capacity of
150,000 m3/d, have been brought online to the full satisfaction of the clients concerned.
Saudi Arabia
The three desalination plants traditionally operated by the Haaisco subsidiary—at Jeddah International
Airport, KAUST University and Petrorabigh—were in full operation in 2024. Meanwhile, the Jizan desalination
plant—also operated by Haaisco—has been fully operational since late 2023.
In June 2023, Haaisco signed a new O&M contract for three floating desalination plants, each with 50,000
m3/d, for the Saudi state-owned shipping group Bahri.
In Saudi Arabia, the two regional delegated water management contracts for the national operator National
Water company were successfully implemented: those of the Northern Cluster and the Southern Cluster.
Oman
The Sohar Port Area integrated water cycle, through its subsidiary Ornan Sustainable Services company,
already operates the entire infrastructure for seawater desalination, drinking and process water supply and
distribution, industrial cooling water distribution, wastewater collection and treatment, and reused water
distribution for irrigation.

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Qatar
Aqualia MACE continued to operate the Al Dhakhira wastewater treatment plant, one of the most
important facilities in the country and which supplies treated water for garden irrigation to nearby areas.
United States
In late 2023, the company acquired 97% of Municipal District Services, LLC (MDS), a company that
manages the integral water cycle in the outskirts of Houston (Texas) and which serves a population of
some 360,000 inhabitants through 136 contracts. The arrangement took shape throughout 2024, with
the restructuring of the company and new working methodologies set up to ensure greater operational
efficiency. At year-end 2024, 147 contracts were already under way
FCC Aqualia seeks to maintain its competitive position in those end-to-end water management markets
where it has an established presence (Europe) and to take advantage of the opportunities that arise in this
activity. In other expanding markets, it plans to boost growth via BOT and O&M (North Africa, Latin America
and the Middle East), along with end-to-end cycle management, while the study of opportunities in others
(such as the USA).
In addition, FCC Aqualia will use its extensive experience in end-to-end water cycle management for
business opportunities in countries with a stable political and social balance.
Latin America
The lack of water infrastructure and the search for efficiency in existing infrastructure are factors that
strengthen Aqualia’s growth possibilities.
Mexico
In Mexico, Aqualia is a leading company in the water sector, thanks to a highly diversified portfolio of assets
that includes the distribution and purification of water through the BOT contracts for Querétaro and San Luis
de Potosí, desalination through the Guaymas BOT, wastewater treatment thanks to the BOT contract for the
Cuernavaca WWTP and the Comprehensive Management Improvement project, which also features a BOT
contract structure, at Los Cabos (Baja California Sur). Thanks to this contract, efficiency levels will increase
and the provision of drinking water services within the municipality will improve.
Colombia
Second largest private operator in the country, with key contracts including that of the district of Riohacha
(Guajira), where we provide services to nearly 310,000 inhabitants, or the management of the capital city of
the department of Guajira (upwards of 1,400,000 inhabitants). In addition to our main project in Colombia,
we have the El Salitre wastewater treatment plant in Bogotá. Our presence in the country has been
strengthened with the recent unveiling of the remodelling and expansion of the plan view Villa del Rosario
drinking water treatment plant.
Peru
As of the reporting date, Proinversión has awarded us a contract in the province of Chincha to develop the
wastewater treatment plant worth a total of 96.5 million dollars. More than 345,000 inhabitants from seven
different districts stand to benefit from the project, which includes the design, financing, construction,
operation and 24-year maintenance of around 21 kilometres of main collection networks and drive lines,
along with a pumping station, two new treatment plants, and 7.7 kilometres of lines for the final disposal of
the treated wastewater.
Construction
The Construction Area focuses its activity on the design, development and construction of large civil,
industrial and building infrastructure projects. The presence in public works of complex elements such as
railways, tunnels and bridges stands out, which together with those involving installation and industrial
maintenance, form a large part of the activity. It has a selective presence in more than 16 countries across
Europe, MENA and America.
The teams of FFC Construcción have the experience, technical training and innovation needed to take part
in the entire project value chain, from the definition and design, to its complete execution and subsequent
operation. FCC Construcción is also a pioneer in the implementation of BIM (Building Information
Modelling) technology, a collaborative work methodology that allows for the comprehensive management
of information around a virtual model for the infrastructure. This technology not only enables technical site
planning and cost control, but also improves sustainability, quality and safety management throughout the
entire life cycle of the project.
In 2024, 60.9% of total revenues will come from abroad, including the performance of major infrastructure
projects such as lines 4, 5 and 6 of the Riyadh Metro and the Neom tunnels (Saudi Arabia), Tren Maya
(Mexico), the A-465 main road (Wales), Lima Metro (Peru), Regional Experess Rail On-Corridor in Ontario
(Canada), Scarborough Subway Extention (Canada), the construction and rehabilitation of nine bridges in
Pennsylvania (United States), the Puente Industrial bridge (Chile), Sotra Link (Norway), the A-9 motorway
from Badhoevedorp-Holendrecht (Netherlands), and the Lugoj–Timisoara Est railway line (Romania).
New contracts awarded outside Spain include the Rubí line (Casa da Música-Santo Ovidio) for the Porto
Metro (Portugal), preliminary work on the Pallas nuclear reactor project (Netherlands), and the design and
construction of the Ontario Line-Pape Tunnel and underground station (PTUS) for the Toronto subway
(Canada), the preliminary work under the EPC contract for a liquefied natural gas (LNG) storage and
regasification terminal at Stade (Hamburg, Germany), as well as work towards the Fraser River Tunnel
(Canada), the design and construction of 490 social housing units in South Cairns (Australia), and the
preliminary phase for the construction of the Qiddiya stadium in Saudi Arabia.

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On the domestic front in Spain, highlights in the period included the contracts awarded for the
refurbishment of the old fruit and vegetable market of Legazpi in Madrid, lot 1 of the Paseo Verde del
Suroeste de Madrid, which involves the undergrounding of a section of the A-5 road, the structure and
roofing project for the Zero pavilion at the Fira de Barcelona exhibition centre in Hospitalet de Llobregat,
Barcelona, work on the Civil Guard Information Service Headquarters in Madrid, the construction of the
FA1 and FA2 buildings of a battery plant in Sagunto, Valencia, lot 1 pertaining to the integral renovation
of the track superstructure of Line 6 of the Madrid Metro, running between the Avenida de América and
Laguna stations, and last but not least, the construction of sports facilities at the Parque Deportivo del
Este sports complex in Madrid.
Concessions
FCC Concesiones focuses its activity on the design, financing, construction, operation and maintenance
of transport and social infrastructure under concession, either directly or by acquiring stakes in other
companies, groupings, consortiums or any other legal form legally permitted in the country concerned.
In 2024, 90% of FCC Concesiones’ turnover was earned by companies located in Spain, with the remaining
10% generated by companies located in Portugal and Mexico. Even so, the presence abroad is much
greater if one takes into account that the shareholdings in Metro de Lima and the A-465 motorway in
Wales are consolidated as companies accounted for using the equity method.
Turnover growth in 2024 compared to 2023 was 26.4% and EBITDA growth was 21.3%.
In 2024, the company consolidated its already extensive presence in passenger rail traffic activities by
acquiring the Parla Tramway, which spans a route of 8.3 km and has 15 stops, all of them on the surface.
The contract runs until 2045.
When it comes to motorway and road concessions, the Government of Aragon has awarded us the
contract for the rehabilitation and operation of 203 km of motorways and roads, including Route 8 of a
conventional road located in the north of Zaragoza, for which the contract has been extended until 2049.
Within our extensive backlog, the company is responsible for:
• The operation and provision of all manner of services related to urban and interurban transport
infrastructure, by land or sea or building of any kind, as well as the operation and management of all
manner of works and projects in the areas of influence of infrastructure and public and private works.
• The ownership of all sorts of concessions, construction work and services of the central government,
autonomous regions, municipalities and, in general, any State or international public administration.
• The provision of services related to the preservation, repair, maintenance, sanitation and cleaning of all
kinds of construction sites, facilities and services, for both public and private entities.
Key companies in this segment:
• Murcia Tram: company engaged in the construction and operation of line 1 of the Murcia Tramway
which, spanning 18 km and featuring 28 stops, connects the northern area of Murcia with the city
centre.
• Parla Tram: company tasked with the construction and operation of line 1 of the urban transport system
that connects all the centres of the Madrid municipality of Parla. It runs for 8.3 km and has 15 stops, all
above ground.
• Auconsa: public works concession awarded by the General Secretariat of Infrastructure of the Ministry
of Public Works for the construction, conservation and maintenance of the A-3 motorway running from
km 70.70 to 177.53 and the A-31 motorway running from km 0.00 to 29.80.
• FCC Concesiones Aragón: responsible for the rehabilitation and operation of 203 km of conventional
road located in the northern area of Zaragoza.
• Cotuco: entrusted with the construction and operation of the Coatzacoalcos Submerged Tunnel, which
links the city of Coatzacoalcos with the congregation of Allende.
• A-465 main road: The “A465 Sections 5 and 6” project consists of the redevelopment of the road
between Dowlais Top and Hirwaun in Wales.
• Lima Metro: Lima and Callao Metro system project, which includes Line 2 and the Line 4 branch of a
fully automatic underground metro system in the city of Lima.
• Zaragoza Tram: company tasked with the construction, operation and maintenance of line 1 of the
Zaragoza Tramway, Parque Goya – Valdespartera, with a total length of 12.8 km, in which the private
consortium (80%) is working alongside Zaragoza City Council (20%).
• Cafasso: handed the contract for the construction, operation and maintenance of Haren prison, a
108,000 m2 complex able to accommodate 1,190 inmates.

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Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 8 of 45
2. Business performance and results
2.1. Operating performance
2.1.1.
Significant events
FCC Environment strengthens its presence in the United States and Europe
As regards corporate operations performed during the year, FCC Environmental Services, the subsidiary of
the environmental area operating in the United States, acquired Gel Recycling Holdings in May, one of the
largest management companies for recyclable materials in central Florida. The acquisition also includes
the addition of three construction and demolition debris recycling facilities. In June, the acquisition of the
Urbaser Group’s business in the United Kingdom, which consists mainly of recycling and waste treatment
activities, went through. In August, the acquisition of the operating subsidiaries of Europe Services Groupe
(ESG) in France was completed. The company operates in two of the most populated regions of the
country (Ile-de-France and Rhône-Alpes), across several lines of business, including waste collection and
street cleaning.
As regards the new contracts awarded in Spain, as part of the organic growth of the business, the
following are worth particular mention:
• Renewal of the MSW, street cleaning and sewerage contract in Hospitalet worth 396 million euros, for a
period of 10 years, during which a complete overhaul of the service fleet will be undertaken, employing
dynamic formulas for activity levels and assets under coverage.
• Renewal and modernisation of the street cleaning system service in San Sebastián, with a backlog of
149.1 million euros over the next 10 years.
• New contract for waste collection, street cleaning and management of clean points in the city of
Benalmádena, for a total of €82 million over the next 10 years.
In relation to the Treatment business, the management of the Badajoz municipal solid waste (MSW)
treatment plant (composting and recovery) for 15 years and an associated backlog amounting to €94.5
million.
In the USA:
• Sarasota County (Florida) awarded a new contract worth $750 million for MSW collection in the
southern side of the county. The service will initially last for 7 years with two possible extensions of 7
and 6 years, respectively, which will begin in the first quarter of 2025. Staying in Florida, Clay County
awarded the MSW collection service for a duration of 10 years plus two possible extensions of 5 years
each. The total amount of the awarded portfolio, including extensions, amounts to $421 million.
• In May, in Saint Paul, Minnesota’s capital city, an MSW contract worth more than $115 million was
awarded for a duration of seven years.
• In Buncombe County (North Carolina), the MSW collection contract is worth more than $100 million,
lasting for an initial duration of seven years with a possible one-year extension.
These contracts entail increasing the population served in Florida by 780,000 people, in Minnesota by
300,000 and a further 175,000 in North Carolina, taking the population served globally by the Environment
Area to almost 71 million people. In several cases, the services will be provided by new vehicles that run on
compressed natural gas, as well as other fully electric vehicles, thus demonstrating FCC’s commitment to
sustainability and the urban environment.
FCC Aqualia expands its international activity and consolidates its leadership position
in Spain
FCC Aqualia increased its position in France with a variety of awards and extensions in towns and
communities (Pithiverais-Gatinais, Goussainville, Thillay, Vaudherland, Andrésy, Chanteloup les Vignes,
Conflans-Sainte Honorine, Ecquevilly and Triel sur Seine). When combined, the contracts provide over €88
million in backlog revenue. These awards are in addition to supply contract renewals achieved in previous
periods that increase Aqualia’s presence in France, where it already provides services to one million
residents.
In Spain, the renovation of the supply and sewerage service in Mazarrón for a period of 15 years is worth
particular mention. The contract is worth 133.7 million euros.
FCC Construction Australia will build the largest social housing complex in
Queensland
FCC Construction Australia has been selected to build and deliver 490 social housing units in South Cairns,
the largest affordable housing development in Queensland, Australia. The project is supported by the
Queensland Government’s A$2 billion Housing Investment Fund, an initiative that aims to support a total of
5,600 social housing units to be built across the state.

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 9 of 45
Elsewhere, the consortium headed up by FCC Construcción (60%) was chosen to build the new Oporto
metro line, known as Rubi (H), for an attributable amount of €227.7 million. The new line will add 6.3
kilometres to the city’s existing metro network. The joint venture in Spain in which FCC Construction holds
an interest was awarded the contract for the underground construction of line R2 in Montcada i Reixac
(Barcelona), as well as the construction of the new station in this town, for an attributable amount of
€148.9 million.
In industry, two awards are worth particular mention; firstly, a consortium in which the company holds
a 30.2% stake, received a backlog of more than €260 million for the construction of a storage and
regasification plant in Stade (Germany); in addition, the consortium formed by FCC Industrial (28% holding),
was awarded the roll out of the railway signalling and management service for the Murcia-Almería section
of the Mediterranean Corridor in Spain, worth a total amount of €177 million.
It should be noted that in the second half of the year, the design and preliminary works phases for two
important contracts were awarded (Fraser Tunnel in Canada and the Qiddiya stadium in Saudi Arabia),
whose future construction would add a significant amount to the Area’s revenue backlog.
FCC Concesiones expands its backlog and enhances its capital structure
In January 2024, FCC Concesiones was awarded Lot 8 of the Extraordinary Road Investment Plan for the
Autonomous Region of Aragon. The concession contract has a term of 25 years with an initial investment
of more than 40 million euros, with actions involving over 200 km of roads. The contract was signed in
May and construction work began at the end of 2024. In addition, in April, the acquisition, approved in
December 2023, of all shares in the Parla Tram concession (Madrid), went through, with an operating
deadline until 2045. The infrastructure spans 8.3 kilometres and 15 stations. This acquisition strengthens
the position of FCC Concesiones in the high-capacity urban transport sector, adding to its tram operation
in Murcia, Zaragoza and Barcelona.
Last December, the backlog and sources of financing were reorganised. As a result, capital was increased
by more than €250 million, of which €102 million were allocated to the cancellation of bank debt,
€52.1 million to the acquisition of intra-Group debt of the Murcia Tram and a further €49.1 million to
financing the aforementioned road concession in Aragon.
The partial financial spin-off of FCC in favour of Inmocemento is now complete
On 16 May 2024, the Board of Directors of FCC S.A. announced the proposed partial financial spin off of
FCC, whereby it will transfer en bloc the Real Estate and Cement units to Inmocemento (a company wholly
owned by FCC), without this entailing any extinction of the existing companies or units. More precisely,
all the shares of FCYC, S.A. owned by FCC, representing 80.03% of its share capital, and the entirety of
Cementos Portland Valderrivas, S.A. owned by FCC, representing 99.028% of its share capital, will be
transferred. As a result, Inmocemento will acquire, by universal succession, all the assets, liabilities, rights,
obligations and other items inherent to the spun-off assets. The proposal was approved by the General
Shareholders’ Meeting held on 27 June, with 99.9% of the votes of the attending capital voting in favour.
The process was completed on 7 November, when the public deed for the spin-off was entered in the
Companies Register and Inmocemento shares began trading on 12 November.
Note: Discontinued operations
The partial financial spin-off of the Real Estate and Cement units was completed last November. As a
result, all assets and liabilities were withdrawn from the consolidated balance sheet at the start of that
month. Likewise, all profit/(loss) since the start of 2024 and until that date were included under “Profit/
(loss) from discontinued operations” (see Note 4.5).
In view of the changes, the income statement and the statement of cash flows for 2023 have been
restated in the same way to ensure a more reliable comparison.

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 10 of 45
2.1.2.
Executive summary
KEY FIGURES
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Revenue
9,071.4
8,217.3
10.4 %
Gross operating profit (EBITDA)
1,435.3
1,285.2
11.7 %
EBITDA margin
15.8 %
15.6 %
0.2 p.p
Net operating profit (EBIT)
725.4
725.9
-0.1 %
EBIT margin
8.0 %
8.8%
-0.8 p.p
Income attributable to the parent company
429.9
589.1
-27.0 %
Equity
3,736.0
6,142.5
-39.2 %
Net financial debt
2,990.4
3,100.1
-3.5 %
Backlog
43,043.8
41,485.0
3.8 %
In 2024, the revenue recognised by the FCC Group was up 10.4% to €9,071.4 million. This was due to
increased activity across all business areas, with the most significant growth rates and contributions
coming from Concessions and the contribution made by Environment and Water, supported by the entry of
new contracts and acquisitions made (in Europe and the USA).
Gross operating profit (EBITDA) came to €1,435.3 million in the period, up 11.7%. This improvement
reflects the increase in revenue and the stability of operating margins, also helped by the more significant
weight of the Concessions Area. The operating margin thus came to 15.8% of turnover.
In turn, attributable net profit dropped by 27% to €429.9 million. This change is attributed to different
factors, including the increase in provisions set aside and a reduction in contribution of profit/(loss)
recognised under the equity method, both in the Environment area; however, it is particularly attributable
to the 48.5% drop in profit/(loss) generated by discontinued activities, including the contribution, in both
years, of the business areas that were spun off and excluded from the FCC Group in November 2024.
Net financial debt at the end of year stood at €2,990.4 million, down by 3.5% compared to December 2023.
This drop can largely be attributed to two factors: (i) the increase in net payments for investments, up to
€1,295.4 million, with particular mention of the Environment unit (with the inclusion in consolidation of
the debt incurred on the acquisition and operations of UK Urbaser for €535.1 million, ESG in France for
€107.4 million and GEL Recycling for €29.5 million) and the Water unit (including the purchase of MDS for
€81.9 million in the USA) and (ii) the exclusion of financial debt concerning the spun-off areas.
In turn, equity came to €3,736 million, down by 39.2% compared to December 2023, mainly on account of
the financial spin-off mentioned above, which involved the delivery of all net assets belonging to the Real
Estate and Cement units to FCC shareholders last November.
2.1.3.
Summary by business area
(million euros)
Area
Dec. 24
Dec. 23
Chg. (%)
% of 24
total
% of 23
total
REVENUE BY BUSINESS AREA
Environment
4,346.3
3,853.2
12.8 %
47.9 %
46.9 %
Water
1,674.7
1,487.4
12.6 %
18.5 %
18.1 %
Construction
2,991.3
2,823.1
6.0 %
33.0 %
34.4 %
Concessions
77.8
61.6
26.3 %
0.9 %
0.7 %
Corporate serv.
(18.7)
(8.0)
133.7 %
-0.2 %
-0.1 %
Total
9,071.4
8,217.3
10.4 %
100.0 %
100.0 %
REVENUE BY GEOGRAPHICAL AREA
Spain
4,468.0
4,161.9
7.4 %
49.3 %
50.6 %
Rest of Europe
1,295.0
1,010.4
28.2 %
14.2 %
12.3 %
Americas
1,261.7
1,266.2
-0.4 %
13.9 %
15.4 %
United Kingdom
1,185.2
1,028.6
15.2 %
13.1 %
12.5 %
Czech Republic
435.1
413.7
5.2 %
4.8 %
5.0 %
Middle East, Africa and Australia
426.4
336.5
26.7 %
4.7 %
4.1 %
Total
9,071.4
8,217.3
10.4 %
100.0 %
100.0 %

519
FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 11 of 45
(million euros)
Area
Dec. 24
Dec. 23
Chg. (%)
% of 24
total
% of 23
total
Ebitda*
Environment
731.6
646.7
13.1 %
51.0 %
50.3 %
Water
425.4
384.3
10.7 %
29.6 %
29.9 %
Construction
169.7
169.4
0.2 %
11.8 %
13.2 %
Concessions
55.4
45.7
21.2 %
3.9 %
3.6 %
Corporate serv.
53.2
39.1
36.1 %
3.7 %
3.0 %
Total
1,435.3
1,285.2
11.7 %
100.0 %
100.0 %
NET OPERATING PROFIT (EBIT)
Environment
243.4
334.1
-27.1 %
33.6 %
46.0 %
Water
242.2
216.3
12.0 %
33.4 %
29.8 %
Construction
123.3
118.4
4.1 %
17.0 %
16.3 %
Concessions
79.3
95.0
-16.5 %
10.9 %
13.1 %
Corporate serv.
37.2
(37.9)
n/a
5.1 %
-5.2 %
Total
725.4
725.9
-0.1 %
100.0 %
100.0 %
NET FINANCIAL DEBT*
Corporate
(1,061.5)
(1,233.1)
-13.9 %
-35.5 %
-39.8 %
Areas – Without recourse
Environment
2,263.4
1,424.7
58.9 %
75.7 %
46.0 %
Water
1,788.5
1,665.8
7.4 %
59.8 %
53.7 %
Concessions
0.0
74.3
-100.0 %
0.0 %
2.4 %
Cement
-
131.4
n/a
N/a
4.2 %
Real Estate
-
1,037.0
n/a
N/a
33.5 %
Total
2,990.4
3,100.1
-3.5 %
100.0%
100.0 %
(million euros)
Area
Dec. 24
Dec. 23
Chg. (%)
% of 24
total
% of 23
total
BACKLOG*
Environment
14,110.4
13,328.4
5.9 %
32.8 %
32.1 %
Water
22,565.0
21,730.7
3.8 %
52.4 %
52.4 %
Construction
6,368.4
6,425.9
-0.9 %
14.8 %
15.5 %
Total
43,043.8
41,485.0
3.8 %
100.0 %
100.0 %
2.1.4.
Income statement
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Revenue
9,071.4
8,217.3
10.4 %
Gross Operating Profit (EBITDA)
1,435.3
1,285.2
11.7 %
EBITDA margin
15.8 %
15.6%
0.2 p,p
Provision for amortisation of fixed and non-current assets
(644.6)
(565.6)
14.0 %
Other operating income
(65.3)
6.3
n/a
Net Operating Profit (EBIT)
725.4
725.9
-0.1 %
EBIT margin
8.0 %
8.8%
-0.8 p,p
Financial income/(expense)
(182.1)
(118.7)
53.4 %
Other financial profit/(loss)
28.1
(17.5)
n/a
P/L of companies accounted for by the equity method
13.2
42.4
-68.9 %
Profit/(loss) before tax from continuing activities
584.6
632.1
-7.5 %
Company tax on profits
(153.1)
(154.0)
-0.6 %
Income from continuing operations
431.5
478.1
-9.7 %
Profit/(loss) from discontinued operations
136.1
264.1
-48.5 %
Net Income
567.6
742.2
-23.5 %
Non-controlling interests
(137.7)
(153.1)
-10.1 %
Income attributable to the parent company
429.9
589.1
-27.0 %
* See page 26 for a definition of the calculation in accordance with ESMA Guidelines (2015/1415en).

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FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 12 of 45
2.1.4.1. Net Revenue
Consolidated revenues grew by 10.4% compared to the previous year, reaching €9,071.4 million. The trend
is one of sustained growth throughout the year, where the contribution rate at the Environment, Water
and Concessions units was a particular highlight, thanks to organic growth and acquisitions, both posting
double digit growth.
The performance was as follows at each business area:
The Environment unit saw an increase of 12.8%, in part thanks to the acquisitions in the United Kingdom,
France and the United States. In addition, growth in all jurisdictions was highlighted by new contracts in
Spain, both in the waste treatment and collection and street cleaning activities, as well as in the United
States, Poland and Portugal.
Revenues at the Water area were up 12.6%, mainly due to the strong performance of integrated water cycle
management activity, supported by the entry into the perimeter of the new acquisition of the MDS group
in Texas, as well as the effect of tariff updates. Only the technology and networks activity —which tends to
involve projects involving networks in integrated cycle operations— is separate from this growing trend.
In Construction, revenue was up by 6%, thanks to the continued strong pace at which new projects are
implemented, in particular in Industrial Construction, combined with the increase in the implementation
of other projects in progress in various EU countries and the USA as well as Canada, offsetting the drop in
work completed in Latin America.
Finally, in the Concessions unit, revenues was up by 26.3%, thanks to the inclusion of the Parla Tram
concession into full consolidation in April and the Aragon road concession at the end of the year, combined
with the increase in user traffic, in particular on the urban tram lines in operation.
Revenue breakdown by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
4,468.0
4,161.9
7.4 %
Rest of Europe and other
1,295.0
1,010.4
28.2 %
America
1,261.7
1,266.2
-0.4 %
United Kingdom
1,185.2
1,028.6
15.2 %
Czech Republic
435.1
413.7
5.2 %
Middle East, Africa and Australia
426.4
336.5
26.7 %
Total
9,071.4
8,217.3
10.4 %
By geographic area and contribution, Spain saw an increase in its revenues of 7.4%, to €4,468 million. The
double-digit increase in the Concessions unit is worth particular mention, as a result of the asset additions
already mentioned, followed by the Environment unit. In the Environment unit, revenues rose by 9.8%,
amid increased activity in waste treatment and collection together with street cleaning. Meanwhile, Water
posted a 2.7% increase in revenues, thanks to a sustained increase in tariffs together with a slight increase
in consumption, more noticeable in the non-residential market, which offset the slump in Technology and
Networks activity, with lower works related to assets under management and integral cycle concession
contracts. At the Construction unit, there was a 5.7% increase, largely in projects for public and private
customers, which offset the completion of relevant non-residential construction projects for private
customers.
Rest of Europe and Other reported €1,295 million, showing remarkable growth of 28.2%, largely due to
higher revenues from construction contracts in Germany, Norway and Portugal, together with increased
activity in all the European countries in which Environment operates and in the integrated water cycle in
Georgia and France.
Revenue in America dropped slightly by 0.4% to €1,261.7 million, on account of the impact of the
termination of a relevant railway contract in Mexico at the Construction unit, which was partially offset
by new contracts on which work began in the US and Canada in the same unit. At the Water unit, revenue
was supported by operations launched in the USA, along with an increase in activity in Colombia in the
management of the integrated water cycle. In turn, the Environment unit maintained sustained growth in
contracts for the municipal waste collection and treatment in the USA, enhanced by the acquisition made
by the Treatment unit (Florida).
In the United Kingdom revenue experienced growth of 15.2% to €1,185.2 million, mostly at the Environment
unit, following the business acquisition carried out midway through the year, focussed on recycling
activities and recovery plants. Revenue growth was tempered by a drop in organic processing and waste
disposal activity.
The Czech Republic experienced growth of 5.2% to €435.1 million, with growth in both Water and
Environment units; this was achieved despite the negative impact of the exchange rate of the Czech
koruna (-4.4% in the period). In the Water unit, the increase was explained to a large extent by the tariff
update. The Environment area followed a similar growth path, following an improvement in sales prices.
in the Middle East, Africa and Australia, activity increased by 26.7% to €426.4 million, largely due to the
higher contribution in Saudi Arabia, due to both the Neom construction project, and the increase in activity
at Water in concessions and assets under management, accompanied by the other projects located in
North Africa and the Arabian Peninsula.

521
FCC. Annual Report 2024
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 13 of 45
2.1.4.2. Gross Operating Profit (EBITDA)
The Gross Operating Result amounted to 1,435.3 million euros, which represents an increase of 11.7%
compared to the previous year. This equates to a margin of 15.8%, slightly up year on year. This can largely
be attributed to the income recognised in the different activity areas and as a whole, it reflects a slight
increase in the weight and profitability of Concessions and Water, respectively.
By business area, the most noteworthy developments have been:
At Environment, earnings were up 13.1% to €731.6 million. This is attributable to the increase in
contribution across all geographies and activities, strengthened by the acquisitions made in the United
Kingdom, France and the United States. This effect has only been tempered by the impact of lower
energy sales prices at recovery plants and operating provisions made in the United Kingdom in the landfill
business.
Water reported €425.4 million, up 10.7% on the previous year, supported by the trend in revenues
mentioned above, which includes, in very similar proportions, the increase in the contribution of the
integrated cycle activity, thanks to tariff increases, together with the acquisition of MDS in the United
States in January.
In the Construction area, gross operating result increased by 0.2% to €169.7 million. This slight increase
can be attributed to the average margin of different projects under development in different geographic
areas, with the operating margin standing at 5.7% during the period and in line with the forecast for the
year.
The Concessions unit includes the contribution of the Parla Tram since 30 April. As a result, its EBITDA
came to €55.4 million, up by 21.2% compared to 2023, supported by the increase in registered traffic; its
operating margin thus came to 71.1% during the year.
The utilities areas at the Environment, Water and Concessions units accounted for a very significant 84.5%
of total operating income during the year.
% Revenue by geographical area
Spain
United Kingdom
Rest of Europe
Middle East, Africa and Australia
America
Czech Republic
49.3 %
4.8 %
13.9 %
4.7 %
14.2 %
13.1 %
% EBITDA by Business Area
Environment
Water
Construction
Concessions
Corporate
51.0 %
3.7 %
3.9 %
11.8 %
29.6 %

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Letter from the
Chairwoman and CEOS
2
Ethical governance
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3
Strategy and
value creation
4
FCC in 2024
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A1
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Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 14 of 45
2.1.4.3. Net Operating Profit (EBIT)
Net operating profit amounted to €725.4 million, similar to the previous year. This performance reflects, in
addition to the EBITDA mentioned above, two main effects: (i) the impact generated on the Concessions
area by the incorporation of the Parla Tram, for the sum of €41.2 million and especially (ii) the provision
of guarantees and contractual or legal obligations for €80.9 million in the Environment area in the United
Kingdom.
2.1.4.4. Earnings before Taxes (EBT) from continuing operations
Earnings before taxes from continuing operations came to €584.6 million, down 7.5% on the previous
year. This performance can be attributed, in addition to the change in operating revenues, the drop in the
contribution of profit from companies accounted for using the equity method and the increase in volume
of financial expenses associated with the investments made and the impact of the increase in interest
rates in previous years.
Thus, the performance was as follows for the various components:
2.1.4.4.1. Financial income/(expense)
Net financial income/(expense) came to €-182.1 million, compared to €-118.7 million in the previous year,
with this increase coming in response to a higher average borrowing costs amid the general rise in interest
rates.
2.1.4.4.2. Other financial profit/(loss)
This heading includes a total of €28.1 million, versus €-17.5 million in 2023. The difference is largely due to
the change in fair value of financial instruments, which had an impact of €35.2 million during this period,
compared to €-0.1 million in the previous year.
2.1.4.4.3. Profits/(losses) of companies accounted for by the equity method
Investee companies contributed a combined total of €13.2 million, compared to €42.4 million in the
previous year. The drop in contribution is largely due to the fact that the Environment unit recognised an
impairment due to the delay and increase in investment in a treatment plant in progress in the United
Kingdom, for the sum of €48.1 million. In turn, in 2023, profit of €17.7 million was recognised on the sale of
a subsidiary in the Construction area.
2.1.4.5. Profit/(loss) from discontinued operations
This heading includes the profit/(loss) corresponding to the series of companies classified as such up until
the date of completion of the financial spin-off completed during the final quarter of the year.
Profit/(loss) on discontinued operations came to €136.1 million during the period, compared to €264.1
million in 2023, down by 48.5%, largely due to the base effect on real-estate activity, which included a
positive contribution of €142.4 million in the previous year from the accounting reclassification of financial
investments to the equity method of an investee in the Real Estate Area.
2.1.4.6. Income attributable to the parent company
Attributable net income for the year reached €429.9 million, 27% down year-on-year. This performance is
largely due to what has already been discussed in relation to profit/(loss) from discontinued operations.
This is in addition to a decrease in earnings attributable to non-controlling shareholders, mostly distributed
between the Water and Environment areas, which amounted to €137.7 million compared to €153.1 million
in the previous year.

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at the highest level
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value creation
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FCC in 2024
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Business lines
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Financial
Statements
A2
Sustainability
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Fomento de Construcciones y Contratas, S.A. | Management Report | Page 15 of 45
2.1.5.
Balance sheet
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Intangible fixed and non-current assets
2,645.0
2,477.0
168.0
Property, plant and equipment
3,771.5
3,838.3
(66.8)
Real Estate investments
3.9
2,091.3
(2,087.4)
Investments accounted for using the equity method
520.7
1,034.3
(513.6)
Non-current financial assets
1,070.8
748.4
322.4
Deferred tax assets and other non-current assets
499.9
468.3
31.6
Non-current assets
8,511.8
10,657.6
(2,145.8)
Inventory
423.7
1,234.3
(810.6)
Trade and other receivables
3,194.2
2,957.4
236.8
Other current financial assets
256.7
260.5
(3.8)
Cash and cash equivalents
1,849.6
1,609.7
239.9
Current assets
5,724.2
6,062.0
(337.8)
TOTAL ASSETS
14,236.0
16,719.7
(2,483.7)
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Equity attributable to shareholders of the parent company
2,732.7
4,447.5
(1,714.8)
Non-controlling interests
1,003.3
1,695.0
(691.7)
Equity
3,736.0
6,142.5
(2,406.5)
Subsidies
243.4
226.6
16.8
Non-current provisions
1,085.4
1,230.6
(145.2)
Long-term financial debt
4,770.9
4,361.0
409.9
Other non-current financial liabilities
453.7
456.0
(2.3)
Deferred tax liabilities and other non-current liabilities
417.7
439.5
(21.8)
Non-current liabilities
6,971.1
6,713.8
257.3
Current provisions
275.1
159.6
115.5
Short-term financial debt
325.7
604.1
(278.4)
Other current financial liabilities
201.2
322.7
(121.5)
Trade and other payables
2,726.9
2,777.0
(50.1)
Current liabilities
3,528.9
3,863.4
(334.5)
TOTAL LIABILITIES
14,236.0
16,719.7
(2,483.7)
2.1.5.1. Property, plant and equipment, intangible assets and real estate investments
Operating fixed and non-current assets contracted by 23.6% to €6,420.4 million. This reduction can be
attributed to the exclusion of investment property and property, plant and equipment associated with
the Real Estate and Cement area following its spin-off. In the case of property, plant and equipment, the
decrease was almost entirely offset by the assets incorporated, mainly in the Environment area.

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
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Strategy and
value creation
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FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
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Fomento de Construcciones y Contratas, S.A. | Management Report | Page 16 of 45
2.1.5.2. Investments accounted for using the equity method
The heading of investments accounted for by the equity method came to €520.7 million, compared
to €1,034.3 million the previous year. This significant drop can be attributed to the exclusion of the
Real Estate and Cement areas as a result of the financial spin-off explained above. The breakdown of
investments by area of activity as at December 2024 is as follows:
1) 275.1 million euros for the stake in companies in the Environment area (recycling and municipal
services, mainly in Spain and the United Kingdom).
2) 143.5 million euros for the stake in transport and public infrastructure concessions, mainly in Spain,
Peru and the United Kingdom.
3) 63.7 million euros for stakes held in companies in the Water area, largely concessionary companies
that manage services abroad (North Africa, Spain and Mexico).
4) 38.4 million euros in investees in the Construction area located abroad.
2.1.5.3. Non-current financial assets
Non-current financial assets saw significant growth of 43.1% to €1,070.8 million. This increase is mainly
attributed to the acquisition and consolidation of the Urbaser Group in the United Kingdom, which has
generated a substantial increase in collection rights associated with the concession agreements in
the Environment area. This item also includes financial credits granted to third parties, deposits and
guarantees provided on a long-term basis.
2.1.5.4. Cash and cash equivalents
Cash and cash equivalents amounted to €1,849.6 million at December 2024, €239.9 million more than at
year-end the previous year. This balance can be distributed as follows:
1) In the perimeter with recourse, cash and equivalents totalled 973.5 million euros.
2) In the perimeter without recourse, cash and equivalents amounted to 876.1 million euros.
2.1.5.5. Equity
Equity at the end of the period came to €3,736 million, compared to €6,142.5 million the previous year. This
decrease was mainly attributable to the spin off of the Cement and Real Estate activities described above.
2.1.5.6. Financial debt
(million euros)
Dec. 24
Dec. 23
Var. (M€)
Bank borrowings
2,096.8
2,710.0
(613.2)
Debt instruments and other loans
2,835.7
2,107.0
728.7
Finance lease payables
7.0
14.0
(7.0)
Other financial liabilities
157.1
134.1
23.0
Gross Financial Debt
5,096.6
4,965.1
131.5
Treasury and other current financial assets
(2,106.3)
(1,865.0)
(241.3)
Net Financial Debt
2,990.4
3,100.1
(109.7)
Net financial debt with recourse
(1,061.5)
(901.7)
(159.8)
Net financial debt without recourse
4,051.9
4,001.8
50.1
The Group’s gross financial debt increased by €131.5 million compared to December of the previous year,
coming to €5,096.6 million. Most of this figure, 93.6%, matured in the long term and can be distributed
between bank debt (44.4%) and capital markets (55.6%). The remaining 6.4% matures in the short term,
also distributed between bank debt and commercial paper in the Environment Area.
As regards net financial debt, this dropped by €109.7 million, to €2,990.4 million, 3.5% down on the
previous year. This reduction can be attributed to the combination of the exclusion of debts associated
with the spun-off business areas and the increase in investments made, primarily in the Environment Area.

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
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Strategy and
value creation
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FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
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Fomento de Construcciones y Contratas, S.A. | Management Report | Page 17 of 45

Net financial debt, without recourse in its entirely, is distributed between the Water and Environment areas,
structured as follows:
(i) the Environment area accounts for €2,263.4 million, of which three bonds issued by the area’s parent
company are worth particular mention, for a nominal amount of €1,700 million, with €375.5 million
corresponding to the activity and acquisition made in the United Kingdom and
€99.5 million to investments in the USA; (ii) the Water area is responsible for €1,788.5 million, mainly in the
form of a long-term syndicated loan for the sum of €1,100 million, a corporate bondin relation to the area’s
parent company for a nominal amount of €650 million and another bond affecting its subsidiary in Georgia
for the amount of $300 million.
As a result, the Group’s parent company had a net cash position with recourse of €1,061.5 million at the
end of the year.
2.1.5.7. Other current and non-current financial liabilities
The other current and non-current financial liabilities heading totals 654.9 million euros at the end of the
business year. The balance mainly includes the item suppliers of fixed and non-current assets for operating
leases, amounting to 461.9 million euros. It also includes other liabilities that are not financial liabilities,
such as those associated with hedging derivatives, suppliers of fixed and non-current assets, guarantees
and deposits received.
2.1.6.
Cash flows
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Gross Operating Profit (EBITDA)
1,435.3
1,285.2
11.7 %
(Increase)/decrease in working capital
(176.9)
(701.8)
-74.8 %
Corporation tax (paid)/received
(198.7)
(97.3)
104.2 %
Other operating cash flow
218.2
299.3
-27.1 %
Operating cash flow
1,277.9
785.4
62.7 %
Investment payments
(1,608.0)
(864.8)
85.9 %
Divestment receipts
53.6
35.8
49.7 %
Other investment cash flows
259.0
(133.4)
n/a
Investment cash flow
(1,295.4)
(962.4)
34.6 %
Interest paid
(205.3)
(149.4)
37.4 %
(Payment)/receipt of financial liabilities
579.8
(71.7)
n/a
Other financing cash flow
(139.8)
431.4
-132.4 %
Financing cash flow
234.7
210.3
11.6 %
Exchange differences, change in consolidation scope, etc
22.6
1.0
n/a
Increase/(decrease) in cash and cash equivalents
239.9
34.2
n/a
2.1.6.1. Operating cash flow
The operating cash flow generated in the year amounted to €1,277.9 million, €492.5 million up on the
previous year. This can mainly be attributed to a drop in investment in operating working capital, mainly in
the Construction area and to a lesser extent in the Environment area, which entailed the use of funds of
€176.9 million, compared to €701.8 million the previous year.
“Collections/(payment) of corporation tax” features an outflow of €198.7 million, €101.4 million up on
2023, a year in which a positive adjustment to corporate tax corresponding to 2022 was made, in addition
to a higher amount payable in the Construction area this year.
Breakdown of Net Financial Debt without recourse by Business Area
Environment
Water
55.9 %
44.1 %

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Chairwoman and CEOS
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at the highest level
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Strategy and
value creation
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FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
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Fomento de Construcciones y Contratas, S.A. | Management Report | Page 18 of 45
In turn, “Other operating cash flows” has an inflow of €218.2 million and includes operating cash generated
up to October from the two areas of spun off activity (Real Estate and Cement).
2.1.6.2. Investment cash flow
Investment cash flow increased significantly in 2024, with a total use of €1,295.4 million, 34.6% up on the
previous year. Investment payments increased to €1,608 million. This growth can mainly be attributed to
the Environment area, with a particular emphasis on the purchase of Urbaser UK (€265.1 million), ESG
in France (€107.4 million) and Gel Recycling in the USA (€29.5 million). Also worth note is the acquisition
of MDS in Texas, USA by the Water Area for the sum of €81.9 million. Other investment flows feature
an inflow of €259 million compared to an outflow of €133.4 million the previous year, with the inflow
of liquidity from companies acquired during the period (UK Urbaser, GEL Recycling, ESG and Tranvía
de Parla), as well as the impact on cash of the dissolution of balances held with the areas of activity
financially spun off.
During this period, as was the case in the previous year, there were no significant divestments.
The breakdown of net investments by business area, excluding other cash flows from investment
activities, in terms of payments and collections, is as follows:
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Environment
(1,022.8)
(531.8)
(491.0)
Water
(311.1)
(241.6)
(69.5)
Construction
(51.5)
(47.1)
(4.4)
Concessions
168.3
86.3
82.0
Corporate serv. & adjustments
(169.0)
(8.5)
(160.5)
Net investments (Payments - Collections)
(1,554.4)
(829.0)
(725.4)
2.1.6.3. Financing cash flow
The financing cash flow features an inflow of €234.7 million, 11.6% up on the previous year. “Interest
payment” includes an outflow of €205.3 million, compared to €149.4 million the previous year, due to an
increase financing costs and distributed between the Environment and Water Areas. “Proceeds from/
(payments on) financial liabilities” features an inflow of €579.8 million compared to the outflow of €71.7
million in the previous year, with the issue of a bond in the Environment Area for €600 million euros and
another in Georgia, in the Water Area, for $300 million worth particular mention.
“Other financing flows” contains an outflow of €139.8 million in this business year, which mainly includes
dividend payments to shareholders for the sum of €121.8 million. In 2023, the most relevant events
included in this heading included, the sale of a minority holding in the parent company of the Environment
Area, for the sum of €965 million and, in the opposite direction, the payment for the takeover bid made
by the parent of the Group for 4,502% of its capital stock, with an outflow of €257 million, combined with
other capital acquisitions in subsidiaries for more tan €117 million.
2.1.6.4 Change in cash and cash equivalents
As a result of the evolution of the different cash flow components, the FCC Group’s treasury position
closed the 2024 financial year with an increase of €239.9 million, to a balance of €1,849.6 million.
2.1.7.
Analysis by business area
2.1.7.1. Environment
The Environment area contributed 51% of the Group’s EBITDA in the 2024 business year. Around 82% of its
activity focused on the provision of essential waste collection, treatment and disposal services, as well as
street cleaning. The remaining 18% corresponded to other types of urban environmental activities, such as
the conservation of green areas or sewage systems.
In Spain it provides services in more than 3,700 municipalities and serves a population of more than 33
million inhabitants. It is worth mentioning the important weight of the urban waste management and
street cleaning services. In the UK, it focuses on urban waste treatment, recovery and disposal activities
and serves more than 16 million people. In central Europe, mainly Austria and the Czech Republic, it is
present throughout the entire waste management chain (collection, treatment and disposal). The activity
in the US is carried out both in the collection and in the comprehensive recovery of urban waste and serves
more than 11 million inhabitants. The FCC Group has been running its environmental business for more
than 120 years, serving almost 71 million people across 5,400 municipalities around the world.

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 19 of 45
2.1.7.1.1. Earnings
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Turnover
4,346.3
3,853.2
12.8 %
Waste collection and street cleaning
2,122.9
1,938.6
9.5 %
Waste processing
1,441.3
1,142.6
26.1 %
Other services
782.1
772.0
1.3 %
EBITDA
731.6
646.7
13.1 %
EBITDA margin
16.8 %
16.8 %
0.0 p.p
EBIT
243.4
334.1
-27.1 %
EBIT margin
5.6 %
8.7 %
-3.1 p.p
Revenues at the Environment Area increased by 12.8% to €4,346.3 million. Waste collection and street
cleaning activities recognised income of €2,122.9 million, up by 9.5%, due in particular to the increase
in contribution in Spain and new contracts added in France following the purchase of ESG’s operating
subsidiaries and in the USA. Waste treatment activity saw significant growth of 26.1% to €1,441.3 million,
attributable to the increase in the contribution of treatment plants in Spain and the consolidation of UK
Urbaser contracts in the United Kingdom, following its purchase last June. Other services remained at
similar levels to the previous year.
Breakdown of revenue by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
2,291.3
2,086.3
9.8 %
United Kingdom
923.6
778.7
18.6 %
Central Europe
654.5
607.0
7.8 %
United States
384.1
351.5
9.3 %
France and Portugal
92.8
29.7
n/a
Total
4,346.3
3,853.2
12.8 %
By geographical areas, turnover in Spain grew by 9.8% year-on-year, to €2,291.3 million. This positive
performance can mainly be attributed to the incorporation of new contracts for waste collection and street
cleaning activities, as well as progress made with the construction of the waste treatment plants in Las
Calandrias, Jerez de la Frontera, and Valladolid. There was also an increase in the contribution made by the
environmental complex in Loeches, Madrid.
In the United Kingdom, revenues grew by 18.6% to €923.6 million, driven by the consolidation of UK
Urbaser and the increase in recycling activity, which have offset the decrease in the collection of the landfill
tax. Recovery activity remained at similar levels to the previous year.
In Central Europe, revenues increased by 7.8% to €654.5 million, with a strong performance in all
geographies in which the area operates, with greatest growth in the Czech Republic, on account of the
increase in prices for municipal collection and secondary materials, followed by Poland on account of the
improvement in municipal collection.
Lastly, revenue in the United States came to €384.1 million, 9.3% up on the previous year, with new
residential waste collection contracts performing well, mainly in Florida; this was in addition to the
contribution of Gel Recycling Holdings, a company dedicated to the management of recyclable materials in
central Florida and acquired at the end of May.
Finally, sales in France and Portugal came to €92.8 million compared to €29.7 million the previous year.
This significant increase can mainly be attributed to the consolidation of ESG in France, which was
acquired last August. Although to a lesser extent, Portugal also contributed positively during the year.
Breakdown of revenue by geographical area
Spain
United Kingdom
Central Europe
US
France and Portugal
52.7 %
2.1 %
8.8 %
15.1 %
21.3 %

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
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Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 20 of 45
Gross operating earnings (EBITDA) increased by 13.1% to €731.6 million, on account of the increase in
revenues in all geographies; worth particular mention was the improvement in treatment activity in Spain
and the contributions made by new contracts in the United Kingdom, France and the USA. This positive
result was tempered by the provisions set aside for the sum of €10.9 million relating to a claim of the
landfill tax collected on behalf of the public authorities in the United Kingdom. As a result, the operating
margin stood at 16.8%, the same as the previous year.
Net operating result (EBIT) was down 27.1% compared to the previous year, to €243.4 million, on account
of the increase in the provision for the depreciation of the largest items of PP&E in operation and linked to
acquisitions made during the period in addition to the increase in provisions made in the United Kingdom.
Breakdown of backlog by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
8,501.3
8,390.6
1.3 %
International
5,609.1
4,937.8
13.6 %
Total
14,110.4
13,328.4
5.9 %
At the end of the year, the backlog amounted to €14,110.4 million, 5.9% up on December 2023. The
international area experienced greatest growth, up by 13.6% to €5,609.1 million, both on account of the
new contracts incorporated following the acquisition of Urbaser UK, the acquisitionin France and the new
contracts in the USA. Spain, which accounts for 60.2% of the total backlog, maintained similar levels to the
previous year, coming to €8,501.3 million.
2.1.7.1.2. Financial Debt
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Net Financial Debt
2,263.4
1,424.7
838.7
Net financial debt increased by €838.7 million compared to December 2023 to €2,263.4 million. During the
year, a bond was issued by the parent company of the area for €600 million to strengthen and orient the
financing structure for the increased investment in acquisitions and new contracts obtained, mainly in the
international area.
2.1.7.2. Water
The Water area contributed 29.6% of FCC Group’s EBITDA in the year. 92% of its activity is focused on
public service concession and asset management related to the end-to-end water cycle (collection,
treatment, storage, distribution and recovery) and the operation and maintenance of different types of
water infrastructures; the remaining 8% corresponds to Technology and Networks, which is responsible
for the design, engineering and equipment of hydraulic infrastructures, related in the large part to the
development of new concessions and maintenance and improvement works for operations.
In Spain, the area serves more than 13 million inhabitants. In Central and Eastern Europe, it is mainly
present in the Czech Republic and Georgia, serving close to 3 million users across the two countries; in
other EU countries, its presence in France, Italy and Portugal is worth particular mention. In Latin America,
the Middle East, and Africa its activity centres on the design, equipping, and operation of hydraulic
infrastructures and processing plants. Overall, the Water area provides supply and/or sanitation services to
more than 45 million inhabitants.
2.1.7.2.1. Earnings
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Turnover
1,674.7
1,487.4
12.6 %
Cycle Management and Services
1,540.0
1,343.7
14.6 %
Technology and Networks
134.7
143.7
-6.3 %
EBITDA
425.4
384.3
10.7 %
EBITDA margin
25.4 %
25.8%
-0.4 p.p
EBIT
242.2
216.3
12.0 %
EBIT margin
14.5 %
14.5%
0.0 p.p
Revenue at the end of the year increased by 12.6% year on year to €1,674.7 million. Starting in January,
the contribution made by the consolidation of American company MDS based in Houston (Texas) in
Management activity to the comprehensive cycle and Services is worth particular mention, as is the
important tariff updates as regards operations in Georgia and the Czech Republic. There was a decline of
6.3% in Technology and Networks activity due to lower activity in Spain.

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 21 of 45
Breakdown of revenue by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
944.3
919.2
2.7 %
Central and Eastern Europe
254.8
232.7
9.5 %
America
195.8
91.4
114.2 %
Middle East and Africa
167.6
134.6
24.5 %
Rest of Europe (France, Portugal and Italy)
112.2
109.5
2.5 %
Total
1,674.7
1,487.4
12.6 %
By geographical area, revenues in Spain increased by 2.7% to €944.3 million, catalysed mainly by
the increase in tariffs and the slight growth in consumption in integrated cycle activity. However, the
restrictions imposed as a result of the drought in Catalonia and Andalusia, as well as the drop in
Technology and Networks works on account of the investment plans associated with concession
agreements, have tempered this growth.
In Central and Eastern Europe, sales increased by 9.5% to €254.8 million, largely on account of the
significant increase in tariffs in the integrated cycle management in the Czech Republic and Georgia,
despite the unfavourable exchange rate performance of the Czech crown and the Georgian lari during
the period (-4.4% and -3.7%, respectively). Technology and Networks activity performed in the opposite
direction following the completion of the WWTP project in Glina, Romania.
Revenues in the rest of Europe increased by 2.5% to €112.2 million, catalysed by new contracts in
France and tariff increases in Portugal. These results offset the fall in consumption in Italy as a result of
restrictions imposed no account of the severe drought and drop in infrastructure work at the concession in
Caltanissetta, Sicily.
In America, revenue grew significantly, to €195.8 million, €104.4 million up on the previous year, mainly
due to the contribution made by the acquisition of MDS in Texas in January. Added to this is the greater
contribution of integrated cycle contracts in Colombia. Technology and Networks activity also experienced
growth, thanks to the construction of water infrastructure in Mexico.
In the Middle East and Africa, turnover increased by 24.5% to €167.6 million, due to increased activity in
the two regional contracts (“Cluster”) in Saudi Arabia, in addition to an increase in the contribution by the
Mostaganem plant in Algeria as a result of the tariff update. In addition, Technology and Networks activity
performed positively as a result of the actions performed as part of the regional contracts in Saudi Arabia
mentioned above, which have offset the completion of works on the Riyadh Metro.
Gross operating earnings (EBITDA) experienced growth of 10.7% to €425.4 million, as a result of the
aforementioned growth in revenue, thanks to tariff increases and the incorporation of new contracts. As a
result, the operating margin stood at 25.4%, compared to 25.8% the previous year.
EBIT increased by 12% to reach €242.2 million, due to the trend in gross operating profit mentioned earlier.
Breakdown of backlog by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
6,495.4
6,860.6
-5.3 %
International
16,069.6
14,870.1
8.1 %
Total
22,565.0
21,730.7
3.8 %
The backlog at the end of June amounted to €22,565 million, up 3.8% on December 2023. The international
backlog gained 8.1% to €16,069.6 million, following the incorporation of the revenue backlog associated
with MDS in the United States, the new contracts in France and the consolidated tariff updates in Georgia
and the Czech Republic. The foregoing has served to offset the 5.3% drop in Spain.
Breakdown of revenue by geographical area
Spain
Middle East, Africa and Others
Central and Eastern Europe
America
Rest of Europe
56.4 %
6.7 %
11.7 %
15.2 %
10 %

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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 22 of 45
2.1.7.2.2. Financial Debt
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Net Financial Debt
1,788.5
1,665.8
122.7
Net financial debt was up €122.7 million on December of the previous year, to reach €1,788.5 million, due
to higher payments on investments, in particular the acquisition of MDS in the USA.
2.1.7.3. Construction
Construction activity contributed 11.8% to the Group’s consolidated EBITDA during the period. Its activity is
focused on the implementation of large-scale projects in the civil, industrial and construction sectors. The
Area maintains a selective presence in more than 20 countries and its project backlog is noteworthy on
account of its essential infrastructures such as railways, tunnels, bridges and motorways.
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Turnover
2,991.3
2,823.1
6.0 %
EBITDA
169.7
169.4
0.2 %
EBITDA margin
5.7 %
6.0%
-0.3 p.p
EBIT
123.3
118.4
4.1 %
EBIT margin
4.1 %
4.2 %
-0.1 p.p
During the year, revenue in this area increased by 6% to €2,991.3 million, due to work commencing on new
projects awarded during the last year, including industrial projects for development of renewable energy
and gas, and other major international railway and highway infrastructure projects.
Breakdown of revenue by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
1.171,1
1.108,1
5,7 %
Rest of Europe
882,8
695,1
27,0 %
America
677,8
819,3
-17,3 %
Middle East, Africa and Australia
259,6
200,6
29,4 %
Total
2.991,3
2.823,1
6,0 %
In terms of geographical areas, turnover in Spain increased by 5.7%, to €1,171.1 million, with good
progress in all work in progress, particularly railways, such as the high-speed project in Totana, and the
start-up of new works, notably solar facilities in Guillena (Seville), which offset the reduction in turnover
following completion of work on Madrid’s Santiago Bernabéu Stadium.
In the Rest of Europe, turnover increased by 27% to €882.8 million, mainly due to the further progress
made in building motorways in the United Kingdom, the Netherlands and Romania.
In America, turnover was down 17.3% on the previous year to reach €677.8 million, mainly due to
completion of the Maya Train project in Mexico, which was not fully offset despite the increasing
contribution of railway works in Toronto (Canada) and Pennsylvania (United States).
There was an 29.4% increase in revenue in the Middle East, Africa and Australia to €259.6 million, due
in large part to the increased contribution of the Neom project in Saudi Arabia, progress with which has
comfortably offset the almost completion of the Riyadh Metro project.

531
FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 23 of 45

Gross operating earnings increased by 0.2% to €169.7 million, with an operating margin of 5.7% compared
to 6% the previous year. This can mainly be attributed to a change in the composition of the project
backlog, in line with plans for the year.
Net operating profit was up by 4.1% year on year to €123.3 million. The margin remained stable and in line
with the previous year, performing similarly throughout the year.
Breakdown of backlog by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
2,412.3
2,386.1
1.1 %
International
3,956.1
4,039.8
-2.1 %
Total
6,368.4
6,425.9
-0.9 %
The revenue backlog experienced a slight drop compared to December 2023, coming to €6,368.4 million.
International activity experienced a drop of 2.1% to €3,956 million, despite noteworthy major projects
such as GNL Stade (Germany) and the construction of social housing in Australia (Queensland). In turn,
the backlog in Spain grew by 1.1% following the completion of certain major works. However, it should be
noted that the international backlog includes the design phase and preliminary study in some projects,
meaning that contracting during the construction phase would add a considerable amount to the balance
recognised at year-end.
Breakdown of the Backlog by Activity Segment
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Civil engineering works
4,561.1
5,112.4
-10.8 %
Building
1,034.4
656.9
57.5 %
Industrial Projects
772.9
656.6
17.7 %
Total
6,368.4
6,425.9
-0.9 %
By type of activity, civil engineering maintained its importance at year-end, accounting for 71.6% of the
total backlog, mainly in the form of large public contracts in certain selective markets in Europe, America
and the Middle East. Building and industrial projects, although relevant, account for a smaller proportion.
2.1.7.4. Concessions
The Concessions area contributed 3.9% to the Group’s EBITDA in 2024. Its activity is focussed on the
development, operation and maintenance of infrastructure, mainly transport and other facilities. At 31
December, the parent company of the area, FCC Concesiones, held a total of 14 concessions in varying
degrees of participation (5 under global consolidation).
2.1.7.4.1. Earnings
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Turnover
77.8
61.6
26.3 %
EBITDA
55.4
45.7
21.2 %
EBITDA margin
71.2 %
74.2 %
-3.0 p.p
EBIT
79.3
95.0
-16.5 %
EBIT margin
101.9 %
154.2 %
-52.3 p.p
Breakdown of revenue by geographical area
Spain
Middle East, Africa and Australia
Europe
America
39.2 %
22.7 %
29.5 %
8.69 %

532
FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 24 of 45
Revenue in the area saw significant growth of 26.3% to €77.8 million during the period. This increase can
mainly be attributed to the rise in road and rail traffic, which boosted the revenue recognised by Auconsa
and Tranvía de Murcia. The entry into consolidation of the Tranvía de Parla concession, following the
acquisition of all of its capital in the second quarter of the year, has shored up this trend.
Breakdown of revenue by geographical area
(million euros)
Dec. 24
Dec. 23
Chg. (%)
Spain
70.6
57.7
22.4 %
Mexico and Others
7.2
3.9
84.6 %
Total
77.8
61.6
26.3 %
Revenue in the area saw significant growth of 26.3% to €77.8 million during the period. This increase can
mainly be attributed to the rise in road and rail traffic, which boosted the revenue recognised by Auconsa
and Tranvía de Murcia. The entry into consolidation of the Tranvía de Parla concession, following the
acquisition of all of its capital in the second quarter of the year, has shored up this trend.

Gross operating profit amounted to €55.4 million, up 21.2% on the same period of the previous year. The
operating margin stood at 71.2% during the period.
In turn, net operating profit came to €79.3 million, 16.5% down on the previous year, although higher than
EBITDA given that, in both years, “Other operating income” included the positive impact of changes in the
consolidation perimeter of the area of miscellaneous concessions, as was the case of the Tranvía de Parla,
with profit of €41.2 million.
2.1.7.4.2. Financial Debt
(million euros)
Dec. 24
Dec. 23
Chg. (€M)
Net financial debt
0.0
74.3
(74.3)
Net financial debt fell to zero in 2024. This can be attributed to the fact that in December, several capital
and debt repayment operations were performed with a view to reorganising and strengthening the
structure and financial capacity of the concession holders and the parent company of the area, FCC
Concesiones.
2.2. Business performance. Environment
The information relating to the FCC Group’s environmental policy is set out in greater detail in Notes 29
and 30 to the consolidated financial statements and in the Non-Financial Information Statement.
The FCC Group carries out its activities on the basis of business commitment and responsibility,
compliance with applicable legal requirements, respect for the relationship with its stakeholders and its
ambition to generate wealth and social well-being.
Aware of the importance for the Group of preserving the environment and the responsible use of available
resources, and in line with the vocation of service through activities with a clear environmental focus,
the Group promotes and encourages the following principles throughout the organisation, on which the
contribution to sustainable development is based:
• Continuous improvement: Promote environmental excellence by establishing objectives for the
continuous improvement of performance, minimising the negative impacts of the Group’s processes,
products and services, and enhancing the positive impacts on its areas of activity.
• Monitoring and control: establish environmental indicator management systems for the operational
control of processes, which provide the necessary knowledge for monitoring, assessment, decision-
making and communication of the Group’s environmental performance and compliance with the
commitments undertaken.
Breakdown of revenue by geographical area
Spain
Mexico and Others
90.7 %
9.3 %

533
FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 25 of 45
• Climate change and pollution prevention: Lead the fight against climate change through the
implementation of processes with lower greenhouse gas emissions, and by promoting energy
efficiency and renewable energies. Prevent pollution and protect the environment through responsible
management and consumption of natural resources, and also by minimising the impact of emissions,
discharges and waste generated and managed by the Group’s activities.
• Observation of the environment and innovation: Identify the risks and opportunities of the activities in
the face of the changing natural environment in order, among other things, to drive innovation and the
application of new technologies, and also to generate synergies between the Group’s various activities.
• Life cycle of products and services: enhancing environmental considerations in business planning,
procurement of materials and equipment, and relations with suppliers and contractors.
• The necessary participation of all parties: promote the knowledge and application of environmental
principles among employees and other stakeholders. Share experience in the most excellent practices
with the different agents in order to promote alternative solutions to those currently in place, which
contribute to the achievement of a sustainable environment.
2.3. Business performance. Personnel
Attached is a breakdown of the Group’s headcount at the end of the year, by business area:
Areas
Spain
Abroad
Total
%s/Total
2024
Environment
37,390
12,842
50,232
70.4 %
Water Management
7,079
6,961
14,040
19.7 %
Construction
4,228
2,394
6,622
9.3 %
Concessions
173
0
173
0.2 %
Central Services
302
2
304
0.4 %
TOTAL
49,172
22,199
71,371
100.0 %
3. Liquidity and capital resources
Liquidity
In order to optimise its financial position, the Group maintains a proactive liquidity management policy with
daily cash monitoring and forecasts.
The Group covers its liquidity needs through the cash flows generated by the businesses and through the
financial agreements reached.
In order to improve the Group’s liquidity position, active collection management is carried out with
customers to ensure that they meet their payment commitments.
To ensure liquidity and meet all payment commitments arising from the business, the Group has cash
flows as shown in the balance sheet (see Note 17 to the consolidated financial statements) and detailed
financing (see Note 20 to the consolidated financial statements).
Note 30 to the consolidated financial statements sets forth the policy implemented by the Group to
manage liquidity risk and the factors mitigating said risk.
Recursos de capital
The Group manages its capital to ensure that its member companies will be able to continue as profitable
and solvent businesses.
As part of its capital management operations, the Group obtains financing through a wide range of
financial products.
In 2019, FCC Servicios Medioambiente Holding, S.A. completed the issue of two simple bonds worth a
total of 1,100 million euros, as FCC Aqualia, S.A. did back in 2017. In December 2023 the 600 million euro
bond of FCC Servicios Medioambiente Holding, S.A. was repaid with the proceeds obtained from the issue
of a new bond for the same amount, and in October 2024 the company completed the issue of a new bond
worth 600 million euros.
In November 2018, FCC, S.A. registered a 300 million euros promissory notes programme, which was
subsequently expanded to 600 million euros in March 2019. Since then, new funding facilities were also
arranged in the form of credit facilities. In 2020, FCC Servicios Medioambiente Holding, S.A. registered a
promissory note programme which it renewed annually for an amount of up to €400 million; it also has
financing facilities in the form of credit facilities and bilateral loans.

534
FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 26 of 45
Furthermore, in June 2022 FCC Aqualia, S.A. took out a syndicated loan for the amount of €1.1 billion, the
main purpose of which was to refinance part of the bonds issued in 2017 maturing in 2022 and the early
repayment of the bond that the Georgia Global Utilities Group had on the takeover date (Note 4 to the
consolidated financial statements).
These operations have helped to continue to shore up the financial solvency process and the continuation
of the policy of diversifying funding sources. These measures have contributed to achieving a much more
robust and efficient capital structure, with suitable volumes, terms and financing costs adapted to the
nature of the different business areas.
In order to optimise the cost of capital resources, the Group maintains an active policy of interest rate risk
management, constantly monitoring the market and taking different positions depending mainly on the
assets financed.
The performance of interest rates in recent years is shown below.
As can be seen from the graph above, in 2022 the Secured Overnight Financing Rate (SOFR) and the
Sterling Overnight Index Average (SONIA) replaced the LIBOR in dollars and LIBOR in pounds sterling,
respectively.
This section is discussed in greater detail in Note 30 to the consolidated financial statements.
4. Major risks and uncertainties
4.1. Risk Management Policy and System
The FCC Group’s Risk Management Model is designed with the aim of identifying, analysing and assessing
the potential risks that could affect the different areas of the Group, as well as establishing mechanisms
integrated into the organisation’s processes that allow risks to be managed within accepted levels,
providing the Board of Directors and senior management with reasonable security in relation to the
achievement of the main objectives defined. This Model applies to all FCC Group companies, as well as
to those affiliates where FCC has effective control, promoting the development of work frameworks that
enable suitable risk control and management in those companies where effective control is not available.
This model is mainly based on the integration of the risk-opportunity vision and the assignment of
responsibilities, which, together with the segregation of functions, favour the monitoring and control of
risks, consolidating an adequate control environment.
The activities included in the FCC Group’s Risk Management Model include the identification and
classification of risks depending on their type, their assessment, in terms of impact and probability of
occurrence, the application of prevention and control activities to mitigate the effect of these risks and
the establishment of reporting flows and communication mechanisms at different levels, which enable
decision-making as well as their review and continuous improvement.
The risk management duties and responsibilities at the different levels of the organisation are detailed in
section E on the Risk Management and Control System of the Annual Corporate Governance Report.
4.2. Major risks and uncertainties
The FCC Group is exposed to various risk factors inherent to both the nature of its activities and the risks
related to environmental, economic, social and geopolitical upgrades in the different countries in which
it carries out these activities and to the risks arising from its relations with third parties, including the
risks arising from the non-exhaustive application of the principles of ethics and compliance set out in its
regulations. Many of these risk factors are strongly interconnected and could potentially affect both the
achievement of business objectives and the image and reputation of the FCC Group.
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
6.00%
Dec20 Dec21 Dec22
Dec19
Mar23 Jun23 Sep23 Dec23 Jan24 Feb24 Mar24 Apr24 May24 Jun24 Jul24 Aug24 Sep24 Oct24 Nov24 Dec24
EURIB 6M
GBP-LIBOR 6M
USD-LIBOR 6M
SOFR
SONIA

535
FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 27 of 45
A breakdown of the main risks related to strategic, environmental, social, operational and compliance
issues that could affect the Group’s activities, as well as a description of the systems used to manage
and monitor them, can be found in section E of the Annual Corporate Governance Report, as well as in
the sections on Environmental, Social and Governance Information and in Appendix I of the Non-Financial
Statement.
With regard to financial risks, which are considered to be the changes in the financial instruments arranged
by the FCC Group due to political, market and other factors, and their repercussions on the financial
statements, the risk management philosophy is consistent with the business strategy, seeking maximum
efficiency and solvency at all times. To this end, strict financial risk control and management criteria have
been established, consisting of identifying, measuring, analysing and controlling the risks incurred by
the Group’s operations, with the risk policy being correctly integrated into the Group’s organisation. The
financial risks to which the Group is exposed are discussed in greater detail in Note 30 to the consolidated
financial statements, in section E of the Annual Corporate Governance Report.
5. Acquisition and disposal of own shares
At 31 December 2024, Fomento de Construcciones y Contratas, S.A. held 46,910 treasury shares.
There were no acquisitions or disposals of treasury shares during the year, except for those arising from
the capital increase relating to the scrip issue, as disclosed in Note 18 of the consolidated annual report.
6. Significant events occurring after the end of the
year
Subsequent to the closing date of these financial statements, in February 2025 to be precise, the Spanish
tax authorities issued assessments for corporate income tax to the companies of the tax group headed
up by Fomento de Construcciones y Contratas, S.A. in respect of the years 2018 to 2020. It likewise
issued assessments for VAT and withholdings for employment income and professional income for
the period running from April 2019 to December 2020 for the companies Fomento de Construcciones y
Contratas S.A., FCC Construcción S.A., FCC Medio Ambiente S.A. and FCC Industrial e Infraestructuras
Energéticas S.A. The accounting impact of the aforementioned inspections, being a event that has taken
place after the reporting period but which shows conditions existing at year-end, has been recognised in
these financial statements in accordance with prevailing accounting regulations (Note 24).
7. Outlook
The outlook for the performance of the Group’s main business areas in 2024 is given below.
Environmental Services
The outlook for the performance of the Group’s main business areas in 2024 is given below. In the
countries where the Environmental Services Area operates, the sector is undergoing a process of
transformation, mainly due to the environmental requirements of each country derived from the European
Directives (new opportunities based on the ambitious objectives set by the European Union in relation to
the circular economy and climate change). The new services will focus on energy efficiency, urban mobility
and smart cities.
Spain
In Spain, moderate growth is expected based on the implementation of new contracts, competing in all
tenders that may be of interest due to their strategy and/or attractiveness.
With regard to the waste collection and street cleaning activity, it is expected to maintain the current rate of
contract renewal above 90% and the rate of new contracts at around 20%, with growth in activity based on
obligation to apply current legislation on waste in municipalities with smaller populations.
In relation to waste treatment, the opportunities that may be generated by the new Waste Master Plans of
the different regional governments will be harnessed.
In relation to industrial waste activity, the aim is to diversify into other types of processing in addition to
those currently being developed and expand the portfolio of services to large clients.
Europe
In Portugal, business opportunities related to processing industrial waste and the disposal of municipal
waste is worth particular mention.
Consideration shall be given to any growth opportunities (including inorganic growth), especially if they can
add value to the Group.
Strategic actions in France will focus on growing the core activities of waste collection and street cleaning,
while also tapping any opportunities that arise in relation to waste incineration.
In the United Kingdom, on a macroeconomic scale, the economy is expected to grow moderately
throughout 2025, with growth expected to reach 1.5% according to the Bank of England, somewhat higher
than the 1.0% in 2024. Meanwhile, inflation (CPI) is expected to hit 2.5% in 2025, which is not far off the
government’s target of 2.0%.

536
FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 28 of 45
Consequently, the market expects the pound sterling interest rate to decline in 2025, ultimately closing out
the year between 3.75% and 4.00%.
On the environmental side, the UK Government has set a number of recycling targets with the aim of
achieving the transition to a circular economy:
1. Reduce the residual waste fraction to no more than 287 kg per person to be achieved by 2042, a 50%
reduction from 2019 levels.
2. Increase the quality of recyclable material by increasing the separation of materials at source.
3. Implement the Deposit Return Scheme with a target date of October 2027, which will require regulatory
approval in 2025, as well as the deployment of the infrastructure and organisation needed to make it
happen.
When it comes to tax measures, the “Plastic Tax” was introduced in 2022 for packaging with less than 30%
recycled content, and an emissions tax has been announced for 2028, which would affect the Energy from
Waste (EfW) sector. FCC continues to pursue its policy of offering a wide range of waste treatment and
recycling services, both at municipal and commercial and industrial levels.
In June 2024, the FCC Servicios Medio Ambiente Group completed the purchase of the Urbaser business
in the United Kingdom. This acquisition cements the company’s status as one of the country’s leading
waste management operators. The acquisition of Urbaser’s UK business will enable it to broaden its
product and service offering and enhance the value proposition for its clients. UK subsidiary Urbaser has
composting, material recovery, energy recovery and disposal facilities in the United Kingdom, as well as
domestic recycling centres. It also provides municipal waste collection, recycling centre management and
street cleaning services.
In Central and Eastern Europe, moderate GDP growth is expected, although it will be more subdued in
Austria, Slovakia and Hungary, which are taking longer to recover from the economic slowdown that took
place in 2024. In 2025, inflation will remain at levels substantially similar to those seen in 2024. Therefore,
further emphasis will be placed on increasing energy efficiency in treatment processes, cost reduction,
optimisation of routes and processes, and rapid adjustment of tariffs with clients. Gas and electricity
prices will remain on a par with the levels seen in 2024 and the sale of electricity at the Zistersdorf plant
will take place at market prices, when in 2024 two thirds of sales were hedged with futures at up to four
times the market value. This will limit and reduce margins at the Zistersdorf incinerator.
Recycling prices are expected to remain stable and very close to those observed in 2024; a portfolio of
soil decontamination projects (solidification and biodegradation) in the Czech Republic and Slovakia very
similar to that of the previous year following the award of various new contracts; greater importance of
treatment due to legislative changes in several countries where FCC has already made (or has begun
to make) the necessary investments to be able to face them; and an increase in rates in practically all
commercial activities thanks to contractual flexibility (short duration for industrial clients) or to the price
clauses included in municipal contracts (normally also of short duration so prices can also be easily
negotiated).
The mid-term strategy is inexorably undergoing a change in the business model in the Czech Republic and
Slovakia mainly, towards further treatment and development of energy recovery technology using waste
(incineration and fuel generation) given that the legal situation (prohibition of landfills or taxes on landfills)
has already been defined and this transition is essential to maintaining the competitiveness and market
share. Austria is a mature and developed market and in Poland there is already a ban on untreated waste
going to landfill. Other essential strategic objectives include the need to improve both the quality and
quantity of reusable raw materials so as to meet the ambitious objectives of the European Union (Circular
Economy). This will be achieved by investing in selective collection and automatic sorting facilities, while
also diversifying the business model in niche segments such as the management and treatment of
hazardous wastes.
In the United States, FCC launched its North American Energy Recovery business line in 2024, building on
its extensive global experience with more than 15 operational energy recovery facilities worldwide. The
company sees significant growth potential in the United States, where these facilities happen to play a
crucial role in sustainable waste management by reducing reliance on landfills and generating renewable
energy. It currently operates more than 76 energy recovery plants, most of them built in the 1980s and
1990s. These obsolete facilities are an opportunity for FCC to modernise its infrastructure and lead the
market by embracing innovative technologies. FCC’s patented technologies and operational experience
stand the company in good stead to design and develop highly efficient and environmentally friendly
facilities that cater to growing regulatory and sustainability demands.
In 2025, FCC will focus on expanding this business line by actively pursuing refurbishment projects and
developments from the ground up. Key regions identified for these initiatives include the counties of
Miami-Dade, Pinellas, Hillsborough, Broward and Palm Beach.

537
FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 129 of 45
The strategic focus for 2025 includes:
• Expanding the energy recovery business.
• Improving vertical integration by bringing in energy recovery facilities and processing contracts.
• Seeking out acquisitions that are aligned with FCC’s long-term growth objectives.
FCC has begun to promote mechanical biological treatment plants in the United States, in line with new
regulations that are beginning to make it mandatory in some statuses to minimise waste sent for landfill
disposal. The Group’s extensive experience at an international level will bring considerable development
in this business for FCC, which has a clearly differentiating experience in this technology compared to its
usual competitors in the country. During mid-2022, the first contract of this type was launched in Placer
County (California), renovating and operating facilities where 650,000 tonnes will be treated per year,
pursuant to the new and more restrictive environmental regulations in force in California. Throughout
2023, these operations have been consolidated, while the final handover of the facilities is scheduled for
December 2024 and we believe that this will shake-up the market once they are fully operational.
Water
The outlook for 2025 is for the recovery to take hold and for the situation to return to pre-pandemic levels
of activity in relation to non-residential consumption. The plan is also to commission the Mar de Alborán
SWDP. This situation will be aided by the new contracts added in Colombia, France and the United States.
We expect to see a continuation of the high contract roll-over rates that Aqualia has historically seen upon
contract expiry (above 90%), while electricity tariffs should stabilise on the operational front.
At the concession businesses operating in the international realm, tariff revenues will grow following a
broad increase in water and sewerage tariffs. Despite the inflationary crisis, these businesses should
maintain their EBITDA margin thanks to the water and energy efficiency measures arising from our
sustainability strategy. Meanwhile, the company’s entry into the US market, following the acquisition of
a majority stake in MDS, raises expectations for new projects, especially in the large cities of the state of
Texas.
Throughout 2025, we will also look to promote the design of renewable energy generation projects in a
bid to reduce the carbon footprint across all countries in which we operate (Spain, Mexico, Qatar, Georgia,
Czech Republic and Portugal). The construction of custom projects will be fairly quiet on the international
front, as the El Salitre WWTP in Colombia and the Glina WWTP in Romania have now been completed.
While other projects associated with Aqualia’s technological edge over its competitors will continue to be
explored, we will also remained focused on projects related to our own concessions.
Similarly, no major changes in O&M activity are expected moving forwards. Our existing contracts will
continue to press ahead at a normal pace and we expect to see a significant contribution from new
contracts in Saudi Arabia (management of the clusters awarded in 2023 and the operation of floating
desalination plants).
Within Europe, drought conditions continued to be a problem throughout 2024, especially in Portugal.
In response water management in the country has focused on limiting the use of water resources by
increasing the monitoring of groundwater consumption and holding public tenders to promote the
efficiency of distribution networks as part of the sector’s ongoing digital transition. Meanwhile, policies
have been adopted with the aim of increasing the supply of water, with the announcement also of the
construction of new desalination and reuse infrastructures.
Along these lines, the Portuguese Water Strategic Plan (PENSAARP 2030) aims to kick-start leakage
reduction activity. Under the plan, any network upgrades should introduce smart grids to meet the target
of 20% (10 percentage points below the current level) of non-revenue water by 2030 set by the country’s
water regulator (ERSAR).
When it comes to desalination, highlights include the ongoing seawater desalination projects in the
Algarve, as well as those planned for the port and industrial area of Sines, and the agricultural area in the
south of the country.
A new phase is also beginning in the industrial sector, which is acutely aware of the existing water
shortage and is actively seeking more efficient solutions for the consumption and treatment of its liquid
effluents.
In Italy, the year was marked by the ongoing drought in Sicily. Restrictions on water use were frequently
imposed since late April and became absolutely essential in the summer. This troubling situation has laid
bare the chronic infrastructure deficit in the region. To mitigate this, the authorities have deployed plans to
improve and reinforce the existing infrastructure and to develop new infrastructure capable of mitigating a
new outlook of low rainfall, as in the last two years.
Acque di Caltanisetta received a total of 8.4 million euros in Civil Protection funding euros to undertake
various projects to combat the water emergency, most notably the project to create of a new well field in
the southeast of the province, with a production capacity of 100 l/s.
In addition, new funding of 4.2 million was secured in Sicily to implement a new project to upgrade the
networks in Caltanissetta in 2025, plus a further 2.5 million euros to undertake a second project for phase
one of upgrading the networks in the industrial areas of Caltanissetta and San Cataldo.

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In France, development activity will pick up with the prospecting and selection of new business
opportunities inside and outside the current perimeter. We also plan to open new sales offices, including in
Lyon, where in fact the new office is already up and running and will bolster our presence in the south and
east of the country.
In the Czech Republic, Czech subsidiary SmVak has designed an ambitious Sustainability Plan, aligned
with Aqualia’s Sustainability Plan, establishing new investments aimed at improving the energy efficiency
of existing infrastructure and reducing the system’s carbon footprint. In terms of business activity in the
country, the Czech subsidiary SmVaK was awarded the contract for the Mošnov industrial zone in Ostrava
(Moravia Silesia region).
In Georgia, the trend in terms of results for the current year is expected to continue following the approval
of the new 2024–2026 regulatory period, with the resulting tariff updates to go ahead once the terms and
conditions of the three-year Infrastructure Master Plan have been set.
In Algeria the two desalination plants, Mostaganem and Cap Djinet, continued to operate at full capacity
and without significant incidents, providing a critically important service to the population of the country’s
most important metropolitan areas, Oran and Algiers.
In Mexico, we expect to finally overcome the operational issues relating to the Realito aqueduct, while
also making significant progress towards the project for the end-to-end improvement of Los Cabos, which
began in 2023.
The main event in Peru during 2025 will be the launch of the BOT Chincha project. In this country, we also
happen to be developing four other private initiative projects in wastewater treatment and a further two in
desalination.
Also in 2025, we expect to several BOT contracts to be put out to tender in Egypt and Saudi Arabia, for
which Aqualia is well positioned.
Water scarcity, the obsolescence of the hydraulic infrastructures and the low penetration of private
operators in the sector are the source of the main growth opportunities for the company in certain states.
The increasingly more demanding legislation on the control and elimination of processing contaminants
for the protection of aquifers and surface water is a business opportunity to be explored in the coming
years.
Construction
In the international market, FCC focuses on countries and markets with a stable presence and on the
execution of projects with guaranteed financing.
The search for contracts in the domestic and international markets is one of the Group’s objectives,
although this is done through demanding risk management that must provide access to a selective
backlog of projects that ensure the company’s profitability and cash flow generation. Taking into account
the above, it is estimated that in 2025, the turnover obtained in Spain will remain similar to that obtained in
2024.
In the foreign market, it is estimated that turnover in 2025 will be similar to that obtained in 2024, with
the development of large infrastructure works obtained between 2022 and 2024 and the contribution of
markets in America (United States, Canada and Peru), Australia, the Middle East (Saudi Arabia), and Europe
(Germany, Norway, the Netherlands, Portugal and Romania).
Given the current global macroeconomic outlook, 2025 is expected to be a year of recovery and sustained
growth following the global economic challenges seen in recent years. International Monetary Fund (IMF)
projections point to moderate global GDP growth, driven by a recovery in advanced economies and a more
lively performance by the emerging bloc. This propitious environment could lead to increased investment
in infrastructure—both public and private—, which would directly benefit companies in the construction
sector such as FCC Construcción.
We also expect to see more stable commodity prices and improved global financing conditions, which
should help to make infrastructure projects more viable and profitable. Sustainability and innovation will
remain the hallmarks of FCC Construcción’s strategy, as we align ourselves with prevailing global trends
targeting a greener and more digitalised economy.
Concessions
FCC Concesiones pretende mantener la tensión competitiva, tanto en los costes como en los ingresos en
los mercados en los que opera, tratando de ser una referencia del sector en todos los países en los que ya
está presente.
FCC Concesiones aims to maintain competitive tension in both costs and revenues in all markets in which
it operates, as it seeks to become a benchmark within the sector across all the countries in which it is
already present.
It is therefore continuing its quest for growth by focusing internationally on the United States, Europe (e.g.
Czech Republic, United Kingdom) and Asia (Middle East and Oceania) as its main target markets.

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In 2024, the company consolidated its already extensive presence in passenger rail traffic activities by
acquiring the Parla Tramway, which spans a route of 8.3 km and has 15 stops, all of them on the surface.
The contract runs until 2045.
When it comes to motorway and road concessions, the Government of Aragon has awarded us the
contract for the rehabilitation and operation of 203 km of motorways and roads, including Route 8 of a
conventional road located in the north of Zaragoza, for which the contract has been extended until 2049.
Both contracts will drive revenue growth throughout 2025, which is expected to exceed 100 million euros.
8. R&D+I activities
The FCC Group’s R&D&I activities in 2024 have resulted in more than 50 projects.
These projects seek to respond to the challenges of each business area while maintaining overall
coordination between the different business areas of the FCC Group.
The activities of the different Business Areas and the main projects developed throughout 2024 are
detailed below.
Services
In the environmental services activity, we have continued with the development of projects started in
previous years, such as:
ABATE
BIOMET
BIOPROLIGNO
DEEP PURPLE
ECLOSION
ECO2D4.0
LIFE LANDFILL BIOFUEL
LIFE PLASMIX
LUCRA
MINETHIC
RSU4ROM
VALOMASK
ZEROLANDFILLING
H2TRUCK PLAUSU
PV4INK
COMPLAST
In addition, new ones have been launched during 2024, which are outlined below:
In the field of waste management we have five new projects:
• PROSPER: a new solution for the sorting and recycling of bio-based plastics through the reactivation of
bioplastics within the packaging market, thus achieving a fully circular value chain for these materials.

The main aim of United Circles is to make faster progress towards a fully decarbonised future, where
waste and water cycles come full circle.
In the field of specialised machinery for waste collection activities, there is a new project under way:
• TOP-LOAD CARRIAGE ON 2.3M WIDE CHASSIS: this project involves developing a new top-loading
body for the collection of Igloo-type containers with a capacity of 2,000 to 3,500 litres, with a semi-
automatic crane located in the upper part of the collection box of 8 tm x m and a double hook system,
with an ejector plate unloading system without tipping the box, on a chassis powered by compressed
natural gas featuring three axles and 27 tonnes of MMA, narrowed down to 2.3 metres wide.
Integrated water management
Aqualia’s innovation activity is geared towards the search for innovative solutions that minimise
the environmental impact and maximise the quality of the service delivered to people. This vision is
built around two pillars that are deployed throughout the integrated water cycle: eco-efficiency and
sustainability.
The projects highlighted in 2024 are listed below:
, LIFE INTEXT: the project optimises low-cost purification technologies in small towns with a view
to minimising the energy cost, carbon footprint and waste from the treatment process. It assess
sustainable solutions from an ecological and economic perspective for settlements with less than 5,000
residents, supported by specialist SMEs from Germany, Greece and France.

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, LIFE PHOENIX: the project optimises tertiary risk management to achieve the most ambitious
objectives of the new European regulation on water reuse, assessing effluents at several mobile plants.
These devices combine physicochemical treatments with advanced filtration and various ultra- and
nanofiltration membrane refining skids.
• LIFE ZERO WASTE WATER: the project seeks to achieve a purification process with a zero carbon
footprint. To this end an anaerobic reactor with AnMBR membranes has been set up, which produces
biogas, followed by the ELAN® process in the water line to eliminate nitrogen with low energy
consumption. The management of FORSU is assessed with the transport the mixture of organic matter
in a single stream in the sewerage system.
• LIFE INFUSION: as part of the project, new resource recovery plants have been designed using
municipal solid waste and the leachate digestion system has been optimised.
• LIFE RESEAU: the RESEAU project aims to increase the capacity and resilience of the existing sanitation
water infrastructures to the impact of climate change. The aim is to develop a flexible flow management
model.
• LIFE SALTEAU: launched in 2024 aimed at achieving the sustainable production of drinking and
irrigation water from alternative saline water resources.
• H2020 BBI B-FERST: project to develop new biofertilisers using urban wastewater and by-products of
agri-food industries. The potential of raw materials recovered from municipal waste and effluents in the
production of fertilisers in three countries (Spain, Italy and Czech Republic) is analysed.
• H2020 BBI DEEP PURPLE: the project implements on a demonstration scale a new biorefinery model
that integrates purple and phototrophic bacteria (PPB) in anaerobic carousels. These bacteria use
solar energy to treat wastewater without aeration, and transform the organic content of wastewater
and municipal wastes into raw materials for biofuels, plastics, cellulose and new base materials in the
chemical and cosmetics industry.
• H2020 SEA4VALUE: project focussed on recovering resources from concentrated brines in seawater
desalination stations (SWDPs). At least eight innovative technological solutions are being developed at a
basic scientific level. The aim is to enrich the most valuable components of seawater (lithium, caesium
and rubidium) and to recover critical raw materials (magnesium, boron, scandium, gallium, vanadium,
indium, molybdenum and cobalt) to a purity that allows them to be exploited on the market.
• H2020 ULTIMATE: the project consisted of the installation in the WWTP with a fluidised anaerobic
reactor (FBBR/Elsar) on an industrial scale, to recover biomethane and supply a fuel cell. The co-
digestion of residual yeast is also being studied.
• H2020 REWAISE: the project reinforces Aqualia’s strategic lines of technological development, with
sustainable desalination and new membranes, the recovery of materials from brine, the reuse of
wastewater and its transformation into energy and by-products. To improve the operation and control of
the processes, work is under way on the simulation of networks and plants, optimising the efficiency of
the service as well as water quality.
• H2020 NICE: the generates scientific knowledge using nature based solutions (NBS), such as wetlands
or green walls. These elements are involved in the purification and recovery of resources from urban
wastewater.
• ECLOSION MISSIONS: project co-financed by the CDTI (Centre for Technological Development and
Innovation), its main objective is to create new materials, technologies and processes for the generation,
storage and transport of renewable and indigenous gases, such as hydrogen and biomethane. These
energy vectors will be made using urban waste, agri-food, wastewater and sewage sludge and will be
monitored using eco-efficient, flexible and smart optimisation tools.
• ZEPPELIN MISSIONS: project co-financed by the CDTI that researches a flexible series of green
hydrogen production and storage technologies based on the use of waste and by-products (agri-
food, textiles, treatment plants and refineries). The aim is to make this energy vector more efficient,
addressing the technological challenges linked to biogas and bioethanol reforming, dark fermentation,
microbial electrolysis, gasification and hydrogen storage.
• HE D4RUNOFF: develops tools to quantify, avoid and manage diffuse pollution created by urban runoff
water.
• HE CHEERS: the project aims to revalue by-products that are underused or wasted by the brewing
industry, such as bagasse, wastewater, CO2 and methane. Through a biorefinery approach, inspired by
the biodiversity of nature (insect and microbe platforms), five innovative bio-products are generated that
are competitive at a market level: insect protein, disinfectant, microbial protein, ectoin and caproic acid.
• HE NINFA: the project develops groundwater monitoring and protection systems, starting with the
measurement, modelling and treatment of different pollutants (nutrients, pesticides, pharmaceuticals,
hydrocarbons, heavy metals, micro plastics and salinity). The groundwater management and pollution
prevention strategy is structured around early detection systems, a better understanding of the effects
to achieve synergies and to control the risks of multiple disturbance factors. These elements are
combined with predictive methodologies to increase resilience and implement treatment and mitigation
solutions.
• HE CIRSEAU: project aimed at building a water-smart economy and society.

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• UMI AQUATIM: its aim is to respond to current challenges, by studying and implementing new
technologies throughout the entire water cycle. Innovation, the development of new circular economy
models and digitalisation are key factors in obtaining new sources of green energy (H2 and biogas), new
natural resources and their efficient use (nutrients, metals and water). It also includes the protection
of ecosystems and biodiversity through nature-based solutions (NBS), the development of new digital
technologies (sensors, traceability, models and predictive systems) and the introduction of improvement
actions to ensure the quality of water masses.
• RESURGENCE: the project pursues a model of circularity in industrial water consumption from a broad
perspective: efficient technologies for the circularity of water, the recovery of energy and raw materials,
with a view to contributing to climate neutrality, circularity and the competitiveness of the European
Union.
• UNITED CIRCLES: the project aims to unify efforts, from feasibility studies through to financing for
industrial-urban symbiosis driven by circular economy centres.
• INTERREG GESTEAUR: project launched in 2024 aimed at implementing sustainable and digitalised
water management in rural communities in south-west Europe.
• INTERREG IDIWATER: the main aim is to develop advanced and sustainable solutions to common
challenges associated with the industrial water cycle, particularly in areas such as desalination, water
supply and reclamation, and their linkage with agriculture and energy.
Construction
FCC Construcción promotes an active policy of technological development, constantly bringing innovation
to its projects, with a strong commitment to research and development, sustainability and contribution
to the quality of life of society as competitive factors. This innovation policy is coordinated with all other
business areas of the FCC Group.
The development and use of innovative technologies to carry out the works is an important contribution to
added value and is a differentiating factor in today’s highly competitive and internationalised market.
The three types of projects developed by FCC Construcción and its investee companies are: internal
projects, projects with other companies in the FCC Group and projects in collaboration with other
companies in the sector or other related sectors, often with technology-based SMEs, which enables open
innovation projects to be carried out with the participation of the value chain and occasionally in horizontal
cooperation. In addition, the presence of universities and technology centres is essential in almost all
projects.
In addition, the presence of universities and technology centres is essential in almost all projects.
At an international level, in 2024 work was undertaken as part of (i) the European R&D&i project
“DigiChecks”, funded by the EU Research and Innovation Framework Programme, Horizon Europe, as part
of which a Digital Environment is being developed to facilitate interoperability and communication between
different construction industry platforms, the management of permits and controls accordingly. The
project is structured around new technologies (including BIM, GIS, Artificial Intelligence, Blockchain, Digital
Twin), using previous international initiatives as a reference; and (ii) the “EC2” project financed by EDF-DA
(European Defence Fund). The EC2 project consists of the development of software that provides the
functional capacity of strategic command and control for a future General Headquarters of the European
Union, which will help to achieve the capabilities for planning and conducting military operations, both
executive and non-executive. The system will make it possible to centralise all operating capacities in a
single point of access.
Meanwhile, the company invested its own funds in 2024 in an R&D project alongside Qatar Rail for
the development of low carbon footprint concrete through the alkaline activation of waste. This project
targets the R&D of alkaline activated (AA) concretes or geo-polymers for civil engineering and construction
applications. The aim is to create a low carbon footprint cement using industrial waste as precursors, thus
achieving a level of mechanical performance similar to that of Portland cement. In addition, specific AA
concretes will be designed for applications such as 3D printing, precast items and poured concrete, thus
optimising dosages and consistencies to cater to various construction needs.
In relation to the National Projects undertaken during 2024, the development of the following projects is
worth particular note:
• PRACAN: included in the call for CDTI Cooperation projects, the aim of which is to develop a robotic
platform for the identification, control and monitoring of carcinogenic agents in construction
environments. This platform will be structured around a series of mobile nodes, one land-based and
one airborne, with the ability to detect/estimate carcinogens, in particular asbestos and respirable
crystalline silica (RCS) as well as a decision-making and alarm configuration system for occupational
risk prevention (ORP) technicians, which will activate action protocols and recommendations.
• CYBERSEC: developed by FCC Industrial and Infraestructuras Energéticas, S.A. and financed by the
CDTI as part of the CIEN programme, this project entails research into various technologies, techniques,
tools, methodologies and knowledge aimed at developing technological solutions for securing against
cyber-attacks in highly critical connected environments, such as Industry 4.0, smart cities or critical
infrastructures.

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• EDIFICTEH: collaborative project submitted to CDTI that aims to develop a new 4.0 technological
solution for the construction sector employing connected and centralised management for the
installation of facades
• SMART CONSTRUCTION MANAGER: project presented as part of the CDTI national CIEN programme,
the objective of which is the development of a new smart and autonomous system for the control
and management of works; research into a variety of technologies that allow the main management
processes of a project to be digitised and automated, integrating them into a collaborative tool in
which the entities involved can share reliable and secure information about the progress made and the
materials used, thus promoting transparency.
• 0ACCIDNTES: project submitted as part of the CDTI’s CIEN programme, the objective of which is
research into new safety and health in construction technologies with 0 accidents: development of a
comprehensive cognitive ecosystem for real-time monitoring and prediction of dangerous situations
for the safety and health of construction workers, carrying out research that facilitates the collection,
interpretation, digitization and smart and automatic management of information generated in different
construction environments, based on state-of-the-art sensors, autonomous robotic systems, cyber-
secure connectivity ecosystems and various elements of artificial intelligence.
• ESPADIN: project developed by FCC Industrial e Infraestructuras Energéticas, S.A., included in the CDTI
MISSIONS programme, the objective of which is to make collaborative technological developments
dedicated to take the sharing and use of the value of data to industrial practice under the paradigm of
the so-called shared data spaces.
• ECOLOGÍA COTORRAS: project developed by Mantenimiento de Infraestructuras, S.A., within the
framework of the industrial doctoral candidates programme organised by the Community of Madrid;
its aim is to delve into the ecology of the Argentine parrot and Kramer’s parrot (and its ecological and
health impacts) to better understand how biological invasion processes work and integrate the scientific
knowledge generated into the management plans in place for these species.
• CLIMPORT: project submitted to the Public-Private Collaboration programme, as part of the 2021-2023
State Plan for Scientific, Technical and Innovation Research, within the framework of the Recovery,
Transformation and Resilience Plan, the main objective of which is to develop an innovative modular
system with new professional methodologies for the design and construction of port infrastructure
adapted to climate change.
• BIOPROLIGNO: project developed by Mantenimiento de Infraestructuras, S.A., submitted to the Public-
Private Collaboration programme as part of the 2021-2023 State Plan for Scientific, Technical and
Innovation Research, within the framework of the Recovery, Transformation and Resilience Plan, which
will investigate the transformation of lignocellulosic waste into bio-products for use in the maintenance
of infrastructure and green areas.
• FOTOVOLPLAS: project developed by Megaplas, S.A., submitted for one of the electrical self-
consumption grants offered by IDEA, the objective of which is the installation of photovoltaic panels
on the MEGAPLAS factory roof. The installation consists of 144-cell PERC HALF CELL SILICON
MONOCRYSTALLINE photovoltaic panels with 550 Wp, by the JA Solar brand, model JAM72S30 550/
MR, up to a total power of 252 kWp (458 units).
• SOSTEVAL-TEC: this project, developed by FCC Construcción and MATINSA, has been presented to
the Public-Private Partnership programme for R&D&I to support technological innovation projects with
a pull-on effect in the Community of Madrid, the aim of which is to research advanced solutions for an
integrated automated smart system for the evaluation and improvement of sustainability throughout the
life cycle of civil works.
• DEMOLTECH: project undertaken alongside by FCC Construcción that has been submitted to the Public-
Private Partnership 2023 programme of the State Plan for Scientific, Technical and Innovation Research
as part of the Recovery, Transformation and Resilience Plan, the aim of which is to achieve smart
demolition and revaluation processes for the generation of circular raw materials in urban environments.
Research, Development and Innovation (R&DI) is expressly contemplated in the Sustainability
Management System under procedure PR/FCC-730. The company holds an RD&I Management System
Certificate: RD&I Management System requirements based on Spanish-harmonised standard UNE
166002:2021, certified by AENOR, the Spanish Standardisation and Certification Association. MATINSA
and FCC Industrial and Infraestructuras Energéticas are also R&D&i Management System certified
pursuant to UNE 166002:2021.

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9. Other relevant information. share performance
and other information
9.1. Share performance
Attached is a table detailing the performance of FCC’s shares during the year compared to the previous
year.
Jan. – Dec. 2024
Jan. – Dec. 2023
Closing price (€)*
8.89
9.66
Change in the period
(14.5 %)
69.1 %
Maximum (€)*
10.30
10.50
Minimum (€)*
7.02
3.26
Average daily trading (no. of shares)
26,764
55,044
Average daily trading (million euros)
0.3
0.6
Capitalisation at end of period (million euros)
4,043
6,350
No. outstanding shares
454,878,132
436,106,917
* Prices adjusted for 2023 and 2024 scrip dividends
9.2. Dividends
The Company’s Board of Directors, at its meeting held on 27 June 2024, agreed to implement the
resolution on the distribution of the scrip dividend for the sum of €0.65/share, as passed at FCC’s General
Shareholders’ Meeting held that same day (27 June 2024), under item five on the Agenda, all the foregoing
in accordance with the terms and conditions agreed in that resolution passed by shareholders at the
General Meeting. Subsequently, in June 2024 to be precise, the holders of 99% of the free allotment rights
opted to receive new shares, a percentage similar to previous years. Therefore, the increase in paid-up
capital amounted to 18,771,215 shares. Thus, total share capital, after filing the deed formalising the
capital increase, amounted to 454,878,132 shares.
10. Definition of alternative performance measures
according to esma regulations (2015/1415en)
EBITDA
We define EBITDA as earnings from continuing operations before tax, earnings of companies accounted
for using the equity method, financial result, depreciation and amortisation charges, impairment, gains
or losses on disposals of non-current assets, grants, net changes in provisions and other non-recurring
revenues and expenses.

Dec. 2024
Dec. 2023
Operating profit/(loss)
725.4
725.9
Amortisation of fixed assets and allocation of grants for non-financial and
other assets
635.4
556.1
Impairment and gains/(losses) on disposal of fixed and non-current assets
-15
-5.9
Other gains/(losses)
89.5
9.1
Ebitda
1,435.3
1,285.2
Its calculation is justified by the wide use of this indicator by the different agents of the financial markets,
as it is a measure of the operating profit generated before depreciation and amortisation, which does not
imply a cash flow for the company and does not depend on its capital structure.
EBIT
This corresponds to the operating profit/(loss) in the consolidated income statement presented in the
accompanying consolidated financial statements.
Its calculation is justified by the wide use of this indicator in the economic and financial field, as it is a
measure of the operating profit obtained after the amortisation and depreciation of assets that allows the
comparison of the company’s results without taking into account its capital structure.

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Backlog
As at any given date, the backlog reflects pending production, that is, amounts under contracts or client
orders, net of taxes on production, less any amounts under those contracts or orders that have already
been recognised as revenue. We value pending production according to current prices as at the date of
calculation. We include in backlog only amounts to which clients are obligated by a signed contract or firm
order.
At the Environment division, we recognise the backlog for our waste management contracts only when the
relevant contract grants us exclusivity in the geographical area where the plant, landfill or other facility is
located.
In our Water business area, we calculate initial backlog on the basis of the same long-term volume
estimates that serve as the basis for our contracts with clients and for the tariffs set in those contracts.
In our Construction business area, we recognise the backlog only when we have a signed contract with,
or a firm order from, the end client. Once we have included a contract in our backlog, the value of pending
production under that contract remains in backlog until fulfilled or cancelled. However, we do adjust the
values of orders in the backlog as needed to reflect any price or schedule changes that may be agreed
with the client. For example, after the date of calculation, a price may increase or decrease as a result of
changes in contractual production due to additional works to be performed. Due to a number of possible
factors, we could fail to realise as revenue part or all of our calculated backlog with regard to a given
contract or order. Our backlog is subject to adjustments and project cancellations and is, therefore, an
uncertain indicator of future earnings.
We calculate the backlog for our Environment, Water and Construction areas because these businesses
are characterised by medium and long-term contracts. This indicator is a measure of the expected future
income of certain areas of the company.
Net financial debt
Net financial debt is defined as total gross financial debt (current and non-current) less current financial
assets, cash and other cash equivalents. The numerical breakdown is provided in Note 30 to these
consolidated financial statements.
Helps to determine the situation of a company in terms of its financial debt obligations before third parties
from outside the group, less its cash and equivalents. It is often used to assess the solvency of a company
and calculate financial indicators.
EBITDA Margin
Considered as EBITDA (or gross operating profit) divided by Net Turnover in each case.
A measure of a company’s operating profit compared to its income. Used to determine the efficiency of the
operating activities it performs.
EBIT margin
Considered as EBIT (or operating profit) divided by Net Turnover in each case.
A measure of a company’s net operating profit compared to its income, before paying taxes and interests.
WORKING CAPITAL
It is defined as cash and other equivalent liquid assets, plus current financial assets, minus the gross
financial debt, of the parent company and that of those subsidiary companies that are financially
guaranteed with the equity of the forementioned parent company.
Helps to determine the situation of a company in terms of cash and equivalents less its financial debt
obligations before third parties from outside the group. It is often used to assess the solvency of a
company and calculate financial indicators.

545
FCC. Annual Report 2024
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 37 of 45
Gross financial debt
Debts (current and non-current) with credit institutions, debt instruments and loans, financial lease
payables and other financial borrowings from third parties, joint ventures and associates on the Liabilities
side of the consolidated balance sheet.
Its calculation provides an overview of a company’s financial debt obligations, determining future
maturities and its financial situation.
Gross financial debt
Debts (current and non-current) with credit institutions, debt instruments and loans, financial lease
payables and other financial borrowings from third parties, joint ventures and associates on the Liabilities
side of the consolidated balance sheet.
Its calculation provides an overview of a company’s financial debt obligations, determining future
maturities and its financial situation.
Economic value generated and distributed
Both indicators are calculated pursuant to GRI 201 (2016). Below is the formula for calculating both
indicators, facilitating, as applicable, the reconciliation of the corresponding items of the financial
statements (in thousands of euros):
2024
2023
Economic value generated
9,477,740
8,526,159
Turnover
9,071,416
8,217,292
From renewable sources
406,324
308,867
Other operating income
324,295
231,110
Financial income
82,029
77,757
Economic value distributed
8,419,385
7,618,682
Operating costs
5,326,124
4,846,125
Supplies
3,735,615
3,341,919
Other operating expenses
1,591,020
1,506,972
Change in inventory of finished
products and products and those
being manufactured
-511
-2,766
Employees
2,703,107
2,403,500
Staff costs
2,703,107
2,403,500
Capital suppliers
236,051
213,897
Financial expenses
264,119
196,449
(-) Other financial profit/(loss)
-28,068
17,448
Taxes
153,170
154,060
Corporate income tax
153,170
154,060
Community
933
1,100
Economic value retained
1,058,355
907,477
“Community” includes donations to non-profit organisations.
Information on the creation and distribution of economic value reflects the economic profile of an
organisation and is useful when it comes to looking at how a company generates wealth, through the
direct monetary value added to the economies in which it operates. In relation to the headings on the
income statement, balance sheet and statements of cash flows provided in Note 2.1 of the management
report, the following reflects their reconciliation with the corresponding headings on the financial
statements of the FCC Group shown in italics:

546
FCC. Annual Report 2024
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 38 of 45
Income statement
(million euros)
Dec. 24
Dec. 23
Revenue
9,071.4
8,217.3
Self-constructed assets
68.8
86.4
Other operating income
324.3
231.1
Changes in finished goods and work in progress inventories
0.5
2.8
Procurements
-3,735.6
-3,341.9
Staff costs
-2,703.1
-2,403.5
Other operating expenses
-1,591.0
-1,507.0
Gross operating profit (EBITDA)
1,435.3
1,285.2
EBITDA Margin
15.8 %
15.6 %
Provision for amortisation of fixed and non-current assets
-644.6
-565.6
Amortisation of fixed and non-current assets and allocation of grants for
non-financial and other assets
-635.4
-556.1
Non-financial and other capital grants taken to income (*)
-9.2
-9.5
Other operating income/(losses)
-65.3
6.3
Impairment and gains/(losses) on disposal of fixed assets
15.0
5.9
Other gains/(losses)
-89.5
-9.1
Non-financial and other capital grants taken to income (*)
9.2
9.5
Income statement
(million euros)
Dec. 24
Dec. 23
Net operating profit (EBIT)
725.4
725.9
EBIT margin
8.0 %
8.8 %
Financial income
-182.1
-118.7
Financial income
82.0
77.8
Finance expenses
-264.1
-196.5
Other financial profit/(loss)
28.1
-17.5
P/L of companies accounted for by the equity method
13.2
42.4
Profit/(loss) before tax from continuing activities
584.6
632.1
Company tax on profits
-153.1
-154.0
Income tax
-153.1
-154.0
Income from continuing operations
431.5
478.1
Profit/(loss) for the business year from interrupted operations after tax
136.1
264.1
Net Income
567.6
742.2
Consolidated profit/(loss) for the year
567.6
742.2
Non-controlling interests
-137.7
-153.1
Profit/(loss) attributable to non-controlling interests
-137.7
-153.1
Profit attributable to the Parent
429.9
589.1
(*) In the financial statements, the heading “Amortisation of fixed assets and allocation of grants for non-financial and
other assets” includes Apportionment of grants for fixed and non-current assets and others”, which in the management
report is included under “Other operating profit/(loss)”.

547
FCC. Annual Report 2024
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 39of 45
Balance sheet
(million euros)
Dec. 24
Dec. 23
Intangible assets
2,645.0
2,477.0
Property, plant and equipment
3,771.5
3,838.3
Investment property
3.9
2,091.3
Investments accounted for using the equity method
520.7
1,034.3
Non-current financial assets
1,070.8
748.4
Deferred tax assets and other non-current assets
499.9
468.3
Non-current assets
8,511.8
10,657.6
Inventory
423.7
1,234.3
Trade and other receivables
3,194.2
2,957.4
Trade and other receivables
3,124.0
2,886.5
Other current assets
70.2
70.9
Other current financial assets
256.7
260.5
Cash and cash equivalents
1,849.6
1,609.7
Current assets
5,724.2
6,062.0
TOTAL ASSETS
14,236.0
16,719.7
Balance sheet
(million euros)
Dec. 24
Dec. 23
Equity attributable to shareholders of the parent company
2,732.7
4,447.5
Non-controlling interests
1,003.3
1,695.0
Equity
3,736.0
6,142.5
Grants
243.4
226.6
Non-current provisions
1,085.4
1,230.6
Non-current financial debt
4,770.9
4,361.0
Non-current financial liabilities
5,224.6
4,817.0
Other non-current financial assets not included in financial debt (*)
-453.7
-456.0
Other non-current financial liabilities
453.7
456.0
Other non-current financial assets not included in financial debt (*)
453.7
456.0
Deferred tax liabilities and other non-current liabilities
417.7
439.5
Deferred tax liabilities
256.4
289.6
Other non-current liabilities
161.2
149.9
Non-current liabilities
6,971.1
6,713.8
Current provisions
275.1
159.6
Current financial debt
325.7
604.1
Current financial liabilities
526.9
926.8
Other current financial assets not included in financial debt (*)
-201.2
-322.7
Other current financial liabilities
201.2
322.7
Other current financial assets not included in financial debt (*)
201.2
322.7
Trade and other payables
2,726.9
2,777.0
Current liabilities
3,528.9
3,863.4
TOTAL LIABILITIES
14,236.0
16,719.7
(*) Non-current and current “Other financial liabilities” include amounts that form part of the financial debt and others that
do not. Financial debt is included under “Non-current/current financial debt” and non-financial debt are reported under
“Other non-current/current financial liabilities” in the management report.

548
FCC. Annual Report 2024
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 40 of 45
Cash flow
(million euros)
Dec. 24
Dec. 23
Gross Operating Profit (EBITDA)
1,435.3
1,285.2
Profit/(loss) before tax from continuing operations
584.6
632.1
Amortisation and depreciation
644.6
565.6
Impairment and gains/(losses) on disposal of fixed assets
-15.0
-5.9
Other adjustments to profit/(loss) (net) (*)
221.1
93.4
(Increase)/decrease in working capital
-176.9
-701.8
Changes in working capital
-176.9
-701.8
Corporation tax (paid)/received
-198.7
-97.3
Other operating cash flow
218.2
299.3
Dividend collections
28.9
50.5
Other collections/(payments) from operating activities
189.3
248.8
Operating cash flow
1,277.9
785.4
Investment payments
-1,608.0
-864.8
Proceeds from divestments
53.6
35.8
Other investment cash flows
259.0
-133.4
Investment cash flow
-1,295.4
-962.4
Interest paid
-205.3
-149.4
(Payment)/receipt of financial liabilities
579.8
-71.7
Other financing cash flow
-139.8
431.4
Issuance/(amortisation) of equity instruments
-0.1
-0.2
(Acquisition)/disposal of own shares
-
693.0
Dividends paid and payments on equity instruments
-121.8
-58.3
Other collections/(payments) from financing activities
-17.9
-203.1
Financing cash flow
234.7
210.3
Exchange differences, change in consolidation scope, etc.
22.6
1.0
Increase/(decrease) in cash and cash equivalents
239.9
34.2
(*) “Other adjustments to net income” on the financial statements is divided into two subheadings on the statement
of cash flows in the management report, taking EBITDA as a starting point and not the “Profit/(loss) before tax from
continuing operations”
11. Annual Corporate Governance Report
The Annual Corporate Governance Report is available on the website of the National Securities Market
Commission and on the issuer’s website.
https://www.cnmv.es/portal/Consultas/EE/InformacionGobCorp.aspx?TipoInforme=1&nif=A-28037224
12. Annual Directors’ Remuneration Report
The Annual Directors’ Remuneration Report is available on the website of the National Securities Market
Commission and on the issuer’s website.
https://www.cnmv.es/portal/Consultas/EE/InformacionGobCorp.aspx?TipoInforme=6&nif=A-28037224
13. Non-Financial Information Statement
The Non-Financial Information Statement (NFIS) is available on the issuer’s website.
https://www.fcc.es/informes-de-sostenibilidad1
This information is part of the Management Report, includes the information required for said statement
and is subject to the same approval, deposit and publication criteria as the Management Report.

549
FCC. Annual Report 2024
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 41 of 45

Audit Report on Financial Statements
issued by an Independent Auditor
FOMENTO DE CONSTRUCCIONES Y
CONTRATAS, S.A.
Financial Statements and Management
Report for the year ended
December 31, 2024

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FCC. Annual Report 2024
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Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 42 of 45
Domicilio Social: Calle de Raimundo Fernández Villaverde, 65. 28003 Madrid - Inscrita en el Registro Mercantil de Madrid, tomo 9.364 general, 8.130 de la sección 3a del Libro de Sociedades,
folio 68, hoja nº 87.690-1, inscripción 1a. C.I.F. B-78970506.
A member firm of Ernst & Young Global Limited.

Ernst & Young, S.L.
C/ Raimundo Fernández Villaverde, 65
28003 Madrid
Tel: 902 365 456
Fax: 915 727 238
ey.com
AUDIT REPORT ON FINANCIAL STATEMENTS ISSUED BY AN INDEPENDENT AUDITOR
Translation of a report and financial statements originally issued in Spanish. In the event of discrepancy, the
Spanish-language version prevails
To the shareholders of Fomento de Construcciones y Contratas, S.A.:
Report on the financial statements
Opinion
We have audited the financial statements of Fomento de Construcciones y Contratas, S.A. (the
Company), which comprise the balance sheet as at December 31, 2024, the income statement, the
statement of changes in net equity, the cash flow statement, and the notes thereto for the year then
ended.
In our opinion, the accompanying financial statements give a true and fair view, in all material
respects, of the equity and financial position of the Company as at December 31, 2024 and of its
financial performance and its cash flows for the year then ended in accordance with the applicable
regulatory framework for financial information in Spain (identified in Note 2 to the accompanying
financial statements) and, specifically, the accounting principles and criteria contained therein.
Basis for opinion
We conducted our audit in accordance with prevailing audit regulations in Spain. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the
financial statements section of our report.
We are independent of the Company in accordance with the ethical requirements, including those
related to independence, that are relevant to our audit of the financial statements in Spain as
required by prevailing audit regulations. In this regard, we have not provided non-audit services nor
have any situations or circumstances arisen that might have compromised our mandatory
independence in a manner prohibited by the aforementioned requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.

A member firm of Ernst & Young Global Limited.
2

Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our audit opinion thereon,
and we do not provide a separate opinion on these matters.
Measurement of investments in Group companies and associates
Description
At 31 December 2024, the Company recognised under "Long-term investments in
Group companies and associates" investments in group companies and associates
and loans granted to group companies and associates amounting to 2,429,945
thousand euros and 402,082 thousand euros, respectively, and under "Short-term
investments in Group companies and associates", mainly loans with group companies
and associates amounting to 18,858 thousand euros.
Company management assesses, at least at the end of each reporting period,
whether there are indications of impairment and writes down these investments
whenever there is objective evidence that the carrying amount of the investment is
no longer recoverable, recognising an impairment loss for the amount of the
difference between carrying amount and recoverable amount.
Since the determination of the recoverable amount of these investments requires
Company management to make estimates using significant judgement, and because
of the significance of the amounts involved, we determined this to be a key audit
matter.
Disclosures on the measurement standards applied to determine impairment losses
on investments in group companies and associates are provided in Notes 4.e and 4.m
to the accompanying financial statements.

Our
response
In relation to this matter, our audit procedures included:
►
Understanding the process designed by Company management to determine
whether there are indications of impairment and to determine the recoverable
amount of the investments in group companies and associates.
►
Evaluating the analysis by Company management of indications of impairment
of investments in group companies and associates as well as the reasonableness
of the assumptions considered and the information used to determine the
recoverable amounts of the investments.
►
Reviewing the disclosures made in the notes to the financial statements and
assessing whether they are in conformity with the applicable financial reporting
framework.
Recoverability of deferred tax assets
Description
As explained in Note 16 to the accompanying financial statements, the Company
recognised deferred tax assets at 31 December 2024 amounting to 98,968 thousand
euros, related mainly to the carry forward of unused tax losses.
According to the accounting policy described in Note 4.g to the accompanying
financial statements, the Company recognises deferred tax assets corresponding to
temporary differences, negative tax bases pending compensation or deductions
pending application for which it is likely that the Tax Group will have future taxable
profits that make it possible to recover these assets.

551
FCC. Annual Report 2024
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 43 of 45
A member firm of Ernst & Young Global Limited.
3

The assessment made to determine the recoverable amount of these assets requires
Company management to make complex judgements regarding the estimates of the
future taxable profit based on financial projections and business plans of the tax
group of which the Company is the head, considering applicable tax laws and
accounting standards.
Given the complexity inherent in management's projections of business performance
to estimate future taxable profits of the Company and the rest of the companies
comprising the Tax Group and the significance of the amounts involved, we
determined this to be a key audit matter.

Our
response
In relation to this matter, our audit procedures included:

Understanding the process designed by Company management to assess the
recoverability of deferred tax assets.

Assessing the reasonableness of the key assumptions used by Company
management to estimate the period for recovering deferred tax assets, focusing
on the economic, financial and tax assumptions used to estimate the future
taxable profits of the Tax Group based on budgets, business performance and
historical experience.

Assessing, with the involvement of our tax specialists, the key assumptions
made by Company management regarding applicable tax laws.

Assessing the sensitivity of the results to reasonably possible changes in those
assumptions.

Reviewing the disclosures made in the notes to the financial statements and
assessing whether they are in conformity with the applicable financial reporting
framework.
Partial spin by Fomento de Construcciones y Contratas, S.A.
Description
On November 7, 2024, the Company transferred to its former investee,
Inmocemento, S.A., two economic units consisting of the entire shares of FCYC, S.A.
owned by the company, which represented 80.03% of its share capital, as well as all
of the shares of Cementos Portland Valderrivas, S.A., likewise owned by the
company, which represented 99.028% of share capital. The spin-off was carried out
by universal succession and resulted in the derecognition of 1,596,641 thousand
euros from “Non-current investments in group companies and associates” on the
balance sheet at January 1, 2024.
In accordance with accounting policy described in Note 2 to the accompanying
financial statements, the Company derecognized the carrying amount of the spun-off
assets and liabilities reflected at the beginning of the year in which the spin-off
transaction took place, with a balancing entry in equity since the spin-off is
considered a group company transaction.
As this transaction constitutes the most significant event that occurred during the
period, and due to the relevance of the amounts involved, we determined this to be a
key audit matter.
Information on the measurement standards applied and the related disclosures are
provided in Notes 2 and 9, to the accompanying financial statements.

A member firm of Ernst & Young Global Limited.
4

Our
response
Our audit procedures related to this matter included:
►
Understanding management's process for evaluating the impact of the spin-off
and how it was recognized for accounting purposes.
►
Analyzing the documentation supporting the related agreements and the
amounts recognized for the abovementioned spin-off.
►
Reviewing the accounting impact of the spin-off, verifying that they were
correctly recorded in the financial statements.
►
Reviewing the disclosures made in the notes to the financial statements and
assessing whether they are in conformity with the applicable financial reporting
framework
Other information: management report
Other information refers exclusively to the 2024 management report, the preparation of which is the
responsibility of the Company’s directors and is not an integral part of the financial statements.
Our audit opinion on the financial statements does not cover the management report. Our
responsibility for the management report, in conformity with prevailing audit regulations in Spain,
entails:
a.
Checking only that the non-financial statement and certain information included in the Annual
Corporate Governance Report and in the Annual Directors' Remuneration Report, to which
the Audit Law refers, was provided as stipulated by applicable regulations and, if not, disclose
this fact.
b.
Assessing and reporting on the consistency of the remaining information included in the
management report with the financial statements, based on the knowledge of the entity
obtained during the audit, in addition to evaluating and reporting on whether the content and
presentation of this part of the management report are in conformity with applicable
regulations. If, based on the work we have performed, we conclude that there are material
misstatements, we are required to disclose this fact.
Based on the work performed, as described above, we have verified that the information referred to
in paragraph a) above is provided as stipulated by applicable regulations and that the remaining
information contained in the management report is consistent with that provided in the 2024
financial statements and its content and presentation are in conformity with applicable regulations.
Responsibilities of the directors and the Audit and Control Committee for the financial
statements
The directors are responsible for the preparation of the accompanying financial statements so that
they give a true and fair view of the equity, financial position and results of the Company, in
accordance with the regulatory framework for financial information applicable to the Company in
Spain, and for such internal control as they determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.

552
FCC. Annual Report 2024
1
Letter from the
Chairwoman and CEOS
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
Fomento de Construcciones y Contratas, S.A. | Management Report | Page 44 of 45
A member firm of Ernst & Young Global Limited.
5

In preparing the financial statements, the directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
The Audit and Control Committee is responsible for overseeing the Company’s financial reporting
process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with prevailing audit regulations in Spain will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with prevailing audit regulations in Spain, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

Conclude on the appropriateness of the director’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

A member firm of Ernst & Young Global Limited.
6

We communicate with the Audit and Control Committee of the Company regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide the Audit and Control Committee of the Company with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate with them
all matters that may reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Audit and Control Committee of the Company, we
determine those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter.
Report on other legal and regulatory requirements
European single electronic format
We have examined the digital file of the European single electronic format (ESEF) of Fomento de
Construcciones y Contratas, S.A. for the 2024 financial year, consisting of an XHTML file containing
the financial statements for the year, which will form part of the annual financial report.
The directors of Fomento de Construcciones y Contratas, S.A. are responsible for submitting the
annual financial report for the 2024 financial year, in accordance with the formatting requirements
set out in Delegated Regulation EU 2019/815 of 17 December 2018 of the European Commission
(hereinafter referred to as the ESEF Regulation). In this regard, the Annual Corporate Governance
Report and the Annual Directors' Remuneration Report have been incorporated by reference in the
management report.
Our responsibility consists of examining the digital file prepared by the directors of the Company, in
accordance with prevailing audit regulations in Spain. These standards require that we plan and
perform our audit procedures to obtain reasonable assurance about whether the contents of the
financial statements included in the aforementioned digital file correspond in their entirety to those
of the financial statements that we have audited, and whether the financial statements and the
aforementioned file have been formatted, in all material respects, in accordance with the ESEF
Regulation.
In our opinion, the digital file examined corresponds in its entirety to the audited financial
statements, which are presented, in all material respects, in accordance with the ESEF Regulation.
Additional report to the Audit and Control Committee
The opinion expressed in this audit report is consistent with the additional report we issued to the
Audit and Control Committee on February 25, 2025.

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Fomento de Construcciones y Contratas, S.A. | Management Report | Page 45 of 45
A member firm of Ernst & Young Global Limited.
7

Term of engagement
The ordinary general shareholders’ meeting held on June 14, 2023 appointed us as auditors for 3
years, commencing on December 31, 2024.
Previously, we were appointed as auditors by the agreement of the ordinary general meeting of
shareholders for 3 years, and we have been carrying out the audit of the financial statements
continuously since December 31, 2021.

ERNST & YOUNG, S.L.

(Registered in the Official Register of

Auditors under No. S0530)

(Signature on the original in Spanish)

_____________________________

Alfonso Balea López

(Registered in the Official Register of

Auditors under No. 20970)

February 26, 2025

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Sustainability Report
Content _ 555
General Disclosures _ 557
Environmental Disclosures _ 583
Social Disclosures _ 702
Governance Disclosures _ 783
Annex: Additional information required by Law 11/2018 _ 797

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1.
General Disclosures _ 557
1.1. ESRS 2 - General Disclosures _ 557
FCC Group Description _ 557
Corporate governance structure _ 560
The role of governance bodies in sustainability issues _ 561
Strategic approach _ 564

Appendix I _ 577
Basis for the preparation of the report _ 577
Mapping of the information provided on the due diligence process _ 578
Risk management and internal controls over sustainability reporting _ 579
Contents of the report _ 579
2.
Environmental Disclosures _ 583
2.1. ESRS E1 - Climate Change _ 583
Material impacts, risks and opportunities _ 583
Policies related to climate change _ 585
Transition plan for climate change mitigation _ 586
Actions related to climate change _ 586
Metrics related to climate change _ 589
Targets related to climate change _ 595
2.2. ESRS E2 - Pollution _ 597
Material impacts, risks and opportunities _ 597
Policies related to pollution _ 598
Actions related to pollution _ 599
Metrics related to pollution _ 602
Targets related to pollution _ 603
2.3. ESRS E3 - Water and Marine Resources _ 604
Material impacts, risks and opportunities _ 604
Policies related to water and marine resources _ 606
Actions related to water and marine resources _ 606
Metrics related to water and marine resources _ 609
Targets related to water and marine resources _ 610
2.4. ESRS E4 - Biodiversity and Ecosystems _ 610
Material impacts, risks and opportunities _ 610
Policies related to biodiversity and ecosystems _ 615
Actions related to biodiversity and ecosystems _ 616
Metrics related to biodiversity and ecosystems _ 618
Targets related to biodiversity and ecosystems _ 619
2.5. ESRS E5 - Resource use and circular economy _ 620
Material impacts, risks and opportunities _ 620
Policies related to resource use and circular economy _ 622
Actions related to resource use and circular economy _ 623
Metrics related to resource use and circular economy _ 626
Targets related to resource use and circular economy _ 630
2.6. Other information related to environmental management _ 631
Appendix II: Policies related to environmental management _ 631
Appendix III: Actions related to environmental management _ 634
Appendix IV: Targets related to environmental management_ 658
2.7. Environmental taxonomy of the European Union _ 679
Introduction and regulatory framework _ 679
Scope of the report _ 680
Eligibility and alignment methodology and analysis _ 681
Results for the financial year 2024 _ 691
Content

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4.
Governance Disclosures _ 783
4.1. ESRS G1 - Business Conduct _ 783
Material impacts, risks and opportunities _ 783
Corporate culture _ 785
Supplier Relationship Management _ 787
Fighting corruption and bribery _ 790
4.2. Entity-specific issues _ 792
Material impacts, risks and opportunities _ 792
Policies related to tax compliance _ 793
Actions related to tax compliance _ 793
Metrics related to tax compliance _ 793
Targets related to tax compliance _ 793
4.3. Other information related to business conduct and tax compliance _ 794
Appendix IX: Policies related to business conduct and tax compliance _ 794
Appendix X: Actions related to tax compliance _ 796
A.
Annex I: Additional information required by Law 11/2018
A.1. Environmental disclosures _ 797
Environmental assessment or certification procedures _ 797
ESRS E1 - Climate Change _ 797
ESRS E2 - Pollution _ 800
ESRS E3 - Water and Marine Resources _ 801
ESRS E4 - Biodiversity and Ecosystems _ 802
ESRS E5 - Resource use and circular economy _ 802
A.2. Social disclosures _ 805
ESRS S1 - Own Workforce _ 805
ESRS S3 - Affected Communities _ 808
ESRS S4 - Consumers and end-users _ 812
A.3. Governance disclosures _ 813
ESRS G1 - Business Conduct _ 813
A.4. Contents of the report _ 817
Disclosure requirements required by Law 11/2018, of 28 December, on non-financial
information and diversity, covered by the Sustainability Report _ 817
3.
Social Disclosures _ 702
3.1 ESRS S1 - Own Workforce _ 702
Material impacts, risks and opportunities _ 702
Employment _ 705
Development _ 712
Diversity, equality and inclusion _ 717
Safety, health and well-being _ 726
Other questions _ 731
3.2. ESRS S2 - Workers in the value chain _ 738
Material impacts, risks and opportunities _ 738
Indirect job creation _ 739
Health and safety in the value chain _ 741
Other issues _ 742
ESRS S3 - Affected Communities _ 743
Material impacts, risks and opportunities _ 744
Policies related to affected communities _ 746
Actions related to affected communities _ 747
Metrics related to affected communities _ 749
Targets related to affected communities _ 750
ESRS S4 - Consumers and end-users _ 750
Material impacts, risks and opportunities _ 751
Policies related to consumers and end-users _ 753
Actions related to consumers and end-users _ 754
Metrics related to consumers and end-users _ 756
Targets related to consumers and end-users _ 757
3.5. Other information related to the management of social issues _ 758
Appendix V: Policies related to the management of social issues _ 758
Appendix VI: Actions related to the management of social issues _ 760
Appendix VII: Targets related to the management of social issues _ 770
Appendix VIII: Tables related to the management of social issues _ 781

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1. General Disclosures
1.1. ESRS 2 - General Disclosures
FCC Group Description
History and business model
The FCC Group has more than a century of experience in the provision of public services and, since its
beginnings, has been characterised by its commitment to urban and social development. The Group
was founded in 1992, following the merger of the company Fomento de Obras y Construcciones, S.A., a
construction company founded in 1900, and the company Construcciones y Contratas, S.A., in operation
since 1944.
The FCC Group currently has an international presence, offering its services in more than 35 countries
and employing more than 67,000 people, which reaffirms its global reach and expansion, as well as the
confidence of its stakeholders in its various activities. The Group's priority is to improve the quality of life of
citizens and contribute to the sustainable progress of society, and to achieve this, it has developed a wide
range of services, always committed to a diversified business model.
The FCC Group is organised into different specialised business areas. In this regard, it is essential to
mention that during this financial year there has been a partial financial spin-off of the Cement and Real
Estate Areas, so that, as of 31 October 2024, they are no longer part of the FCC Group, being constituted
instead as the Inmocemento Group. Therefore, this report only includes information on these two areas up
to the date of the aforementioned spin-off (SBM-1_01, SBM-1_02).
At the end of 2024, the FCC Group has achieved a total volume of income of 9,071,416 thousand euros
(SBM-1_06), as a result of the joint efforts of all its employees, the breakdown of which by geographical
area is shown below (SBM-1_03, SBM-1_04):
Geographical area
No. of workers
Europe
66,175
America
3,490
MENA
1,667
Australia
39
The business areas that make up the FCC Group are described below, indicating the main activities carried
out and the markets in which they operate:
Main activities and y markets in which they operate
Environment
Main activities
Markets served
Construction of civil works infrastructures, contracted by both
private companies and public administrations.
Provision of municipal services for the conservation of green areas,
cleaning of beaches, coasts and coastlines, and maintenance of
sewage networks.
Collection, transport, treatment and recycling of urban and industrial
waste; energy recovery of waste and contaminated soil remediation.
Cleaning and maintenance of buildings; comprehensive energy
management; maintenance of street furniture and playground
equipment; consultancy and engineering services and event
management.
Europe (Spain, Portugal,
France, United Kingdom,
Austria, Czech Republic,
Hungary, Poland, Romania,
Serbia, Slovakia).
America (United States).
Water
Main activities
Markets served
Municipal concessions for catchment, treatment, drinking water
treatment, distribution and sanitation.
Design, construction and long-term operation of concessions
through BOT (Build, Operate, and Transfer) contracts.
Operation, maintenance and exploitation of hydraulic infrastructures.
Development of EPC (Engineering, Procurement, and Construction)
design and construction projects.
Europe (Spain, France, Italy,
Portugal, Romania, Czech
Republic, Georgia)
Africa (Algeria and Egypt)
America (United States, Chile,
Colombia, Mexico and Peru)
Asia (Saudi Arabia, United Arab
Emirates, Oman and Qatar)

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Infrastructure
Main activities
Markets served
Development of bridges, roads, tunnels, subways, railway, airport,
maritime, hydraulic infrastructures and wastewater treatment
plants.
Construction and maintenance of infrastructures, electromechanical
installations and electricity distribution networks.
Development of buildings for residential and non-residential use
(hospitals, stadiums, museums, offices, etc.).
Europe (Spain, Portugal,
Germany, United Kingdom,
Ireland, Belgium, Netherlands,
Norway, Italy, France,
Romania).
Africa (Egypt).
Americas (United States,
Canada, Mexico, Peru, Chile,
Colombia, Panama, Brazil and
Costa Rica).
Asia (Saudi Arabia and Qatar).
Oceania (Australia).
Concessions
Main activities
Markets served
Development, financing, management and operation of transport
and social infrastructure concessions.
Europe (Spain).
Cement
Main activities
Markets served
Production and marketing of cement, concrete, aggregate and
mortar.
Europe (Spain, Netherlands
and United Kingdom).
Africa (Tunisia).
Real estate
Main activities
Markets served
Development and operation of housing rental projects.
Leasing and management of office buildings, commercial premises
and shopping centres.
Urban land management at different stages of development.
Promotion and sale of real estate products (mainly housing).
Europe (Spain, United
Kingdom, Romania and
Croatia).
As can be seen from the above information, the FCC Group has no involvement in activities related to the
fossil fuel sector (coal, oil and gas), the chemical production sector, the controversial arms sector, or the
tobacco cultivation and production sector (SBM-1_09, SBM-1_15, SBM-1_17, SBM-1_19).
Description of the value chain
The FCC Group's value chain is complex, as a result of the specialisation of the business areas in different
sectors. Although in many cases they are complementary activities with synergies between them, each of
them contributes differently to the development of cities, interacts with different types of customers and
users and requires the supply of specific products and services. The value chains of each of the Group's
Areas are described below (SBM-1_25, SBM-1_26, SBM-1_27, SBM-1_28):
Value chain
Environment
The Area's activity, characterised by the provision of services aimed at the cleaning and maintenance
of urban environments, and with a direct effect on the health of citizens, is generally contracted by local
public administrations.
Likewise, and derived from waste treatment and management, by-products, waste, biogas and other
similar substances are produced and sold to companies and public administrations for subsequent use
in their own production processes. In many cases, the Area's own distribution channels are used for these
products, but on other occasions distributors or means provided by the end customer are used.
In order to be able to carry out its activity, the Area relies on suppliers who provide it with the main inputs
it needs: industrial vehicles (waste collection trucks, sweepers, floor sweepers, etc.), industrial equipment
(waste compactors, containers, etc.) and hardware and spare parts supplies. The Area also requires the
use of water for its activities, mainly through supply companies, and requires maintenance and repair
services.

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Water
Aqualia, which constitutes the Water Area within the FCC Group, provides services related to the integral
management of the water cycle, thus contributing to the correct administration of this limited resource. In
addition to different services aimed at design and construction, normally aimed at public and private sector
entities, the Area provides services aimed at access to water and sanitation for end consumers.
These services require a series of inputs, which are provided by suppliers, including desalination and
purification equipment, reagents and other chemical products, meters and accessories. In addition, the Area
requires the services of civil works subcontractors and machinery rental.
Infrastructure
The Area is dedicated to the construction of civil works infrastructures for private companies and
public administrations, promoting urban development and the improvement of public services. It also
has companies that distribute products such as corporate image (Megaplas), prefabricated concrete
(Prefabricados Delta) and aggregates (Áridos de Melo), generally through subcontracted third parties.
The normal development of the activities requires collaboration with suppliers, who provide the
necessary inputs, which are mainly made up of materials (concrete, rebar and prefabricated elements)
and construction machinery (excavators, cranes, compactors, etc.). Subcontractors are also required for
foundations, earthworks, signalling, electricity and lighting.
Concessions
The Area's activities are mainly focused on the design, construction, financing, operation and maintenance
of infrastructures related to urban and road transport, as well as infrastructures of a social nature, which
enable them to be enjoyed by the public. These services are usually subcontracted on a concession basis
by public administrations and companies.
The inputs required for the correct provision of the service and for the maintenance and repair activities
required in the contracts are provided both by the company's own equipment and by subcontractors and
suppliers. This includes operating personnel (drivers, operators, administration, etc.), spare parts and
consumables (cleaning products, fuel, etc.). In addition, the Area often requires the provision of ancillary
services by specific suppliers (security, software).
Cement
The Area engages in activities related to the production and marketing of cement, concrete, aggregate and
mortar, materials required for all types of construction or maintenance work. These materials are mainly
sold in bulk to companies in the construction sector, although they can also be distributed in bags to
companies that distribute construction materials, which will subsequently be purchased by the consumer.
The most common means of distribution are subcontracted or even owned by the customers.
A large part of the minerals necessary for production are extracted by the Area in its own quarries, which
relies on suppliers to obtain fuel, water, raw materials and consumables, containers and packaging, and
the necessary machinery. As for the services provided by suppliers, those related to the maintenance and
repair of facilities stand out.
Real Estate
Within the Area's activity, a distinction can be made between services aimed at the rental or sale of
housing, and those related to offices, premises and shopping centres. In the former, the client (tenant or
buyer) coincides with the end user, for whom the service aims to promote access to and availability of
housing. On the other hand, in the latter, aimed at promoting commercial activity, the clients are companies
seeking to carry out their operations in the Area's properties, and the users are visitors who come to these
properties for shopping, leisure or services.
As it provides Real Estate services, the main inputs necessary for the correct development of its activity
would be the supply of energy and water for the centres, acquired through supply companies. The Area
also requires the provision of services by suppliers, such as those related to cleaning and security.
In order to ensure the main inputs identified above, the FCC Group relies on a large number of suppliers, so
that the different areas can develop their operations without any disruption. Specifically, during the 2024
financial year, the FCC Group maintained relations with 34,209 suppliers in various countries in Europe,
Australia, the Middle East and North, Central and South America. For more details on the types of inputs
used in each of the Business Areas, see the section "Supplier Relationship Management", included in the
chapter on Business Conduct.

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Corporate governance structure
Administrative, management and supervisory bodies
FCC's governance is made up of five fundamental bodies, which enable efficient strategic decision-making
within the parent company. The components that make up the FCC Group's governance structure, as well
as the main functions assigned to each of them, are set out below.
General Shareholders' Meeting: This is the highest decision-making body on matters within its
competence, including the following: approval of the annual accounts and non-financial reports,
allocation of profits and approval of management, amendment of the Articles of Association,
appointment of directors, approval of remuneration policies for directors and of any remuneration or
incentive system for directors or senior management that is related to the value of the Company's
shares.
Board of Directors: This is the body responsible for the management, direction, administration and
representation of the Company, and focuses its activity on the supervision and control of the day-to‑day
management of the Group, entrusted to the executive directors and senior management, as well as
on the consideration of all matters of particular importance to the Company. In turn, and with a view
to increasing its efficiency and transparency, its work is organised through the creation of different
Committees:
– Executive Committee: Body with permanent delegation, appointed by the Board of Directors, and
responsible for decisions on investments, divestments, credits, loans, lines of guarantees or sureties,
and other instruments of a financial nature, provided that their unit amount does not exceed the
figures established in the Regulations of the Board of Directors.
– Audit and Control Committee: A permanent body with no executive functions and with powers
to inform, advise and make proposals to the Board. Its main function is to support the Board,
supervising the internal control, internal audit and risk management systems, both financial and
non-financial, reporting to the Board on financial and non-financial information, establishing a channel
of communication between the Board and the external auditor and supervising and periodically
evaluating the compliance model, as well as the Company's environmental, social and corporate
governance rules and internal codes of conduct.
– Appointments and Remuneration Committee: A permanent body with no executive functions and
with powers to inform, advise and propose to the Board on the appointment, re-election, ratification
and removal of directors, as well as on the remuneration of directors and senior management of the
Company. It also ensures diversity in the composition of the Board and its Committees.
The FCC Group, in its firm commitment to the best practices of good governance, aligns its conduct
with the recommendations of the Unified Code of Good Governance for listed companies of the National
Securities Market Commission (CNMV). In particular, it focuses its efforts on those recommendations that
incorporate sustainability as part of the competencies of the Board of Directors
Composition of the Board of Directors
The Board of Directors of the FCC Group is made up of a total of 11 members, of which one (1) is
an executive director (GOV-1_01) and the other ten (10) are non-executive directors (GOV-1_02). The
independent members of the Board of Directors represent 18 % of the total number of members
(GOV 1_07).
In terms of diversity, the directors are of different nationalities, Spanish and Mexican, and their average
age is 60, with two members in the 30-50 age range, and the remaining nine in the over-50 age range
(GOV-1_05). The gender diversity ratio(1) stands at 5 7 % (GOV-1_06). The percentage of women on FCC's
Board of Directors is 36.36 %, 0.66 % above the Spanish average (35.7 %) according to the Spencer Stuart
Index Report on Boards of Directors 2024, a percentage in line with Recommendation 15 of the CNMV's
Good Governance Code for listed companies and with the objective established in the Annex to Directive
(EU) 2022/2381, of 23 November 2022, which has been transposed into Spanish law through Organic
Law 2/2024, of 1 August, on equal representation and balanced presence of women and men, which has
redrafted article 529 bis of the Capital Companies Act, without prejudice to the fact that its provisions will
not apply to the Company until 30 June 2027.
(1) Number of women on the Board of Directors / Number of men on the Board of Directors.

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The following table lists the members of the Board of Directors, which is governed by the principles of a
representative structure and balanced governance.
Members of the
Board of Directors
Position on the
Board
Nature
Executive
Committee
Audit and
Control
Committee
Appointments
and Remuneration
Committee
Esther Alcocer
Koplowitz
President
Proprietary

Esther Koplowitz
Romero de Juseu
First Vice-
President
Proprietary
Alejandro
Aboumrad González
Vice-President
Proprietary
Pablo Colio Abril
Chief Executive
Officer
Executive

Carmen Alcocer
Koplowitz
Director
Proprietary
Alicia Alcocer
Koplowitz
Director
Proprietary

Manuel Gil Madrigal
Director
Independent
Carlos Slim Helú
Director
Proprietary
Gerardo Kuri
Kaufmann
Director
Proprietary
Juan Rodríguez
Torres
Director
Proprietary

Álvaro Vázquez de
Lapuerta
Director
Independent

President

Member

On the other hand, although the legal representation of workers has no members on the Board of Directors,
in accordance with Spanish legislation (GOV-1_03), the Board Regulations include, among the general
obligations of the director, the reconciliation of the interests of the Company with the legitimate interests
of its employees, its suppliers, its customers and those of the other stakeholders that may be affected by
the Company's activity.
The role of governance bodies in sustainability issues
Roles and responsibilities
The FCC Group's Sustainability Policy sets out the main strategic lines defined to promote sustainable
development and the Group's response to the main ESG (environmental, social and corporate governance)
challenges, establishing the common framework for responding to the FCC Group's sustainability-related
impacts, risks and opportunities.
Based on the governance model established in the Group's Sustainability Policy, which defines the
responsibilities of the different bodies involved in the management of ESG activities (GOV-1_09), the Board
of Directors is responsible for supervising compliance with this policy, through the Audit and Control
Committee (GOV-1_08).
The Audit and Control Committee is supported in this function by the Group's Sustainability Committee,
which is the link between the businesses and FCC in relation to sustainability, proposing initiatives, guiding
the ESG strategic approach and reporting results to the Board (GOV-1_10).
The Sustainability Committee, made up of the business areas and the FCC Group's Compliance and
Sustainability Department and HR Department, is the management body responsible for implementing the
Sustainability Policy, and holds meetings at least once a year, through the Compliance and Sustainability
Director, with the members of the Board, to report on the performance of its obligations (GOV-1_11,
GOV‑1_12). The Compliance and Sustainability Department, which is part of the General Secretary's Office,
is responsible for developing the systems for monitoring results in relation to the Group's sustainability
practices, including the management of ESG impacts, risks and opportunities, as these control procedures
are not integrated into other internal functions of the FCC Group (GOV-1_13).

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In addition, the Board of Directors assumes and pays special attention to its supervisory and control
function, always trying to remain informed on any matter relating to the Company or its Group, also
exercising such supervisory and control powers with respect to those competencies delegated to the
Executive Committee and the Chief Executive Officer, if any. It should also be noted that, during financial
year 2024, it carried out the following ESG activities:
The approval, following a favourable report from the Audit and Compliance Committee, of the
Company's Annual Corporate Governance Report for the financial year 2023.
Approval of the FCC Group's variable remuneration for 2023 and the Variable Remuneration Plan for
2024.
The approval, following a favourable report from the Audit and Control Committee, of the Non-Financial
Information Report for the financial year 2023.
Approval of the FCC Group's salary policy for the financial year 2024.
Approval of the FCC Group Budget for the financial year 2024.
On the other hand, and in matters of business conduct, the Board of Directors has the power to approve
internal regulations and codes, such as the Code of Ethics and Conduct and the Compliance Model and,
ultimately, to ensure the ethical climate of the organisation. The Board is supported by the Audit and Control
Committee, which is responsible for supervising and evaluating the Compliance Model, as well as proposing
modifications and updates that contribute to its development and improvement, the Board periodically
evaluates the Compliance Model, ensuring that it evolves and adapts to contemporary challenges, without
losing sight of the principles that have forged the Company's path. (G1.2_01)
Given the diverse nature of the activities carried out by the different areas that make up the FCC Group,
specific sustainability strategies are developed to comply with the Sustainability Policy. These strategies
determine the different objectives to be met in each area for the management of ESG impacts, risks and
opportunities, and their deployment is the responsibility of the corresponding Sustainability Committees of
the business areas. Due to this specification of the objectives established for each Area, these are supervised
by the respective Boards of Directors, where they exist, of the Group's subsidiaries that bring together each
Area (GOV-1_14).
Skills and knowledge
Every year, the Board of Directors of the FCC Group carries out an internal evaluation of the efficiency of its
operation, which determines whether there is any deficiency or point for improvement in the performance
of its functions.
Although this evaluation does not specifically include issues related to sustainability (GOV-1_15), this
evaluation assesses the different aspects that affect the composition, functioning, efficiency and quality
of the actions and decision-making of the Board of Directors, as well as the contribution of its members
to the exercise of the functions and achievement of the purposes assigned to the Board. Thus, in the
self-assessment carried out for the 2024 financial year, it was concluded that the members of the Audit
and Control Committee have the necessary knowledge and experience in accounting, auditing or both, as
required by article 37.2 of the Regulations of the Board of Directors, to diligently fulfil the obligations they
assume as members of the Committee. As a whole, the members of the Committee have the relevant
technical knowledge in relation to the sector of the Company's activity, as established in article 40.1 of the
Articles of Association and in accordance with the provisions of article 529 quaterdecies of the Capital
Companies Act. It may therefore be concluded that the Audit and Compliance Committee is organised and
composed of directors who are able to contribute to the development and achievement of the purposes of
this Committee.
Within the framework of the 2024 self-assessment of the Board, it was concluded that the members of
the Board as a whole have the necessary qualifications for the proper performance of their duties, and
that they efficiently and diligently assume and fulfil the competencies attributed to them by the various
corporate texts of the Company.
The full experience of the members of the Board of Directors, which is also assessed in this
self‑assessment, is detailed in section C.1.3 of the FCC Group's Annual Corporate Governance Report
(GOV‑1_04, G1.GOV-1_02).
In addition, it should be noted that directors have access, at least every six months, to the Compliance and
Sustainability Division, as well as to other divisions of the Group, which hold conversations and present to
the members of the Board, within the framework of the supervision of policies and rules in environmental,
social and corporate governance matters, knowledge in relation to trends, new regulatory developments,
impacts, risks and opportunities in non-financial matters. On the other hand, it should be mentioned that
in accordance with the Group's three-year training plan 2024-2026, in 2024 specific training has been
provided to the directors on Compliance, on their role in the Group's Compliance Model, as well as new
legislative requirements in this area. (GOV-1_16, GOV-1_17).

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Management of material impacts, risks and opportunities
As mentioned above, the Sustainability Policy constitutes the common framework for responding to
the material impacts, risks and opportunities of the FCC Group in ESG matters, and includes strategic
lines related to environmental conservation and protection, the generation of a positive social impact
and development, and good governance. At least once a year, the FCC Group's Sustainability Committee
presents the results of the application of this Policy to the Audit and Control Committee (GOV-2_01).
Likewise, as set out in the Board Regulations, the Audit and Control Committee is responsible for the
periodic supervision of the internal control and risk management systems, including, among others,
environmental and reputational risks, so that the main risks are identified, managed and adequately
disclosed. To this end, the Committee is supported by the Internal Audit function in the review of controls,
as well as by the General Directorate of Administration and Finance and the Corporate Compliance Officer
(GOV-2_02).
During the financial year 2024, the Audit and Control Committee has addressed issues related to the
following material impacts, risks and opportunities (GOV-2_03):
Supervise the Company's internal audit unit, as well as the Company's risk control and management
policy, reviewing the identification of the most relevant risks and the adoption of the necessary
measures to mitigate their impact.
Overseeing the cybersecurity of the FCC Group.
Supervise compliance with the Company's environmental, social and corporate governance policies and
rules, as well as internal codes of conduct ("Compliance System").
Report on the communications of the Whistleblowing Channel and the actions carried out for this
purpose.
Report favourably to the Board on the approval of all the documentation for the review of the
FCC Group's Compliance Model.
To report favourably to the Board on the approval of the update of the FCC Group's Protocol for the
prevention and eradication of harassment.
To report favourably to the Board on the Company's Non-Financial Information Report (Sustainability
Report) for the financial year 2023.
Remuneration model
The FCC Group, based on its principles and values, has a Remuneration Policy, applicable up to
and including 2025, which aims to foster a culture rooted in ethics and commitment to sustainable
development. This was proposed by the Appointments and Remuneration Committee and approved at the
Ordinary General Shareholders' Meeting in 2022 (GOV-3_06) and is based on the principles of profitability
and sustainability (GOV-3_01), without being specifically linked to climate considerations (E1.GOV-3_01,
E1.GOV-3_02, E1.GOV-3_03).
This Policy, in accordance with the provisions of the Bylaws, establishes the remuneration of all members
of the Board in their capacity as such, based on a share in liquid profits, per diems for actual attendance
at meetings, as well as the maintenance by the Company of civil liability insurance and an accident policy.
The fixed, variable and in-kind components to which the chief executive officer is entitled as remuneration
for the executive duties performed are also defined (GOV-3_02).
Within these variable remuneration components applicable to the chief executive officer, it is established
that 50% of the amount recognised depends directly on the degree of compliance with the objectives
entrusted to him/her, particularly with regard to long-term sustainability objectives (GOV-3_03, GOV-3_04,
GOV-3_05). The decision on the specific amount to be received is taken by the Board of Directors, following
a report from the Appointments and Remuneration Committee.
The FCC Group's Remuneration Policy is in line with the amendments introduced in the Capital Companies
Act in the 2021 reform, specifically in relation to the long-term shareholdings of shareholders in listed
companies. The Company's Appointments and Remuneration Committee is responsible for informing and
proposing the Directors' Remuneration Policy to the Board of Directors and ensuring compliance therewith.
In general terms, directors' remuneration is intended to be fair and reasonable, and in line with companies
of a similar size and activity. To ensure that this is the case, it is reviewed periodically. Remuneration of
the Group's management and non-management personnel is established according to criteria of position,
functions and competencies, professional worth and degree of responsibility, as well as according to the
circumstances of the Group, the country and the market in which each activity is carried out.

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Strategic approach
Relationship between sustainability and business strategy
Given the nature of the activities carried out by each of the business areas, the FCC Group's model as a
whole aims to contribute to the sustainability of the environments in which it operates.
The FCC Group's strategic focus is based on the company's mission and vision, elements that establish,
respectively, the Group's identity and the future it pursues. Focused on improving the lives of citizens, they
reflect FCC's desire to contribute, through the solutions it offers, to the sustainable progress of society. As
they are, together with the values, the main elements of the corporate culture, they are described in greater
detail in the Business Conduct chapter.
The business strategy of the FCC Group and of each of its Areas is mainly aimed at:
Strengthen its competitive position in key markets where it currently has a presence.
Grow selectively in new markets that are attractive and aligned with the company's corporate and risk
culture.
This strategy, aimed at both international growth and maintaining its competitive position, seeks
to support the environmentally and socially responsible expansion of cities through FCC's range of
products and services. Specifically, the Group's activity promotes the sustainable development of urban
environments, allowing, among other issues, a better use of resources through the management of
urban and industrial waste or through the operation of hydraulic infrastructures, or the contribution to
the progress of urban environments through the construction and operation of transport infrastructures
(SBM‑1_21, SBM-1_22).
Responding to global ESG challenges
The FCC Group understands its responsibility to propose innovative and sustainable solutions capable
of responding to the challenges that arise in a dynamic environment. For this reason, since its inception,
it has focused its efforts on achieving a resilient business model that is prepared for management
adapted to the environmental, social and governance circumstances that arise in the various sectors and
geographies in which it operates. As the business model is closely linked to sustainability issues, the Group
has identified a number of global ESG trends that affect its various business areas:
Global ESG trends
Trend
Description
Climate change
and water
stress
Climate change is one of the most crucial challenges for humanity in the coming
decades, and its urgency has been recognised globally by the international
community. It entails significant impacts such as an increase in the frequency and
intensity of extreme weather events (heat waves, droughts, floods, etc.).
Water stress in certain geographies is another critical consequence of global
warming, which makes sustainable water management a crucial issue, especially in
the face of population growth and changing weather patterns.
Urban
development
Climate change is already triggering global migration, which is transforming urban
development, and climate hazards are expected to cause population redistribution,
thus increasing pressure on urban areas. In addition, urban population projections for
2050 estimate an increase of another 2.5 billion people, which will put further pressure
on existing water resources and infrastructure.
Circular and
sustainable
economy
Current production systems extract more resources than nature can replenish and
release more pollutants than the natural environment can tolerate. The circular
economy represents a fundamental shift in production and consumption patterns
beyond simple waste management, and can alleviate the current model's heavy
reliance on natural resources.
Digital
transformation,
AI and
cybersecurity
Digital transformation has revolutionised the way organisations operate and adapt
to an increasingly technological environment, driven by advances such as artificial
intelligence (AI) and process digitisation processes.
However, along with the opportunities offered by these technologies, new challenges
arise, especially in the area of cyber security.
Biodiversity
protection
Despite international efforts in recent decades to conserve biodiversity, continued
habitat loss, ecosystem degradation and species extinction persist as threats to both
the environment and society. A comprehensive approach combining regulatory and
voluntary measures, strengthening the use of economic instruments and encouraging
the involvement of the private sector to leverage available resources will be essential
to meet the commitments made in this area.

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For each of these trends, the Group's different business areas have defined a series of challenges, adapted
to the characteristics of each activity, the achievement of which is intended to support the development of
the FCC Group's business strategy, and which are set out below (SBM-1_23).
Environment
Trend
Challenges
Climate change
and water
stress
Achieve carbon neutrality by 2050.
Implement innovative solutions, integrating technological advances, to promote the
development of sustainable cities and communities.
Increase investment in sustainable projects (issuance of green bonds).
Promote the responsible use, consumption and management of water resources.
Urban
development
Leading sustainable mobility in urban services, facilitating the advancement of
electric mobility and promoting a transition towards smarter cities.
Adopt sustainable urban development targets and indicators adapted to the needs
of Smart Cities.
Circular and
sustainable
economy
Implement improvements in waste management and recovery processes.
Optimise and expand waste management services, strengthening its international
presence.
Reduce the amount of waste going to landfill by promoting more recycling and
reuse.
Transform traditional waste treatment processes by collaborating in research and
development (R&D) projects.
Promote the use of new sources of clean energy, seeking to transform waste
management centres into biomethane and green hydrogen production facilities.
Digital
transformation,
AI and
cybersecurity
Optimise the quality of services and ensure data protection.
Designing tools to improve productivity, participating in R&D projects.
Digitise management systems in the organisation.
Biodiversity
protection
Collaborate in the development of forest management and restoration projects.
Develop projects aimed at protecting biodiversity and ecosystems in urban
environments.
Raise staff awareness of biodiversity protection, consolidating and improving the
environmental management of the services provided.
Collaborate in actions aimed at combating the proliferation of invasive species.
Water
Trend
Challenges
Climate change
and water
stress
Contribute to climate change mitigation by developing projects to achieve CO2
neutrality.
Reduce and prevent the potential contribution to environmental impacts caused by
pollution.
Alleviating water stress by assessing the impact of their activities and by
implementing processes such as water desalination.
Urban
development
Build infrastructures that allow the supply of water to the population.
Ensure urban development that is resilient to possible extreme weather conditions,
through the support of R&D projects.
Manage irrigation infrastructures aimed at sustainable food production and efficient
water resource management.
Circular and
sustainable
economy
Converting wastewater into value-added products through collaboration in R&D
projects.
Boosting the circular economy through the development of advanced technologies.
Encourage collaboration aimed at the transition to a circular model, through
agreements with the supply chain for the reuse of resources or the promotion of
responsible water consumption among citizens.
Digital
transformation,
AI and
cybersecurity
Digitise water management to ensure an efficient integrated cycle, investing in
technological innovation for the digital transformation of operations.
Incorporate new technologies based on artificial intelligence to modernise services,
and develop management and customer communication systems.
Biodiversity
protection
Develop projects to identify potential impacts on biodiversity and establish
monitoring to protect and prevent ecosystem degradation.

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Infrastructure
Trend
Challenges
Climate change
and water
stress
Promote adaptation and identify solutions for climate resilience, taking advantage of
new technologies for process adaptation and the use of resilient materials.
Reduce dependence on fossil fuels by replacing the vehicle fleet.
Contribute to the reduction of greenhouse gas emissions, promoting energy
efficiency in its processes and encouraging the use of electricity from renewable
sources.
Identify solutions to avoid contributing to water stress, through the implementation
of water collection, treatment and reuse measures.
Urban
development
Integrate sustainable practices into site development processes.
Participate in projects that promote urban transformation in the environments in
which it operates.
Circular and
sustainable
economy
Integrate circularity throughout the value chain, starting with close collaboration with
its suppliers of materials and equipment.
Incorporate responsible use of materials and waste recovery, prioritising waste
recovery and responsible use of materials.
Digital
transformation,
AI and
cybersecurity
Implement solutions to improve the efficiency of operations.
Develop technologies for the technical improvement of processes.
Optimise the monitoring of works, through mobile platforms that enable the
visualisation of the life cycles of works and promote collaboration with clients.
Biodiversity
protection
Contribute, through partnerships, to the ecological continuity of urban areas.
Integrate biodiversity protection measures by establishing a methodology for the
prevention and assessment of impacts on vulnerable habitats.
Raise awareness of the importance of biodiversity through participation in external
initiatives.
Prioritise the renaturalisation of spaces, developing actions on a local scale.
Concessions
Trend
Challenges
Climate change
and water
stress
Promote adaptation and identify solutions for climate resilience, taking advantage
of new technologies for process adaptation and the use of resilient materials.
Reduce dependence on fossil fuels by replacing the vehicle fleet.
Contribute to the reduction of greenhouse gas emissions, promoting energy
efficiency in its processes and encouraging the use of electricity from renewable
sources.
Identify solutions to avoid contributing to water stress, through the implementation
of water collection, treatment and reuse measures.
Urban
development
Participate in projects that promote urban transformation in the environments in
which it operates.
Integrate sustainable practices into the development processes of projects
affecting urban development.
Circular and
sustainable
economy
Integrate circularity throughout the value chain, starting with close collaboration
with its suppliers of materials and equipment.
Incorporate responsible use of materials and waste recovery, prioritising waste
recovery and responsible use of materials.
Digital
transformation,
AI and
cybersecurity
Implement solutions to improve the efficiency of operations.
Develop technologies for the technical improvement of processes.
Biodiversity
protection
Contribute, through partnerships, to the ecological continuity of urban areas.
Integrate biodiversity protection measures by establishing a methodology for the
prevention and assessment of impacts on vulnerable habitats.
Raise awareness of the importance of biodiversity through participation in external
initiatives.
Prioritise the renaturalisation of spaces, developing actions on a local scale.

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Cement
Trend
Challenges
Climate change
and water
stress
Set reduction targets aligned with carbon pricing and emissions trading
mechanisms.
Develop projects to improve energy efficiency (process optimisation, equipment
upgrades, etc.).
To focus on the use of alternative fuels with biomass as a source of thermal energy.
Increase the use of renewable energy sources in installations through PPA
agreements.
Optimise the use of water resources by automating internal processes and leakage
control, and by implementing wastewater reuse systems.
Circular and
sustainable
economy
Apply circular economy processes by replacing fossil fuels with alternative sources,
promoting the use of various types of non-hazardous waste as a source of energy.
Increasing the recovery of industrial waste from third parties in production
processes.
Optimise the management of waste produced in factories by implementing
selective collection measures.
Digital
transformation,
AI and
cybersecurity
Modernise, through the development of new digital tools, the company's
administrative management and strengthen collaboration with suppliers.
Collaborate in developing R&D projects aimed at manufacturing construction
products that are characterised by a more efficient use of resources.
Implement digital signature on delivery notes.
Biodiversity
protection
Implement sustainable practices (soil morphology repair, revegetation of exploited
areas and use of native species) to mitigate the alteration of natural habitats.
Develop management criteria, both in exploitation processes and in project design,
for the promotion of biodiversity.
Collaborate in projects aimed at generating a positive impact on biodiversity.
Raise stakeholder awareness on biodiversity, sustainability and environmental
management.
Real estate
Trend
Challenges
Climate change
and water
stress
Develop developments in accordance with the principles of sustainable architecture.
Design buildings with A or B energy certification.
Replace, for existing buildings, air-conditioning equipment with those using
refrigerant gases with lower associated GHG emissions.
Use ECO LABEL certified cleaning products to mitigate the negative impact on the
environment and human health.
Implement measures to monitor, reduce and manage water consumption efficiently,
use rainwater and improve water treatment systems.
Urban
development
Promote, through its activities, the development of spaces created for the well-being
of the population.
Promote more sustainable habits and greater environmental awareness among the
users occupying the buildings.
Circular and
sustainable
economy
To reduce the overall waste generated and ensure its proper management.
Increasing the reuse of resources, through waste monitoring and revalorisation
measures.
Implement, together with the different construction companies, a Waste
Management Plan to improve the monitoring and revaluation of waste.
Digital
transformation,
AI and
cybersecurity
Implement home automation in the home, improving the customer experience.
Collaborate in R&D projects aimed at developing technological systems that enable
efficient use of resources.
Biodiversity
protection
Develop, for each BREEAM certified property, an Environmental and Biodiversity
Management Plan to protect and enhance elements of ecological value.
Collaborate in projects for the conservation, protection and population increase of
local species.

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ESG management model
Taking into account all the challenges facing the company, the FCC Group's commitment to sustainability
is based on aligning its business model and its way of acting with a responsible approach in the
environmental, social and governance dimensions.
To promote this management in a transversal manner, the Group has designed a management model
based on its corporate culture and Sustainability Policy, which establishes FCC's commitments in this area
and is developed through its ESG Framework and in the strategic plans of the businesses. In addition, it is
essential to specify that the ESG model is based on its governance structure, as explained above.
Sustainability Policy
The corporate Sustainability Policy, the current version of which was approved on 26 April 2022 by the
Board of Directors, is the basis of the FCC Group's sustainability management model. It enables the
integration of ESG principles into FCC's activities, while ensuring the commitment and good performance
of all members of the Group and alignment with the expectations of customers and society as a whole.
The Sustainability Policy sets out the key strategic lines to promote sustainable development, addressing
environmental, social and governance challenges. The key points of the policy are framed around three
strategic pillars: environmental conservation and protection, positive social impact and development,
and good governance and exemplary performance. It is therefore the basis for the specific sustainability
policies of the different business areas.
Sustainability Priorities
Conservation and
environmental
protection
As a citizen services company, the FCC Group is committed to being part
of the solution in terms of global warming mitigation and adaptation,
water supply and sanitation, waste management and the preservation of
biodiversity.
Positive social impact
and development
Based on management that places people at the centre of its core business,
the FCC Group incorporates social action into its business strategy,
contributing to social, cultural, economic and labour development and well-
being, favouring job creation and improving the quality of life of the people
and communities in which it operates.
Good governance,
exemplary performance
The FCC Group is committed to Good Governance, aligning its guidelines
with the main recommendations, especially those that include sustainability
among the competencies of the Board of Directors. Likewise, the Group
works with its own standards of ethical behaviour, reinforced by its Code
of Ethics and Conduct, and strengthened by a system of control and
supervision, so that FCC is a benchmark of exemplary performance.
In addition, the Sustainability Policy establishes the FCC Group's commitments regarding dialogue with
its various stakeholders. Aware that its stakeholders enable it to mobilise and exchange knowledge
and resources, and make the development of FCC's activity possible, the Group seeks to strengthen
involvement and the generation of relationships of trust with them, maintaining various channels of
communication, channels of dialogue and participation (SBM-1_21).

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ESG Framework
The FCC Group's ESG Framework establishes a set of ambitious goals based on stakeholder demands,
requests from analysts and rating agencies, references from opinion leaders and best practices in the
sector. This Plan, divided into four pillars, establishes the Group's strategic lines and objectives to address
the impacts and opportunities arising from its activity, and thus contribute to achieving the priorities
defined in the Sustainability Policy (SBM-1_21).
The contents of the ESG Framework are summarised below:
Dimension
Programme
Target
Environmental
Climate action
Promote the FCC Group's leadership with sustainable production
and financing models, moving towards a low-carbon economy.
Circular
economy
Boosting the transition by promoting the efficient management of
resources and waste and increasing the lifetime of materials.
Responsible
use of water
resources
Reduce water stress, promoting the effective management of the
resource in its natural and treatment cycles, adopting efficiency
and conservation measures.
Biodiversity
protection
Promote the conservation of biodiversity, contributing to the
maintenance of natural capital and supporting the recovery of
ecosystems.
Dimension
Programme
Target
(cont.)
Social
Human rights
Advance the integration of the principles of protection, respect and
remediation of Human Rights in the Group's operations and in its
value chain.
Social action
To contribute to the development of the communities in which the
Group operates, through social investment, the consolidation of a
network of committed entities and participation in the Third Sector.
Human capital
To develop and empower human capital by creating an
environment in which to develop their skills and create
opportunities for personal and professional growth.
Health and
well‑being
Placing physical and mental wellbeing at the centre, offering a
global response to workers' health.
Diversity and
equality
To foster a culture of respect, tolerance and equity, in which
all people are sensitised and involved, by developing inclusive
workplaces.
Governance
Ethics, integrity
and compliance
Maintain a Compliance Model that guarantees ethical and upright
behaviour, favouring the credibility and trust of stakeholders.
ESG risk
management
Minimise the impact of non-financial risks on the company's
results.
Value chain
Encourage all actors in the value chain to integrate sustainability
commitments aligned with those of the Group.
Transversal
Innovation
Generate synergies of knowledge and development of R&D&I
projects, providing solutions based on innovation, technology and
digitalisation.
Communication
Strengthen and update sustainability communication, involving the
company's staff and stakeholders.
Alliances
Generate unions and alliances to mobilise and exchange
knowledge, technical capacity, technology and resources, joining
efforts to contribute to the 2030 Agenda.

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Business Sustainability Strategies
In order to integrate responsible practices and adapt proactive approaches to sustainability, as well as to
ensure alignment with the Group's ESG Framework, specific sustainability strategies have been defined in
the main business areas.
Environment Area
FCC Medio Ambiente Atlantic integrates sustainability into its organisation through its Sustainability
Strategy 2050, being a company aligned with the SDGs, which puts sustainability at the service of citizens.
Its strategy is based on four strategic axes: Environment, Social, Excellence and Governance with specific
objectives in each of them, which will mark its actions in terms of sustainable management over the
coming years.
For its part, FCC Environment UK presented in 2023 a roadmap towards a GHG-neutral business, aligned
with the UK's climate ambition. The public commitment signed by the company's CEO includes actions
to progress towards an operating model that progressively reduces its own GHG emissions and is GHG
neutral by 2040. To achieve this, it is essential to collaborate between industries in the sector, invest in new
technologies, improve process efficiency and increase recycling rates to avoid landfilling waste.
Water Area
Aqualia's 2024-2026 Strategic Sustainability Plan aims to ensure the well-being and progress of people
and communities through sustainable water management. This plan, which is based on the results of
materiality and is based on a process of active and continuous listening to stakeholders, is structured into
seven strategic lines, with their corresponding projects, actions and indicators.
The strategic lines identified in this Plan, which guide Aqualia's ESG efforts, are as follows:
Climate emergency and care for the planet.
Technology for integrated management.
People management.
Financial and business strategy.
Ethics and compliance.
Strategic communication.
Partnerships for positive impact management.
Infrastructure Area
With the firm intention of aligning its activity with sustainable development in the environmental, social and
governance spheres, the Area implemented a Sustainability Strategy 2023-2026, with long-term (2050),
medium-term (2030) and short-term (2026) objectives.
The structure of the Sustainability Strategy is based on the ESG dimensions (Environmental, Social and
Governance), defining different strategic axes:
Environmental dimension
Social dimension
Climate action
Human rights
Circular economy
Social action
Environmental impact
Human capital

Health and safety

Diversity and equality
Governance Dimension
Cross-cutting dimension
Ethics and compliance
Innovation and digitalisation
Value chain
Communication
Risk management
Alliances

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Cement Area
The CPV Spain Group has a 2030 Sustainability Strategy, based on three pillars: Environmental, Social
and Governance, with 15 topics addressed in 31 lines of action. Its environmental commitment focuses
on energy transition, reduction of CO2 emissions, energy efficiency, circular economy, optimisation of
resources and reduction of the carbon footprint of clinker, among others.
The social pillar seeks to improve corporate culture, prevent accidents, promote health and wellbeing, and
develop staff talent to meet present and future challenges.
On governance, the strategy focuses on strengthening regulatory compliance, increasing transparency and
building more resilient supply chains.
Real Estate Area
As a leading player in the real estate sector in Spain, the Realia Group is committed to directing its efforts
towards a more sustainable and responsible future through its ESG Strategy 2024-2027.
This sustainability strategy is based on three fundamental ESG pillars and three cross-cutting pillars, which
encompass a total of thirteen lines of work and forty specific goals related to the following subjects:
Environmental
Social
Corporate Governance
Digitisation
Communication
Training
Interaction with stakeholders
In today's business environment, stakeholder dialogue is a key pillar for organisations committed to
transparency and sustainability. Effective interaction with various stakeholders, such as staff, customers,
communities and shareholders, not only reflects ethical business practice, but also contributes to the
long‑term success of the company.
In a global context, the initiatives of leading companies in social responsibility and sustainability highlight
the relevance of this approach, showing that effective dialogue goes beyond complying with standards
and favours the construction of a solid reputation and lasting relationships. Therefore, taking into account
the activities carried out by the different areas that make it up, the FCC Group is related to a wide variety
of stakeholders. A key issue in contributing to the long-term success of the company is to identify these
groups and maintain different channels to gather their perspectives, expectations and needs.
The Group maintains a fluid relationship with its stakeholders through the establishment of various
communication channels and dialogue tools, which allows it to continuously build a partnership based on
trust and transparency (SBM-2_01).
In addition to the specific channels with each of the stakeholders shown below, the Group is present on
key social networks such as YouTube, X, Instagram and LinkedIn, and has a contact form and a detailed
directory of headquarters and offices on its corporate website, with relevant information including
addresses and telephone numbers of the main departments. In addition, information on environmental,
social and governance performance is periodically published on the FCC Group's website, as well as on the
websites of the business areas.
Interest group
Communication channel
Purpose
Shareholders and
investors
– Company website.
– Board of Directors and
Committees.
– General Meeting of Shareholders.
– Shareholder Services Office.
– Roadshows with investors.
– Questionnaires and interviews
with agencies.
To provide up-to-date and accessible
information about the company,
facilitating transparency and continuous
communication; to ensure effective
and responsible corporate governance,
facilitating strategic decision-making and
fostering shareholder participation and
engagement; and to strengthen relations
with the investment community.

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Interest group
Communication channel
Purpose
Clients and
communities
– Satisfaction surveys.
– Figure of the interlocutor.
– Channels of dialogue
with customers and local
communities according to
business line.
To improve customer satisfaction
and strengthen relationships
by promoting responsible and
collaborative management based on
two-way communication and mutual
understanding, to ensure that the
company's actions are aligned with the
interests and concerns of communities
and customers, improving products and
services and ensuring that needs and
expectations are met.
Workforce
– One - FCC Group corporate
intranet.
– Whistleblowing Channel.
– FCC360 - FCC Group app tool.
– Dissemination and awareness-
raising campaigns.
– FCC Campus - FCC Group's
virtual learning platform
– Employee portal.
– We are FCC - Online magazine of
the FCC Group.
– We are FCC Magazine poster in
12 languages.
– Meetings with workers'
representatives.
To optimise internal and effective
communication with the company's
staff, promoting an ethical and safe
working environment, facilitating access
to company information and resources,
and encouraging training and professional
development.
Interest group
Communication channel
Purpose
Suppliers and
contractors
– Information and awareness-
raising sessions.
– Platform for supplier
accreditation.
– Compliance with the FCC Group's
Code of Ethics and Conduct and
its Anti-Corruption Policy.
– Commitment to implement the
UN Global Compact.
Reporting on company policies, ensuring
compliance with quality and sustainability
standards, guaranteeing ethical and
legal practices in line with the Group's
expectations.
Partners
– Agreements, sponsorships and
donations.
– Partnerships.
– Business forums.
– Publications and presentations.
– Due diligence procedures.
Strengthen relationships, mutual
support and strategic collaborations
by sharing knowledge and ensuring
integrity and compliance with ethical and
legal standards that contribute to the
generation of more sustainable models.
Public
administrations
and regulators
– Participation in sectoral
self-regulation and legislative
developments.
To foster collaboration and dialogue by
promoting a more balanced and effective
regulatory environment, establishing
standards and best practices within
the industry, and promoting ethical,
responsible and transparent behaviour
that enhances the reputation of the
sector and contributes to its long-term
sustainability.
(SBM-2_02, SBM-2_03, SBM-2_05)

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As regards the organisation of these channels, relations with shareholders and investors, employees and
suppliers are centralised at the corporate level. For the rest of the stakeholders, their organisation depends
on the different areas that make up the Group, adapting each of the channels to the specific characteristics
of the activity carried out (SBM-2_04). In turn, the results obtained in these interaction processes are
taken into account when defining policies, procedures and/or specific actions for the development of the
company's operations (SBM-2_06). For this year's double materiality exercise, the Group has relied solely
on the knowledge of the Sustainability teams of the business areas and corporate managers, who are
familiar with the various stakeholder engagement initiatives and their main results. In this way, stakeholder
perspectives are indirectly integrated into the exercise (SBM-2_07).
As the body responsible for approving the Sustainability Report, the contents of which are based on
the results of the double materiality process, the Board of Directors is informed of the main impacts of
the FCC Group, which incorporate the vision and interests of the stakeholders affected by its activity
(SBM‑2_12).
Double materiality
Double materiality study
The FCC Group has carried out a double materiality study, in accordance with the European Sustainability
Reporting Standards (ESRS), to identify the most relevant issues that should be the focus of this
Sustainability Report. In this way, the study was based on the following dimensions:
Impact materiality
It aims to identify the most relevant effects (positive, negative, current or
potential) of the Group's activities on people and the environment.
Financial
materiality
It identifies future risks and opportunities that may significantly influence the
Group's business model or strategy.
Considering the diversity of activities carried out by the different areas that make up the FCC Group, this
study has been carried out separately for each of them
It should be noted that the Water Area has developed its own double materiality analysis, in accordance
with the requirements of the ESRS, the conclusions of which have been integrated into the FCC Group's
analysis.
For the rest of the Areas, the process carried out has been structured in the phases detailed below
(IRO‑1_01, IRO-1_02, IRO-1_07):
Identification of impacts, risks and opportunities (IROs): the list of IROs has been reviewed on the
basis of the previous year's work, more focused on own operations, with the participation of the teams
in charge of ESG management in the different business areas of the Group. Specifically, an analysis
was made of the upstream and downstream value chain, as well as of the geographies in which FCC
operates, identifying IROs related to commercial relations and locations that may increase the risk of
adverse impacts on stakeholders (IRO-1_03, IRO-1_04). In addition, this year the Group's personnel and
compliance officers were involved. It is worth mentioning that connections with impacts and resource
dependencies have been considered when identifying risks and opportunities (IRO-1_08). Although no
specific stakeholder consultations have been developed in this exercise (E2.IRO-1_02, E3.IRO-1_02,
E4.IRO-1_05, E4.IRO-1_06, E4.IRO-1_07, E4.IRO-1_08, E5.IRO-1_02), the participation of the sustainability
teams of the different areas has enabled an exhaustive process to be carried out, as well as the
coverage of the different assets and activities (E2.IRO-1_01, E2.IRO-1_03, E3.IRO-1_01, E5.IRO-1_01).
Assessment of impacts, risks and opportunities: although no stakeholder consultations have been
carried out this year, the results obtained in the previous year (referring to employees, suppliers and
customers) have been considered (IRO-1_05) in the reassessment of the complete list of IROs, carried
out by the sustainability teams of each business area and the corporate managers mentioned above,
who are aware of the activities carried out by part of the perimeter of operations covered in this report
(IRO-1_14). In this phase, the variables considered, common to all FCC's business areas, have differed
between the two dimensions that make up the double materiality:
– Impact materiality: impacts have been assessed according to the following elements, depending on
their nature: scale (how serious/beneficial they may be), scope (extent), irremediability (how difficult
it is to counteract or correct the impact) and likelihood (the degree to which an impact may occur).
Negative impacts have thus been assessed on the basis of their severity (composed, in turn, of scale,
scope and irremediability), while positive impacts have been assessed on the basis of their scale
and scope. All possible combinations of the above variables were evaluated and categorised into
five levels, to which a numerical value was assigned (Critical: 1; High: 0.8; Medium: 0.5; Low: 0.1). The
probability has been expressed quantitatively and multiplied by the previous value, only in the case of
potential impacts.
– Financial materiality: risks and opportunities have been assessed numerically considering the
possible future financial effect, multiplied by the probability value, identical to the one used for the
impact assessment (IRO-1_07, IRO-1_09).

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Determination of material impacts, risks and opportunities: the prioritisation of the IROs to be reported
in the report has been done by applying quantitative thresholds:
– Impact materiality: Impacts have been classified according to their severity. Those assessed as
"Critical" or "High" (i.e. above 0.8) are considered material, while impacts whose severity is "Medium"
or "Low" (i.e. below 0.8) are considered non-material (IRO-1_06).
– Financial materiality: Risks and opportunities have been prioritised in such a way that assessments
with a value higher than 0.4 are considered material, i.e. those that may have a significant effect on
the annual accounts in the future (IRO-1_09, IRO-1_10).
The process of identifying material impacts, risks and opportunities has been defined specifically for the
preparation of the Sustainability Report, so the FCC Group has not yet integrated it into the company's
global management process or risk management processes, and has not yet established internal control
procedures beyond verification by an independent third party (IRO-1_10, IRO-1_11, IRO-1_12, IRO-1_13).
Similarly, as this is the first year that the Group is reporting information in accordance with the ESRS, no
changes have been made to the ESRS (IRO-1_15).
Material impacts, risks and opportunities related to climate change and biodiversity
Climate change
When identifying and assessing climate impacts, the greenhouse gas (GHG) emissions reported by
the different business areas were considered (see indicator E1-6). To this end, impacts related to the
main known emission sources have been identified and assessed in each of the business areas, both in
their own operations (Scopes 1 and 2) and in their value chain (Scope 3), in line with the available GHG
inventories (E1.IRO-1_01).
In 2023, the FCC Group developed a common methodology, applicable to all contracts, projects or assets,
for the identification and assessment of physical and transitional climate risks, the results of which were
considered for the Group's double materiality study (E1.IRO-1_16).

This methodology includes the definition of the following scenarios, which group families of assumptions
related to physical and transition risks (E1.IRO-1_07):
Scenario
Description
Sources
Trend scenario
(Temperature rise in 2050
between 1.5 and 2.0°C
above pre-industrial levels)
Balanced energy development is achieved,
although dependence on fossil fuels remains.
Represents an intermediate emissions pathway
compared to other scenarios.
– IPCC SSP2-4.5
– IEA Stated Policy
Scenario (STEPS)
Climate neutrality
(Temperature rise in 2050
between 1.5 and 1.7°C
above pre-industrial levels)
Accelerated steps towards sustainable
development and carbon neutrality. Strong
regulatory and market adjustments to achieve
the Paris Agreement.
– IPCC SSP1-2.6
– IEA Announced
Commitments
Scenario (APS)
High-emission
development
(Temperature increase
in 2050 between 1.6 and
2.4°C above pre-industrial
levels)
The global economy is growing rapidly, but it is
fuelled by fossil fuel exploitation and energy-
intensive lifestyles. Current levels of CO2
emissions roughly double by 2050.
– IPCC SSP5-8.5

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For the identification of physical risks, the following climatic hazards have been considered as they may
have a significant impact on the Group's operations, processes and services:
Chronic
Temperature-related
Rising temperatures
Wind-related
Variations in wind patterns
Water-related
Variations in rainfall patterns
Sea level rise
Water stress
Solid mass related
Soil erosion
Coastal erosion
Acute
Temperature-related
Heat waves
Cold snaps / frost
Forest fires
Wind-related
Snowstorms / snowfall
Extreme hydro-meteorological phenomena (cyclones,
hurricanes, sandstorms, etc.)
Water-related
Heavy rainfall
Coastal, storm and river flooding
Droughts
Solid mass related
Landslide
Taking the scenarios considered as a reference, the identification of physical climate risks is the result of
analysing the possible situations with negative implications for the FCC Group, projecting the evolution
of the above hazards in the geographies in which the assets are located and taking as a reference the
short (2020-2039) and medium-term (2040-2060) time horizons, according to the useful life of the
infrastructures or services offered (E1.IRO-1_03, E1.IRO-1_05). In summary, risk identification is the result
of assessing the danger posed by climate hazards to business assets, especially under the high emissions
climate scenario (IPCC SSP5-8.5). (E1.IRO-1_02, E1.IRO-1_04, E1.IRO-1_08).
For the purposes of the assessment of physical climate risks, the methodology established is based on a
qualitative assessment based on the probability of the occurrence of the hazard, the degree of exposure
of the assets and the vulnerability of the activities. For the purposes of the double materiality analysis, the
results obtained have been adapted to the variables defined in the ESRS (financial effect and probability), in
order to allow comparability with the assessments of the other risks (E1.IRO-1_06).
The identification of transition risks and opportunities is also based on the analysis of the scenarios
described above, within which the limit of global warming to 1.5ºC in 2050 in line with the Paris Agreement
is considered (E1.IRO-1_13), considering transition events that may impact the Group (E1.IRO-1_10,
E1.IRO-1_11, E1.IRO-1_15). According to the defined methodology, risks and opportunities can be classified
as follows:

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Risks and opportunities
Risks
Policy and regulatory
Policy developments that seek to limit actions that contribute to the adverse effects of climate change
or policy developments that seek to promote adaptation to climate change.
Technology
All risks associated with technological improvements or innovations that support the transition to a
lower carbon and more energy efficient economic system.
Market
All changes in supply and demand for specific commodities, products and services.
Reputation
All risks linked to changing customer or community perceptions of an organisation's contribution to or
detraction from the transition to a lower carbon economy.
Opportunities
Resource efficiency: Related to improving resource efficiency in production and distribution processes,
buildings, machinery and transport.
Energy source: Related to the shift in energy use towards low-emission energy sources.
Products and services: Related to innovation and development of new low-emission and
climate‑adaptive products and services.
Market: Opportunities in new markets or asset classes that can help the organisation diversify its
activities and better position itself for the transition to a lower carbon economy.
Resilience: Related to the development of adaptive capacity to respond to climate change.
In the case of transition risks and opportunities, the time horizon to be considered is more limited, taking
into account the FCC Group's strategic planning deadlines. Thus, the short (2023-2025) and medium term
(2025-2034) are aligned with the 2030 Agenda and the intermediate decarbonisation objectives, while the
long term (2035-2051) coincides with the horizon in which the climate neutrality ambitions have been set.
For the assessment of transition risks, both the probability of occurrence and the possible impact
(strategic, operational, financial and reputational) on the FCC Group are assessed qualitatively. On the
other hand, opportunities are assessed qualitatively on the basis of the Group's capacity to take advantage
of the opportunity and its effectiveness. As with physical risks, the results obtained have been adapted, in
the materiality analysis, to the variables defined in the ESRS (E1.IRO-1_12).
Within the FCC Group, no assets or activities have been identified that are incompatible with a transition
to a climate-neutral economy. In this sense, the Cement Area's activity is subject to the emission rights
market, but for this reason investments are continually being made to gradually reduce the intensity of
GHG emissions through the recovery of alternative fuels and improvements in the thermal efficiency of its
processes. (E1.IRO-1_09, E1.IRO-1_14).
Biodiversity
The process of identifying impacts related to biodiversity was based on participation with the sustainability
teams of the different business areas. This process was based on the analysis of the different topics,
subtopics and sub-subtopics included in ESRS 1, AR 16. For each one of them, those responsible have
identified, based on their knowledge of the activities and centres of the different areas, those issues
on which the FCC Group may have an impact on biodiversity, as well as risks that may derive from
dependencies on ecosystem services (E4.IRO-1_01, E4.IRO-1_02).
The Group has not developed a specific assessment of physical, transitional and systemic risks to
biodiversity, so it has not been possible to incorporate it into the process of preparing the double
materiality study (E4.IRO-1_03, E4.IRO-1_04).
The Group has sites located in or near biodiversity-sensitive areas (E4.IRO-1_14). Negative effects can
occur at these sites, such as the fragmentation and impact of habitats and ecosystems (biotic and abiotic
factors) or the displacement of species (E4.IRO-1_15). For this reason, the Group continuously seeks to
implement actions and measures to mitigate negative impacts in these areas, and continuous monitoring
and supervision of the species that form part of conservation registers and that may be present in the
areas occupied by the Group's facilities or in their immediate vicinity (E4.IRO-1_16) is carried out
(E4.IRO‑1_16).

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Appendix I
Basis for the preparation of the report
General basis for the preparation of the Sustainability Report
Basis for the preparation of the Sustainability Report and scope of information
The Sustainability Report of Fomento de Construcciones y Contratas S.A. and subsidiaries (hereinafter, the
FCC Group) has been prepared on a consolidated basis (BP-1_01), covering the same perimeter applied in
the financial statements of the Fomento de Construcciones y Contratas S.A. Group (BP-1_02).
The list of subsidiaries exempt from the obligation to prepare a Sustainability Report is included in Appendix I
of the 2024 Annual Accounts of Fomento de Construcciones y Contratas, S.A. and subsidiaries (BP-1_03).
Likewise, the FCC Group has identified, within the double materiality analysis, material impacts, risks
and opportunities (hereinafter, IROs) with which it is connected beyond its own operations, through its
commercial relations. In this sense, the Sustainability Report includes information on how the Group
manages these IROs in its value chain, with the exception of the following issues, for which it has made use
of the transitional provisions established in ESRS 1, section "10.2 Transitional provision related to chapter 5.
Value chain": E1-6 Gross Scope 3 GHG emissions (BP-1_04).
In addition, the Group has availed itself of the transitional provisions set out in ESRS 1, section "10.4
Transitional provisions List of phased-in disclosure requirements", details of which can be found in the
"Contents of the report" section of this chapter.
To ensure that the scope of reporting in this Sustainability Report coincides with the scope defined by the
Group's Financial Statements, a method has been applied to estimate the metrics of certain companies
that do not report information for various reasons, whether due to the immateriality of their environmental,
social and governance (ESG) impacts, inactivity, the liquidation process, the absence of productive activity
or having been incorporated into the Group during the financial year, among others. For this purpose, the
percentage of available information has been analysed in terms of employees and an estimate has been
made, increasing, where appropriate, the figures related to environmental or social indicators, depending on
the number of employees linked to companies not covered in the scope of the information. Additionally, in
the case of companies with specific metrics that are not available, specific estimation methods have been
applied based on technical criteria defined by the business area itself. These cases are detailed in each of the
corresponding standards (MDR-M_02).
Omission of information
The FCC Group has not availed itself of any omission of information considered classified or sensitive, or
related to intellectual property, know-how or results of innovation (BP-1_05).
Similarly, there have been no omissions of information in the Report related to impending events or issues
under negotiation (BP-1_06).
Information relating to specific circumstances
Time horizons
FCC has aligned its double materiality study and the reporting of the information contained in this report
with the time horizons as set out in ESRS 1, section "6.4 Definition of short, medium and long term for
reporting purposes" (BP-2_01, BP-2_02).
Value chain estimates
This report does not include any metrics that include estimated value chain data from indirect sources
(BP-2_03, BP-2_04, BP-2_05, BP-2_06).
Sources of estimation and uncertainty of results
No quantitative metrics or reported monetary amounts have been identified that are subject to high levels
of uncertainty (BP-2_07, BP-2_08, BP-2_09).
Changes in the preparation or presentation of sustainability information
As this is the first year in which the FCC Group has prepared a Sustainability Report in accordance with
the European Sustainability Reporting Standards (hereinafter, ESRS), there have been no changes in the
preparation and presentation of the information (BP-2_10, BP-2_11, BP-2_12).
Prior period errors
The FCC Group's 2024 Sustainability Report is the first report prepared in accordance with the ESRS, so no
material errors have been identified for previous periods (BP-2_13, BP-2_14, BP-2_15).
Information derived from other legislation or generally accepted standards
The FCC Group includes in its Sustainability Report additional information required by Law 11/2018, of
28 December, on non-financial information and diversity. This information is identified in "Appendix I:
Additional information required by Law 11/2018" (BP-2_16). The Sustainability Report does not include
additional information set out in other sustainability reporting standards or frameworks other than ESRS
(BP-2_17).

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Incorporation of information by reference
The following information requirements have been included by reference to other Group documents.
The following table also indicates the code of the requirement, together with the document to which the
included information refers (BP-2_20):
List of requirements incorporated by reference
Code
Requirement
Document referenced
BP-1_03
Subsidiaries exempted from the obligation to prepare a
Sustainability Report
FCC Group Annual
Accounts 2024
GOV-1_04
Relevant experience of the members of the
administrative, management and supervisory bodies, for
the sectors, products and geographic locations of the
company
FCC Group Annual
Corporate Governance
Report 2024
G1.GOV-1_02
Experience of administrative, management and
supervisory bodies in business conduct issues.
FCC Group Annual
Corporate Governance
Report 2024
Application of transitional provisions under ESRS Appendix C 1
With more than 750 employees, the FCC Group has not availed itself of the omission of ESRS E4, S1, S2,
S3 or S4 as set out in Appendix C of ESRS 1 (BP-2_21, BP-2_22, BP-2_23, BP-2_24, BP-2_25, BP-2_26,
BP‑2_27).
Mapping of the information provided
on the due diligence process
In relation to the main due diligence aspects and processes, the various references in the Report that can
be consulted for the Group's approach are shown below (GOV-4_01):
Key element of due diligence
Reference in the Sustainability Report
a) Integrate due diligence into governance,
strategy and business model.
GOV-2, GOV-3, SBM-3
b) Involve stakeholders in all key due diligence
steps.
GOV-2, SBM-2, IRO-1, MDR-P, S1-2, S2-2, S3-2,
S4-2
c) Identify and assess negative impacts.
ESRS 2 IRO-1, ESRS 2 SBM-3
d) Take measures to manage negative impacts.
MDR-A, E1-3, E2-2, E3-2, E4-3, E5-2, S1-4, S2-4,
S3-4, S4-4
e) Monitoring the effectiveness of these efforts
and communication.
MDR-M, MDR-T, E1-4, E2-3, E3-3, E4-4, E5-3, S1-5,
S2-5, S3-5, S4-5
For specific pages covering the various stages of the due diligence process, please refer to the table of
contents located in Appendix I, Contents of the report.

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Risk management and internal controls
over sustainability reporting
Description of risk management and internal control systems related to sustainability reporting
Although the FCC Group does not have an Internal Control System for Sustainability Information (SCIIS)
and, therefore, does not have a procedure for evaluating and prioritising risks related to sustainability
reporting (GOV-5_02), the Compliance and Sustainability Department is responsible for preparing the
report. This department is also supported by the sustainability functions of the different areas of the
FCC Group, which are ultimately responsible for the compilation and quality of the data. On the other hand,
the Sustainability Report is subject to a verification process by an independent third party, with a limited
security scope (GOV-5_01, MDR-M_03).
Risks identified and mitigation actions taken
As a result of the verification process of the Sustainability Report, the independent third party assesses
whether the information reported provides a true and fair view of the Group's performance in relation to
the contents required by the applicable regulations. In this way, the main risks identified would be those
that could lead to a qualification in the independent verification report, which would be reviewed by the
Board of Directors, responsible for the approval of the Sustainability Report (GOV-5_05). As this is the first
year in which information is reported in accordance with the ESRS, the FCC Group has not identified any
significant risks, as no qualifications have been received on the Non-Financial Information Statements for
the last few years (GOV-5_03).
Furthermore, as a result of the verification process, the independent third party may identify
recommendations related to both the presentation and the content of the information, based on the
findings identified. The recommendations issued as a conclusion are considered with a view to the
preparation of the report for the following year, communicating them with the participants involved, mainly
the Corporate Compliance and Sustainability Department and the Sustainability functions of the Areas
(GOV-5_04).
Contents of the report
Disclosure requirements set out in the ESRS covered by the Sustainability Report
In order to determine the information to be included in the Sustainability Report, the results of the Group's
double materiality analysis were used as a starting point. In this way, all material impacts, risks and
opportunities have been identified, using the thresholds described in the definition of the process. Each
of these impacts, risks and opportunities have been analysed, linking them to the related disclosure
requirements (IRO-2_13).
In addition, no additional disclosure requirements have been defined, related to the application of other
EU legislation, which have had to be incorporated in this Report (IRO-2_01). The disclosure requirements
contained in the ESRS that are included throughout this document are set out below (IRO-2_02).
ESRS disclosure requirement
Page number
ESRS 2 GENERAL DISCLOSURES

Basis for preparation

BP-1 - General basis for preparation of sustainability statements.
577-578
BP-2 - Disclosures in relation to specific circumstances.
577-578
Governance
GOV-1 - The role of the administrative, management and supervisory bodies.
560-562, 578
GOV-2 - Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies.
563
GOV-3 - Integration of sustainability-related performance in incentive schemes.
563
GOV-4 - Statement on due diligence.
578
GOV-5 - Risk management and internal controls over sustainability reporting.
579
Strategy
SBM-1 – Strategy, business model and value chain.
557-559, 564-569, 679‑680
SBM-2 – Interests and views of stakeholders.
571-573
SBM-3 - Material impacts, risks and opportunities and their interaction with
strategy and business model.
583-585, 597-598, 604‑606,
610-615, 620‑622, 702-705,
738, 744-745, 750-753,
783‑784,792

580
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
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A1
Financial
Statements
A2
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Report
FCC. Annual Report 2024
General Disclosures | Page 24 of 26
ESRS disclosure requirement
Page number
Impact, risk and opportunity management
IRO-1 - Description of the processes to identify and assess material impacts, risks
and opportunities.
573-576
IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s
sustainability statement.
579-582
MDR-P – Policies adopted to manage material sustainability matters.
585, 598-599, 606,
615‑616, 622, 631-634,
705-706, 709-710, 712,
715-716, 717, 720,
722‑723, 724, 726-727,
729-730, 739-740, 741,
746, 753-754, 758-759,
788, 790, 793, 794-795
MDR-A – Actions and resources in relation to material sustainability matters.
586-589, 599-601, 606-608,
616-617, 623-626, 634-657,
706-707, 710-711, 712-714,
716, 718-719, 720-721,
723-724, 725, 727-728,
729-730, 740-741, 742,
747-748, 754-756, 760-770,
788-789, 790-791, 793, 796
MDR-M – Metrics in relation to material sustainability matters.
577, 578, 589-595,
602‑603, 609, 618,
626‑629, 707- 709, 711,
715, 716, 719, 721, 724,
726, 728, 730, 741, 742,
749, 756, 789, 791, 793
MDR-T – Tracking effectiveness of policies and actions through targets.
595-596, 603-604, 610,
619, 630, 658-679, 709,
711, 715, 716-717,719-720,
722, 724, 726, 728-729,
731, 741, 742, 750, 757,
770-781, 790, 791, 793
ESRS disclosure requirement
Page number
ESRS E1 CLIMATE CHANGE
Strategy
E1-1 – Transition plan for climate change mitigation.
586
Gestión de impactos, riesgos y oportunidades
E1-2 – Policies related to climate change mitigation and adaptation.
585, 631-634
E1-3 – Actions and resources in relation to climate change policies.
586-589, 634-641
Metrics and targets
E1-4 – Targets related to climate change mitigation and adaptation.
595-596, 658-668
E1-5 – Energy consumption and mix.
589-591
E1-6 - Gross Scopes 1, 2, 3 and Total GHG emissions.
591-594
E1-7 – GHG removals and GHG mitigation projects financed through carbon
credits.
594-595
E1-8 – Internal carbon pricing.
595
E1-9 – Anticipated financial effects from material physical and transition risks and
potential climate-related opportunities.
Subject to transitional
provision
ESRS E2 POLLUTION
Impact, risk and opportunity management
E2-1 – Policies related to pollution.
598-599, 631-634
E2-2 – Actions and resources related to pollution.
599-601, 642-644
Metrics and targets
E2-3 – Targets related to pollution.
603-604, 669
E2-4 – Pollution of air, water and soil.
602
E2-5 – Substances of concern and substances of very high concern.
603
E2-6 – Anticipated financial effects from pollution-related impacts, risks and
opportunities.
Subject to transitional
provision

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Statements
A2
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General Disclosures | Page 25 of 26
ESRS disclosure requirement
Page number
ESRS E3 WATER AND MARINE RESOURCES
Impact, risk and opportunity management
E3-1 – Policies related to water and marine resources.
606, 631-634
E3-2 – Actions and resources related to water and marine resources.
606-608, 645-646
Metrics and targets
E3-3 – Targets related to water and marine resources.
610, 670-671
E3-4 – Water consumption.
609
E3-5 – Anticipated financial effects from water and marine resources-related
impacts, risks and opportunities.
Subject to transitional
provision
ESRS E4 BIODIVERSITY AND ECOSYSTEMS
Strategy
E4-1 – Transition plan and consideration of biodiversity and ecosystems in
strategy and business model.
615
Impact, risk and opportunity management
E4-2 – Policies related to biodiversity and ecosystems.
615-616, 631-634
E4-3 – Actions and resources related to biodiversity and ecosystems.
616-617, 647-652
Metrics and targets
E4-4 – Targets related to biodiversity and ecosystems.
619, 672-674
E4-5 – Impact metrics related to biodiversity and ecosystems change.
618
E4-6 – Anticipated financial effects from biodiversity and ecosystem-related risks
and opportunities.
Acogido a disposición
transitoria
ESRS E5 RESOURCE USE AND CIRCULAR ECONOMY
Impact, risk and opportunity management
E5-1 – Policies related to resource use and circular economy.
622, 631-634
E5-2 – Actions and resources related to resource use and circular economy.
623-626, 652-657
ESRS disclosure requirement
Page number
Metrics and targets
E5-3 – Targets related to resource use and circular economy.
630, 675-679
E5-4 – Resource inflows.
626-627
E5-5 – Resource outflows.
627-629
E5-6 – Anticipated financial effects from resource use and circular
economy‑related impacts, risks and opportunities.
Acogido a disposición
transitoria
ESRS S1 OWN WORKFORCE
Impact, risk and opportunity management
S1-1 – Policies related to own workforce.
705-706, 709-710, 712,
715-716, 717, 720,
722-723, 724, 726-727,
729-730
S1-2 – Processes for engaging with own workers and workers’ representatives
about impacts.
731-734
S1-3 – Processes to remediate negative impacts and channels for own workers to
raise concerns.
731-732
S1-4 – Taking action on material impacts on own workforce, and approaches
to managing material risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions.
706-707, 710-711,
712-714, 716, 718-719,
720-721, 723-724, 725,
727-728, 729-730
Metrics and targets
S1-5 – Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities.
709, 711, 715, 716-717,
719-720, 722, 724, 726,
728-729, 731
S1-6 – Characteristics of the undertaking’s employees.
707-709, 781-782
S1-7 – Characteristics of non-employees in the undertaking’s own workforce.
707-708, 735
S1-8 – Collective bargaining coverage and social dialogue.
735-736
S1-9 – Diversity metrics.
709, 782
S1-10 – Adequate wages.
737

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2
Ethical governance
at the highest level
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value creation
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Statements
A2
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FCC. Annual Report 2024
General Disclosures | Page 26 of 26
ESRS disclosure requirement
Page number
S1-11 – Social protection.
Acogido a disposición
transitoria
S1-12– Persons with disabilities.
719
S1-13 – Training and skills development metrics.
715
S1-14 – Health and safety metrics.
728
S1-15 – Work-life balance metrics.
711, 782
S1-16 – Remuneration metrics (pay gap and total remuneration).
722, 737
S1-17 – Incidents, complaints and severe human rights impacts.
737
ESRS S2 WORKERS IN THE VALUE CHAIN
Impact, risk and opportunity management
S2-1 – Policies related to value chain workers.
739-740, 741
S2-2 – Processes for engaging with value chain workers about impacts.
742-743
S2-3 – Processes to remediate negative impacts and channels for value chain
workers to raise concerns.
742-743
S2-4 – Taking action on material impacts on value chain workers, and approaches
to managing material risks and pursuing material opportunities related to value
chain workers, and effectiveness of those action.
740-742
Metrics and targets
S2-5 – Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities.
741-742
ESRS S3 AFFECTED COMMUNITIES
Impact, risk and opportunity management
S3-1 – Policies related to affected communities.
746
S3-2 – Processes for engaging with affected communities about impacts.
744
S3-3 – Processes to remediate negative impacts and channels for affected
communities to raise concerns.
747
S3-4 – Taking action on material impacts on affected communities, and
approaches to managing material risks and pursuing material opportunities
related to affected communities, and effectiveness of those actions.
747-748, 760-763
ESRS disclosure requirement
Page number
Metrics and targets
S3-5 – Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
750, 770-773
ESRS S4 CONSUMERS AND END-USERS
Impact, risk and opportunity management
S4-1 – Policies related to consumers and end-users.
753-754
S4-2 – Processes for engaging with consumers and end-users about impacts.
751
S4-3 – Processes to remediate negative impacts and channels for consumers and
end-users to raise concerns.
751
S4-4 – Taking action on material impacts on consumers and end-users, and
approaches to managing material risks and pursuing material opportunities
related to consumers and end-users, and effectiveness of those actions.
754-756, 764-770
Metrics and targets
S4-5 – Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities.
756-757, 774-781
ESRS G1 BUSINESS CONDUCT
Impact, risk and opportunity management
G1-1– Business conduct policies and corporate culture.
785-786, 790, 794-795
G1-2 – Management of relationships with suppliers.
787-789
G1-3 – Prevention and detection of corruption and bribery.
790-791
Metrics and targets
G1-4 – Incidents of corruption or bribery.
791

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Chairwoman and the CEO
2
Ethical governance
at the highest level
3
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value creation
4
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Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 1 of 119
2. Environmental Disclosures
2.1. ESRS E1 - Climate Change
Climate change, one of the most pressing challenges of our time, requires global solutions that integrate
political, economic and social aspects. Aware of the magnitude and consequences of global warming,
the international community responded by signing the Paris Agreement, a collective commitment to more
effectively address global climate challenges. Thanks to this agreement, it became clear that climate
change requires the implementation of measures and strategies aimed at addressing and mitigating its
impacts, thereby seeking to reduce emissions and promote efficient and responsible energy consumption.
In this context, the FCC Group is joining the fight against climate change by implementing environmentally
friendly actions and measures to minimise its carbon footprint, mitigate the negative impacts of its activity
in terms of climate change and lead the transition towards a low-carbon economy.
Material impacts, risks and opportunities
The conclusions obtained from the FCC Group's double materiality analysis in relation to issues related to
climate change are set out below. As this is the first year that information is reported in accordance with
the ESRS, there are no changes with respect to previous years (SBM-3_11).
Impact materiality
Based on the double materiality analysis, and in relation to climate change, the impacts of the Business Areas
that have proven to be material on stakeholders are identified below.
Impact
Area
Horizon
Location
(SBM-3_01, SBM-3_04, SBM-3_12)
(SBM-3_07)
(SBM-3_06)
(SBM-3_01, 07)
Adaptation to Climate Change
(I-E1.1) Contribution to climate change
adaptation through the Group's products and
services.
Environment
Water
Infrastructure
Real estate
CU
OP
Climate Change Mitigation and Energy
(I-E1.2) Contribution to climate change from
Scope 1 and 2 emissions.
Environment
Water
Infrastructure
Concessions
Cement
Real estate
CU
OP
(I-E1.3) Contribution to climate change from
Scope 3 emissions.
Environment
Infrastructure
Concessions
Cement
Real estate
CU
OP
(I-E1.4) Contribution to climate change
mitigation as a result of renewable energy
production.
Environment
Water
Infrastructure
Cement
Real estate
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain

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Chairwoman and the CEO
2
Ethical governance
at the highest level
3
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value creation
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Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 2 of 119
Financial materiality
Furthermore, based on the double materiality analysis, the material risks and opportunities for the
business areas that must be managed in the area of climate change, and which have proven to be material
for stakeholders, are identified below.
Risk/opportunity
Type
Physical/
Transition
Area
Financial effects
Location
(SBM-3_02)
(E1.SBM-3_01)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
Adaptation to Climate Change
(F-E1.1) Increase
in global average
temperature.
R
Physicist
Environment
Real estate
Increased operational costs
and reduced productivity due to
heat-related impacts (M).
OP
(F-E1.2) Increased
severity and
frequency of extreme
weather events.
R
Physicist
Environment
Water
Increased operating and capital
costs due to facility damage
and disruptions caused by
extreme weather events (M).
OP
(F-E1.3) Increase
in the price of GHG
emissions.
R
Transition
Environment
Increased operational costs
due to higher prices for GHG
emissions.
OP
(F-E1.4) Reduction in
the allocation of CO2
allowances.
R
Transition
Cement
Increased operating costs
and production limitation due
to reduced allocation of CO2
allowances.
OP
Risk/opportunity
Type
Physical/
Transition
Area
Financial effects
Location
(SBM-3_02)
(E1.SBM-3_01)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
(F-E1.5) Insufficient
development and
adaptation to market
requirements on
climate change.
R
Transition
Environment
Cement
Loss of competitiveness
and higher investment and
technological development
costs to adapt to new low-
emission technologies (M).
OP
(F-E1.6) New
regulation on Climate
Change.
R
Transition
Environment
Real estate
Increased operating costs
due to adaptation to climate
change regulations and possible
payment of penalties for non-
compliance (M).
OP
Climate Change Mitigation and Energy
(F-E1.7) Increase in
energy costs.
R
Transition
Environment
Concessions
Cement
Increased operational costs and
loss of productivity due to higher
energy prices, with possible
impact on customers (M).
OP
(F-E1.8) Increase in
expenditure on goods
and services as a
result of energy price
volatility.
R
Transition
Cement
Increased expenditure on goods
and services due to energy price
volatility (M).
UVC
(F-E1.9) Increased
valorisation of
biomass fuels.
O
-
Cement
Reduction of CO2 emissions
through energy recovery from
waste and use of biomass fuels
(M).
OP
* Issue dealt with by specific organisational issues.
R: Risk O: Opportunity M: Possible materialisation in the short term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain

585
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Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
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Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 3 of 119
The impacts, risks and opportunities identified above derive mainly from greenhouse gas emissions, the
use of energy resources and the generation of renewable energies, in line with the activities carried out by
the FCC Group and in the framework of its strategy and sustainable business model (SBM-3_05). Aware
of the effects of its impacts, risks and opportunities, over the years the FCC Group has implemented
measures to mitigate their effects, both on the company and on its stakeholders. Therefore, although they
are related to the Group's strategy and business model, it is not considered necessary to update these
elements for the management of impacts, risks and opportunities (SBM-3_03, SBM-3_10).
Likewise, as described in the description of the process followed to identify material impacts, risks and
opportunities, the FCC Group has a methodology that includes the analysis of climate scenarios. However,
at present, the FCC Group has not developed an analysis of the resilience of the business model to climate
change (E1.SBM-3_02, E1.SBM-3_03, E1.SBM-3_04, E1.SBM-3_05, E1.SBM-3_06, E1.SBM-3_07).
Policies related to climate change
As climate change redefines global priorities, organisations are challenged to adopt clear and effective
policies to identify, assess, manage and/or remediate the associated impacts, risks and opportunities.
The FCC Group faces these climate challenges in key areas such as mitigation, adaptation, energy
efficiency, the use of renewable energies and the responsible management of resources and waste.
For this reason, FCC's business areas develop policies to manage the risks, impacts and opportunities
linked to climate change, indicated in indicator SBM-3 (MDR-P_01). In all its areas, FCC works to reduce
greenhouse gas emissions, optimise energy consumption, promote renewable energies and move
towards a circular economy, prioritising actions such as sustainable mobility, minimising environmental
impacts and continuous improvement of its processes. This comprehensive approach ensures a balanced
development between economic growth, environmental protection and social well-being.
The policies of the Business Areas and the main aspects they cover, related to climate change
mitigation and adaptation, are listed below and developed Appendix II: Policies related to environmental
management.
Area
Policy
Aspects covered
Mitigation
(E1-2_01)
Adaptation
(E1-2_01)
Energy
efficiency
(E1-2_01)
Renewable
energies
(E1-2_01)
Environment
Policies of FCC Servicios
Medioambiente Holding(2)

Water
Sustainability Policy
Infrastructure
Environmental Policy
Concessions
Environmental Policy(3)
Cement
Environmental and Energy
Policies(4)
Real estate
Sustainability policy
(2) In the case of FCC Servicios Medioambiente Holding, S.A., as it is made up of several businesses, a synthesis of all the
established policies has been made. These include the Management Policy applicable to FCC Medio Ambiente Atlantic,
SHEQ Policy applicable to FCC Environment UK, Energy and Environmental Policy applicable to FCC Environment
Austria, Energy and Environmental Policy applicable to FCC Environment Czech Republic, Environmental and
Management System Policy applicable to FCC Environment Romania and the Environmental and Management System
Policy applicable to FCC Environment Slovakia.
(3) The Concessions Area adheres to the Environmental Policy of the Infrastructures Area.
(4) The Environmental and Energy Policy applicable to the Spanish cement plants and the Environmental Policy applicable
to the Tunisian operations are included.

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2
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3
Strategy and
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Statements
A2
Sustainability
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FCC. Annual Report 2024
Environmental Disclosures | Page 4 of 119
Transition plan for climate change mitigation
The FCC Group assumes its responsibility and commitment to climate action through its Climate Change
Strategy 2050, which, although it does not respond to all the requirements established by the ESRS
(E1-1_16), sets the long-term roadmap for tackling climate change, reducing the carbon footprint and
improving energy efficiency.
Specifically, the Strategy sets out Group objectives to be implemented in the different Business Areas in
line with their activities, which respond to reducing the contribution to climate change, identifying risks to
operations and targeting services to help customers respond effectively to the impacts of climate change.
Likewise, the Group's Climate Change Strategy defines five common pillars on which to develop the
specific strategic lines for each of the business areas:
1. Monitoring: identification and quantification of GHG emissions (carbon footprint calculation), defining
priority areas for action to establish reduction targets.
2. Reduction: reduction targets to limit process emissions and provide products and services with lower
environmental impact.
3. Adaptation: recognising impacts and challenges to address them and opportunities to expand
services and open new markets.
4. Innovation: develop innovation and efficiency capabilities to become more resilient, become strategic
allies of customers and facilitate the transformation to low-carbon operations.
5. Communication: transparent and open communication with stakeholders, reporting on management
and contribution to climate change mitigation and adaptation, and integrated solutions.
Actions related to climate change
In order to promote energy efficiency and climate change mitigation and adaptation, the different business
areas of the FCC Group have implemented a series of measures in the past, as described below:
Measures implemented
Environment Area
Climate action
Promotion of energy recovery from waste.
Development of a Technical Instruction to prevent heat stroke accidents among workers.
Development of protocols for dealing with extreme weather events, such as droughts, snowfalls or
floods.
Energy efficiency
Energy Management System certified in accordance with ISO 50001.
Increased energy consumption of renewable energies.
Development of more energy-efficient machinery.
Installation of software for more accurate monitoring of energy consumption from public lighting
contracts.
Installation of LED luminaires.
Process optimisation in the treatment of industrial waste.
Training workers in efficient driving techniques.
Increase in the proportion of vehicles powered by alternative energies.

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Chairwoman and the CEO
2
Ethical governance
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3
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Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 5 of 119
Water Area
Climate action
Calculation of the individual carbon footprint per country.
Use of renewable energies.
Transformation of the vehicle fleet.
Energy efficiency
Improved energy tracking and monitoring, enhancing the functionalities and scope of the electricity
billing control platform.
Platform for centralised monitoring and control of proposals and objectives for improvement of the
different contracts, relating to efficiency.
Launch of new pilots and equipment to improve the power supply signal to the facilities and reduce
consumption, through the Energy Efficiency Working Group.
Infrastructure Area
Climate action
Awareness-raising actions on site.
Promoting low-emission mobility.
Reduction of exhaust emissions from vehicles and machinery, through the use of electric machinery, or
by implementing efficient driving and traffic reduction measures on site.
Identification of the best adaptation measures for infrastructure and facilities exposed to sea level rise.
Adaptation of construction processes and materials used, in response to rising temperatures
Energy efficiency
Installation of energy-saving LED luminaires on site.
Use of modern and efficient machinery.
Development of machinery maintenance plans.
Implementation of good environmental practices to reduce energy consumption in the construction and
operation phases of infrastructures.
Cement Area
Climate action
Modification of furnace burners to optimise fuel consumption.
Use of fuels with a higher percentage of biomass.
Development of energy transition plans in cement plants.
Signing of renewable energy PPA contracts.
Energy efficiency
Continuous process optimisation.
Implementation and improvement of furnace and mill driving systems.
Renewal of equipment.
Installation of presence sensors and LED luminaires.
Energy audits according to ISO 50001.
Real estate
Climate action
Replacement of air-conditioning equipment with those using refrigerant gases with lower global
warming potential.
Installation of energy-efficient and energy-saving air-conditioning systems in developments.
Energy efficiency
Installation of LED luminaires in buildings.
Installation of more efficient air conditioning equipment.
Adjustment of air conditioning and heating temperatures.
Design of buildings with A or B energy certification.

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Chairwoman and the CEO
2
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3
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Statements
A2
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Report
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Environmental Disclosures | Page 6 of 119
The main actions implemented by the Business Areas during 2024 (MDR-A_01), focused on managing the
impacts, risks and opportunities related to climate change mitigation and adaptation, detailed in indicator
SBM-3, are listed and described below. These are further elaborated in Appendix III: Actions related to
environmental management.
Principales acciones implementadas por las Áreas de negocio
Environment Area
Action
Short description
LIFE ZEROLANDFILLING
Project
Innovation project focused on the revaluation of materials and the promotion
of the circular economy with the recovery and reuse of non-recyclable waste.
Renewal of the seal
"Calculo-Reduzco -
Compenso" and "Calculo-
Compenso".
Renewal of the registration, calculation and verification of the Carbon Footprint
at the Spanish Climate Change Office (OECC).
Reacciona Project
Compensation project consisting of planting a forest on municipal land
(Albacete - Spain).
Climate risk analysis
Development of a climate risk analysis for further prioritisation of actions in
line with the objectives.
Climate Change
Management Actions
Actions including, among others, projects related to electrification, use of
alternative fuels, degasification, energy efficiency, decarbonisation of the
supply chain and stakeholder engagement.
Water Area
Action
Short description
Energy optimisation and
emission reduction
Development of key actions to achieve decarbonisation targets. This includes
achieving CO2 neutrality, increasing the use of renewable energies, improving
the energy efficiency of facilities and transforming the vehicle fleet.
Infrastructure Area
Action
Short description
Contribution to the
gradual transition to
renewable energies
Installation of renewable energy systems, such as solar panels and wind
turbines, to reduce GHG emissions and dependence on fossil fuels.
Contribution to energy
efficiency in construction
Implementation of energy efficient technologies and practices in construction
through efficient materials, low consumption systems and integration of
renewable energies.
Concessions Area
Action
Short description
Contribution to the
gradual transition to
renewable energies
Installation of renewable energy generation systems, such as solar panels, to
reduce greenhouse gas (GHG) emissions by leveraging renewable energy use,
energy efficiency, electrification and fuel substitution.
Contribution to energy
efficiency in operation
Contribution to operational energy efficiency through the implementation of
energy-efficient technologies and practices in projects.
Cement Area
Action
Short description
Reducing the use of fossil
fuels in clinker kilns
Reducing the use of fossil fuels in clinker kilns by replacing them with
alternative fuels and the use of clean energies, promoting the circular economy
through the recovery of waste.
Reduction of CO2
emission ratio per tonne
of cement
Reduction of CO2 emissions per tonne of cement by substituting alternative
fuels and raw materials.
Reducing the carbon
footprint through
renewable energy
procurement
Procurement of renewable energy to reduce Scope 2 GHG emissions and
reduce the risk of energy cost overruns.

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Real estate Area
Action
Short description
BREEAM In-Use
Certification of Office
Buildings Portfolio
BREEAM certification in use of managed buildings to improve energy efficiency
and promote climate change mitigation.
Digitisation of
consumption monitoring
in managed buildings
Real-time monitoring of the consumption of managed buildings to promote
energy efficiency and contribute to climate change mitigation.
Replacement of
traditional lighting with
LED technology
Replacement of traditional lighting with LED technology in managed buildings.
To carry out these actions, the FCC Group has allocated a total of 57,674 thousand euros. This expense
is charged under the category of supplies, as indicated in the Profit and Loss Account of the Annual
Accounts, the total amount of which is 3,735,615 thousand euros (MDR-A_06, MDR-A_07, MDR-A_09,
MDR-A_10, MDR-A_11, MDR-A_12, E1-3_06, E1-3_07, E1-3_08).
Metrics related to climate change
Energy consumption and mix
Considering the impacts, risks and material opportunities of the FCC Group, the metrics that enable the
monitoring of the company's control and management with respect to energy consumption and mix are
set out below.
This section aims to provide detailed information on progress against the targets set, meeting the
disclosure requirements of section E1-5 on energy consumption and mix of the ESRS. It includes the
consolidation of total energy consumption data for all Business Areas, together with the contextual
information necessary to understand it.

Total energy consumption from activities
The following table shows the total energy consumption of the FCC Group in MWh related to its own
operations, distinguishing between fossil, nuclear and renewable energy consumption.
Energy consumption in own operations (MWh) (E1-5_01-E1-5_15)
2024
Fuel from coal and coal products (MWh) (E1-5_10)
793,418
Fuel from crude oil and petroleum products (MWh) (E1-5_11)
518,451,035
Fuel consumption from natural gas (MWh) (E1-5_12)
1,567,602
Fuel from other fossil sources (MWh) (E1-5_13)
2,955,347
Consumption of purchased or acquired electricity, heat, steam or refrigeration from fossil
sources (MWh) (E1-5_14)
16,303,520
Total energy consumption from fossil sources (MWh) (E1-5_02)
540,070,922
Share of fossil sources in total energy consumption (E1-5_15)
99 %
Total energy consumption from nuclear sources (MWh) E1-5_03)
181,223
Share of energy consumption from nuclear sources in total energy consumption (MWh)
(E1-5_04)
0 %
Fuel consumption from renewable sources, such as biomass (including also industrial and
municipal biowaste), biofuels, biogas, hydrogen from renewable sources, etc. (MWh) (E1-
5_06)
3,031,760
Consumption of electricity, heat, steam and cooling purchased or procured from renewable
sources (MWh) (E1-5_07)
1,051,351
Consumption of self-generated renewable energy (excluding that derived from the use of
fuels) (E1-5_08)
422,569
Total energy consumption from renewable energy sources (E1-5_05)
4,505,681
Share of renewable sources in total energy consumption (E1-5_09)
1 %
Total energy consumption (MWh) (E1-5_01)
544,759,827

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Energy intensity based on net income
Below, the FCC Group presents information on the energy intensity ratio, calculated as total energy
consumption in relation to net income. This information focuses on activities with high climate impact,
detailing the sectors by business area (E1-5_18).
High impact sector (E1-5_19, E1-5_20)
Environment Area
E
Water supply; sewerage; waste management and reclamation activities
D
Electricity, gas, steam and air-conditioning supply
H
Transport and storage
E38
Collection, treatment and disposal of waste; materials recovery
E38.1
Waste collection
E38.1.1
Collection of non-hazardous waste
E38.2
Treatment and disposal of waste
E38.2.1
Treatment and disposal of non-hazardous waste
E38.3
Materials recovery
E38.3.2
Recovery of sorted materials
Water Area
E
Water supply; sewerage; waste management and reclamation activities
E36
Water collection, treatment and distribution
E37
Sewerage activities
Infrastructure Area
F41.2
Construction of non-residential buildings
F42
Civil engineering
F43.2
Electrical, plumbing and other installation activities at construction sites (CP0315,
CP0318, CP0319)
F42.9
Construction of other civil engineering projects (CP0322)
F42.2.2
Construction of utilities projects for electricity and telecommunications (CP0319)
A2.1.0
Forestry and Other Forestry Activities (3G05 La Herrería / 3P10 TyP Madrid SO 2020 /
3S48 UTE Hidroforest)
Concessions Area (excluding Auconsa)
F42.1.1
Road and motorway construction
H49.3.1
Urban and suburban passenger land transport
CNAE 43.29
Other installations in construction work
Group H 4931
Passenger land transportation
Cement Area
C23.5.1
Cement manufacture
C23.6.4
Manufacture of mortars
C23.6.3
Manufacture of ready-mixed concrete
B8.1.2
Mining of gravel and sand; extraction of clay and kaolin
Real estate Area
L68.1.0
Purchase and sale of own property
L68.2.0
Renting and leasing of own or leased real estate
L68.3.2
Management of real estate for remuneration or on a contractual basis

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Energy intensity based on net income
(E1-5_18, E1-5_19, E1-5_20, E1-5_21, E1-5_22, E1-5_23)
2024
Total energy consumption of activities in high climate impact sectors (MWh)
544,750,253
Net income from activities in sectors with high climate impact (€)
8,866,056,722
Net income (other) (€)
205,359,278
Total net income included in the financial statements (€)
9,071,416,000(5)
Energy intensity ratio in sectors with high climate impact (MWh/€)
0,06
The breakdown of the FCC Group's renewable and non-renewable energy production is not available (E1-
5_16) (E1-5_17).
Gross Scopes 1, 2, 3 GHG emissions
Considering the material impacts, risks and opportunities of the FCC Group, the metrics that allow the
monitoring of the company's control and management of the gross GHG emissions of Scope 1, 2 and 3
are set out below.
This section aims to provide detailed information on progress against the targets set, meeting the
disclosure requirements of section E1-6 on gross emissions in metric tonnes of CO2 equivalent (tCO2eq) of
Scopes 1, 2 and 3 of the ESRS. This includes the consolidation of data on direct emissions (Scope 1) and
indirect emissions derived from electricity consumption (Scope 2) in own operations and those generated
along the value chain (Scope 3) of all the Business Areas, together with the contextual information
necessary to understand them.
Gross Scope 1 GHG emissions
The gross Scope 1 GHG emissions in tCO2eq emitted by the FCC Group in 2024, by consolidated
accounting group (including the parent company and subsidiaries), are presented below. Currently,
the FCC Group has not identified emissions by investees (understood as associates, joint ventures or
unconsolidated subsidiaries that are not fully consolidated in the financial statements of the consolidated
accounting group, as well as contractual arrangements that are unstructured joint arrangements through
an entity for which FCC has operational control).
Scope 1 GHG emissions (tCO2eq)
(E1-6_01, E1-6_02, E1-6_03)
2024
Gross GHG emissions Scope 1 (tCO2eq) (E1-6_07)
7,792,766
% Scope 1 GHG emissions from regulated emissions trading schemes (tCO2e)
(E1‑6_08)
35 %
In this case, the proportion of GHG emissions from regulated emissions trading schemes comes from the
Cement Area (E1-6_08).
There are no significant changes during 2024, in relation to the FCC Group's Scope 1 GHG emissions
(E1‑6_14, E1-6_16).
The methodologies for calculating Scope 1 greenhouse gas (GHG) emissions in the FCC Group
vary according to the business area and are adapted to local regulations. In the Environment Area,
FCC Medio Ambiente Atlantic follows the MITERD and GHG Protocol guidelines in Spain, with external
verification according to UNE EN ISO 14064-3:2006, while in France it applies ABC Carbone and Carbon 4.
FCC Environment CEE uses the methodology of the consultancy ERM, while FCC Environment UK uses the
EpE methodology with EpE and DESNZ conversions, estimating biogenic EfW emissions of 50% biomass.
In FCC Environmental Services USA, the calculation is based on estimated fuel consumption based on
2022 mileage, adjusted for turnover, with DEFRA 2023 emission factors.
In the Water Area, ISO 14064-1:2019 is applied with emission factors from national GHG inventories and
primary data from Aqualia's technical control base is used. In the Infrastructure Area, MITERD emission
factors and methodologies based on the GHG Protocol under ISO 14064-1 are used. In the Concessions
Area, the MITECO Carbon Footprint Calculator is used for the Murcia and Parla trams, while UTE MEL uses
factors from the Oficina Catalana de Canvi Climàtic. In the Cement Area, emission factors are applied
according to ETS or MITECO regulations and fuel consumption is managed using an internal methodology
and ERP SAP. Finally, in the Real Estate and Central Services Area, the MITECO Carbon Footprint Calculator
and MITECO 2023 services are used (E1-6_15).
(5) This figure does not include results from discontinued operations (Inmocemento spin-off).

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Gross Scope 2 GHG emissions
The gross Scope 2 GHG emissions in tCO2eq emitted by the FCC Group in 2024 are presented below,
both according to the location-based and market-based approach. In the same way as for Scope 1, the
information is included by consolidated accounting group; the data for investee companies is not currently
reported.
Scope 2 GHG emissions (tCO2eq)
2024
(E1-6_01, E1-6_02, E1-6_03)
Scope 2 "location-based" gross GHG emissions (tCO2e) (E1-6_09)
556,794
Gross "market-based" Scope 2 GHG emissions (tCO2e) (E1-6_10)
517,152
There have been no significant changes during 2024 in relation to Scope 2 GHG emissions in the
FCC Group, except in the Concessions Area, specifically in the "Parla Tramway". This increase is due to the
change of electricity supplier in February 2024, from using energy with Guarantee of Origin from renewable
energy to energy with Guarantee of Origin from High Efficiency Cogeneration (E1-6_14, E1-6_16).
The methodologies for calculating the FCC Group's greenhouse gas (GHG) emissions vary according to
the business areas. In the Environment Area, the methodologies are: in FCC Medio Ambiente Atlantic,
the MITERD guidelines are applied for Spain and ABC Carbone for France. In FCC Environment CEE, the
methodology of the consultancy ERM is used, while in FCC Environmental Services USA, they are based on
estimates of electricity consumption in 2022, with DEFRA 2023 emission factors. FCC Environment UK, on
the other hand, ensures that 100% of electricity comes from zero-emission sources.
In the Water Area, primary data from the company's Technical Reporting database and emission factors
from MITECO (Spain) and the International Energy Agency (other countries) are used. In the Infrastructure
Area, various methodologies are used, such as ISO 14064-1 and the MITERD Carbon Footprint Calculator,
together with emission factors from MITECO and the GHG Protocol. In the Concessions Area, the MITECO
Carbon Footprint Calculator is used for projects in Spain. In the Cement Area, an approach based on the
Spanish electricity mix in 2023 or a market-based approach, depending on power purchase agreements, is
applied. Finally, in the Real Estate and Central Services Area, the MITECO Carbon Footprint Calculator and
the national energy mix (E1-6_15) are also used.
Gross Scope 3 GHG emissions
Due to not having all the information related to emissions in the value chain, the Group does not have a
complete inventory of Scope 3 emissions. However, in accordance with the transitional provision in section
10.2 of ESRS 1, all information that has been collected regarding the gross Scope 3 GHG emissions in
tCO2eq emitted by the FCC Group in 2024 is included below:
GHG emissions Scope 3 (tCO2eq)
2024
(E1-6_01, E1-6_02, E1-6_03, E1-6_04, E1-6_05, E1-6_11, E1-6_25, E1-6_26, E1-6_27, E1-6_29)
1. Goods and services procured
975,636
2. Capital goods
72
3. Fuel and energy activities (not included in Scope 1 or Scope 2)
117,144
4. Upstream transport and distribution
153,820
5. Waste generated from operations
126,471
6. Business travel
1,821
7. Employee secondment
15,811
8. Assets leased in pre-commencement stages
0
9. Transport and downstream distribution
2,351
10. Transformation of products sold
579
11. Use of products sold
0
12. End-of-life treatment of sold products
0
13. Assets leased in later stages
0
14. Franchises
0
15. Investments
0
Total gross emissions
1,393,705
There are no significant changes during 2024, in relation to the FCC Group's Scope 3 GHG emissions
(E1‑6_14, E1-6_16).

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For those subsidiaries in the Business Areas that calculate Scope 3 GHG emissions, the methodology
used follows the specific applicable regulations and tools. In the case of the Environment Area,
FCC Environment UK applies the technical guide of the GHG Protocol to estimate emissions from travel,
while FCC Environmental Services USA uses DEFRA 2023 emission factors. In the Water Area, the most
representative goods and services are considered, such as water meters and reagents, and are measured
based on specific data from the upstream and downstream value chain (related to brass purchases and
from the company's Technical Reporting) (E1-6_25), using emission factors from DEFRA, ADEME and
Ecoinvent.
In the Infrastructure Area(6), FCC Construcción follows the ISO 14064-1 and ENCORD protocol, while
FCC Industrial makes estimates based on verified data from 2023 and production in 2023 and 2024.
Matinsa obtains its data through the VISION platform, as well as factors from DEFRA, SimaPro or those
provided by the FCC Group. Prefabricados Delta calculates its emissions using the MITERD calculator,
while Megaplas calculates its emissions following ISO 14064 and using emission factors from MITERD,
DEFRA, Ecoinvent and the IEA. In Concessions, UTE MEL uses the calculator of the Oficina Catalana de
Canvi Climàtic. In the Cement Area, the GHG Protocol methodology is adopted.
Finally, in the Real Estate Area, they use the data obtained from the life cycle analysis of the developments
computed, as well as the data provided by the travel agency, the Join up platform and the personnel
department for business trips (E1-6_15) (E1-6_29).
Gross emissions by scope type
The following data is reported for total GHG emissions in tCO2e, broken down by location and market
calculation:
Total GHG emissions by scope type (tCO2e)
2024
Total GHG emissions by location (E1-6_12)
9,743,266
Total GHG emissions by market (E1-6_13)
9,703,624
The calculation of total GHG emissions is based on the sum of Scope 1, 2 and 3 emissions reported above.
Contractual instruments used for the purchase and sale of combined energy
With regard to the contractual instruments used for Scope 2 emissions, in FCC Environment CEE
(FCC Austria) and Environment UK, 100% of the energy purchased is of renewable origin, resulting in
market-based emissions of zero (E1-6_18) (E1-6_19). In the Cement Area, PPA contracts are used that
specify the renewable origin of the energy (E1-6_23). Both the Real Estate Area and the Water Area use
Guarantees of Origin (GoOs) (E1-6_19). However, information on the percentage of contractual instruments
used for the purchase and sale of energy with or without attributes related to energy generation in relation
to Scope 2 GHG emissions is not available (E1-6_21) (E1-6_22).
Biogenic CO2 and other greenhouse gas (GHG) emissions related to biomass
Quantitative data on biogenic CO2 emissions from biomass combustion or biodegradation broken down
by emission scope are reported below. As mentioned above, the data reported are for the consolidated
accounting group.
Biogenic emissions of CO2 and other biomass-related greenhouse gases (tCO2eq)
2024
Biogenic CO2 emissions from biomass combustion or biodegradation
(tCO2e) - Scope 1 (E1-6_17)
913,499
Biogenic CO2 emissions from biomass combustion or biodegradation
(tCO2e) - Scope 2 (E1-6_24)
2,470
Biogenic CO2 emissions from biomass combustion or biodegradation in the
upstream and downstream value chain (tCO2e) - Scope 3 (E1-6_28)
4,055
GHG emissions intensity and its connectivity to financial reporting information
Data for the year 2024 is presented below, detailing total GHG emissions by both location and market, in
terms of tonnes of CO2 equivalent per euro of net income.
(6) FCC Industrial and Megaplas calculate emissions based on primary data from invoices, suppliers and documentary
records, considering fuels, electricity, transport, goods and waste management (E1-6_25).

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GHG emissions intensity per net income (tCO2e/miles de €)
(E1-6_30) (E1-6_31) (E1-6_32)
2024
Total GHG emissions (by location) per net income
1.07
Total GHG emissions (by market) by net income
1.07
The net income used to calculate the GHG intensity was 9,071,416 thousand euros. This net turnover
amount is indicated in the Profit and Loss Account of the FCC Group Financial Statements (E1-6_33)
(E1‑6_34) (E1-6_35).
GHG removals and GHG mitigation projects financed
by carbon credits
Considering the material impacts, risks and opportunities of the FCC Group, the metrics that enable the
monitoring of the company's control and management of GHG absorption and storage are set out below.
This section aims to provide detailed information on progress against the targets set, fulfilling the
disclosure requirements of section E1-7. It will address both GHG removals and storage in the Group's own
operations and emission mitigation projects financed through carbon credits, both within and outside the
company's value chain.
Absorption and storage of GHG emissions from projects
Currently, the FCC Group, with the exception of the Water Area, has not identified any projects that it may
have developed in its own operations, or in which it has contributed in its upstream and downstream value
chain, that contribute to the absorption and storage of GHG emissions (E1-7_01).
Below, the Water Area discloses quantitative data regarding the total amount of GHG emissions in
tCO2eq associated with a removal activity, including transport and storage, to which it has contributed in
its upstream and downstream value chain during 2024, in order to provide a clear understanding of the
amounts and progress against the targets set. During this financial year, no GHG emission absorption
or storage activities have been carried out in own operations, nor have carbon credits been generated in
these operations or in the value chain, nor have they been sold on the voluntary market (E1-7_09, E1-7_03,
E1-7_04, E1-7_05 and E1-7_06).
GHG emissions associated with removal activities (tCO2eq) (E1-7_07)
2024
GHG absorption and storage projects in the FCC upstream
and downstream value chain
Fixation by sludge input to agriculture
Biogenic or due to land use changes
Total GHG removals in the FCC upstream and downstream value chain
Total
1.02
The calculation of GHG emissions absorbed in the described activity is based on the methodology
described in the Guide méthodologique d'évaluation des émissions de Gaz à Effet de Serre des services
de l'eau et de l'assainissement (ADEME, France, 2024). This is done by multiplying the amount of tonnes
of sludge destined for valorisation by an emission factor that takes into account the CO2 fixation. As this
factor reflects carbon sequestration, its value is negative and is counted as a removal (E1-7_08).
GHG emission reductions or removals from climate change mitigation projects
The FCC Group, with the exception of the Water and Infrastructures Area, has not financed climate change
mitigation projects outside its value chain through the purchase of carbon credits (E1-7_02).
Although the Infrastructure Area has not offset any emissions by 2024, it plans to carry out this type
of action within the framework of its Climate Change Strategy. The Water Area provides more detailed
data below on its emissions offsetting initiatives, and is currently working to determine the total amount
of non-value chain carbon credits expected to be cancelled in the future and whether or not they will be
based on existing contractual agreements, recognised quality standards and/or qualified as corresponding
adjustments under article 6 of the Paris Agreement (E1-7_02, E1-7_11, E1-7_12, E1-7_16, E1-7_18,
E1‑7_19).

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Carbon credits recognised by quality standards (E1-7_19)
2024
Carbon credits cancelled in the reporting year (E1-7_10)
Total (tCO2e) (E1-7_10)
1,800
Percentage of reduction projects (%) (E1-7_13)
6 %
Percentage of absorption projects (%) (E1-7_14)
94 %
Percentage of projects within the EU (%) (E1-7_17)
11 %
Carbon credits from removal projects come from biogenic sinks, specifically from reforestation projects.
These projects involve planting trees and restoring forests, which helps to absorb carbon dioxide from the
atmosphere naturally (E1-7_15).
The Water Area has set a carbon neutrality target for 2050, aligned with international emission reduction
commitments. To meet this target, it plans to reduce GHG emissions by approximately 90-95 % through
various measures, including fleet electrification, improved energy efficiency and the use of renewable
energy. Residual emissions that cannot be eliminated directly will be neutralised through carbon offset
projects in its value chain, or outside the value chain through the purchase of carbon credits.
The Infrastructures Area, for its part, plans to develop offsetting actions following the verification of
emissions in 2024, but no specific amounts have been identified at present. These actions are aligned
with the company's Climate Change Strategy, which envisages achieving its long-term goals through a
combination of direct reductions and external GHG offsets (E1-7_20).
Public declarations of GHG neutrality involving the use of carbon credits
The FCC Group has not made any public declarations of GHG neutrality, with the exception of Área de
Agua, whose offset projects are backed by a neutrality certificate associated with an Aqualia contract
in Lleida, in which both a Reduzco plan and a Compenso plan are implemented (E1-7_21, E1-7_22).
At present, it has not been possible to identify whether the use of carbon credits in this context is
complementary to emission reduction strategies and whether or not it interferes with the achievement
of GHG reduction targets (E1-7_23). These projects have been certified by the Ministry for Ecological
Transition and the Demographic Challenge (MITERD), as well as by the Catalan Climate Change Office, and
are registered in the VERRA system (E1-7_24, E1-7_25).
Domestic carbon prices
Currently, the FCC Group has not implemented internal carbon pricing systems (E1-8_01, E1-8_02, E1-8_03,
E1-8_04, E1-8_05, E1-8_06, E1-8_07, E1-8_08 and E1-8_09).
Targets related to climate change
The measurable objectives established to support climate change mitigation and adaptation policies that
reflect the willingness to manage the impacts, risks and opportunities described in indicator SBM-3 are
detailed below. They are further specified in Appendix IV: Targets related to environmental management.
Environment
Targets
Short description
Reducing GHG Emissions
to achieve climate
neutrality by 2050
The objective is to achieve climate neutrality by 2050 by reducing
Greenhouse Gas (GHG) emissions. This implies the implementation of
strategies and measures to gradually reduce emissions in order to achieve
a net zero emissions balance by 2050.
Increase in GHG emissions
avoided
The objective is to increase avoided GHG emissions to reach carbon
neutrality by 2050. It aims to reduce a total of 2,353,500.12 tCO2eq
compared to the base year 2017, with intermediate targets of 20 % in
2030 and 50 % in 2050.
Achieving NET ZERO
Carbon by 2040
The goal is to achieve net zero carbon emissions by 2040 for
FCC Environment UK, reducing carbon emissions by 5 % annually based
on 2019 results.
Reduction of specific
energy consumption
The target is to reduce the specific energy consumption by 0.5 %
compared to the previous year, with a baseline value of 662,896.35
MWh. This target is aligned with the energy and environmental policy of
FCC Environment CEE Austria, which promotes energy efficiency and the
continuous reduction of energy consumption (Austria).
Renewable energy
production from
photovoltaic panels
The objective is to generate renewable energy by installing photovoltaic
plants, with a total capacity of 750 kWp on rooftops and landfills. The
reference value is 480,000 €, with an implementation period of 2024-2025,
contributing to emission reduction and energy efficiency (Czech Republic).

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Water
Targets
Short description
Annual reduction in climate
intensity
The objective is to reduce climate intensity, with a 35 % reduction target
by 2030 and to achieve carbon neutrality by 2050. This will be achieved
through energy efficiency measures, the use of renewable energies and
the implementation of new technologies to reduce emissions, contributing
to the mitigation of climate change and adapting the company to its
effects.
Infrastructure
Targets
Short description
Reduction of petrol and
diesel A consumption
The objective is to reduce petrol and diesel A consumption, with a
reduction target of 10 % by 2026 and 61 % by 2030. This effort will
contribute to reducing GHG emissions, aligning with the company's
long‑term decarbonisation commitments.
Evolution of conventional
electricity sources
towards 100% renewable
alternatives
The objective is to achieve a complete transition to 100 % renewable
electricity purchases in all countries where the Infrastructure Area
operates, eliminating the consumption of non-renewable energy by 2021.
Intermediate targets of a 29 % increase by 2026 and 65 % by 2030 are set.
Cement
Targets
Short description
Reduction of CO2
emissions from process
and combustion in grey
cement
The objective is to reduce CO2 emissions in Spanish cement factories
to 0.54 tCO2eq per tonne of grey cement. This objective is part of its
Environmental and Energy Policy.
Increasing the share of
energy purchased from
renewable sources
The goal is to reach 80% of energy purchased from renewable sources by
2030. This target is aligned with the company's Environmental and Energy
Policy, with the aim of reducing the carbon footprint and promoting the
use of clean energy in all operations.
Increase the percentage
of thermal substitution of
fossil fuels by alternative
fuels.
The objective is to achieve a thermal substitution of fossil fuels by
alternative fuels of more than 70 % by 2030. This target is aligned with its
Environmental and Energy Policy.
Real estate
Targets
Short description
Greenhouse gas reduction
in managed buildings
The aim is to reduce greenhouse gases in developed buildings and
developments by 25 % by 2030.
Due to the activity carried out by the Concessions Area, it has not established quantifiable climate change
objectives and does not currently have a procedure in place to monitor the effectiveness of its policies and
actions (MDR-T_15, MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19).

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2.2. ESRS E2 - Pollution
Pollution prevention is a fundamental pillar of the FCC Group's commitment to sustainability and respect
for the environment. In this regard, the Group works proactively to reduce and minimise negative impacts
on air, water and soil derived from operating activities, promoting a sustainable use of natural resources
and adopting responsible practices in all processes. In addition, it promotes prioritising the identification
and management of environmental risks, as well as the implementation of protection, prevention and
remediation measures to ensure a healthier and more balanced environment.
Below is a detailed description of how the FCC Group manages this key aspect, reflecting its commitment
to sustainability and the preservation of the natural environment.
Material impacts, risks and opportunities
The conclusions obtained from the FCC Group's double materiality analysis in relation to issues related to
pollution prevention are set out below. As this is the first year that information is reported in accordance
with the ESRS, there are no changes with respect to previous years (SBM-3_11).
Impact materiality
Based on the double materiality analysis, and in relation to pollution, the impacts of the Business Areas
that have been material on stakeholders are identified below.
Impact
Area
Horizon
Location
(SBM-3_01, SBM-3_04, SBM-3_12)
(SBM-3_07)
(SBM-3_06)
(SBM-3_01, 07)
Air pollution
(I-E2.1) Atmospheric pollution derived from the
emission of polluting gases in own operations
(NOx, SOx, VOCs, particles and metals).
Environment
Infrastructure
Concessions
Cement
CU
OP
(I-E2.2) Air pollution from the production of
goods and services (NOx, SOx, particulate
matter, etc.) in the upstream value chain.
Environment
Infrastructure
Cement
CU
UVC
Water pollution
(I-E2.3) Contamination of water bodies as
a consequence of leachate production and
release.
Environment
CU
OP
Soil contamination
(I-E2.4) Soil contamination as a consequence of
leachate production and release.
Environment
CU
OP
Microplastics
(I-E2.5) Contribution to the reduction of
microplastics from cleaning and waste
treatment activities.
Environment
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain

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Financial materiality
In addition, based on the double materiality analysis, the material opportunities for the Business Areas to
be managed in terms of pollution, which have been material for the stakeholders, are identified below.
Risk/opportunity
Type
Area
Financial effects
Location
(SBM-3_02)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
Soil contamination
(F-E2.1) Increase in turnover
from the development of soil
restoration projects.
O
Environment
Future growth in turnover
and projects related to the
decontamination of contaminated
land.
OP
Hazardous and extremely hazardous substances
(F-E2.2) Continuous
development of the hazardous
substances treatment business.
O
Environment
Generation of economic
profitability through the treatment
of hazardous substances for other
companies, avoiding negative
environmental impacts (M).
OP
* Issue dealt with by specific organisational issues.
R: Risk O: Opportunity M: Possible materialisation in the short term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
The above impacts and opportunities result, fundamentally, from pollution of water, soil and the emission
of microplastics and substances of concern into the air, as well as from the promotion of new projects
and pollution management, as a consequence of the activities carried out in the FCC Group, based on the
framework of the strategy and business model (SBM-3_05). Aware of the effects of its impacts, risks and
opportunities, over the years the FCC Group has implemented measures to mitigate their effects, both
on the company and on its stakeholders. Therefore, although they are related to the Group's strategy and
business model, it is not considered necessary to update these elements for the management of impacts
and opportunities (SBM-3_03, SBM-3_10).
Given the activities carried out by the Water Area and the Real Estate Area, no material impacts, risks
and opportunities related to pollution have been identified, so this issue is not a material aspect for these
businesses. Therefore, this chapter does not describe the policies, actions and objectives established by
these areas.
Policies related to pollution
The FCC Group considers the prevention of pollution as a central issue in its environmental management
and, in accordance with its environmental commitment, dedicates its efforts to limiting the effect that its
activities have on the environment.
As the activities carried out by the FCC Group vary, the sources and types of associated pollution may
vary and therefore each business area has implemented a policy adapted to its operations. These
policies reflect a clear commitment to the reduction and prevention of pollution, focusing on managing
the impacts, risks and opportunities, detailed in indicator SBM-3, on air, water and soil. Through the
sustainable use of natural resources and compliance with current regulations, they seek to transform
activities towards more responsible models, promoting sustainable and environmentally friendly practices
in all FCC Group businesses (MDR-P_01).
The following is a list of the policies of the Business Areas related to pollution and the main aspects they
cover, establishing the commitments and general principles of action applicable to the Business Areas.
These policies are developed in more detail in Appendix II: Policies related to environmental management.

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Area
Policy
Aspects covered
Related negative
impacts
(E2-1_01)
Substances
of concern
(E2-1_02)
Incidents and
emergencies
(E2-1_03)
Environment
Policies of FCC Servicios
Medioambiente Holding(7)
Infrastructure
Environmental Policy
Concessions
Environmental Policy(8)
Cement
Environmental and Energy
Policy
(7) In the case of FCC Servicios Medioambiente Holding, S.A., as it is made up of several businesses, a synthesis of all the
established policies has been made. These include the Management Policy applicable to FCC Medio Ambiente Atlantic,
SHEQ Policy applicable to FCC Environment UK, Energy and Environmental Policy applicable to FCC Environment
Austria, Energy and Environmental Policy applicable to FCC Environment Czech Republic, Environmental and
Management System Policy applicable to FCC Environment Romania and the Environmental and Management System
Policy applicable to FCC Environment Slovakia.
(8) The Concessions Area adheres to the Environmental Policy of the Infrastructures Area.
Actions related to pollution
In accordance with the different activities of the FCC Group, measures are identified that contribute to the
minimisation of pollution, whether atmospheric pollution derived from emissions of polluting gases; water
and soil pollution due to spills and discharges; light pollution due to light emissions or noise pollution due
to noise generation, expressing a firm commitment to reduction and considering at all times compliance
with the legal requirements established in the different countries in which it operates.
The main sources of pollution and the measures implemented by the business areas to reduce their
impact are identified below.
Air pollution (NOx, SOx, particulate matter)
Environment Area
Main sources
Waste management activities.
Use of the vehicle fleet.
Measures implemented
Monitoring and traceability of biodegradable material sent to landfill.
Dynamic optimisation through the use of sensors of the routes, depending on the level of waste in the
containers.
Reduction of km travelled on routes through the use of spatial calculation programmes.
Infrastructure Area
Main sources
Earthmoving or demolition activities.
Movement of vehicles and machinery.
Measures implemented
Water irrigation on roads to reduce particulate emissions.
Control of the speed of vehicles on site.
Use of more modern machinery.

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Área de Cemento
Main sources
Use of clinker kilns in the manufacture of cement.
Use of machinery and vehicles.
Measures implemented
Implementation of selective non-catalytic reduction techniques for NOx emission reduction.
Installation of burners with associated low NOx emissions.
Control of fuel dosage.
Installation of sleeves and electrostatics, in order to reduce concentrations in channelled sources.
Installation of filters in conveying and transfer of powdery materials.
Irrigation of tracks and paths.
Use of sweepers and vacuum trucks to avoid diffuse emissions.
Spills and discharges
Environment Area
Main sources
Leachate generation.
Discharges of wastewater as a consequence of the development of the activity.
Measures implemented
Establishment of a procedure for the control of wastewater discharges.
Control and analysis of discharges to ensure compliance with environmental regulations.
Monitoring of BOD5 and nitrogen concentrations in leachate.
Installation of rainwater collection and diversion systems to prevent rainwater from coming into contact
with waste.
On-site treatment of leachate or, if this is not possible, transfer to authorised external waste disposal
facilities.
Installation of water and/or oil interceptors for spill prevention.
Infrastructure Area
Main sources
Generation of process wastewater.
Measures implemented
Water quality monitoring.
Implementation of a gutter washing area on site.
Installation of decanting systems to remove suspended solids.
pH neutralisation of water with acids or CO2.
Cement Area
Main sources
Discharge of rainwater and sanitary sewage.
Generation of leachate from stored material.
Measures implemented
Installation of purification systems in quarries and factories to guarantee the quality of the discharge.
Implementation of closed circuits for wastewater reuse.
Storage of waste under roof, on concreted surfaces, and with retention bins.
Compliance with regulatory inspections of tanks for hazardous substances, such as fuels.

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With regard to noise and light pollution, the Business Areas establish specific actions that are adapted to
the characteristics and specificities of their activities. The measures implemented are described below:
Light and noise pollution
Environment Area
Measures implemented
Use of electric vehicles.
Use of brush cutters, blowers, hedge trimmers and electric chainsaws.
Adaptation of the time (day or night) of the different activities, such as waste collection, to adapt to the
most appropriate time in each case.
Infrastructure Area
Measures implemented
Sound insulation of machinery.
Installation of noise barriers or movable screens.
Staff training and awareness-raising.
Cement Area
Measures implemented
Installation of noise barriers
Sound insulation of machinery
Environmentally friendly night lighting.
Below, lists and describes the main actions implemented by the Business Areas during the 2024 financial
year (MDR-A_01), focused on managing the impacts, risks and opportunities related to pollution, detailed
in indicator SBM-3. These are developed in more detail in Appendix III: Actions related to environmental
management.
Main actions implemented by the Business Areas
Environment
Action
Short description
LIFE ABATE Project
Development of new technologies for the abatement of volatile organic
compounds in waste treatment plants.
H2TRUCK Project
Design and development of waste collection vehicles powered by a hybrid
hydrogen and lithium-ion battery system, aimed at reducing pollutant
emissions associated with fuel combustion.
Landfill management
Application of best practice in landfill construction and operation,
minimising negative impact on the surrounding soil, optimising pollutant
emissions from transport and installing groundwater monitoring methods.
Infrastructure
Action
Short description
Application of best
practices in construction
processes
Application of various measures, such as the installation of wastewater
treatment plants for the treatment of water left over from construction
processes, or the development of actions for the correct maintenance
of machinery, which enable the reduction of atmospheric, soil or water
pollution derived from the company's operations.
Implementation of
environmental monitoring,
measurement and analysis
Implementation of environmental monitoring, measurement and analysis
systems to contribute to the identification and mitigation of pollution
sources.
Cement
Action
Short description
Improving air quality
Installation of improvements in the processes and installations for cement
factories in Spain, aimed at improving air quality (road watering, sweepers,
wind screens, control of powdery stockpiles), thereby reducing the number
of complaints about emissions.
Due to the activity carried out by the Concessions Area, it has not established actions on pollution
(MDR-A_13).

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Metrics related to pollution
Air, water and soil pollution
Considering the material impacts and opportunities of the FCC Group, below are the metrics that allow
us to understand the emissions of pollutants into the air, water and soil, as well as the microplastics
generated or used by the company.
This section is intended to provide detailed information on progress against the targets set, meeting
the disclosure requirements of ESRS pollution section E2-4. It includes consolidated metrics for all
its Business Areas for facilities under financial and operational control. The methodologies used for
measurement and data collection are also described, along with any changes in emissions observed over
time.
Pollutants emitted and microplastics generated or used
The following table details the quantities of the main pollutants emitted by all the FCC Group's Business
Areas into the air during 2024, which exceed the thresholds as set out in Annex II of Regulation (EC)
No 166/2006 of the European Parliament and of the Council concerning the European Pollutant Release
and Transfer Register (E-PRTR).
Pollutant
Volume of atmospheric
emissions (kg/year)
(E2-4_01, E2-4_02, E2-4_03, E2-4_04)
Methane (CH4)
58,350,789
Carbon monoxide (CO)
12,211,606
Carbon dioxide (CO2)
4,342,059,881
Nitrous oxide (N2O)
253,071
Ammonia (NH3)
109,745
Non-Methane Volatile Organic Compounds (NMVOCs)
333,564
Nitrogen oxides (NOx/NO2)
16,576,011
Sulphur oxides (SOx/SO2)
1,370,124
Hydrochlorofluorocarbons (HCFCs)
1,000
Cadmium and compounds (Cd)
16
Pollutant
Volume of atmospheric
emissions (kg/year)
(E2-4_01, E2-4_02, E2-4_03, E2-4_04)
Mercury and compounds (Hg)
80
Benzene
4,157
Chlorine and inorganic compounds (HCl)
83,976
Particulate matter (PM10)
477,329
Currently, the volume of pollutants emitted into water has been reported by the Infrastructures Area,
although this volume is not included as it does not exceed the previously indicated threshold. On the other
hand, pollutants in soil have not been assessed in 2024 by the FCC Group.
The amount of microplastics that the FCC Group, on a consolidated basis, generated and used in 2024
was 21 tonnes (E2-4_05, E2-4_06, E2-4_07).
For the identification and measurement of pollutants, including microplastics, the FCC Group employs a
combination of methodologies comprising direct measurements and calculations based on recognised
standards, such as EURO emission standards, the GHG Protocol and specific regulations applicable to
each region (E2-4_09) (E2-4_10). In situations where direct measurement is not feasible, such as vehicle
fleets or microplastics, lower methodologies based on published estimates and pollution factors are used
(E2-4_15). These methodologies allow reliable and consistent results to be obtained within the existing
technical and economic constraints, ensuring compliance with applicable regulations.(9)
Regarding validation, certain metrics, such as those related to industrial emissions or incineration plants,
are verified by external accredited bodies (e.g., TÜV Süd, Eurofins), while others, such as estimates of
vehicle emissions or microplastics, are not yet externally validated.
(9) As for changes over time, given that 2024 will be the first reporting year, it is not yet possible to assess changes
or trends. However, continuous monitoring is foreseen in subsequent years to analyse the evolution of the results
(E2‑4_08).

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Substances of concern and substances of very high concern
Considering the material opportunity for the FCC Group, the metrics that allow the monitoring of the
company's control and management of substances of concern and SVHC are set out below.
This section aims to report information on the production, use, distribution and placing on the market of
these substances, in compliance with section E2-5 of the ESRS pollution guidelines.
Total quantity of substances of concern and substances of very high concern
The table below provides a detailed breakdown of the FCC Group's substances of concern, classified
according to the main hazard classes associated with these substances, providing the total volume
of each. With the exception of the Infrastructure, Concessions and Water Areas, the other Areas of the
FCC Group do not handle substances of concern; however, only the former has reported the amount of
substances of concern used in 2024. In terms of substances of very high concern, none of the Business
Areas are affected.
Substances of concern
Quantity
Type of hazard
(E2-5_01, E2-5_02, E2-5_03, E2-5_04, E2-5_05, E2-5_06, E2-5_07)
Substance of concern (tonnes)
11
Phytosanitary risk
Targets related to pollution
With the aim of minimising pollution and promoting sustainable management, a series of specific
goals are defined to measure, evaluate and optimise environmental performance, which respond to the
FCC Group's commitment to environmental protection, continuous improvement and the development of
sustainable solutions.
The most important commitments relating to the reduction of pollution from the Business Areas are
identified below:
Environment
Target
Atmospheric pollution
Reduce pollutant emissions of NOx, SOx and particulate matter.
Increase the proportion of renewable energy in installations.
Promote the use of public transport or sustainable means of mobility
for commuting to the office by employees.
Spills and discharges
To reduce the discharges generated.
Noise pollution
Expand the use of brush cutters, blowers, hedge trimmers and electric
chainsaws for parks and gardens maintenance and other services.
Light pollution
Extend the use of the light pollution map management tool to
installations located in high-risk areas.
Develop reduction plans.
Infrastructure
Target
Atmospheric pollution
Minimise the emission of particulate matter.
Extend the use of smart sensors for real-time atmospheric
measurements.
Noise pollution
Minimise noise emission.
Extend the use of smart sensors for real-time noise measurement.
Cement
Target
Atmospheric pollution
Improving the NOx abatement system in Olazagutía.
Spills and discharges
Achieve zero spills of hazardous substances in any of the factories.

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The quantifiable objectives established to manage the impacts, risks and opportunities detailed in
indicator SBM-3, relating to the reduction of pollution, are indicated and described below. These are also
specified in more detail in Appendix IV: Targets related to environmental management.
Environment
Target
Short description
100 % low-emission vehicle fleet
100 % of the vehicle fleet to be low carbon:
"ECO" or "0 emissions" label (CNG, hybrid or
electric vehicles). This is intended to reduce NOx
emissions associated with vehicle combustion
(Spain and Portugal).
Cement
Target
Short description
Reduction of dust emissions to the outside,
improving air quality in the environment.
Voluntary target to reduce the number of
complaints about particulate matter emissions in
the environment
The Infrastructures Area has not established quantifiable pollution targets (MDR-T_15), but monitors
the effectiveness of its policies and actions, promoting continuous improvement in environmental
management based on the Good Housekeeping Practices Guide (MDR-T_16). The Area is working on
the development of quantifiable objectives aimed at controlling the possible pollution generated by its
activities (MDR-T_14). In any case, every year (MDR-T_19), it publishes the System Review Report, in which
an analysis is made of the status and results of operations for review by senior management. In addition,
an Area Sustainability Strategy Monitoring Committee has been created to monitor compliance with the
Sustainability Strategy by means of the indicators established for this purpose (MDR-T_18).
Due to the activity carried out by the Concessions Area, it has not established quantifiable pollution targets
and has not yet established a procedure for monitoring the effectiveness of its policies and actions
(MDR-T_15, MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19).
2.3. ESRS E3 - Water and Marine Resources
Growing concerns about water scarcity are intensifying in the face of the impacts of climate change. This
phenomenon not only compromises the availability of a fundamental resource, but also increases the
risk of drought and amplifies water stress situations, directly affecting the quality of life in communities.
Beyond its vital role for survival, water plays a central role in the balance of biodiversity, food production
and economic development. In this critical scenario, responsible water management becomes an essential
pillar to mitigate the adverse effects of scarcity and promote sustainable use.
For this reason, the FCC Group promotes, through its different business areas, the efficient use of water
resources, and aims to provide solutions, reducing water stress in the areas in which it operates.
Material impacts, risks and opportunities
The conclusions obtained from the FCC Group's double materiality analysis in relation to issues related
to water and marine resources are set out below. As this is the first year that information is reported in
accordance with the ESRS, there are no changes with respect to previous years (SBM-3_11).

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Impact materiality
Based on the double materiality analysis carried out, and in relation to water and marine resources, the
FCC Group has identified the following material impacts on stakeholders.
Impact
Area
Horizont
Location
(SBM-3_01, SBM-3_04, SBM-3_12)
(SBM-3_07)
(SBM-3_06)
(SBM-3_01, 07)
Water consumption and withdrawals
(I-E3.1) Increased water stress as a consequence of the
in own operations.
Environment
Water
Cement
CU
OP
(I-E3.2) Increased water stress due to water
consumption in the upstream value chain.
Environment
Cement
Real estate
CU
UVC
(I-E3.3) Reuse of water in industrial and urban
processes, optimising its use to ensure sustainability of
water resources and reduce pressure on natural sources.
Water
CU
OP
Water discharges
(I-E3.4) Impact on water bodies as a result of the
generation of wastewater in operations.
Environment
Water
Cement
CU
OP
(I-E3.5) Reuse of water in industrial and urban processes,
optimising its use to ensure the sustainability of water
resources and reduce pressure on natural sources.
Water
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
Financial materiality
For its part, the Group has identified a number of material risks to be managed in the water and marine
resource areas, which are set out below.
Risk/opportunity
Type
Area
Financial effects
Location
(SBM-3_02)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
Water consumption and withdrawals
(F-E3.1) Impossibility of maintaining
the continuity of the contracted
service for human consumption,
irrigation, industrial use, etc.
R
Water
Loss of income due to
the interruption of the
contracted service for human
consumption, irrigation or
industrial use.
OP
Water discharges
(F-E3.2) Legal and reputational
risks associated with inadequate
waste management and dumping,
which could contaminate soils and
bodies of water, as well as generate
atmospheric emissions.
R
Water
Legal and reputational risk
due to inadequate waste
management and dumping,
with possible contamination
of soil, water and atmospheric
emissions.
OP
* Issue dealt with by specific organisational issues.
R: Risk O: Opportunity M: Possible materialisation in the short term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
The above impacts and risks result, fundamentally, from water consumption, discharges and the
unsustainable use of this resource, in addition to the increase in water stress as a consequence of the
activities carried out in the FCC Group, based on the framework of the strategy and business model
(SBM-3_05). Aware of the effects of its impacts and risks, over the years the FCC Group has implemented
measures to mitigate their effects, both on the company and on its stakeholders. Therefore, although they
are related to the Group's strategy and business model, it is not considered necessary to update these
elements for the management of impacts and risks (SBM-3_03, SBM-3_10).

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Given the activity carried out by the Infrastructures Area and the Concessions Area, no material impacts,
risks and opportunities related to water and marine resources have been identified, so this issue is not a
material aspect for these businesses. Therefore, this chapter does not describe the policies, actions and
objectives established by these areas.
Policies related to water and marine resources
Concerns about water scarcity are increasing due to the effects of climate change, which not only affects
water availability, but also aggravates the risk of droughts and generates higher levels of water stress. In
this context, proper water management becomes crucial to reduce the negative impacts of water scarcity
and ensure its responsible use.
The FCC Group addresses the reduction of consumption and the protection of water and marine
resources as a priority in its environmental strategy. For this reason, FCC's business areas develop
policies to manage the impacts and risks linked to water and marine ecosystems, as indicated in indicator
SBM-3. Through these policies, the areas seek to reaffirm their commitment to sustainability through
environmental management centred on the protection of natural resources, especially water, focusing on
optimising its efficient use, implementing strategies to reduce its consumption and taking advantage of
advanced technologies for its treatment and reuse, such as grey water (MDR-P_01).
The Business Area policies related to water resources and the main aspects they cover are listed below,
setting out the commitments and general principles of action applicable to the Business Areas. These
policies are developed in more detail in Appendix II: Policies related to environmental management.
Area
Policy
Aspects covered
Water
management
(E3-1_01, E3-
1_02, E3-1_03,
E3-1_04)
Product and
service design
(E3-1_05)
Consumption in
water-stressed
areas
(E3-1_06)
Environment
Policies of FCC Servicios
Medioambiente Holding(10)
Water
Sustainability Policy
Cement
Environmental and Energy
Policy
Real estate
Sustainability Policy
Actions related to water and marine resources
Controlling water consumption is of crucial importance given the essential nature of this resource and the
challenges related to its scarcity. Aware of this premise, the various business areas implement measures
aimed at mitigating the adverse impacts of activities that generate significant water consumption, thus
contributing to the preservation of water resources.
(10) In the case of FCC Servicios Medioambiente Holding, S.A., as it is made up of several businesses, a synthesis of all the
established policies has been made. The Management Policy applicable to FCC Medio Ambiente Atlantic and the SHEQ
Policy applicable to FCC Environment UK are included.

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The work of the Water Area is particularly noteworthy, as it plays a key role in the integral management of
water within the FCC Group. Through its activity, the company is committed to maximising efficiency in the
use of this resource, in all the phases that make up the integral water cycle:
Catchment: supply from various sources, including seawater, saline wells and springs.
Potabilisation: in order to guarantee the quality of drinking water, specific technologies adapted to its
origin and characteristics are applied in the treatment plants.
Desalination: processes are put in place to maximise the use of water resources and address the
problem of scarcity.
Distribution: through an articulated network of drinking water distribution from the headwater reservoirs
to the municipalities and buildings, ensuring efficient access for the population.
Collection: discharges from buildings and runoff water from rainfall periods are directed to treatment
facilities through the sewerage system, where they are managed for reuse or controlled discharge.
Purification: Wastewater treatment plants contribute to improving the physical and sanitary
characteristics of wastewater.
Reuse: treated water is used for a variety of applications, such as park irrigation, cleaning and recovery
of ecological flows.
In addition to its commitment to the integral water cycle, the Water Area contributes significantly to the
responsible management of this essential resource through other specific management areas:
Industrial water treatment: it carries out the design, construction and operation of facilities adapted to
the needs of industry, providing solutions tailored to the needs of its customers, supplying state-of-the-
art equipment and offering technical assistance.
Management of irrigation infrastructures: irrigation infrastructures are managed and maintained by
working with irrigation communities and agricultural entities. This collaboration is essential to ensure
optimal water availability in the agricultural sector, contributing to the sustainability of food production
and the efficient management of water resources in these communities.
Likewise, the rest of the FCC Group's businesses require the use of water for the normal development of
their activity. The following figure shows the main activities in which there is a greater interaction with
water, as well as the measures implemented to manage it.
Environment Area
Main water-consuming activities
Cleaning and maintenance of gardens and green areas.
Street cleaning service.
Maintenance of ornamental fountains.
Maintenance and use of facilities by staff.
Water use in waste treatment plants.
Measures implemented
Prioritisation of water-saving technologies and equipment both in the facilities and in park and garden
irrigation and street sweeping and cleaning activities.
Promotion of water saving devices in the facilities and efficient irrigation management.
Improved practices for monitoring and controlling water consumption in various facilities, with special
attention to water-stressed areas.
Selection of species with lower water requirements and better adapted to the climate.
Adaptation of management to the decrease in water availability at Municipal Solid Waste (MSW)
treatment plants.
Incorporation of efficient technologies, such as pumping systems in the flushing cisterns or the
installation of a dual sweeper.
Recirculation of water and landfill leachate in waste processing plants, avoiding the use of additional
water resources.
Use of rainwater for the biological treatment of domestic waste, street cleaning services (washing,
sweeping and scrubbing) and solidification plants, avoiding dependence on external sources.

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Cement Area
Main water-consuming activities
Drinking water consumption and catering areas.
Irrigation of roads and gardens.
Cooling of equipment, conditioning of gases prior to filtration in bag filters, and for the reduction of
diffuse emissions in the quarry area.
Cleaning activities.
Measures implemented
Maintenance and improvement of the water networks of the facilities to avoid losses.
Exhaustive consumption control.
Reuse of rainwater.
Real Estate Area
Main water-consuming activities
Human consumption.
Garden irrigation.
Air conditioning.
Measures implemented
Daily recording of consumption levels and constant monitoring to identify and control possible water
losses.
Optimisation of air-conditioning refrigeration systems.
Implementation in various residential building developments for the reuse of greywater for sanitary
purposes.
The main actions implemented by the Business Areas during the 2024 financial year (MDR-A_01), focused
on managing the impacts and risks related to water resources, detailed in indicator SBM-3, are listed and
described below. These are developed in more detail in Appendix III: Actions related to environmental
management.
Environment
Action
Short description
Awareness and monitoring of
water consumption
Raise staff awareness of ecological gestures by monitoring the
activities with the highest water consumption (France).
Use of reclaimed water
Use reclaimed water from the Wastewater Treatment Plant, separating
it for irrigation of green areas, cleaning of internal roads, irrigation of
landfill recultivation areas and reserve for firefighting (Arad - Romania).
Water
Action
Short description
Reduction of water
consumption
Reduce volumes of unregistered water by improving efficiency in water
distribution networks and increasing water reuse.
Water access and testing
Create a platform for smart management of the integrated water cycle
and increase the number of municipalities providing vulnerable citizens
with access to water and sanitation.
Cement
Action
Short description
Waterproofing of coal bunkers
Apply a protective layer on the soil where coal is stored to prevent
water and pollutants from seeping into the subsoil, this reduces the
impact on the solid fuel (coal, petcoke) storage area (Olazagutía -
Spain).
The Real Estate Area has not established actions on water resources (MDR-A_13).

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Metrics related to water and marine resources
Water consumption
Considering the material impacts and risks of the FCC Group, the metrics that enable the monitoring of the
company's control and management of water resources are set out below.
This section aims to provide detailed information on progress against the targets set, meeting the
disclosure requirements of section E3-4 on water consumption of the ESRS. It includes the consolidation
of total water consumption data for all Business Areas, together with the contextual information necessary
to understand it.
Water consumption in relation to own activities
Below, the FCC Group discloses quantitative data on its water consumption during 2024, with the aim of
providing a clear understanding of the quantities and progress against the targets set.
Water consumption (m3)
2024
Total water consumption (m3) (E3-4_01)
16,773,738
Total water consumption in areas at water risk, including areas of high water stress
(m3) (E3-4_02)
6,907,559
Total recycled and reused water (m3) (E3-4_03)
2,694,528
Total stored water and changes in storage (m3) (E3-4_04; E3-4_05)
347,793
To identify locations subject to water stress, the Group has relied on the classification contained in the
WRI Water Risk Atlas. For its part, with regard to obtaining information, the FCC Group has relied mainly
on direct measurement through invoices or meters. In some specific cases, an estimate has been made
based on the average cost of water in the country. Based on the above data, the percentage, in terms of
employees, covered has been calculated, and the information has been extrapolated for those companies
for which no information is available (E3-4_06). Specifically, the percentage of information obtained
according to the different sources is detailed below (E3-4_07):
Sources of information
Percentage of information covered
Direct measurement
95 %
Estimate
4 %
Extrapolation
1 %
With regard to Aqualia, water is managed as a central part of its business model, so its analysis
and metrics have been developed from this perspective. For this reason, some specific data on own
consumption have not been reported. However, the need to have this information in the future has been
identified, and during 2025 work will be carried out to obtain it, establishing a starting point that allows it to
be monitored, although initially not in all the countries in which it operates.
Water intensity ratio
The water intensity ratio measures efficiency in the use of water resources, relating previous water
consumption to the net profit (in millions of euros) derived from the Group's activity. This indicator makes it
possible to evaluate the environmental impact and detect opportunities for optimisation in the FCC Group's
water management.
Water intensity of own operations (E3-4_08)
2024
Total water consumption (m3)
16,773,738
Net income (million euros)
9,071
Water intensity ratio (m3/million euros)
1,849

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Targets related to water and marine resources
The FCC Group recognises the importance of water in the development of its activities and seeks
to position itself as a benchmark in terms of its contribution to reducing water stress. In this line, it
assesses the impact of its activities on water resources, pursues water efficiency in its consumption and
management of the resource and researches into alternatives that promote water conservation and its
quality.
The following are the measurable objectives established that reflect the will to manage the impacts, risks
and opportunities described in indicator SBM-3 related to water resources. These are also specified in
more detail in Appendix IV: Targets related to environmental management.
Environment
Targets
Short description
Promotion of efficient water use
Achieve 100% of water consumption from alternative sources to
mains water consumption (Spain and France).
Agua
Targets
Short description
Reduction of water consumption
Reduce the percentage of non-revenue water (NRW) out
of the total volume of water injected into the distribution
network.
Achieve a reduction in the volume of unregistered water,
through the implementation of management practices that
ensure the optimisation of its use.
Increase the use of recycled water, through efficient
management of this resource.
Due to the activities carried out by the Cement and Real Estate divisions, they have not established
quantifiable, results-oriented objectives for water and marine resources. Although the Real Estate Area
does not monitor the effectiveness of its policies and actions, the Cement Area has implemented a
measurement control of this resource that contributes to monitoring the effectiveness of its actions
(MDR-T_14, MDR-T_15, MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19).
2.4. ESRS E4 - Biodiversity and Ecosystems
Biodiversity, a fundamental pillar for the balance and health of the planet, is currently facing critical
challenges that threaten its preservation. Problems such as pollution, deforestation, climate change and
overexploitation of natural resources are accelerating the disappearance of species and threatening the
stability of ecosystems, with direct consequences on key aspects of life, such as food availability, climate
regulation and access to quality water.
In this scenario, the FCC Group assumes its commitment to the protection of ecosystems and the
conservation of biodiversity, recognising the activities that may have an impact on natural environments
and integrating strategies and measures that prioritise sustainability and the preservation of the
environment for present and future generations.
Material impacts, risks and opportunities
The conclusions obtained from the FCC Group's double materiality analysis in relation to biodiversity and
ecosystems are set out below. As this is the first year that information is reported in accordance with the
ESRS, there are no changes with respect to previous years (SBM-3_11).
Impact materiality
Based on the double materiality analysis, and in relation to biodiversity and ecosystems, the impacts of the
Business Areas that have proven to be material on stakeholders are identified below.

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Impact
Area
Horizont
Location
(SBM-3_01, SBM-3_04, SBM-3_12)
(SBM-3_07)
(SBM-3_06)
(SBM-3_01, 07)
Drivers of the direct impact of biodiversity loss
(I-E4.1) Impact on biodiversity (biotic and abiotic factors) as
a result of the location and occupation of facilities, buildings
and works.
Environment
Infrastructure
Cement
CU
OP
(I-E4.2) Alteration of habitats and ecosystems as a
consequence of quarrying and gravel extraction.
Cement
CU
OP
(I-E4.3) Ecosystem disruption from timber extraction and
quarrying in the upstream value chain.
Infrastructure
CU
UVC
(I-E4.4) Damage to ecosystems by accidental spills due to
deterioration of infrastructures (Impacts on biodiversity due
to extreme environmental events that may involve impacts/
discharges on ecosystems).
Water
CU
OP
Impacts on species status
(I-E4.5) Habitat fragmentation and species displacement as
a consequence of works.
Infrastructure
CU
OP
Impacts and dependencies of ecosystem services
(I-E4.6) Preservation of ecosystems as a consequence of
the company's activities.
Environment
CU
OP
(I-E4.7) Protection of ecosystems resulting from the
establishment of agreements with nature protection
associations.
Cement
CU
OP
(I-E4.8) Improvements in the environment due to the
detection, protection and management of ecosystems
to support local management and positively impact the
community and the environmental balance of the areas of
operation.
Water
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
Financial materiality
Furthermore, based on the double materiality analysis, no material risks and opportunities are identified for
the Business Areas in terms of biodiversity and ecosystems.
With regard to the above impacts, these result from the impact on biodiversity due to the occupation
of infrastructures, the exploitation of resources and accidental dumping and, in addition, the promotion
of the preservation and protection of ecosystems through agreements and the active management
of habitats. All of this is a consequence of the activities carried out in the FCC Group, based on the
framework of the strategy and business model (SBM-3_05). Aware of the effects of its impacts, over the
years the FCC Group has implemented measures to mitigate their effects, both on the company and on
its stakeholders. Therefore, although they are related to the Group's strategy and business model, it is not
considered necessary to update these elements for impact management (SBM-3_03, SBM-3_10).
Given the activity carried out by the Concessions Area and the Real Estate Area, no material impacts
related to biodiversity and ecosystems have been identified, so the standard does not represent a material
aspect for these businesses. Therefore, this chapter does not describe the policies, actions and objectives
established by these areas.
In this regard, and in order to reflect the implications of the FCC Group on biodiversity and ecosystems,
the following details how FCC manages transparency with regard to the material impacts related to this
matter and its interaction with the strategy and business model, providing key information on material
sites, activities that negatively impact sensitive areas, land degradation and its effect on endangered
species.

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Area
Location
Activity
Nearby sensitive areas
(E4.SBM-3_01,
E4.SBM-3_03)
(E4.SBM-3_02)
(SBM-3_04)
FCC MA Atlantic
Gádor treatment plant
Waste transfer plant
Cabo de Gata-Níjar. Natura 2000
network
FCC MA Atlantic
Las Dehesas
biomethanisation plant
Mechanical-biological
treatment plant
Cuttings and cliffs of the rivers
Jarama and Manzanares. Natura
2000 Network
FCC MA Atlantic
Treatment Plant. Molins
De Rei
Mechanical packaging
treatment plant
Serra de Collserola. Natura 2000
Network
FCC MA Atlantic
Pinto light packaging
plant
Mechanical packaging
treatment plant
Cuttings and cliffs of the rivers
Jarama and Manzanares. Natura
2000 Network
FCC MA Atlantic
RBU NOGUERA
Municipal waste landfill
Secans de la Noguera. Natura 2000
network
FCC MA Atlantic
Mancomunidad del Sur
Landfill
Municipal waste landfill
Cuttings and cliffs of the rivers
Jarama and Manzanares. Natura
2000 Network
FCC MA Atlantic
Rubble master plan
Granada
Inert waste landfill
Sierra Nevada. Natura 2000 Network
FCC MA Atlantic
St.Feliu Plant
Urban-assimilable
industrial waste plant
Serra de Collserola. Natura 2000
Network
FCC MA UK
Danes Moss
Landfill
South West Peak - DEFRA
FCC MA UK
Taddington (Carlton
Hill)
Landfill
South West Peak and North Peak -
DEFRA
FCC MA UK
Black Rock
Landfill
South Downs - DEFRA
FCC MA UK
Pen-y-Bont
Landfill
EXMOOR - DEFRA
FCC MA UK
Calvert / Greatmoor
Landfill
Upper Thames Tributaries - DEFRA
Water
Brieva WWTP
WWTP
Sierras de Demanda, Urbión, Cebollera
and Cameros. Natura 2000 Network
Water
Canales de la Sierra
WWTP
WWTP
Sierras de Demanda, Urbión, Cebollera
and Cameros. Natura 2000 Network
Water
Ventrosa WWTP
WWTP
Sierras de Demanda, Urbión, Cebollera
and Cameros. Natura 2000 Network
Area
Location
Activity
Nearby sensitive areas
(E4.SBM-3_01,
E4.SBM-3_03)
(E4.SBM-3_02)
(SBM-3_04)
Water
Villavelayo WWTP
WWTP
Sierras de Demanda, Urbión, Cebollera
and Cameros. Natura 2000 Network
Water
Viniegra de Abajo
WWTP
WWTP
Sierras de Demanda, Urbión, Cebollera
and Cameros. Natura 2000 Network
Water
Viniegra de Arriba
WWTP
WWTP
Sierras de Demanda, Urbión, Cebollera
and Cameros. Natura 2000 Network
Water
Camarenilla-Camarena-
Arcicóllar
WWTP
Steppe area on the right bank of
the Guadarrama River. Natura 2000
Network
Water
Rielves-Huecas
WWTP
Steppe area on the right bank of
the Guadarrama River. Natura 2000
Network
Water
Aguamarga
WWTP
Cabo de Gata Nijar. Natura 2000
Network
Water
Isleta WWTP
WWTP
Cabo de Gata Nijar. Natura 2000
Network
Water
Cabo de Gata WWTP
WWTP
Cabo de Gata Níjar. Red Natura 2000
Water
Las Negras
WWTP
Cabo de Gata Nijar. Natura 2000
Network
Water
Rodalquilar
WWTP
Cabo de Gata Nijar. Natura 2000
Network
Water
San José
WWTP
Cabo de Gata Nijar. Natura 2000
Network
Water
E.D.A.R. Hontoria del
Pinar
WWTP
Cañón del Río Lobos. Natura 2000
Network
Water
San Leonardo de Yagüe
A.R.S.D.T.
WWTP
Cañón del Río Lobos. Natura 2000
Network
Water
STAR Chimá
WWTP
Lower Sinu Mudflats Complex
Water
STAR Lorica
WWTP
Lower Sinu Mudflats Complex
Water
STAR Momil
WWTP
Lower Sinu Mudflats Complex

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Area
Location
Activity
Nearby sensitive areas
(E4.SBM-3_01,
E4.SBM-3_03)
(E4.SBM-3_02)
(SBM-3_04)
Water
EDARI Danone Madrid
WWTP
Manzanares river basin. Natura 2000
Network
Water
El Chaparral WWTP
WWTP
Guadarrama river basin. Natura 2000
network
Water
Valdebebas WWTP
WWTP
The catchment areas of the rivers
Jarama and Henares. Natura 2000
Network
Water
E.D.A.R. Ávila
WWTP
Holm oak groves of the rivers Adaja
and Voltoya. Natura 2000 Network
Water
Bolonia WWTP
WWTP
Strait. Natura 2000 Network
Water
Faro WWTP
WWTP
Strait. Natura 2000 Network
Water
Las Virtudes WWTP
WWTP
Salero y Cabecicos de Villena. Natura
2000 network
Water
San Miguel del Río
septic tank
WWTP
Ubiña-La Mesa. Natura 2000 Network
Water
Lagunetas WWTP
WWTP
Los Alcornocales. Natura 2000
Network
Water
Alcalá de la Selva
WWTP
WWTP
Maestrazgo y Sierra de Gúdar. Natura
2000 Network
Water
Rada WWTP
WWTP
Marshes of Santoña, Victoria and
Joyel. Natura 2000 Network
Water
Portinatx WWTP
WWTP
Nord de Sant Joan. Natura 2000
Network
Water
E.D.A.R. Rioturbio
WWTP
Rías Occidentales and Duna de
Oyambre. Natura 2000 Network
Water
E.D.A.R. Ruiseñada
WWTP
Rías Occidentales and Duna de
Oyambre. Natura 2000 Network
Water
Outeiro de Rei WWTP
WWTP
Parga - Ladra - Támoga. Natura 2000
Network
Water
E.D.A.R. Sellaño
WWTP
Ponga-Amieva. Natura 2000 Network
Water
OV Albrechtice
WWTP
Poodří. Natura 2000 Network
Area
Location
Activity
Nearby sensitive areas
(E4.SBM-3_01,
E4.SBM-3_03)
(E4.SBM-3_02)
(SBM-3_04)
Water
Alcudia WWTP
WWTP
Puig de Sant Martí. Natura 2000
Network
Water
El Toyo WWTP
WWTP
Ramblas de Gérgal, Tabernas and
Sur de Sierra Alhamilla. Natura 2000
Network
Water
E.D.A.R. Urb. "Pago de
la Barca"
WWTP
Banks of the River Duero and
tributaries - Natura 2000 Network
Water
Arredondo WWTP
WWTP
River Miera. Natura 2000 Network
Water
E.D.A.R. Los Prados o
Liérganes
WWTP
River Miera. Natura 2000 Network
Water
EDAR La Cabaña-Club
de Campo
WWTP
River Miera. Natura 2000 Network
Water
E.D.A.R. Trubia
WWTP
River Nalón. Natura 2000 Network
Water
Luarca WWTP
WWTP
Río Negro. Natura 2000 Network
Water
E.D.A.R. Selaya
WWTP
River Pas. Natura 2000 Network
Water
Compact Calcabo
WWTP
River Trubia. Natura 2000 Network
Water
Widths
WWTP
Rivers of the middle Guadiana basin
and slopes. Natura 2000 Network
Water
EDAR Les Planes
WWTP
Riu Brugent. Natura 2000 Network
Water
Albarracín WWTP
WWTP
Sabinar de Monterde de Albarracín.
Natura 2000 Network
Water
E.D.A.R. Casarejos
WWTP
Sabinares Sierra de Cabrejas. Natura
2000 Network
Water
Cortegana WWTP
WWTP
Sierra de Aracena y Picos de Aroche.
Natura 2000 Network
Water
Charches WWTP
WWTP
Sierra de Baza. Natura 2000 Network
Water
Ubrique WWTP
WWTP
Sierra de Grazalema. Natura 2000
Network
Water
Puebla de Don Fadrique
WWTP
WWTP
Sierra de La Sagra. Natura 2000
Network

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Area
Location
Activity
Nearby sensitive areas
(E4.SBM-3_01,
E4.SBM-3_03)
(E4.SBM-3_02)
(SBM-3_04)
Water
E.D.A.R. Navalcán-
Parrillas
WWTP
Sierra de San Vicente and the Tiétar
and Alberche valleys. Natura 2000
network
Water
Anguiano WWTP
WWTP
Sierras de Demanda, Urbión, Cebollera
and Cameros. Natura 2000 Network
Water
E.D.A.R. Saliencia
WWTP
Somiedo. Natura 2000 Network
Water
E.D.A.R. Santiago
WWTP
Somiedo. Natura 2000 Network
Water
E.D.A.R. Santullano
WWTP
Somiedo. Natura 2000 Network
Water
E.D.A.R. Madrigal
WWTP
Tierra de Campiñas. Natura 2000
Network
Water
Milagro WWTP
WWTP
Lower stretches of the Aragón and
Arga rivers. Natura 2000 Network
Water
E.D.A.R. Piedralaves
WWTP
Tiétar Valley. Natura 2000 Network
Water
Step Butry-Sur-Oise
WWTP
Vexin Français. Natura 2000 Network
Water
ETAR Vila Fernando
WWTP
Vila Fernando. Natura 2000 Network
Water
Noblejas
WWTP
Yesares del valle del Tajo. Natura 2000
network
Water
IDAM Rambla Morales
IDAM
Cabo De Gata Nijar. Natura 2000
Network
Water
Marafiq Jizan SWRO
Desalination Plant
IDAM
Imam Faisal bin Turki Royal Reserve
Infrastructure
Central warehouse
ancillary equipment
(Spain)
This information is not
available
South East Regional Park
Infrastructure
Section 3: Gurasada
(Romania)
This information is not
available
Defileul Mureșului and Râul Mureș
între Brănișca și Ilia. Natura 2000
Network
Infrastructure
UTE Anillo Insular
(Spain)
This information is not
available
Mountains and summits of Tenerife
and Teno. Natura 2000 Network
Infrastructure
A465 - Wales (UK)
This information is not
available
Brecon Beacons National Park
Area
Location
Activity
Nearby sensitive areas
(E4.SBM-3_01,
E4.SBM-3_03)
(E4.SBM-3_02)
(SBM-3_04)
Infrastructure
UTE Expansion of Pinto
landfill (Spain)
This information is not
available
Cuttings and cliffs of the rivers
Jarama and Manzanares. Natura
2000 Network
Infrastructure
Industrial bridge (Chile)
This information is not
available
Hualpen, Bio Bio region; reptile
and amphibian habitat sector with
conservation status
Infrastructure
Ribadesella Bridge
(Spain)
This information is not
available
zec, zepa
Infrastructure
Lugoj-Timisoara Est
(Romania)
This information is not
available
ROSCI0385 Râul Timis
Infrastructure
Senamiento Arona
(Spain)
This information is not
available
Barranco del Infierno. Natura 2000
Network
Infrastructure
Cantera del Pilar (Spain)
This information is not
available
Les Gavarres. Natura 2000 Network
Cement
Els Monjos Quarry
Marl extraction
Serres del Litoral central. Natura 2000
Network
Cement
Vallcarca Quarry
Aggregate extraction
Parc El Garraf. Natura 2000 Network
Cement
Olérdola
Aggregate extraction
PEIN de Foix. Natura 2000 Network
Cement
El Porcal
No activity
Southeast Regional Park - Nature
2000 Network

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In the Environment Area, no material negative impacts have been identified with respect to soil
degradation, desertification or soil sealing. However, at FCC Environment UK, there are operations that
affect threatened species, these being: great crested newts, water voles and badgers (E4.SBM-3_05,
E4.SBM-3_06).
The Infrastructure Area has identified material negative impacts with respect to soil degradation,
desertification or soil sealing. The impacts derived from these activities include the alteration of the terrain
by excavation, clearing and construction of access roads, as well as the exploitation of quarries and the
manufacture of materials such as asphalt and concrete. In addition, waste is generated in landfills and
aggregate crushing plants, and there is storage of machinery and stockpiling of extracted materials. It also
has operations that affect endangered species (pipelines, dams, transport and communications, roads,
maritime works, bridges) (E4.SBM-3_05, E4.SBM-3_06).
For the Water Area and the Cement Area no material negative impacts with respect to soil degradation,
desertification or soil sealing have been identified nor are there any operations affecting endangered
species (E4.SBM-3_05, E4.SBM-3_06).
The FCC Group has not developed an analysis of the resilience of the business model in relation to
biodiversity and ecosystems (E4-1_01, E4-1_02, E4-1_03, E4-1_04, E4-1_05, E4-1_06).
Policies related to biodiversity and ecosystems
The FCC Group recognises the urgency of protecting biodiversity and ecosystems, and therefore,
being aware that its activities may have an impact on natural environments, the company reinforces its
commitment to the conservation of natural capital, which is manifested in the commitments acquired
by each of its Areas. These policies demonstrate a firm commitment to biodiversity and ecosystems,
focusing on managing the impacts identified in indicator SBM-3. Through responsible use of natural
resources and compliance with applicable regulations, the aim is to transform activities towards more
responsible models, promoting sustainable and environmentally friendly practices in all areas of the
FCC Group (MDR-P_01).
The policies of the Business Areas and the main aspects they cover related to biodiversity and ecosystems
are listed below, setting out the general commitments and principles of action applicable to the Business
Areas. These policies are developed in more detail in Appendix II: Policies related to environmental
management.
Area
Policy
Aspects related to
Drivers of
biodiversity
loss and their
impacts on
ecosystems
(E4-2_01)
Material
impacts
(E4-2_02)
Material
dependencies,
risks and
opportunities
(E4-2_03)
Traceability in
the value chain
(E4-2_04)
Production,
stocks and
consumption
(E4-2_05)
Social
consequences
(E4-2_06)
Environment
Management
Policy(11)
Water
Sustainability
Policy
Infrastructure
Environmental
Policy
Cement
Environmental
and Energy
Policy
In addition to the aforementioned policies addressing biodiversity and ecosystem issues, the company
recognises the importance of sustainability in its operations and the Areas develop policies and practices
in relation to biodiversity and ecosystem protection, sustainable use of land and marine resources, as well
as measures implemented to address deforestation.
(11) Includes the Management Policy applicable to FCC Medio Ambiente Atlantic and FCC Ámbito.

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Area
Practices or policies adopted
Policy for
operational centres
in biodiversity-
sensitive areas
(E4-2_17)
Sustainable land/
agriculture practices
or policies
(E4-2_18)
Sustainable oceans
and seas policies/
practices
(E4-2_19)
Policies to tackle
deforestation
(E4-2_20)
Environment
Water
Infrastructure
The Cement Area has not adopted specific practices or policies covering owned, leased or managed
operating sites in a sensitive area, sustainable use of land and marine resources, or measures to address
deforestation (E4-2_17, E4-2_18, E4-2_19, E4-2_20).
Actions related to biodiversity and ecosystems
The conservation and maintenance of biodiversity and ecosystems is of crucial importance given their
centrality to the stability of ecosystems and other environmental aspects essential for life.
The measures taken to mitigate the impacts associated with biodiversity and ecosystems by the different
business lines are detailed below:
Environment Area
Parks and gardens
Implementation of more biodiversity-friendly working methods and practices, including the use of
low‑toxicity products.
Implementation of integrated pest management systems.
Installation of wildlife-friendly elements in urban and managed environments, such as nest boxes, insect
hotels and naturalised fountains.
Promotion of native species and active monitoring to prevent the spread of invasive species.
Waste treatment centres
Revegetation of sealed landfills.
Implementation of deterrent techniques, such as falconry or the use of air cannons, to prevent the
proliferation of opportunistic species.
Water Area
Information on installations with a potential impact on biodiversity within the management system.
Infrastructure Area
Physical delimitation of sensitive areas.
Preferential use of existing roads before opening new roads.
Development of specific biodiversity plans in most projects.
Planning of the work according to the life cycles of the species.
Physical protection of specimens.
Cement Area
Repair of soil morphology.
Revegetation of harvested areas by applying appropriate planting and planning techniques and using
indigenous species.
Establishment of agreements with nature protection associations.

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Likewise, the main actions implemented by the Business Areas during the 2024 financial year (MDR-A_01),
focused on managing the impacts related to biodiversity and ecosystems, detailed in indicator SBM-
3, are described below. These are further elaborated in Appendix III: Actions related to environmental
management.
Environment
Action
Short description
Reacciona Project
Restoration of the landscape using species native to the area to be
reforested and ensuring the protection, conservation and integrity of
the biological diversity and the characteristic ecosystems of the area
(Albacete - Spain).
Landfill awareness
Raising awareness of 100 % of the workforce about accidental losses,
with the aim of reducing the impact of accidental spills on biodiversity.
Landfill platform cover
Covering the landfill platform to reduce the risk of fires, contributing to
the prevention of biodiversity loss (Gyál - Hungary).
Extending the life of the
landfill site
Provide controlled and safe disposal of waste, ensuring the least impact
on biodiversity and ecosystems. This action will also provide the means
and the basis for the development of new waste treatment facilities
(Arad - Romania).
Water
Action
Short description
Ecosystem sensitivity
analysis
Analysing the sensitivity of ecosystems, identifying facilities in
vulnerable ecosystems, aligning with international sustainability
standards and promoting the preservation of biodiversity and ecosystem
services.
Forest soil recovery
Significant improvement of soil conditions, contributing to the
restoration of degraded forest soils and commitment to biodiversity
protection and ecosystem recovery (Riofrio - Spain).
B-FERST
Creation of an innovative and sustainable system that helps to
transform the nutrients present in Wastewater Treatment Plants
(WWTP) into innovative and sustainable fertilisers for use in agriculture
(Jerez de la Frontera - Spain).
Infrastructure
Action
Short description
Ecosystem restoration
Conservation of biodiversity through mitigation of potential adverse
effects caused by the development of the activity, through the
conservation of habitats and the species that inhabit them and through
the restoration of these ecosystems.
Cement
Action
Short description
Method of operation -
simultaneous restoration
Establishment of a method of exploitation and immediate restoration in
the Porcal, which allows the recovery of the environment and the control
of potential dangers that could damage nature, fauna or vegetation
(Madrid - Spain).
El Porcal Environmental
Classroom
Educational initiative designed to raise awareness and educate about
the importance of sustainability and environmental protection and care
for biodiversity in El Porcal (Madrid - Spain).

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Metrics related to biodiversity and ecosystems
Considering the material impacts related to biodiversity and ecosystem change, below are the metrics that
allow the monitoring of the FCC Group's control and management in these aspects.
This section aims to provide detailed information on progress against the targets set, meeting
the disclosure requirements of ESRS section E4-5 on biodiversity and ecosystems. It includes the
consolidation of biodiversity impact data across all Business Areas, together with the contextual
information necessary to understand it.
Sites in sensitive areas
In compliance with the disclosure requirements of the CSRD, an assessment has been carried out to
identify biodiversity sensitive areas that may be adversely affected by the FCC Group's operations. As a
result of this assessment, sites located within or near protected areas or key biodiversity areas have been
identified.
The following table shows the number of sites identified as being close to sensitive areas, as well as their
size in hectares, including land owned, leased or managed by the company. The data shown in the table
correspond to the business areas that have reported these nearby sites.
Sites located in or near protected areas or key
biodiversity areas
No. of sites
Area of sites
(hectares)
(E4-5_01)
(E4-5_02)
Sites owned by FCC
22
401
Sites leased by FCC
0
0
Sites managed by FCC
235
1,932,673
Total sites
257
1,933,074
The information gathered comes from various sources and internal activities and external projects. Some
Business Areas have been involved in forest restoration and CO2 offset projects, including initiatives
in areas close to protected areas. In addition, a spatial analysis has been implemented to assess the
proximity of operations to protected biodiversity areas, especially in certain regions.
The FCC Group, through its various subsidiaries present in different countries, has identified that some of
them contribute directly to impact factors related to land use change, fresh water and/or the sea.
In particular, two business areas have been identified as having a direct impact on these factors in
aggregate extraction in the gravel pit and mining. However, no significant changes are foreseen in the next
1-5 years in relation to ecosystem management, landscape configuration or ecosystem connectivity.
To mitigate the negative effects of their activities, some areas have carried out environmental impact
studies, ensuring the conservation and restoration of the environment. In other cases, periodic reports
have been drawn up on the situation of soils and environmental projects for sustainable forest
management. However, not all Areas have specific data on biodiversity and ecosystems. In general, it is
expected that more detailed metrics can be provided in the future for some projects and Business Areas
(E4-5_04).

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Targets related to biodiversity and ecosystems
The FCC Group focuses on the implementation of strategies centred on the preservation of natural capital,
focusing on actively promoting biodiversity, supporting the protection of species, their habitats and
ecosystem services.
Below are the measurable objectives established in certain activities of the Group, which reflect the desire
to manage the impacts described in indicator SBM-3, relating to biodiversity and ecosystems. These are
further specified in Appendix IV: Targets related to environmental management.
Water
Target
Short description
New protection and recovery
projects
Measures the number of new projects undertaken for biodiversity
protection and ecosystem restoration, addressing the social
consequences of biodiversity and ecosystem-related impacts.
Identification of protected areas
Identify facilities located in protected areas, analyse the
environmental sensitivity of the ecosystems in the areas of
operation, and identify the facilities with the most relevant
associated risks, in order to establish specific management and
mitigation measures.
Cement
Target
Short description
Increasing biodiversity initiatives
with stakeholders
Disseminate environmental and energy principles to stakeholders,
promoting communication and supporting the implementation of
good environmental and energy practices.
The Environment Area has not established quantifiable biodiversity targets (MDR-T_14), except for those
necessary to comply with the regulation. However, FCC Medio Ambiente Atlantic, in the coming years
(MDR-T_15), plans to develop a voluntary objective based on the protection of natural capital in services,
the aim being to understand cities as "ecosystems" that are home to "urban biodiversity", and through
various activities to ensure that 100 % of the workforce is aware of issues related to the protection of
biodiversity by 2050. With this objective, the aim is to transform these processes in favour of biodiversity
protection, based on an approach of creating shared value with the entire workforce.
FCC Medio Ambiente Atlantic also evaluates the biodiversity protection initiatives implemented each
year (MDR-T_16, MDR-T_19), quantifying the number of actions carried out and the benefits they have
brought to society and the ecosystem (MDR-T_18). The results and conclusions obtained are recorded
in the sustainable initiatives module of the Vision platform (MDR-T_17), dedicated to the management of
complaints received at FCC Medio Ambiente Atlantic. There is no monitoring of the overall effectiveness
of policies and actions, only internal monitoring and an action plan with a list of KPIs that is reviewed a
posteriori (MDR-T_19).
The Infrastructure Area has not set quantifiable biodiversity targets (MDR-T_14), but it does monitor
the effectiveness of its policies and actions, establishing a methodology for identifying, measuring and
assessing the impact of all works in biodiversity-sensitive areas. It also employs Nature Based Solutions
(NBS) (MDR-T_16). In addition, specialised monitoring is carried out for projects in sensitive areas, with
the aim of preserving the environment and applying compensation measures to promote biodiversity
(MDR-T_17).
The Infrastructure Area is also working on the development of quantifiable objectives aimed at the
conservation of biodiversity and ecosystems (MDR-T_15). Each year (MDR-T_19), on a four-monthly basis,
it reviews the status of the system and publishes the System Review Report, which analyses the status
and results of operations for review by senior management (MDR-T_18). In addition, an FCC Construcción
Sustainability Strategy Monitoring Committee has been set up to monitor compliance with the strategy by
means of the indicators established for this purpose.

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2.5. ESRS E5 – Resource use and circular economy
For decades, the global economy has been dominated by a linear model based on extraction, production
and waste, which has led to significant environmental impacts, including climate change and the depletion
of natural resources. Given this reality, the transition to this model is key to reducing environmental
pressure, securing raw material supplies, fostering innovation, employment and competitiveness. However,
it faces challenges such as changing consumer behaviour and the need for multi-level governance.
Based on this, the FCC Group promotes the application of circularity principles in various sectors and,
faced with the impact of resource depletion in its operations, it is committed to this model to make
efficient use of resources and transform waste into resources.
Material impacts, risks and opportunities
The conclusions obtained from the FCC Group's double materiality analysis in relation to the use of
resources and the circular economy are set out below. As this is the first year that information is reported
in accordance with the ESRS, there are no changes with respect to previous years (SBM-3_11).
Impact materiality
Based on the double materiality analysis, and in relation to the use of resources and circular economy, the
impacts of the Business Areas that have been material on stakeholders are identified below.
Impact
Area
Horizont
Location
(SBM-3_01, SBM-3_04, SBM-3_12)
(SBM-3_07)
(SBM-3_06)
(SBM-3_01, 07)
Resource inflows, including resource use
(I-E5.1) Depletion of natural resources resulting from the
production of goods and services in the upstream value
chain.
Environment
Infrastructure
CU
UVC
(I-E5.2) Depletion of natural resources due to the extraction
of raw materials in operations
Cement
CU
OP
(I-E5.3) Reduction of the consumption of natural resources
through the reuse and recovery of industrial waste and by-
products.
Infrastructure
Cement
CU
OP
(I-E5.4) Re-use of natural resources as a consequence of
waste treatment activities.
Environment
CU
OP
(I-E5.5) Reduction of resource consumption through the
introduction of more efficient construction techniques and
designs, using highly durable materials designed for easy
retrofitting.
Infrastructure
CU
OP
Resource outflows related to products and services
(I-E5.6) Production of new useful by-products and biofuels
as a result of waste recovery and reuse.
Environment
CU
OP
Waste
(I-E5.7) Pollution of water and soil as a result of waste
generation in operations
Environment
Water
Infrastructure
Concessions
CU
OP
(I-E5.8) Water and soil pollution from the generation of
hazardous waste in the upstream value chain.
Infrastructure
Concessions
CU
UVC
(I-E5.9) Recovery and management of own and third-party
waste resulting from the company's activity.
Environment
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain

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Financial materiality
In addition, based on the double materiality analysis, the material risks and opportunities for the business
areas that must be managed in terms of resource use and circular economy, and which have proven to be
material for stakeholders, are identified below.
Risk/opportunity
Type
Area
Financial effects
Location
(SBM-3_02)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
Resource inflows, including resource use
(F-E5.1) Increase in the cost
of raw materials and supplies.
R
Environment
Infrastructure
Reduced profit margins and
increased contract operating
costs. (M)
OP
(F-E5.2) Shortage or
interruption in the supply of
required materials.
R
Infrastructure
Decrease in productivity and
disruptions in the company's
activity. (M)
OP
(F-E5.3) Delays and
interruptions in operations
resulting from lack of
materials due to lack of
resources in the upstream
value chain.
R
Infrastructure
Increased operational costs due
to delays in operations caused
by lack of materials in the value
chain. (M)
UVC
(F-E5.4) Changes in customer
perception of renewable and
recycled materials.
O
Infrastructure
Revenues by offering products
and services that meet
environmental criteria for the
use of recycled and renewable
materials, aligned with new
customer preferences.
OP
(F-E5.5) Increased
consumption of secondary
materials and additions.
O
Cement
Reduction of CO2 emissions
by reducing the proportion
of clinker in cements,
improving the sustainability
and competitiveness of the
product. (M)
OP
Risk/opportunity
Type
Area
Financial effects
Location
(SBM-3_02)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
Waste
(F-E5.6) New legislation on
waste management.
R
Environment
Increased capital expenditure and
risk of regulatory non-compliance
due to the introduction of new
waste management regulations,
which may also require additional
unplanned investments.
OP
(F-E5.7) Inadequate waste
management.
R
Water
Legal and reputational risks
associated with inadequate
waste and effluent management,
which could contaminate soils
and water bodies, as well as
generate atmospheric emissions.
OP
(F-E5.8) Increased valorisation
of biomass fuels.
O
Cement
The energy recovery of waste and
the use of biomass fuels enable
the reduction of CO2 emissions
associated with the company's
production.
OP
* Issue dealt with by specific organisational issues.
R: Risk O: Opportunity M: Possible materialisation in the short term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain

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The impacts identified stem mainly from the depletion of natural resources in the value chain and the
generation of waste, as well as the reuse and recovery of materials. On the other hand, the risks come
from the increase in costs, the scarcity of raw materials and new regulations on waste management,
while the opportunities derive from the use of recycled materials, efficiency in design and the valorisation
of biofuels, promoting a more sustainable model. All of this is a consequence of the activities carried out
in the FCC Group, based on the framework of the strategy and business model (SBM-3_05). Aware of the
effects of its impacts, risks and opportunities, over the years the FCC Group has implemented measures to
mitigate their effects, both on the company and on its stakeholders. Therefore, although they are related to
the Group's strategy and business model, it is not considered necessary to update these elements for the
management of impacts, risks and opportunities (SBM-3_03, SBM-3_10).
Given the activity carried out by the Real Estate Area, no material impacts, risks and opportunities related
to the use of resources and circular economy have been identified, and therefore it does not represent
a material aspect for this business. Therefore, this chapter does not describe the policies, actions and
objectives established by this area.
Policies related to resource use and circular economy
In order to efficiently manage aspects related to the use of resources and the circular economy, the
FCC Group has assumed strategic commitments that are reflected in a set of clearly defined policies.
These policies focus on optimising the use of natural resources, promoting efficiency in the use of
materials and reducing dependence on non-renewable resources. Likewise, priority is given to the
implementation of circular economy practices, promoting the reuse, recycling and recovery of waste.
Another key pillar of these policies is the promotion of innovation and environmental awareness. This
includes the development of sustainable solutions incorporating technological advances and the training
of employees and stakeholders to ensure greater awareness of the importance of protecting resources
and moving towards a circular economy model (MDR-P_01).
Listed below are the policies of the Business Areas and the main aspects they cover, focused on managing
the impacts, risks and opportunities related to the use of resources and the circular economy, as detailed
in indicator SBM-3. These aspects are addressed through the establishment of commitments and general
principles of action applicable to the Business Areas. These policies are developed in more detail in
Appendix II: Policies related to environmental management.
Area
Policy
Aspects covered
Use of recycled
materials
(E1-2_01)
Sustainable
supply
(E1-2_01)
Environment
Policies of FCC Servicios
Medioambiente Holding(12)

Water
Sustainability Policy
Infrastructure
Environmental Policy
Concessions
Environmental Policy(13)
Cement
Environmental and Energy Policy
(12) In the case of FCC Servicios Medioambiente Holding, S.A., as it is made up of several businesses, a synthesis
of all the established policies has been made. These include the Management Policy applicable to FCC Medio
Ambiente Atlantic, the Procurement Policy applicable to FCC Environment UK, the Energy and Environmental Policy
applicable to FCC Environment Czech Republic and the Environmental and Management System Policy applicable to
FCC Environment Slovakia.
(13) The Concessions Area adheres to the Environmental Policy of the Infrastructures Area.

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Actions related to resource use and circular economy
To address resource management efficiently, the FCC Group has established clear commitments that
are reflected in its policies, oriented towards sustainability and the responsible use of resources. These
commitments have been translated into specific actions designed to reduce environmental impact,
optimise resource consumption and promote sustainable practices in all its business lines. In addition,
constant efforts are made to raise staff awareness and monitor the use of resources.
The measures related to the circular economy and the main waste generated in the FCC Group's different
business areas are detailed below:
Environment
Related aspect
Measures
Promoting the circular
economy
Minimisation of the volume of waste disposed of in landfills, transforming it
into resources.
Production of biofuels from landfill gas and selected waste.
Development of infrastructures designed to obtain optimum quality from
waste and to transform it into new products.
Efficient consumption
of resources
Reducing the use of non-renewable natural resources by reusing the
materials contained in waste as secondary raw materials in the production
cycle.
Use of recycled materials and recovered waste to replace raw materials.
Use of recycled glass as a covering material in specific landfill facilities.
Use of ash to replace reagents in ECODEAL.
Waste generation and
management
Implementation of waste minimisation plans.
Valorisation of compost for energy recovery processes or for agricultural
purposes.
Acquisition of vehicles built with easily recoverable elements.
Main waste generated
Derived from the treatment and composting of household waste, wood
waste and leachates, among others.
Produced during the maintenance of the vehicle fleet.
Water
Related aspect
Measures
Promoting the circular
economy
Valorisation of sludge for agricultural use, composting and biofertilisers.

Recovery and reuse of elements used in the different treatments of the
integral water cycle.
Energy generation in urban water cycle management.
Obtaining added-value products in the treatment processes.
Promotion of responsible water consumption among citizens.
Supply chain agreements for the reuse of resources.
Efficient consumption
of resources
Establishment of protocols that ensure the efficient use of reagents in the
integral management of the water cycle, in accordance with established
regulations.
Waste generation and
management
Control of the characteristics and flow rates of Wastewater entering the
treatment plant.
Reuse of sludge and slurry in the production of compost and organic
amendments.
Main waste generated
Sludge obtained during wastewater treatment.

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Infrastructure
Related aspect
Measures
Promoting the circular
economy
Reuse of inert materials (earth and rubble), effluents and wastewater,
avoiding their transfer to landfill.
Use of recoverable elements such as demountable walls, portable
sewage treatment plants and recycled materials (aggregates or water
for irrigation).
Use of elements recovered from other works, such as portable
purifiers or buckets, among others.
Alternative use of quarried material that does not meet specifications
in restoration work.
Development of innovation projects to promote new sustainable and
reusable materials.
Use of recycled aggregates instead of borrowed material.
Efficient consumption
of resources
Priority use of recycled or reusable materials.
Preference for materials with returnable packaging.
Reuse of waste generated in the activity.
Awareness-raising actions for staff.
Constant monitoring to optimise resource consumption.
Waste generation and
management
Promotion of the System of Good Practices for proper waste
separation.
Valorisation of inert materials, including soil, clean rubble and topsoil,
together with the management of excavation surpluses.
Request for reusable packaging from the supplier.
Reducing the use of materials that generate hazardous waste by
modifying designs and the construction system.
Main waste generated
Debris, effluents and waste derived from the Area's own activity.
Cement
Related aspect
Measures
Promoting the circular
economy
Energy and material recovery of waste.
Use of alternative fuel sources (e.g. sludge or plant biomass).
Use of secondary raw materials (e.g. ash, construction waste, sludge)
to avoid extraction of mineral resources.
Efficient consumption
of resources
Use of alternative resources derived from the recovery of materials,
both from the company itself and from other entities, such as fly ash,
blast furnace slag and foundry sands.
Use of waste with energy content as fuel for clinker kilns.
Waste generation and
management
Development of staff awareness campaigns.
Segregation and recovery of waste for use as raw material.
Reuse of waste from the production process.
Main waste generated
Derived from the maintenance activities of the installations.
Final product packaging.
The main actions implemented by the Business Areas during the 2024 financial year (MDR-A_01), focused
on managing the impacts, risks and opportunities related to the use of resources and circular economy,
detailed in indicator SBM-3, are listed and described below. These are also developed in more detail in
Appendix III: Actions related to environmental management.

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Environment
Action
Short description
EnergyLOOP
EnergyLOOP aims to lead the way in the recycling of components from
renewable installations, the initial objective being the recovery of wind
turbine blade components –mostly glass and carbon fibres and resins–
and their reuse in sectors such as energy, aerospace, automotive, textiles,
chemicals and construction.
Integral recycling plant
for photovoltaic panels
Inauguration of a new integrated recycling plant for photovoltaic panels,
with the aim of offering the photovoltaic sector a solution for the recycling
of its panels, both those that reach the end of their life, and those that
for various reasons become waste during the process of installation or
operation of the parks (Cadrete - Spain).
European LIFE projects
LIFE INFUSION aims to demonstrate an innovative scheme for the
recovery of resources –biogas, biofertilisers and reclaimed water (RW)–
from effluents in municipal management, in order to achieve a near-zero
discharge process.
LIFEPLASMIX aims to demonstrate the material recovery of mixed
plastics from municipal waste (polypropylene and polystyrene) in the
form of pellets or flakes to be used in the manufacture of new plastic
products in a semi-industrial plant.
ECOSAC project,
BAG2BAG
Recovering plastic film from the municipal waste stream and converting
the recovered bags into new recyclable plastic bags in urban sanitation
services.
United Circles project
for the creation of Hubs
of urban and industrial
symbiosis
Valorisation of waste streams for the recovery of nutrients and energy
carriers. Apply various valorisation processes such as biological
methanisation of various biogas streams for conversion into biomethane.
Increasing recycling
with the extension and
renovation of the site
Action planned with the aim of increasing the recycling of collected waste
from 1% to 19% (Himberg - Austria).
Environment
(continuation)
Action
Short description
Replacement of refuse
derived fuel drying
shredder
The aim is to use the most modern machine that allows for the most
efficient waste treatment. The RDF material is used to produce cement
(Hungary).
Packaging of secondary
raw materials
Packaging of secondary raw materials and their subsequent delivery to
the customer, which will enable the production of new products (Gyál -
Hungary).
Infrastructure
Action
Short description
Integrated management
of the waste generated
Significant reduction of waste generated in construction projects,
increased reuse and recycling of materials, and reduced costs associated
with waste disposal.
Modular and demountable
construction
Reducing construction waste by reusing prefabricated modules, reducing
construction and demolition costs, and increasing efficiency in the use of
materials.
Concessions
Action
Short description
Integrated management
of the waste generated
Work to significantly reduce waste generated, increase the reuse and
recycling of materials, and decrease the costs associated with waste
disposal.

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Cement
Action
Short description
Replacing petroleum-
based fossil fuel in clinker
kilns with alternative fuels
Achieve a significant reduction in the use of fossil fuels by replacing their
use with fuels derived from waste or by-products. The use of petroleum-
derived material will be reduced and energy resources that would
otherwise be landfilled will be harnessed.
Substitute natural
raw materials in the
manufacture of clinker and
cement with waste and/or
by-products.
Achieve a significant reduction in the use of natural raw materials by
substituting their use with alternative raw materials, derived from waste or
by-products.
With regard to the Water Area, the information related to the use of resources and the circular economy is
not included, as the information was not available at the date of publication of this Report (MDR-A_13).
The FCC Group has allocated a total of 73,240 thousand euro to these actions. This investment is
charged to the tangible fixed assets account in the balance sheet of the annual accounts, which totals
3,771,499 thousand euro (MDR-A_06, MDR-A_07, MDR-A_09, MDR-A_10, MDR-A_11, MDR-A_12).
Metrics related to resource use and circular economy
Considering the material impacts, risks and opportunities of the FCC Group, below are the metrics that
allow us to understand the company's use of resources.
This section aims to provide detailed information on progress against the targets set, complying with the
disclosure requirements of ESRS resource inflows section E5-4. It includes consolidated metrics for all its
Business Areas, including the methodologies used for measurement and data collection.
Resource inflows
The following is a general description of the information on the material resource inflows of the different
business areas of the Group. This includes resources such as products and materials, IT equipment,
storage equipment and machinery in the FCC Group's own operations and along its upstream value chain
(E5-4_01)(14).
Category
Materials
Computer equipment
IT equipment, office equipment.
Textiles
Microfibre, personal protective equipment.
Machinery (heavy,
medium weight, light)
Blower, brush cutter, hoover, car scrubber.
Transport (heavy,
medium weight, light)
Vehicles.
Storage equipment
Big bags, reusable large containers with metal cage, 200-litre metal drums,
60-litre plastic drums, 200-litre plastic drums, 25-30-litre drums and shrink
film rolls.
Chemicals
Hazardous chemicals, non-hazardous chemicals, urea, hydraulic oil,
eco‑labelled chemicals, paint, solvents, accelerants, concrete curing liquids,
antifreeze, additives, phytosanitary products, salt, bitumen emulsion, lime,
acid, caustic soda, aqueous ammonia, activated carbon, hydrochloric acid,
sepiolite.
General Materials
Pallets, packaging and bale material, wire, recycled or environmentally
marked paper and cardboard, non-recycled paper and cardboard, refuse
bags, steel sheets, organic mulch, inorganic mulch, granular material,
cement, concrete, bricks, glass, insulation, paint, resins, methacrylate,
limestone aggregate, siliceous aggregate, aluminium composite material.
Water
Water (surface, ground, mains or other sources).
Energy and Fuels
Natural gas, liquid fuels, renewable electricity, diesel.
Waste and Management
Biostabilised material (r10), topsoil (recyclable and non-recyclable
aggregates), soils and aggregates for landfill restoration, clay and plastic
landfill liner, hazardous and non-hazardous waste.
(14) Categories aligned as described in AR 21. of E5-4 Resource inflows.

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Materials used
Understanding the typology of the FCC Group's resource inflows, we report below the data related to the
materials used to manufacture products and provide services in 2024, expressed in tonnes according to
the following criteria.
Resource input
Quantity
Total weight of technical and biological products and materials used (E5-4_02)
22,871,996
Percentage of bio-based materials used to manufacture the company's products
and services from sustainable sources (E5-4_03)
0.31 %
Absolute weight of reused or recycled secondary components, secondary
intermediates and secondary materials used to manufacture the company's
products and services (including packaging) (E5-4_04)
3,444,899
Weight, as a percentage, of secondary components reused or recycled, secondary
intermediates and secondary materials used to manufacture the company's
products and services (E5-4_05)
11 %
The reported data has been obtained mainly through direct measurements, with the exception of a few
cases where estimates have been made in the absence of measured data. Information is collected
through internal platforms such as DISCON, Vision and SAP, as well as through invoices, delivery notes and
debit notes, applying specific densities where necessary (E5-4_06).
Resource outflows
Considering the material impacts, risks and opportunities of the FCC Group, below are the metrics that
allow us to understand the company's use of resources.
This section aims to provide detailed information on progress against the targets set, in compliance with
the disclosure requirements of ESRS section E5-5 on resource outflows. It includes consolidated metrics
for all its Business Areas, including the methodologies used for measurement and data collection.
Resulting products and materials
In Business Areas where resource output is a material issue, the production process generates a
variety of products and by-products under circular economy principles, including compost, biomethane
and recyclable materials such as paper, plastic, metals and glass. In addition, recycled materials and
sustainable alternatives are incorporated into manufacturing, optimising resource use and reducing waste
(E5-5_01).
The key products and materials resulting from the production process and designed according to the
circular principles are listed below by business area.
Area
Products and materials
Environment
Compost, recovered incineration ash, paper, plastic, ferrous and non-ferrous
metals, biomethane, fats and organic solvents.
Infrastructure
Pipes, concrete, steel, steel, aluminium, methacrylate, vinyl, wood, bituminous
mixtures and cement-treated materials.
Concessions
Waste generated by the different contracted maintainers.
Cement
All cements include a proportion of recycled materials in their manufacture
through the use of alternative fuels.
Resource outflows
This table represents the required information on resource outflows that are material. The following key
aspects have been identified and reported:
Expected durability of products: The durability of the products marketed by the company compared to
the industry average for each product group is analysed.
Repairability of products: Whenever possible, an assessment of the repairability of products is included.
Recyclable content: Recyclable content rates are indicated for both products and their packaging.

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Environment
Infrastructure
Concessions
Cement
Expected durability of
marketed products
(in relation to the
industry average for
each product group)
(E5-5_02)
Not applicable
A wide range of
products 5 years,
100 years concrete,
15 years bituminous
mixtures, 30 years
cement-treated
materials.
In accordance
with the technical
specifications and
the concessionaire's
corresponding
operating programme.
The service includes
replacement
maintenance, which
has been planned
taking into account
the durability of the
equipment installed (not
commercially available).
Concrete is the
main derivative of
cement and has
an approximate
durability of
>50 years.
Product reparability
(E5-5_03)
Not applicable
Concrete, bituminous
mixtures, cement-
treated materials and
all metal and aluminium
products are repairable.
However, methacrylate
and vinyl cannot be
repaired.
Your products have
corrective maintenance
included in the contract.
Not applicable
% of recyclable
content in products
and their packaging
(E5-5_04) (E5-5_05)
Hungary: 4 %.
Romania: 13 %.
Matinsa: <1 %
Megaplas: 90 %
Áridos de Melo: 100 %
Data not available
Data not available
Information on resource outflows is mainly collected through estimations and direct measurements,
depending on the type of product or material. For the classification of products designed under circular
principles, the extraction of recycled or secondary materials is considered. These data are collected in
the FCC management systems and in the secondary raw material reporting system, using operational
information obtained from the weighing scale. In other cases, data collection is based on estimates related
to the manufactured products, applying both direct measurements and estimates according to the nature
of the product (E5-5_06).
Waste generated
A continuación, se presenta una tabla con la cantidad total de residuos generados en las operaciones de
Grupo FCC, expresada en toneladas.
Waste generated (E5-5_07)
Quantity
Quantity of hazardous waste
144,631
Quantity of non-hazardous waste
37,204,627
Total waste generated
37,349,257
In order to address the total amount of waste whose disposal has been avoided, a distinction is made
between hazardous and non-hazardous waste and broken down according to recovery operations.
Wastes destined for recovery operations (E5-5_08)
Quantity
Hazardous waste (tonnes)
Hazardous waste destined for preparation for re-use
98
Recycled hazardous waste
1,080
Hazardous waste destined for other recovery operations
3,384
Total hazardous waste destined for recovery operations
4,561
Non-hazardous waste (tonnes)
Non-hazardous waste destined for preparation for re-use
515,820
Recycled non-hazardous waste
854,201
Non-hazardous waste destined for other recovery operations
34,045,158
Total non-hazardous waste destined for recovery operations
35,415,178

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The following table shows the total amount by weight of waste destined for disposal, differentiating
between hazardous and non-hazardous waste, according to the type of treatment.
Wastes destined for disposal (E5-5_09)
Quantity
Hazardous waste (tonnes)
Hazardous waste disposed of by incineration
87
Hazardous waste destined for landfill
112,616
Hazardous waste destined for other disposal operations (tonnes)
27,364
Total hazardous waste destined for disposal
140,068
Non-hazardous waste (tonnes)
Non-hazardous waste disposed of by incineration
326
Non-hazardous waste destined for landfill
1,374,210
Non-hazardous waste destined for other disposal operations
414,810
Total non-hazardous waste destined for disposal
1,789,347
The total amount of uncharacterised hazardous and non-hazardous waste by destination during the
financial year 2024 is expressed in the following table.
Uncharacterised waste (tonnes)
Quantity
Total hazardous waste generated not characterised
2
Total non-hazardous waste generated not characterised
101
The total amount and percentage of waste not recycled during the financial year 2024 are expressed in the
following table.
Non-recycled waste
Quantity
Total non-recycled waste (E5-5_10) (tonnes)
1,929,415
% of waste not recycled (E5-5_11)
5 %
Hazardous and radioactive waste poses unique risks to human health and the environment. Their safe
management is crucial due to their potential to cause long-term damage. Below, the FCC Group presents
the total amount of hazardous and radioactive waste generated throughout 2024, as defined in Council
Directive 2011/70/Euratom.
Hazardous and radioactive waste as defined
in Council Directive 2011/70/Euratom (tonnes)
Quantity
Total hazardous waste generated (E5-5_15)
144,631
Total radioactive waste generated (E5-5_16)
0
Regarding the methodologies used to calculate the waste generated in the operations themselves, they
are mainly used by direct measurement using weighing systems and management software to record the
data. In some cases, data is verified by invoices or permits. In addition, in certain Areas, estimates based
on regulatory permits or direct measurements provided by suppliers are used (E5-5_17).
The company produces a wide variety of waste from different sectors. The waste generated includes
MSW (Municipal Solid Waste), CDW (Construction and Demolition Waste), hazardous waste such as waste
oils, waste from vehicles and machinery, as well as biological waste, plastics, metals, textiles and waste
from industrial treatment such as ash and sludge. In addition, waste is generated from infrastructure
maintenance activities and public transport vehicles (E5-5_12) (E5-5_13).
The materials present in this waste include biomass, metals (ferrous and non-ferrous), plastics, textiles,
soil, debris, heavy metals (such as cadmium and nickel), used oils, electronic waste, among others. Waste
classification is carried out in accordance with LER codes and specific treatment contracts, ensuring that
pollutants are properly identified and managed in accordance with current regulations (E5-5_14).

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Targets related to resource use and circular economy
The FCC Group recognises the importance of setting specific targets to monitor progress in the transition
to a sustainable model based on the circular economy. In this sense, it is aligned with the objective of
emphasising the efficient management of resources and the minimisation of environmental impact,
particularly in the use of chemical products.
FCC reaffirms its strategic commitment to these objectives, promoting a business model that prioritises
the circular economy through the efficient management of resources and waste, as well as extending the
useful life of materials. To this end, various business areas of the Group have defined measurable goals
and specific action plans.
The ultimate goal is to achieve optimal levels in its key performance indicators (KPIs) in the future. Below
are the measurable objectives established in certain activities of the Group, which reflect the desire
to manage the impacts, risks and opportunities described in indicator SBM-3, relating to the use of
resources and the circular economy. These are also set out in more detail in Appendix IV: Targets related to
environmental management.
Environment
Target
Short description
Meeting the EU's 2035 targets for
waste management.
FCC Medio Ambiente Atlantic sets the objective in relation to
waste management with the collaboration of customers, to
achieve the goals set by the EU for the year 2035.
Replacement of landfills by other
types of mechanical-biological
treatment of waste.
FCC Environment CEE - Czech Republic, sets the target on
the replacement of landfills by another type of mechanical-
biological waste treatment such as an incinerator.
Infrastructure
Target
Short description
Promoting waste recovery.
Achieve a 100 % valorisation of the waste generated.
Encourage the use of responsible
materials.
Achieve more than 90% use of responsible, recycled or
recyclable materials.
Cement
Target
Short description
Increasing the substitution of fossil
fuels by alternative fuels
Achieve 70 % energy substitution in clinker kilns with alternative
fuels by 2030.
Due to the activity carried out by the Concessions Area, it has not established quantifiable targets related
to the use of resources and circular economy, and for the time being it has not established a procedure
for monitoring the effectiveness of its policies and actions (MDR-T_15, MDR-T_16, MDR-T_17, MDR-T_18,
MDR-T_19).
With regard to the Water Area, information related to the use of resources and the circular economy is
not included, as the information was not available at the date of publication of this report (MDR-T_15,
MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19).

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2.6. Other information related
to environmental management
Appendix II: Policies related to environmental management
Below are included all the Policies related to the environmental management of the FCC Group and the
Business Areas, which comply with the criteria established by the ESRS, corresponding to ESRS E1 Climate
Change, ESRS E2 Pollution, ESRS E3 Water and marine resources, ESRS E4 Biodiversity and ecosystems
and ESRS E5 Use of resources and circular economy.
FCC Group
Sustainability Policy
Scope
(MDR-P_02)
Applicable to the FCC Group.
Responsible
(MDR-P_03)
The Board of Directors of FCC supervises compliance with this policy through the Audit and
Control Committee.
References
(MDR-P_04)
Agenda 2030, the Green Deal, the Climate Change and Energy Transition Act, the Circular
Economy Action Plan, the EU Green Deal, the European Biodiversity Strategy 2030, the 2015
Paris Agreement, the Organisation for Economic Co-operation and Development (OECD), the
United Nations and its Agencies, the Global Compact, the International Labour Organisation
(ILO) and the Universal Declaration of Human Rights Framework.
Stakeholders
(MDR-P_05)
Dialogue through various channels of communication and different avenues of engagement
with stakeholders in order to engage in a transparent, honest, truthful and consistent
manner, and as a means to learn and improve business performance.
The reformulation of the Sustainability Policy (formerly Corporate Social Responsibility
Policy 2016) has taken into account the evolution of the CSR concept towards sustainability,
the impetus given by European and national legislators in this area, the environmental,
social and governance requirements of customers, investors and analysts, together with the
demand for sustainable criteria for financing and the reformulation that the Group itself has
made during this time regarding its values and principles of action.
Availability
(MDR-P_06)
They are available to all staff on the company's website and intranet and to the rest of the
stakeholders on FCC's website, within the Corporate Governance regulations and in the
specific Sustainability section.
Environment Area
Policies of FCC Servicios Medioambiente Holding(15)
Scope
(MDR-P_02)
It covers FCC Servicios Medioambiente Holding, S.A., including the entire value chain and all
interested parties.
Responsible
(MDR-P_03)
National Director of each Area of FCC Servicios Medioambiente Holding, S.A.
References
(MDR-P_04)
UNE-EN ISO 9001
UNE-EN ISO 14001
UNE-EN ISO 50001
I+D+i UNE 166002
EMAS
Stakeholders
(MDR-P_05)
Management systems and policies have been developed based on the requirements,
interests and needs of FCC's stakeholders.
Availability
(MDR-P_06)
They are available to all staff, visibly displayed in the workplaces and are also available to all
other stakeholders on the websites and intranet of each business.
Within FCC Medio Ambiente Atlantic there are centres located in areas at high risk of water stress, and
therefore these centres have the ISO whose contents cover aspects related to areas of high water stress
(E3-1_07). However, no actions are carried out in these areas (E3-2_03).
(15) In the case of FCC Servicios Medioambiente Holding, S.A., as it is made up of several businesses, a synthesis of all the
established policies has been made. These include the Management Policy applicable to FCC Medio Ambiente Atlantic,
SHEQ Policy applicable to FCC Environment UK, Energy and Environmental Policy applicable to FCC Environment
Austria, Energy and Environmental Policy applicable to FCC Environment Czech Republic, Environmental and
Management System Policy applicable to FCC Environment Romania and the Environmental and Management System
Policy applicable to FCC Environment Slovakia.

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Procurement policy - FCC Environment UK
Description and
contents
(MDR-P_01,
E5-1_01, E5-1_02)
FCC Environment UK's Procurement Policy outlines FCC's commitment to value for money,
conscientious sourcing, waste reduction, ethical supplier relationships and responsible
procurement.
In this policy, aspects relating to the transition away from the use of virgin resources,
including the increased use of recycled resources, are covered. In addition, aspects of
sustainable sourcing and the use of renewable resources are covered.
For both aspects, strategies and a series of environmental commitments and
responsibilities are set out, which consist of giving priority to suppliers and products that are
aligned with FCC's environmental objectives, including waste reduction, energy efficiency
and the principles of the circular economy.
Scope
(MDR-P_02)
The scope of the policy is aligned with that of the Management System, and refers to
services required in compliance obligations, contractual requirements, at operational
recycling / waste management centres and operational quarries, including central support
services provided by the Engineering, Training, Municipal Business Management and
Procurement departments.
Responsible
(MDR-P_03)
The UK CEO is responsible for the implementation of the policy.
References
(MDR-P_04)
—
Stakeholders
(MDR-P_05)
FCC Environment UK's Procurement Policy has been developed based on the requirements,
interests and needs of FCC's stakeholders.
Availability
(MDR-P_06)
The policy is available on the FCC Environment UK website.
Water Area
Sustainability Policy
Scope
(MDR-P_02)
Aqualia and all its investee companies, regardless of whether it has operational control
or not. Extendable to staff, customers and users, suppliers, business and public partners,
shareholders, regulatory bodies and the media when directly or indirectly related to them.
Responsible
(MDR-P_03)
CEO of Aqualia.
References
(MDR-P_04)
UN Global Compact.
Sustainable Development Goals.
UN Guiding Principles on Business and Human Rights.
ILO Declaration on Fundamental Principles and Rights at Work.
OECD Guidelines for Multinational Enterprises.
Stakeholders
(MDR-P_05)
Stakeholders' interests are taken into account through a process of active and continuous
listening to stakeholders. This has facilitated the identification of important environmental,
social and governance issues and decision-making. This listening process is carried out
every year and reinforces Aqualia's work with stakeholders.
Availability
(MDR-P_06)
Publicly accessible through Aqualia's official website, in all offices and via email to all
employees. The policy and infographics are available in several languages, and are also
included in the newsletter and banner every 15 days.
Within the Water Area, there are centres located in an area of high risk of water stress, which is why these
centres have a Drought Plan (Colombia and Spain) and a Business Continuity Plan (MENA, Georgia and
Czech Republic). In addition, there is a Study of physical climate risks and a Study of risks related to nature
which, among other things, cover aspects related to areas of high water stress (E3-1_07). Therefore,
the Water Area has implemented actions, such as water consumption education, reuse, technology
implementation, in these areas (E3-2_03).

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Infrastructure Area
Environmental Policy
Scope
(MDR-P_02)
All activities and countries in which the Area operates, including staff, suppliers, customers
and contractors.
Responsible
(MDR-P_03)
Director General of the Infrastructure Area.
References
(MDR-P_04)
Science Based Targets Initiative (SBTi)
Global Reporting Initiative (GRI)
United Nations Global Compact
ISO 14001
Climate Disclosure Project (CDP)
Stakeholders
(MDR-P_05)
Through dialogue with employees, suppliers, customers, local communities and other
relevant stakeholders, it identifies and addresses their main concerns and expectations,
which are reflected in its Environmental Policy.
Disponibilidad
(MDR-P_06)
Publicly accessible through the Area's official website. In addition, regular meetings and
consultations with stakeholders are organised to discuss and review aspects of the policy.
Concessions Area(16)
Environmental Policy
Scope
(MDR-P_02)
All activities and countries in which the Infrastructure Area operates, including staff,
suppliers, customers and contractors.
Responsible
(MDR-P_03)
Director General of the Infrastructure Area.
References
(MDR-P_04)
Science Based Targets Initiative (SBTi)
Global Reporting Initiative (GRI)
United Nations Global Compact
ISO 14001
Climate Disclosure Project (CDP)
Environmental Policy
(continuation)
Stakeholders
(MDR-P_05)
The Infrastructure Area maintains a continuous and open dialogue with employees,
suppliers, customers, local communities and other relevant stakeholders, enabling it to
identify and address their main concerns and expectations, which are reflected in its
Environmental Policy.
Availability
(MDR-P_06)
Publicly accessible through the Area's official website. In addition, regular meetings and
consultations with stakeholders are organised to discuss and review aspects of the policy.
Cement Area
Environmental and Energy Policy(17)
Scope
(MDR-P_02)
Cement plants in Spain, including associated quarries and mortar plants in El Alto and
Mataporquera (Dericem). Tunis Cement Plant.
Responsible
(MDR-P_03)
Spain Operations Directorate of the Cement Area.
References
(MDR-P_04)
European EMAS Regulation
ISO 9001
ISO 14001
ISO 45001
ISO 50001
Stakeholders
(MDR-P_05)
The interests of stakeholders, identified through regular meetings of the CASA (Autonomous
Monitoring Commission) and the CEMA Foundation, environmental trade union delegates,
and monitoring commissions with local and regional administration, have been considered
in the development of the Mercado España policy.
Disponibilidad
(MDR-P_06)
Publicly accessible through the official Cementos Portland Valderrivas Group website, as
well as on notice boards in common areas and published Environmental Statements.
In the Cement Area there are no centres located in areas at high risk of water stress, and therefore no
actions are carried out in these areas (E3-1_07, E3-2_03).
(16) The Concessions Area adheres to the Environmental Policy of the Infrastructures Area.
(17) The Environmental and Energy Policy applicable to the Spanish cement plants and the Environmental Policy applicable
to the Tunisian operations are included.

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Real Estate Area
Sustainability Policy
Scope
(MDR-P_02)
In the territory of Spain, specifically, in all the activities of the Realia Group and the
companies that comprise it, taking into account the significant impact on the value chain.
Responsible
(MDR-P_03)
Board of Directors of the Real Estate Area Activity.
References
(MDR-P_04)
BREEAM certification scheme.
Passive Haus.
Stakeholders
(MDR-P_05)
Stakeholders' interests have not been considered in the development of this policy.
Availability
(MDR-P_06)
Publicly accessible through Realia's official website.
In the Real Estate Area there are no centres located in areas at high risk of water stress (E3-1_07), and no
actions have been taken in these areas (E3-2_03).
Appendix III: Actions related to environmental management
The following are those actions related to environmental management that comply with the criteria
established by the ESRS, broken down by subject and by business area according to materiality.
ESRS E1 - Climate Change
Environment Area
LIFE ZEROLANDFILLING Project
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The LIFE ZEROLANDING project is an ongoing action that directly contributes to climate
change mitigation objectives by reducing greenhouse gas (GHG) emissions through the
decarbonisation lever of waste treatment and product substitution. The revalorisation
of non-recyclable waste offers a solution to the current tonnes of CO2 associated with
landfilling. This action is aligned with FCC Medio Ambiente's 2050 Sustainability Strategy,
which seeks to achieve net zero emissions and increase the contribution of innovation to
1 % of turnover.
The LIFE ZEROLANDFILLING project will avoid 2,000 t CO2eq of landfill, prevent an additional
2,600 t CO2eq through the revalorisation of materials and promote the circular economy
with the recovery and reuse of non-recyclable waste.
Scope
(MDR-A_02)
The project will be developed and operated by ECOMESA, a 100 % subsidiary of FCC Medio
Ambiente Atlantic (Spain), at the facilities of the La Campiña Environmental Complex in
Loeches (Madrid).
Time horizon
(MDR-A_03)
This action is expected to be completed within 39 months (medium time horizon).
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by actual
identified material impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

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LIFE ZEROLANDFILLING Project
(continuation)
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of resources for
its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Renewal of the seals "Calculo-Reduzco - Compenso" and "Calculo-Compenso"
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
Obtaining the "Calculo-Reduzco-Compenso" and "Calculo-Compenso" seals is an ongoing
action for FCC Medio Ambiente Atlantic Spain and FCC Ámbito in which they calculate,
verify and register their Carbon Footprint with the Spanish Climate Change Office (OECC).
In this way, this climate change mitigation action contributes to meeting the goal set in the
Sustainability Strategy of carbon neutrality by 2050. In this process, the decarbonisation
levers applied include energy efficiency, fuel substitution, the use of renewable energies and
product change, without resorting to nature-based solutions.
FCC Medio Ambiente, with an inventory of 2,904,017 t CO2e (scopes 1, 2 and 3), achieved
a 2.34 % reduction in emissions intensity during 2021-2023 compared to the previous
three‑year period. Likewise, FCC Ámbito, whose inventory reached 50,186.96 t CO2e (scopes
1 and 2), reduced its greenhouse gas emissions by 9 % between 2022 and 2023.
Scope
(MDR-A_02)
The FCC Medio Ambiente Atlantic (Spain) action is implemented in own operations, as well
as upstream and downstream operations for. In the case of FCC Ámbito (Spain) this action
applies to own operations.
Time horizon
(MDR-A_03)
These actions are of an annual nature.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by actual
identified material impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of
resources for its implementation.
Renewal of the seals "Calculo-Reduzco - Compenso" and "Calculo-Compenso"
(continuation)
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Reacciona Project
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The project ¡REACCIONA! SUMIDERO DE CARBONO DE HELLÍN (REACT! HELLÍN CARBON
DUMP) consists of planting a forest on municipal land that formerly housed the old "Rincón
de las Españas" landfill site. The ultimate objective is to offset CO2 emissions, with a
forecast of capturing 283 tonnes of CO2 over the 30-year period of its permanence. This
ongoing mitigation and nature-based action is developed through the decarbonisation lever
of offset projects.
This project also promotes compliance with the goal of achieving carbon neutrality set out
in its Sustainability Strategy 2050.
Scope
(MDR-A_02)
The action is financed and executed by FCC Medio Ambiente Atlantic (Spain) and defined
and promoted by Hellín Town Council (Albacete), on municipal land that used to occupy a
former inert landfill.
Time horizon
(MDR-A_03)
This action is planned to be completed within 30 years (long time horizon).
Impact
Remediation
(MDR-A_04)
The action aims to remedy the negative impacts on the environment through these
reforestation projects for the absorption of CO2 and the recovery of degraded areas,
converting them into usable areas for local communities.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of resources for
its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.

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Ethical governance
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Statements
A2
Sustainability
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Climate risk analysis
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
FCC Environment UK carried out a climate risk analysis to identify and prioritise specific
actions to meet targets and align with its Net Zero strategy, while complying with current
legislation.
This ongoing action is part of its efforts to adapt to climate change, without resorting to
nature-based solutions.
Scope
(MDR-A_02)
This enforcement action applies to FCC Environment UK.
Time horizon
(MDR-A_03)
The action was completed in 2024 (short time horizon).
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by actual
identified material impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of resources for
its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Climate Change Management Actions
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
FCC Environment CEE's key ongoing actions include initiatives related to electrification,
such as the purchase of electric trucks and the installation of photovoltaic panels in Austria,
and the use of alternative fuels in the Czech Republic. Also of note is the degasification of a
landfill site in Romania.
In terms of energy efficiency, actions such as the replacement of compacting machines and
secondary shredders in Hungary and the implementation of energy-saving technologies in
the Czech Republic have been carried out.
The main decarbonisation mechanisms used in these climate change mitigation actions
have been electrification, energy efficiency, renewable energy use, fuel substitution, supply
chain and stakeholder decarbonisation.
For its part, FCC Medio Ambiente Atlantic in France is replacing its fleet of vehicles in
line with its environmental policy, which represents an action linked to energy efficiency,
electrification and fuel substitution.
Scope
(MDR-A_02)
The scope of the key actions includes, in terms of activities, Austria, Czech Republic,
Romania, Hungary of Environment CEE and FCC Medio Ambiente Atlantic France.
Time horizon
(MDR-A_03)
The stocks under FCC Environment CEE are mostly of short to medium term time horizon.
In the case of FCC Medio Ambiente Atlantic France, the action is planned for 2035 with a
long time horizon.
Impact
Remediation
(MDR-A_04)
These actions do not provide or cooperate in the remediation of those affected by actual
material impacts identified for the Austrian, Czech and Romanian actions of Environment
CEE and FCC Medio Ambiente Atlantic France.
In Hungary, the replacement of compacting machines and secondary shredders aims to
remedy the impacts of the operation of the RDF plant (energy use, waste processing) and
the Baling&Ground sorting plant (air pollution from trucks, energy consumption and waste
processing) on the company, employees, inhabitants and traffic participants.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
The ability to implement actions depends to a large extent on the availability and allocation
of resources. In the case of FCC Medio Ambiente Atlantic France, financial resources are
determined by the budgets specifically allocated to vehicle renewal. For FCC Environment
CEE, the situation varies from country to country: in Hungary, the implementation of actions
depends on the availability of the company's financial resources; in the Czech Republic,
implementation could be favoured by possible government subsidies; in Romania, the ability
to implement does not depend on financial resources; and in Austria, the availability of
financial resources is a key factor in carrying out actions.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.

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Statements
A2
Sustainability
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Water Area
Energy optimisation and emission reduction
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The actions, currently underway, are part of energy optimisation and emissions reduction,
with the aim of achieving the decarbonisation targets set by international institutions. They
seek to contribute to climate change mitigation by improving energy efficiency, replacing
fossil fuels with renewable energies and electrification, including the transformation of the
vehicle fleet. The aim is to achieve decarbonisation and reach carbon neutrality by 2050.
These actions are not considered as nature-based solutions.
Scope
(MDR-A_02)
This Aqualia action covers the activities of Concessions and BOT.
Time horizon
(MDR-A_03)
This action is expected to be completed within more than 3 years.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual identified material impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of
resources for its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Infrastructure Area
Contribution to the gradual transition to renewable energies
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The installation of renewable energy generation systems, such as solar panels and wind
turbines, is an ongoing action that directly contributes to climate change mitigation goals by
reducing greenhouse gas (GHG) emissions through leveraging renewable energy use, energy
efficiency, electrification and fuel substitution, without resorting to nature-based solutions.
This action contributes to the Area's policy by reducing dependence on fossil fuels, reducing
GHG emissions and promoting electrification. It also supports the objectives of energy
efficiency and promotion of renewable energies, aligning with the company's commitments
to combat climate change.
As a result, it is expected to significantly reduce the carbon footprint and promote a healthier
and more sustainable environment for local communities and future generations.
Scope
(MDR-A_02)
These actions apply to all production processes that take place at Area sites anywhere
in the world, including the entire value chain from planning to project execution. They
are aimed at all stakeholders, including employees, suppliers and local communities.
Time horizon
(MDR-A_03)
This action is expected to be completed within more than 5 years (long time horizon).
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual identified material impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
The ability to implement these actions is highly dependent on the availability and
allocation of financial and technological resources. Continued access to finance at an
affordable cost of capital is critical for the implementation of these actions, including
adjustments to changes in supply/demand and significant investments in research
and development (R&D).
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.

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A2
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Contribution to energy efficiency in construction
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The ongoing action contributing to energy efficiency in buildings contributes to climate
change mitigation by providing for a significant reduction of greenhouse gas (GHG)
emissions through the implementation of energy efficient technologies and practices
in building projects. This includes the use of more efficient building materials, energy-
efficient lighting and HVAC systems, and the integration of renewable energy. This
action is not considered a nature-based solution.
In addition, it contributes to the Area's policies by reducing dependence on fossil
fuels and reducing GHG emissions. It also supports energy efficiency and renewable
energy promotion goals, aligning with the company's commitments to combat climate
change.
Scope
(MDR-A_02)
These actions apply to all production processes taking place at Area sites anywhere
in the world, including the entire value chain from planning to project execution. It will
address all stakeholders, including employees, suppliers and local communities.
Time horizon
(MDR-A_03)
It is envisaged to complete this action over a long time horizon, on an annual basis.
Impact
Remediation
(MDR-A_04)
The action aims to remedy the negative impacts on the environment and local
communities caused by energy inefficiency and excessive use of fossil fuels. This
includes reducing air pollution and improving the quality of life of communities near
construction sites.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
The ability to implement these actions is highly dependent on the availability and
allocation of financial and technological resources. Continued access to finance at an
affordable cost of capital is critical for the implementation of these actions, including
adjustments to changes in supply/demand and significant investments in research
and development (R&D).
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Concessions Area
Contribution to the gradual transition to renewable energies
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The installation of renewable energy generation systems, such as solar panels, is
an ongoing action that directly contributes to climate change mitigation goals by
reducing greenhouse gas (GHG) emissions through leveraging renewable energy
use, energy efficiency, electrification and fuel substitution, without resorting to
nature‑based solutions.
This action contributes to the Area's policy by reducing dependence on fossil fuels,
reducing GHG emissions and promoting electrification.
As a result, it is expected to significantly reduce the carbon footprint and promote
a healthier and more sustainable environment for local communities and future
generations.
Scope
(MDR-A_02)
These actions apply to all of the Area's ongoing projects anywhere in the world,
including the entire value chain from planning to project execution. They address all
stakeholders, including employees, suppliers and local communities.
Time horizon
(MDR-A_03)
This action is expected to be completed within more than 5 years (long time horizon).
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual identified material impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
The ability to implement these actions is highly dependent on the availability and
allocation of financial and technological resources. Continued access to finance at an
affordable cost of capital is critical for the implementation of these actions, including
adjustments to changes in supply/demand and significant investments in research
and development (R&D).
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.

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Contribution to energy efficiency in operation
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The ongoing action contributes to on-site energy efficiency and climate change
mitigation by providing a significant reduction in greenhouse gas (GHG) emissions
through the implementation of energy-efficient technologies and practices in ongoing
projects. This includes the use of more efficient materials, energy efficient lighting and
HVAC systems, and the integration of renewable energy. This action is not considered
a nature-based solution.
It also contributes to the Area's policy by reducing dependence on fossil fuels and
reducing GHG emissions.
Scope
(MDR-A_02)
These actions apply to all activities that take place on Area projects anywhere in
the world, including the entire value chain from planning to project execution. It will
address all stakeholders, including employees, suppliers and local communities.
Time horizon
(MDR-A_03)
It is envisaged to complete this action over a long time horizon, on an annual basis.
Impact
Remediation
(MDR-A_04)
The action aims to remedy the negative impacts on the environment and local
communities caused by energy inefficiency and excessive use of fossil fuels. This
includes reducing air pollution and improving the quality of life of communities near
construction sites.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
The ability to implement these actions is highly dependent on the availability and
allocation of financial and technological resources. Continued access to finance at an
affordable cost of capital is critical for the implementation of these actions, including
adjustments to changes in supply/demand and significant investments in research
and development (R&D).
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Cement Area
Reducing the use of fossil fuels in clinker kilns
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The Cement Area, through the ongoing action to reduce the use of fossil fuels in
clinker kilns, aims to achieve 70% thermal substitution through the use of alternative
fuels by 2030.
This mitigation measure contributes to the achievement of the Area's objectives by
reducing dependence on fossil fuels, through the valorisation of waste as alternative
fuels, and promoting the use of clean energy. It is not considered a nature-based
solution.
Scope
(MDR-A_02)
This Cement Area action applies to the following cement factories in Spain: El Alto,
Alcalá de Guadaira, Monjos, Mataporquera, Olazagutía, Hontoria.
Time horizon
(MDR-A_03)
This action is projected to the year 2030.
Impact
Remediation
(MDR-A_04)
The action aims to remedy negative impacts on the environment by minimising the
extraction of natural resources and reducing greenhouse gases (GHG).
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of
resources for its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is aimed at meeting future taxonomy alignment requirements.

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Reduction of CO2 emission ratio per tonne of cement
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The ongoing action aims to reduce the ratio of CO2 emissions per tonne of cement,
with the objective of reaching a value of less than 0.540 kg CO2/tonne of cement.
The implementation of this measure contributes to the achievement of the Area's
objectives, focusing on the mitigation of global warming by reducing the use of
fossil fuels, substitution of alternative fuels and raw materials. This measure is not
considered a nature-based solution.
Scope
(MDR-A_02)
This Cement Area action applies to the following cement plants in Spain: El Alto, Alcalá
de Guadaira, Monjos, Mataporquera, Hontoria and Olazagutía.
Time horizon
(MDR-A_03)
This action is projected to the year 2030.
Impact
Remediation
(MDR-A_04)
The action aims to remedy negative impacts on the environment by minimising the
extraction of natural resources and reducing greenhouse gases (GHG).
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action is not significantly dependent on the availability and allocation of resources
for its implementation. It is expected to be implemented with its own cash and access
to state and European subsidies.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is aimed at meeting future taxonomy alignment requirements.
Reducing the carbon footprint through renewable energy procurement
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The ongoing action consists of the procurement of renewable energy, with the
objective of reaching 80 % of renewable energy procurement. This action contributes
to climate change mitigation by reducing Scope 2 GHG emissions. It also supports the
achievement of the Area's objectives and policies by reducing the risk of energy cost
overruns and fostering the decarbonisation of the supply chain. The decarbonisation
levers of this action include the use of renewable energy and the decarbonisation of
the supply chain. It is not a nature-based solution.
Reducing the carbon footprint through renewable energy procurement
(continuation)
Scope
(MDR-A_02)
This Cement Area action applies to the following cement factories in Spain: El Alto,
Alcalá de Guadaira, Monjos, Mataporquera, Hontoria, Olazagutía.
Time horizon
(MDR-A_03)
This action is projected to the year 2030.
Impact
Remediation
(MDR-A_04)
The action aims to remedy negative impacts on the environment by reducing
greenhouse gases (GHG).
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of
resources for its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Real Estate Area
BREEAM In-Use Certification of Office Buildings Portfolio
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The action, currently underway, consists of certification in the voluntary BREEAM
Sustainability scheme in use for all the buildings in the portfolio managed by the Real
Estate Area.
The certification consists of the assessment of each building in 10 different
categories, which within those topics address factors such as carbon emissions and
energy efficiency.
This climate change adaptation action seeks to ensure the continuous improvement
of the buildings they manage, and alignment with the sustainability objectives set by
the Area. It is not considered a nature-based solution.
Scope
(MDR-A_02)
The action applies to the office buildings under management, the service providers of
these buildings and the tenants occupying the portfolio. The buildings subject to the
action are mainly located in Madrid (21), Barcelona (1) and Seville (1).

641
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Letter from the
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Ethical governance
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Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 59 of 119
BREEAM In-Use Certification of Office Buildings Portfolio
(continuation)
Time horizon
(MDR-A_03)
It is planned to complete this action in the medium term, with a further 6 buildings to
be certified by 2025.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual identified material impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of
resources for its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Digitisation of consumption monitoring in managed buildings
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The current action consists of real-time monitoring of the consumption of the
buildings managed by the Real Estate Area. This measure makes it possible to detect
irregularities in consumption, prevent their continuation and promote the mitigation
of climate change through energy efficiency, being aligned with the sustainability
objectives of the Area. It is not an action based on nature.
Scope
(MDR-A_02)
The action applies to office buildings under management and the tenants occupying
the portfolio. The buildings subject to the action are mainly located in Spain: Madrid
(21), Barcelona (1) and Seville (1).
Time horizon
(MDR-A_03)
It is planned to complete this action in the medium term, aiming to reach full data
coverage by 2028 with the integration of tenants' consumption.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual identified material impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Digitisation of consumption monitoring in managed buildings
(continuation)
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of
resources for its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.
Replacement of traditional lighting with LED technology
Key actions
(MDR-A_01)
(E1-3_01)
(E1-3_03, E1-3_04)
The current action consists of replacing traditional lighting with LED technology in
the buildings managed by the Real Estate Area. This measure promotes climate
change mitigation through energy efficiency and ensures the continuous improvement
of the buildings and their alignment with sustainability objectives, since, once the
replacement has been carried out, consumption and consequently GHG emissions are
reduced. It is not an action based on nature.
Scope
(MDR-A_02)
The action applies to office buildings under management and the tenants occupying
the portfolio. The buildings subject to the action are mainly located in Spain: Madrid
(21), Barcelona (1) and Seville (1).
Time horizon
(MDR-A_03)
It is planned to complete this action in the medium term, aiming to achieve full data
coverage over the next five years.
Impact
Remediation
(MDR-A_04)
This action provides and cooperates in the remediation of those affected by actual
identified material impacts as reducing energy consumptions has a direct positive
impact on the tenants and the energy supplier.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resource
Dependency for
Action
(E1-3_05)
This action has no significant dependence on the availability and allocation of
resources for its implementation.
Relationship
with Taxonomy
(E1-3_06, E1-3_07
E1-3_08)
This action is not included in the KPIs reported according to the EU Environmental
Taxonomy.

642
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 60 of 119
ESRS E2 - Pollution
Environment Area
LIFE ABATE Project
Key actions
(MDR-A_01)
(E2-2_01, E2-2_03)
The LIFE ABATE project, as an ongoing action, proposes the implementation of an
innovative scheme to reduce the environmental and economic impact of mechanical-
biological treatment plants (MBT) of municipal waste. The aim is to develop new
technologies to reduce volatile organic compounds (VOCs) in waste treatment plants.
This reduces the use of natural resources, lowers energy costs and limits greenhouse
gas emissions.
Alternatively, the concentrated gaseous emissions can be treated, which allows the
reduction of hydrophobic VOCs to be enhanced compared to conventional biofilters
and also requires less space. Finally, to close the process cycle, the CO2 emissions
produced are fed to greenhouse agriculture to store the CO2 and prevent its emission
into the atmosphere.
Scope
(MDR-A_02)
FCC Medio Ambiente Atlantic. Ecoparc 3 Sant Adrià del Besòs, once the solution has
been tested, it will be replicated at the Las Dehesas waste treatment centre in Madrid.
Time horizon
(MDR-A_03)
It is intended to be completed in 2027.
Impact
Remediation
(MDR-A_04)
The action has not been established to remedy an impact.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Value chain
commitments
(E2-2_02)
This action does not include a commitment related to upstream or downstream
stages of the value chain.
H2TRUCK Project
Key actions
(MDR-A_01)
(E2-2_01, E2-2_03)
The project, as an ongoing action, has been led by FCC Medio Ambiente Atlantic and
developed with the Irizar Group with the participation of companies and academic
entities. The innovative equipment consists of a Heavy Vehicle Chassis-Platform for
urban service applications powered by a hybrid hydrogen fuel cell and lithium-ion
battery system, with a low cab forward and panoramic cab, which is applicable to
all urban service activities and allows the waste collection service to be carried out
without polluting emissions.
Scope
(MDR-A_02)
FCC Medio Ambiente Atlantic.
Time horizon
(MDR-A_03)
The action is already being implemented, to achieve the objectives of the Sustainability
Strategy 2050, has a business development roadmap based on sustainable growth.
Impact
Remediation
(MDR-A_04)
The action has not been established to remedy an impact.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Value chain
commitments
(E2-2_02)
This action does not include a commitment related to upstream or downstream
stages of the value chain.

643
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 61 of 119
Landfill management(18)
Key actions
(MDR-A_01)
(E2-2_01, E2-2_03)
This is an action implemented in 2024, consisting of more efficient operation of landfill
plants that reduce air pollutants and negative impact on the environment through the
best available technologies. This is achieved through the application of best available
techniques in the different phases of landfill construction and operation. The main
ones are the application of methods and procedures applied during construction
to minimise the negative impact on the surrounding soil, optimisation of transport
to avoid the emission of these pollutants, a system for the collection and periodic
monitoring of gas emissions and methods for monitoring groundwater by means of
piezometers.
Scope
(MDR-A_02)
FCC Environment CEE - Czech Republic, Hungary, Romania and Serbia.
Time horizon
(MDR-A_03)
Action carried out continuously.
Impact
Remediation
(MDR-A_04)
Activities are carried out with the aim of constantly preventing environmental pollution,
improving environmental performance as well as the safety and health of employees
and third parties under the control of FCC Environment CEE. Through its rapid
response approach.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Value chain
commitments
(E2-2_02)
This action does not include a commitment related to upstream or downstream
stages of the value chain.
(18) In the case of FCC Environment CEE, as it operates in several countries, each one carries out its own management
of its actions, some of which have already been implemented in 2024 (Hungary and Serbia) and the rest will be
implemented between 2025 and 2026 (Czech Republic and Romania). Therefore, a synthesis of the main actions has
been made.
Infrastructure Area
Application of best practices in construction processes
Key actions
(MDR-A_01)
This is an action implemented in 2024, consisting of the application of good practices,
such as the treatment of surplus water from various construction processes by means
of treatment plants before its discharge, avoids compromising the good condition
of the receiving bodies of water, and also by carrying out correct maintenance of
the machinery, Furthermore, by carrying out correct maintenance of machinery, it
contributes to reducing emissions of particles and nitrogen, carbon and sulphur
oxides into the atmosphere, and avoids soil pollution due to accidental spills, provided
that the points are defined and the appropriate means are available to carry out this
maintenance in the best way possible.
All of this, together with the actions carried out in the works, contributes to the
minimisation of environmental incidents, the prevention of pollution, and the
protection of biodiversity and water resources, points included in the Construction
Area Policy.
Scope
(MDR-A_02)
It applies to all production processes that take place on construction sites anywhere in
the world and are carried out by both in-house personnel and subcontractors.
Time horizon
(MDR-A_03)
The Area plans to complete this action on an annual basis.
Impact
Remediation
(MDR-A_04)
It contributes to reducing the environmental impact on the environment and affected
communities, which entails: reducing stakeholder discomfort, strengthening relations
with the community and other stakeholders (such as customers and shareholders),
avoiding the loss of cultural and ecological heritage, and maximising the positive
social impact of the project, among other benefits.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Value chain
commitments
(E2-2_02)
This action does not include a commitment related to upstream or downstream
stages of the value chain.

644
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 62 of 119
Implementation of environmental monitoring, measurement and analysis
Key actions
(MDR-A_01)
(E2-2_01, E2-2_03)
This is an action implemented in 2024, consisting of the development of
environmental controls, measurements and analyses to help identify and mitigate
sources of pollution before they manifest their effects on the environment, helping to
protect ecosystems and human health. It also ensures that the company's activities
comply with environmental laws and regulations, avoiding fines and penalties. It also
allows for continuous improvement through the definition of quantifiable objectives,
as well as the optimisation of resources by evaluating the effectiveness of the good
practices implemented.
Scope
(MDR-A_02)
Applicable to all production processes that take place in the works anywhere in the
world of the Infrastructure Area and are carried out by its own personnel as well as by
subcontractors.
Time horizon
(MDR-A_03)
The Area plans to complete this action on an annual basis.
Impact
Remediation
(MDR-A_04)
This action is remediation of current impacts on stakeholders. It can contribute to
reducing the environmental impact on the surrounding environment and communities,
leading to: reducing stakeholder discomfort, strengthening relationships with the
community and other stakeholders (such as customers and shareholders), avoiding
the loss of cultural and ecological heritage, and maximising the positive social impact
of the project, among other benefits.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Value chain
commitments
(E2-2_02)
This action does not include a commitment related to upstream or downstream
stages of the value chain.
Cement Area
Improving air quality
Key actions
(MDR-A_01)
(E2-2_01, E2-2_03)
Ongoing action to reduce the number of complaints about the factory environment
due to diffuse emissions.
The action contributes to the achievement of the Area's policies and/or objectives
through the improvement of air quality.
Scope
(MDR-A_02)
These actions apply to all cement plants in Spain.
Time horizon
(MDR-A_03)
The Area plans to complete this action by December 2025.
Impact
Remediation
(MDR-A_04)
The action aims to remedy current impacts on stakeholders by improving air quality in
the factory and in the immediate environment.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Value chain
commitments
(E2-2_02)
This action does not include a commitment related to upstream or downstream
stages of the value chain.

645
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 63 of 119
ESRS E3 - Water and Marine Resources
Environment Area
Awareness and monitoring of water consumption
Key actions
(MDR-A_01)
This is an ongoing action, which aims to raise staff awareness of ecological gestures
and to monitor water-intensive activities.
Action contributes to the achievement of policy.
Scope
(MDR-A_02)
The policy at FCC Medio Ambiente Atlantic - France, which covers employees, affects
each of the entities, where water awareness actions are carried out (reduction of
pollution, ecological gestures, etc.).
Time horizon
(MDR-A_03)
Awareness-raising actions are already underway and are planned to continue more
intensively during the period (2025-2050).
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progreso
(MDR-A_05)
Action reported for the first year under ESRS.
Use of reclaimed water
Key actions
(MDR-A_01)
This is an ongoing action, focusing on using reclaimed (permeated) water from
the Wastewater Treatment Plant (WWTP) for irrigation of green areas, cleaning of
internal roads, irrigation of landfill recultivation areas and reserve for fire fighting.
FCC Environment CEE - Romania is reducing the amount of water abstracted from
underground wells belonging to the National Water Agency and public utilities, thereby
reducing water procurement and the use of water from uncontaminated sources.
By decreasing the use of fresh water from wells and expanding the use of reclaimed
water, it will contribute to achieving the FCC's target for the control of WWTP
discharges.
Scope
(MDR-A_02)
The geographical scope is the Arad landfill in Romania (FCC Environment CEE).
Use of reclaimed water
(continuation)
Time horizon
(MDR-A_03)
The action is annual and will last for the whole period of operation of the WWTP
(2032), including after recultivation of the landfills, for the whole monitoring period
(30 years after recultivation).
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Water Area
Reduction of water consumption
Key actions
(MDR-A_01)
This is an ongoing action that aims to reduce the volumes of unregistered water by
improving efficiency in water distribution networks, as well as increasing the reuse of
this resource.
The main purpose of these actions is linked to activating initiatives that achieve the
water consumption reduction targets set by international institutions (SBTi, etc.), as
well as adapting Aqualia to improve the efficiency of water distribution networks.
Scope
(MDR-A_02)
Management of the complete water cycle. Aqualia Perimeter (except USA, Mexico,
Romania, Peru, Algeria, Egypt, Qatar and UAE).
Time horizon
(MDR-A_03)
The action has no set deadlines for completion, the objectives are reviewed annually
and the Strategic Sustainability Plan is drawn up every three years. Due to the
permanent evolution of the perimeter, the action is not envisaged.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

646
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 64 of 119
Water access and testing
Key actions
(MDR-A_01)
This is a resource that consists of two ongoing actions, on the one hand, to create
a platform for the intelligent management of the integral water cycle, through the
creation of a technology that allows the efficient use of water resources and their
management; and on the other hand, to increase the number of municipalities that
provide vulnerable or at-risk citizens with access to water and sanitation.
A further key action is to implement digitisation throughout the entire water cycle, as
well as to accelerate global digitisation projects.
The aim is to provide rapid, real-time responses to the needs of users and customers,
improving customer information and developing solutions, combining the work of site
managers and service managers.
Scope
(MDR-A_02)
The first action covers activities carried out in Spain, Colombia, Mexico, Portugal,
France, Italy, Czech Republic and Colombia. The second action applies only to Spain,
Italy, Portugal, Georgia and France.
Time horizon
(MDR-A_03)
The action is planned to be completed by 2026.
Impact
Remediation
(MDR-A_04)
The action aims to remedy impacts related to the digitalisation of the processes
involved in water management and to provide access to water and sanitation for all.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Cement Area
Waterproofing of coal bunkers
Key actions
(MDR-A_01)
This action, implemented in 2024, consists of applying a protective layer on the soil
where coal is stored to prevent water and pollutants from seeping into the subsoil,
thus reducing the impact on the solid fuel (coal, petcoke) storage area.
The implementation of the action does not contribute to the achievement of FCC
policies and/or objectives.
Scope
(MDR-A_02)
The action is applied in the coal park of the Olazagutía factory (Navarre-Spain).
Time horizon
(MDR-A_03)
The action was completed in 2024.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

647
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 65 of 119
ESRS E4 - Biodiversity and Ecosystems
Environment Area
Reacciona Project(19)
Key actions
(MDR-A_01)
Ongoing action defined and promoted by Hellín Town Council (Albacete), based on the
planting of a forest located on municipal land formerly occupied by the "Rincón de las
Españas" inert waste dump, with the ultimate aim of offsetting CO2 emissions. The
forest covers an area of 4.14 hectares, mainly planted with Aleppo pine.
The objectives of this project are to mitigate climate change, restore the landscape
using species native to the area to be reforested and ensure the protection,
conservation and integrity of the biological diversity and the characteristic ecosystems
of the area.
This project is also part of the Biodiversity environmental axis of its Sustainability
Strategy 2050.
Scope
(MDR-A_02)
Hellín Town Council (Albacete-Spain).
Time horizon
(MDR-A_03)
It will start in December 2024 and is planned to last for 30 years.
Impact
Remediation
(MDR-A_04)
Supporting and carrying out reforestation projects is a good way to create value for
society, not only through CO2 absorption, but also through the positive impact on
biodiversity and the recovery of degraded spaces, turning them into usable areas for
local communities.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Reacciona Project
(continuation)
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
Biodiversity offsets have been used for this action plan, which is expected to capture
283 tonnes of CO2 over its 30-year lifetime.
The effects of biodiversity offsets would be the planting of 4.14 hectares of forest.
Local and
indigenous
knowledge
(E4-3_09)
Local and indigenous knowledge and nature-based solutions have not been taken into
account.
Landfill awareness
Key actions
(MDR-A_01)
Ongoing action to raise awareness of accidental spillage losses among 100 % of the
workforce and to carry out at least 1 accidental spillage exercise at the sites.
Scope
(MDR-A_02)
The action concerns the agencies of all entities, as well as field agents in the centres
located in France.
Time horizon
(MDR-A_03)
The action is expected to be completed by the end of 2025 and early 2026.
Impact
Remediation
(MDR-A_04)
The action is not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.
Local and
indigenous
knowledge
(E4-3_09)
Local and indigenous knowledge and nature-based solutions have not been taken into
account.
(19) Action reflected in ESRS E1 - Climate Change, this section is developed by mentioning actions related to biodiversity
and ecosystems.

648
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 66 of 119
Landfill platform cover
Key actions
(MDR-A_01)
Action implemented in 2024 that aims to cover the landfill platform to reduce the risk
of fires and help prevent biodiversity loss.
The action contributes to the objective of operating with the least possible damage to
the environment.
Scope
(MDR-A_02)
The action takes place at the landfill I-VII of FCC Environment CEE - Hungary located
in Gyál.
Time horizon
(MDR-A_03)
The action was completed in the third quarter of 2024.
Impact
Remediation
(MDR-A_04)
The action is not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.
Local and
indigenous
knowledge
(E4-3_09)
Local and indigenous knowledge and nature-based solutions have not been taken into
account.
Extending the life of the landfill site
Key actions
(MDR-A_01)
This is an ongoing action aimed at developing and consolidating activities at
provincial, regional and national level.
By extending the lifetime of the Arad (Romania) landfill until 2032, the aim is to provide
controlled and environmentally safe disposal of non-hazardous municipal solid waste,
commercial and industrial waste and construction and demolition waste, ensuring
the least impact on biodiversity and ecosystems. This extension will also provide the
means and the basis for the development of new waste treatment facilities in the
future.
Extending the life of the landfill site
(continuation)
Scope
(MDR-A_02)
Applies to the expansion of the landfill and development of new facilities in Arad,
FCC Environment - Romania, which will expand the range of services and coverage
of future activities for stakeholders, at regional and national level, contributing to the
value chain by applying new available technologies.
Time horizon
(MDR-A_03)
Expansion of the landfill is ongoing, with 2 sectors (16,17) already built, sector 18 to be
built in 2025, new wastewater treatment facilities (leachate tank) planned to be built in
2025, and other treatment facilities to be planned from 2028 onwards.
Impact
Remediation
(MDR-A_04)
The action is not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.
Local and
indigenous
knowledge
(E4-3_09)
Local and indigenous knowledge and nature-based solutions have not been taken into
account.

649
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 67 of 119
Water Area
Ecosystem sensitivity analysis
Key actions
(MDR-A_01)
This is an action implemented in 2024, whose objective is to analyse the sensitivity
of the ecosystems where the Area operates, identifying facilities in vulnerable
ecosystems, as well as assessing the impacts, dependencies, risks and opportunities
related to nature, aligning with international sustainability standards and promoting
the preservation of biodiversity and ecosystem services.
The project identifies facilities located in biodiversity-sensitive areas through
geospatial analysis and assessments based on TNFD's LEAP methodology. Using
biodiversity and ecosystem services data, facilities with significant interaction with
ecosystems are located and prioritised.
Scope
(MDR-A_02)
This analysis includes the analysis of 817 installations in 15 countries in Europe, the
Middle East and Latin America, corresponding to four technologies of the integral
water cycle, specifically wastewater treatment plants (WWTPs), drinking water
treatment plants (DWTPs), brackish water treatment plants (BWTPs) and seawater
treatment plants (WWTPs).
Time horizon
(MDR-A_03)
The action has been completed in the period 2024.
Impact
Remediation
(MDR-A_04)
The action is not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.
Local and
indigenous
knowledge
(E4-3_09)
Local and indigenous knowledge and nature-based solutions have not been taken into
account.
Forest soil recovery
Key actions
(MDR-A_01)
This is an ongoing action, and it is expected that the application of treated sewage
sludge as organic amendments on degraded forest soils in Riofrio will result in a
significant improvement of soil conditions. The aim is to monitor the improvement
in physico-chemical properties, the concentration of available nutrients, enzyme
activity in the soil and the diversity of plant cover following the application of these
amendments.
This project aims to restore degraded forest soils, contributing directly to the
organisation's commitment to biodiversity protection and ecosystem recovery.
Scope
(MDR-A_02)
The study focuses on a specific area affected by the forest fire in Riofrío, Ávila, Spain.
The initiative involves the University of Burgos, Aqualia and the local communities of
Riofrío.
Time horizon
(MDR-A_03)
The study is being carried out over a period of two years.
Impact
Remediation
(MDR-A_04)
The action is not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.
Local and
indigenous
knowledge
(E4-3_09)
Local and indigenous knowledge has been taken into account by incorporating
academic knowledge to obtain information on local species, vegetation patterns and
sustainable management practices.

650
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
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Statements
A2
Sustainability
Report
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Environmental Disclosures | Page 68 of 119
B-FERST
Key actions
(MDR-A_01)
This is an ongoing action, the expected outcome of which is the creation of an
innovative and sustainable system that helps transform nutrients present in
Wastewater Treatment Plants (WWTP) into innovative and sustainable fertilisers for
use in agriculture.
This project supports the organisational goal of protecting biodiversity and restoring
ecosystems. Furthermore, it is aligned with the objectives of the new European
Directive (3019/2024), the European Green Pact and the EU Biodiversity Strategy
2030, by minimising the negative impact of agriculture and promoting sustainable
agricultural practices.
Scope
(MDR-A_02)
This project has already been successfully implemented at the Guadalete WWTP
(Jerez de la Frontera-Spain) but is expected to be extended to other WWTPs with
fertiliser application in different agricultural areas.
Time horizon
(MDR-A_03)
This action covered the period 2019-2024.
Impact
Remediation
(MDR-A_04)
The action is not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.
Local and
indigenous
knowledge
(E4-3_09)
Local and indigenous knowledge and nature-based solutions have not been
considered.
Infrastructure Area
Ecosystem restoration
Key actions
(MDR-A_01)
Action implemented in 2024, the result of which is the conservation of biodiversity
by mitigating the possible adverse effects caused by the Area's actions in the
development of its activity. This is done through the conservation of habitats and the
species that inhabit them and through the restoration of these ecosystems when they
are affected.
The actions carried out within the scope of this action are directly related to
compliance with the Area's Environmental Policy, by establishing preventive and
corrective measures, as well as the adoption of the Good Practices system as a
means of reducing or avoiding impacts on biodiversity. This is achieved through
the restoration of affected areas, the creation of new habitats and green areas, the
transplanting of trees, reforestation and the protection of natural areas (especially
areas of high environmental sensitivity, protected natural spaces or areas with the
presence of protected species).
Scope
(MDR-A_02)
Given that the action defined forms part of the policy and the Area's own
environmental management system, the scope of the action is global, applying to all
works and projects, regardless of their geographical location, and to the entire supply
chain.
Time horizon
(MDR-A_03)
The action is continuously applied in all Area projects. Its results are reported on an
annual basis.
Impact
Remediation
(MDR-A_04)
Actions are intended to remedy current impacts on stakeholders, including potential
impacts on ecosystems, landscape and natural resources. They are identified and
assessed during the environmental impact assessment process, a process that
ends with the Environmental Impact Statement, or through a project-specific risk
assessment. The measures established a posteriori in both cases are included in the
project itself to mitigate or correct these impacts.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

651
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 69 of 119
Ecosystem restoration
(continuation)
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.
Local and
indigenous
knowledge
(E4-3_09)
Given the wide and varied nature of biodiversity actions, it can be said that they all
follow the philosophy of Nature-Based Solutions, although they do not all conform to
the IUCN Global Standard.
Cement Area
Method of operation - simultaneous restoration
Key actions
(MDR-A_01)
This is an ongoing action whose objective is to monitor potential hazards that could
damage nature, fauna or vegetation in the Finca El Porcal (the Group's former gravel
pit), included in the Natura 2000 Network and in the catalogue of wetlands of the
Community of Madrid. This has been achieved through the implementation of a
simultaneous exploitation - restoration method. This situation has allowed the lagoons
created and their surroundings to be practically restored by the time the extractive
activity was completed. Given the environmental characteristics and the legal
conditioning factors at El Porcal, derived from the presence of species of fauna and
natural habitats protected by the legislation for the protection of biodiversity and the
protection of natural spaces, the use that best suits its current situation is a natural
use, aimed at the regeneration and ecological-landscape integration of the estate and
the creation of fauna habitats.
Scope
(MDR-A_02)
El Porcal, former gravel pit of the Group. It is currently part of the Natura 2000 Network
and of the catalogue of wetlands of the Community of Madrid-Spain.
Time horizon
(MDR-A_03)
The contract expires annually and can be extended for successive years.
Impact
Remediation
(MDR-A_04)
The actions aim to remedy the current impacts on stakeholders, the planet, local
species and localities, contributing to the protection and conservation of an area
within the community of Rivas-Vaciamadrid.
Method of operation - simultaneous restoration
(continuation)
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.
Local and
indigenous
knowledge
(E4-3_09)
Given the environmental characteristics and the legal conditions of El Porcal, derived
from the presence of species of fauna and natural habitats protected by legislation
for the protection of biodiversity and the protection of natural spaces (Regional Park,
SCI, SPA), the use that best suits its current situation is a natural use, aimed at the
regeneration and ecological-landscape integration of the estate and the creation of
wildlife habitats.
El Porcal Environmental Classroom
Key actions
(MDR-A_01)
This is an ongoing action whose educational initiative is designed to raise awareness
and educate about the importance of sustainability and environmental protection, as
well as care for biodiversity.
Workshops and educational activities are offered for students and the community at
large, with the aim of promoting greater environmental awareness, as well as guided
tours, biodiversity conservation projects and talks and lectures.
Scope
(MDR-A_02)
El Porcal, former gravel pit of the Group. It is currently part of the Natura 2000 Network
and of the catalogue of wetlands of the Community of Madrid-Spain.
Time horizon
(MDR-A_03)
Action carried out and renewable annually.
Impact
Remediation
(MDR-A_04)
Actions are not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Biodiversity
offsets
(E4-3_02, E4-3_03,
E4-3_04, E4-3_08)
No biodiversity offsets have been used for this action.

652
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 70 of 119
El Porcal Environmental Classroom
(continuation)
Local and
indigenous
knowledge
(E4-3_09)
Collaboration is being carried out with an NGO (Naumani Naturalist Association) that
has a presence in the area.
ESRS E5 - Resource use and circular economy
Environment Area
EnergyLOOP
Key actions
(MDR-A_01)
This is an ongoing action aimed at the recovery of wind turbine blade components
and their reuse in sectors such as energy, aerospace, automotive, textile, chemical and
construction.
To this end, the first blade recycling plant in Spain is planned to be set up in Navarre.
The plant will place Spain at the technological forefront of this industry and is
expected to create around 100 direct and indirect jobs over the decade and invest
around 10 million euros in the first installation.
EnergyLOOP will contribute to the transformation of the wind energy sector into a true
circular economy by investing in integrated blade recycling solutions. This initiative
will also improve its competitiveness and sustainability through the research and
implementation of new recycling technologies, which will enable it to absorb the
increasing amounts of waste and adopt increasingly efficient solutions.
The incorporation of new technologies in this type of project will enable FCC Ámbito
to consolidate and position itself as a key player in the country's circular economy
processes, a fundamental pillar of FCC Medio Ambiente's 2050 Sustainability Strategy.
Scope
(MDR-A_02)
The initiative, undertaken by Iberdrola and FCC Medio Ambiente Atlantic - Ámbito (with
the support of Siemens Gamesa), will begin at Spain's first blade recycling plant in
Navarra.
EnergyLOOP
(continuation)
Time horizon
(MDR-A_03)
The facility has already been tendered and will be put into operation during 2025.
Impact
Remediation
(MDR-A_04)
The actions are related to identified material IROs, which it aims to remedy. These are
related to customers' waste generation and their inability to find ways to recover their
waste.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Integral recycling plant for photovoltaic panels
Key actions
(MDR-A_01)
This is an action implemented in 2024 and consists of the inauguration of a new
integrated recycling plant for photovoltaic panels in Cadrete (Zaragoza). Its objective
is to offer the photovoltaic sector a solution for recycling its panels, both those that
reach their end of life and those that for various reasons become waste during the
process of installation or operation of the exploitations.
This facility is also part of FCC Medio Ambiente's 2050 Sustainability Strategy,
a 30-year business development roadmap that is based on four lines of action:
environmental, social, excellence and good governance. With the management of the
increasingly abundant WEEE waste, FCC Ámbito seeks to reinforce the environmental
axis through the promotion of the circular economy, with the aim of achieving the
European Union's waste recovery targets for 2035.
Scope
(MDR-A_02)
The scope of the project covers the integral recycling plant for photovoltaic panels in
Cadrete (Zaragoza-Spain).
Time horizon
(MDR-A_03)
The facility has been operational since the end of 2024.
Impact
Remediation
(MDR-A_04)
The actions are related to identified material IROs, which it aims to remedy. These
relate to customers' waste generation and their inability to find ways to recover their
waste.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

653
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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A1
Financial
Statements
A2
Sustainability
Report
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Environmental Disclosures | Page 71 of 119
European LIFE projects
Key actions
(MDR-A_01)
LIFE INFUSION This is an ongoing action whose aim is to demonstrate, with a
circular economy vision, an innovative scheme for the recovery of resources - biogas,
biofertilisers and reclaimed water (RW) - from effluents in municipal management, so
as to achieve a process with almost zero dumping. This is a project developed by a
consortium that includes FCC Medio Ambiente through its stake in Ecoparc del Besós,
EBESA, together with seven other entities.
LIFEPLASMIX, also in progress, aims to demonstrate the material recovery of mixed
plastics from municipal waste (polypropylene and polystyrene) in the form of pellets or
flakes to be used in the manufacture of new plastic products in a semi-industrial plant
(5,600 t/year) at the Ecocentral in Granada.
With the aim of seeking solutions capable of increasing the recycling of plastic waste,
FCC Medio Ambiente is leading these two European LIFE projects to boost efficiency
in the recovery of this waste that is difficult to dispose of in the recycling market,
avoiding its incineration or disposal in landfills. These actions are in line with FCC's
policies and/or objectives.
Scope
(MDR-A_02)
The scope of the LIFE INFUSION project covers the treatment plant at Ecoparc del
Besos (Barcelona-Spain). In LIFEPLASMIX to the manufacture of new plastic products
in a semi-industrial plant (5,600 t/year) at the Ecocentral in Granada-Spain.
Time horizon
(MDR-A_03)
The actions are planned to be completed in 2019-2024.
Impact
Remediation
(MDR-A_04)
The actions are related to identified material IROs, which it aims to remedy. These
are those related to waste recovery and process optimisation to obtain new useful
by-products in various sectors, the new requirements in terms of waste recovery and
reduction targets and the one related to new regulations on waste management.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
ECOSAC project, BAG2BAG
Key actions
(MDR-A_01)
This is an action implemented in 2024, led by FCC Medio Ambiente and Granada
Provincial Council, to recover plastic film from the urban waste stream and convert
the recovered bags into new recyclable plastic bags in urban sanitation services. The
project aims to implement an integrated and viable solution for the plastic film bales
obtained from the sorting processes in solid waste treatment plants. The separation
of the different types of plastic contained in the film bales and, in particular, of LDPE
and HDPE polyethylene, through different processes, results in 100% recycled plastic
bags, closes the plastic bag cycle (BAG2BAG) and thus increases the recovery and
recyclability ratios.
The project is a clear example of circular economy, where the reduction of the use
of non-renewable resources, the reuse of waste as raw materials, recycling, the
incorporation of eco-design criteria into production processes and raising public
awareness have been priorities in order to achieve the desired objective.
Scope
(MDR-A_02)
Urban sanitation services in Granada-Spain.
Time horizon
(MDR-A_03)
The project has been completed.
Impact
Remediation
(MDR-A_04)
The action aims to remedy current impacts on stakeholders by reducing the use of
non-renewable raw materials.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

654
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
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A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 72 of 119
United Circles project for the creation of Hubs of urban and industrial symbiosis
Key actions
(MDR-A_01)
This action will be implemented in 2024 and is led by FCC Medio Ambiente, which
participates in the development of the European project United Circles, led by the
CARTIF technology centre.
Within the project, FCC Medio Ambiente focuses on the valorisation of waste streams
for the recovery of nutrients and energy vectors. To this end, it will apply various
recovery processes such as the biological methanation of various biogas streams
for conversion into biomethane, the improvement of anaerobic digestion of waste
streams to maximise the production of biogas at its waste treatment centres and the
application of innovative technologies such as hydrothermal liquefaction (HTL) to
obtain high-value products.
It has internal R&D&I resources that enable it to offer the most innovative solutions to
its customers. The organisation's innovation activity has led to an investment of close
to 4 million euros in 2023, and in its Sustainability Strategy 2050 it has committed to
this figure reaching 1% of turnover.
Scope
(MDR-A_02)
The proposal has 46 partners from 14 different countries and one international
organisation, all activities will take place in three European demonstrators, each of
them integrated in a regional circularity hub:
• In Spain, specifically in Salamanca, the recovery of energy and resources from
organic waste, wastewater and recovered sewage sludge and cellulose from sewage
treatment plants is being pursued.
• In Italy, in the Veneto region, bioplastics will be produced from polymers recovered
from used cooking oils.
• In Turkey, in the Ankara area, construction and demolition waste will be recovered for
the manufacture of new low-carbon buildings.
Time horizon
(MDR-A_03)
The project has been funded by the European Union under the Horizon Europe
programme, with a total of 25,360,000 euros, and will run for 48 months starting this
November.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Increasing recycling with the extension and renovation of the site
Key actions
(MDR-A_01)
This is an action planned with the aim of increasing the recycling of collected waste
from 1 % to 19 %, based on the extension and renovation of the Himberg headquarters,
with the construction of a new sorting plant.
FCC Environment CEE Austria does not yet have any policies or targets related to this
objective in 2024. However, it is planned to create policies and targets for this topic
and to integrate them with the actions undertaken.
Scope
(MDR-A_02)
This action covers the central location of FCC Environment CEE Austria in Himberg.
Time horizon
(MDR-A_03)
The action is planned and intended to run until the end of 2027.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Replacement of refuse derived fuel drying shredder
Key actions
(MDR-A_01)
This is an on-going action; the aim is to use the most modern machine that allows a
more efficient treatment of waste. The RDF material is used to produce cement.
The use of modern technologies helps to achieve the policy that partners want in the
use of different services.
Scope
(MDR-A_02)
The action takes place at FCC Environment CEE Hungary, at the CDR plant in Gyál, in
the cement works.
Time horizon
(MDR-A_03)
The machine has arrived at the centre and will be installed in the first quarter of 2025.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

655
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 73 of 119
Packaging of secondary raw materials
Key actions
(MDR-A_01)
It consists of the replacement of a baler in Gyál, following a fire and in
Hódmezővásárhely (Hungary).
Replacement of the refuse derived fuel (RDF) drying crusher (UNTHA) and increase of
its capacity.
This is an ongoing action; the aim is to use the most modern machine that allows for
more efficient waste treatment. The RDF material is used to produce cement.
These are two actions implemented in 2024 that will lead to the packaging of
secondary raw materials and their subsequent delivery to the customer, which will
enable new products to be manufactured.
The implementation of modern technologies makes it easier to achieve the policies
that partners prefer in the use of various services.
Scope
(MDR-A_02)
The actions are carried out at FCC Environment CEE Hungary, at the sorting and
balancing plant located in Gyál and at the ground sorting and balancing plant in
Hódmezővásárhely for subsequent delivery to customers.
Time horizon
(MDR-A_03)
The machine located in Gyál was installed in the second quarter of 2024, the baler in
Hódmezővásárhely was installed in the last quarter of 2024.
Impact
Remediation
(MDR-A_04)
The action aims to remedy the impacts resulting from the operation of the
Baling&Ground sorting plant (reuse of waste).
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Infrastructure Area
Integrated management of the waste generated
Key actions
(MDR-A_01)
This is an action implemented in 2024 and consists of significantly reducing waste
generated in construction projects, increasing the reuse and recycling of materials,
and decreasing the costs associated with waste disposal. In addition, it is expected
to improve resource efficiency and reduce the environmental impact of construction
activities.
This action contributes to the Area's policy by minimising the environmental impact
of construction activities, promoting sustainable practices and optimising the use of
resources.
Scope
(MDR-A_02)
These actions apply to all production processes that take place in the Area's works,
including the entire value chain from planning to project execution. It will address all
stakeholders, including employees, suppliers and local communities.
Time horizon
(MDR-A_03)
The action is and will continue to be completed on an annual basis.
Impact
Remediation
(MDR-A_04)
The action aims to remedy the negative impacts on the environment and local
communities caused by the generation and improper disposal of construction waste.
This includes reducing soil and water pollution, and improving the quality of life of
communities near construction sites.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

656
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
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Environmental Disclosures | Page 74 of 119
Modular and demountable construction
Key actions
(MDR-A_01)
Optimisation of the use of materials and reduction of waste through modular and
demountable construction.
This is an action implemented in 2024 with the aim of reducing construction waste
through the reuse of prefabricated modules, decreasing construction and demolition
costs, and increasing efficiency in the use of materials. In addition, greater flexibility in
design and the ability to adapt structures to different needs and locations is expected.
This action contributes to the Area's policy by promoting the reuse of materials and
reducing waste generation. It also supports efficiency and cost reduction objectives by
optimising construction and demolition processes.
Scope
(MDR-A_02)
These actions apply to all production processes taking place on construction sites
anywhere in the world, including the entire value chain from planning to project
execution. It will address all stakeholders, including employees, suppliers and local
communities.
Time horizon
(MDR-A_03)
The action is and will continue to be completed on an annual basis.
Impact
Remediation
(MDR-A_04)
It aims to remedy the negative environmental impacts caused by the generation of
construction waste and the need for new raw materials. This includes the reduction of
pollution and the conservation of natural resources.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Concessions Area
Integrated management of the waste generated
Key actions
(MDR-A_01)
The Area's ongoing projects are working to significantly reduce the amount of waste
generated, increase the reuse and recycling of materials, and reduce the costs
associated with waste disposal.
This action contributes to the Area's policy by minimising the environmental impact
of concession activities, promoting sustainable practices and optimising the use of
resources.
Scope
(MDR-A_02)
These actions apply to all activities that take place in the ongoing projects of the
Concessions Area, including the entire value chain from planning to project execution.
It will address all stakeholders, including employees, suppliers and local communities.
Time horizon
(MDR-A_03)
The action is and will continue to be completed on an annual basis.
Impact
Remediation
(MDR-A_04)
The action aims to remedy the negative impacts on the environment and local
communities caused by the generation and improper disposal of waste. This includes
reducing soil and water pollution and improving the quality of life of communities near
the sites.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Resources
allocated
(MDR-A_06)
For the implementation of these actions, financial, technological and human resources
have been allocated for the performance of waste management tasks.
Current and
future financial
resources
(MDR-A_07,
MDR-A_09,
MDR-A_10,
MDR-A_11,
MDR-A_12)
The financial resources allocated to the implementation of this action are €850,000.

657
1
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2
Ethical governance
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3
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value creation
4
FCC in 2024
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Cement Area
Replacing petroleum-based fossil fuel in clinker kilns with alternative fuels
Key actions
(MDR-A_01)
This is an ongoing action that aims to achieve a significant reduction in the use of
fossil fuels by replacing their use with fuels derived from waste or by-products. It will
also reduce the use of petroleum-based materials and make use of energy resources
that would otherwise end up in landfills.
The use of materials derived from waste reduces fossil CO2 emissions and promotes
the circular economy.
Scope
(MDR-A_02)
These actions apply to the cement plants in Spain: El Alto, Alcalá de Guadaira, Monjos,
Mataporquera and Hontoria.
Time horizon
(MDR-A_03)
The action is planned for the year 2030, but will continue in subsequent years.
Impact
Remediation
(MDR-A_04)
The action aims to remedy the current impacts on stakeholders by reducing land
occupation in landfills and reducing GHG emissions.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Substitute natural raw materials in the manufacture of clinker and cement with waste and/or by-products
Key actions
(MDR-A_01)
This is an ongoing action that aims to achieve a reduction in the use of natural raw
materials by replacing their use with alternative raw materials, derived from waste or
by-products. The use of natural material will be reduced and mineral resources that
would otherwise be landfilled will be utilised.
The use of materials derived from waste reduces fossil CO2 emissions and promotes
the circular economy.
Scope
(MDR-A_02)
These actions apply to the cement plants in Spain: El Alto, Alcalá de Guadaira, Monjos,
Mataporquera and Hontoria.
Time horizon
(MDR-A_03)
The action is projected to 2030.
Impact
Remediation
(MDR-A_04)
The action aims to remedy current impacts on stakeholders by reducing land
occupation in landfills and reducing GHG emissions.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

658
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 76 of 119
Appendix IV: Targets related to environmental management
The targets related to environmental management that comply with the criteria established by the ESRS,
broken down by subject and by business area according to materiality, are included below.
ESRS E1 - Climate Change
Environment Area
Reducing GHG Emissions to achieve climate neutrality by 2050
Target
(MDR-T_02, E1‑4_02, E1-4_03)
Progressive reduction of GHG emissions until 2050.
Type of target
(MDR-T_03, E1-4_03)
Absolut
Reference value
(MDR-T_05, E1-4_20)
2,353,500.12
Unit of measurement
(MDR-T_03)
t CO2e
Base year
(MDR-T_06, E1-4_20)
2017
Period of application
(MDR-T_07)
2017-2050
Intermediate/interim targets
(MDR-T_08)
35 % reduction by 2030
% covered
Scope 1
—
% covered
Scope 2
—
% covered
Scope 3
—
Calculation method
Scope 2
(E1-4_12)
Market-based
Type of gases
covered
(E1-4_18)
All GHGs
Description
and relationship
with policies
(MDR-T_01,
E1‑4_01)
FCC Medio Ambiente Atlantic's management policy includes its commitment to
promote the fight against climate change, to which this objective contributes.
Furthermore, through its Sustainability Strategy 2050, it has acquired demanding
commitments in terms of reducing GHG emissions in order to achieve climate
neutrality by 2050.
Reducing GHG Emissions to achieve climate neutrality by 2050
(continuation)
GHG inventory
limit and Scope
(MDR-T_04,
E1‑4_18)
The GHG emission reduction target does not differ from the reported GHG
emissions, with all types of gases covered, the respective percentage of scope 1 and
2 GHG emissions and the total GHG emissions covered by the target. For the GHG
emission reduction targets of its subsidiaries, FCC Medio Ambiente Atlantic (Spain)
similarly applies these requirements at the subsidiary level.
The scope of this objective covers both FCC Medio Ambiente Atlantic Spain's own
activities and those of its value chain.
Scientific basis
(MDR-T_10,
E1‑4_22)
This objective is based on science.
Climate
scenarios
(E1-4_22)
The target is compatible with limiting global warming to 1.5 °C
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is derived using a sectoral decarbonisation trajectory. The context,
decarbonisation strategies, targets and legislation at international, European and
national level have been analysed and the particularities of the waste sector have
been taken into account.
Decarbonisation
levers
(E1-4_23, E1-4_24)
The main decarbonisation levers are the transition to low-emission vehicles, the
reduction of biogas emissions from landfills and the implementation of contingency
plans. First, the aim is for 100 % of the vehicle fleet to have "ECO" or "0 emission"
labels. Secondly, the aim is to capture and manage biogas from landfills, avoiding its
release and prioritising its energy recovery, with a target of 80 % by 2050. Finally, a
proprietary methodology will be developed to implement contingency plans to adapt
to the impacts of climate change on procurement.

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Reducing GHG Emissions to achieve climate neutrality by 2050
(continuation)
Methodologies
(MDR-T_09)
FCC Medio Ambiente Atlantic has simulated a set of possible GHG emissions
scenarios, against a range of measures. The scenarios we consider most likely are
included below:
• E.1. Scenario envisaged for emissions associated with the vehicle fleet: A scenario
has been envisaged that envisages the greening of the fleet through the gradual
replacement of vehicles with less polluting electric-hybrid vehicles, with the
consequent progressive reduction of GHG emissions.
• E.2. Scenario for emissions associated with municipal waste treatment:
Considering the limitation of 10 % of waste disposed of in landfills from 2035
onwards, the scenarios analysed have opted for a substantial change in selective
collection models accompanied by a greater increase in biological treatment
processes (composting and/or biomethanisation) and energy recovery.
Stakeholders
(MDR-T_11)
Different departments of FCC Medio Ambiente have participated.
Charges
(MDR-T_12,
E1‑4_21)
No changes in the target or associated metrics have been observed.
Performance
and progress
(MDR-T_13,
E1‑4_19)
In the period 2017-2023 there has been a 23.3 % increase in total GHG emissions
mainly due to an increase in diffuse emissions associated with landfills (Tenerife,
Montoliú, Loeches and Mancomunidad del Sur) that have become fully operational
in 2023.
The evolution of emissions by scope (1, 2 and 3) and category (fuel consumption,
electricity consumption, landfill emissions, composting, biomethanisation,
incineration, HFCs) is studied globally and by contract and the causes of the increase
or decrease of emissions are analysed.
Target reported for the first year under ESRS.
Increase in GHG emissions avoided
Target
(MDR-T_02, E1‑4_02, E1-4_03)
Increase the number of tonnes of GHG avoided compared to 2017.
Type of target
(MDR-T_03, E1-4_03)
Absolute
Reference value
(MDR-T_05, E1-4_20)
2,776,636.01
Unit of measurement
(MDR-T_03)
t CO2e
Base year
(MDR-T_06, E1-4_20)
2017
Period of application
(MDR-T_07)
2017-2050
Intermediate/interim targets
(MDR-T_08)
-20 % by 2030
-50 % by 2050
% covered
Scope 1
—
% covered
Scope 2
—
% covered
Scope 3
—
Calculation method
Scope 2
(E1-4_12)
Market-based
Type of gases
covered
(E1-4_18)
All GHGs
Description
and relationship
to policies
(MDR-T_01,
E1‑4_01)
As part of its 2050 Sustainability Strategy, FCC Medio Ambiente Atlantic (Spain,
Portugal and Scope) has established commitments to reduce GHG emissions, with
the aim of achieving climate neutrality by 2050.
GHG inventory
limit and Scope
(MDR-T_04,
E1‑4_18)
All GHGs are covered, the respective percentage of scope 1, 2 and 3 GHG emissions
and the total GHG emissions covered by the target. For the GHG emission reduction
targets of its subsidiaries, the company shall apply these requirements at the
subsidiary level in a similar manner.
The scope of this objective covers both FCC Medio Ambiente Atlantic Spain's own
activities and those of its value chain.
Scientific basis
(MDR-T_10,
E1‑4_22)
The objective has no scientific basis.
Climate
scenarios
(E1-4_22)
It is not compatible with limiting global warming to 1.5°C.
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is not derived using a sectoral decarbonisation pathway, nor has the
target been externally secured.

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Increase in GHG emissions avoided
(continuation)
Decarbonisation
levers
(E1-4_23, E1-4_24)
The decarbonisation levers envisaged include the use of by-products, energy
generation and the prevention of waste disposal.
Methodologies
(MDR-T_09)
Avoided GHG emissions from waste treatment have been calculated, which will
double the emissions generated by MSW treatment. The benefits of biological
treatment and energy recovery will be reflected in avoided emissions by avoiding
landfilling of waste in controlled landfills.
Stakeholders
(MDR-T_11)
Different departments of FCC Environment have participated.
Changes
(MDR-T_12,
E1‑4_21)
No changes in the target or associated metrics have been observed.
Performance
and progress
(MDR-T_13,
E1‑4_19)
Between 2017 and 2023, total GHG emissions increased by 23.3 %, mainly due to an
increase in diffuse emissions associated with fully operational landfills from 2023.
An analysis of the evolution of emissions by scope (1, 2 and 3) and category is being
carried out both globally and by contract, assessing the causes of variations in
emissions.
Target reported for the first year under ESRS.
Achieving NET ZERO Carbon by 2040
Target
(MDR-T_02, E1‑4_02, E1-4_04)
Achieve Net Zero Carbon Emissions by 2040. Implementing a 5 % annual reduction in carbon emissions
based on 2019 results.
Type of target
(MDR-T_03, E1-4_03)
Relative
Reference value
(MDR-T_05, E1-4_20)
1,939,581.89
Unit of measurement
(MDR-T_03)
t CO2e
Base year
(MDR-T_06, E1-4_20)
2019
Period of application
(MDR-T_07)
Annual
Intermediate/interim targets
(MDR-T_08)
5 % annual reduction until Net
Zero is reached in 2040.
Achieving NET ZERO Carbon by 2040
(continuation)
% covered
Scope 1
(E1-4_07)
100 %
% covered
Scope 2
(E1-4_13)
0 %(20)
% covered
Scope 3
—
Calculation method
Scope 2
(E1-4_13)
Market-based
Type of gases
covered
(E1-4_18)
All GHGs
Description
and relationship
with policies
(MDR-T_01,
E1‑4_01)
The aim is to ensure that working practices contribute to increased energy efficiency
and environmental conservation, both locally and regionally.
GHG inventory
limit and Scope
(MDR-T_04,
E1‑4_18)
The raw GHG emissions data is collected using the same process as the ISO50001
energy management system, so the boundary always covers 100 % of the
organisational structure. The cap will change in 2025 due to the new procurement
and GHG emissions will be recalculated accordingly.
The scope of this objective covers FCC Environment UK's own activities.
Scientific basis
(MDR-T_10,
E1‑4_22)
The objective has no scientific basis.(21)
Climate
scenarios
(E1-4_22)
It is not compatible with limiting global warming to 1.5°C.
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is not derived using a sectoral decarbonisation pathway, nor has the
target been externally secured.
(20) The energy coming from UK Scope 2 is 100% renewable and generates 0 emissions.
(21) FCC Environment UK has a commitment, following the UK government's scheme for the waste management sector.

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Achieving NET ZERO Carbon by 2040
(continuation)
Decarbonisation
levers
(E1-4_23, E1-4_24)
To achieve the decarbonisation target, various decarbonisation levers will be
implemented. For Scope 2, the procurement of zero-emission electricity supply from
the grid will continue. For Scope 1, plans to redirect all organic waste from landfills to
recycling and energy production processes, such as composting, anaerobic digestion
(AD) and energy recovery (EfW), with the aim of reaching this target by 2030. In
addition, efforts will be made to increase the capture of methane emissions from
landfills to 85 % by 2030. Finally, modelling and data collection of greenhouse gas
(GHG) emissions from landfills will be improved.
Methodologies
(MDR-T_09)
The target is aligned with the Environmental Services Association (ESA)
decarbonisation pathway for the UK recycling and waste management sector. The
EpE Protocol is used to determine emissions from waste management activities as
approved by the ESA.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12,
E1‑4_21)
No changes have been observed in the target or associated metrics.
Performance
and progress
(MDR-T_13)
The reduction of the annual target compared to the baseline has been achieved.
Raw data is collected on a monthly basis, following the procedures set out in
the Integrated Management System (IMS), and reported internally to the senior
leadership team on a monthly basis.
Target reported for the first year under ESRS.
Reduction of specific energy consumption
Target
(MDR-T_02)
Reduction of the specific energy consumption compared to the previous year by 0.5 %.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
662,896.35 MWh
Unit of measurement
(MDR-T_03)
MWh
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
One year
Intermediate/interim targets
(MDR-T_08)
—
Description
and relationship
with policies
(MDR-T_01)
FCC Environment CEE Austria's Energy and Environment policy emphasises the
measurement and monitoring of energy use, with a focus on energy efficiency. This
is directly aligned with the objective of avoiding increases in energy consumption and
promoting incremental reductions over time, which is consistent with the target of
reducing consumption by 0.5 %.
GHG inventory
limit and Scope
(MDR-T_04)
FCC Environment CEE Austria is currently working on its decarbonisation targets.
Once set, specific targets will be broken down by country.
The scope of this objective covers FCC Environment CEE Austria's own activities.
Scientific basis
(MDR-T_10)
The target has no scientific basis and is not compatible with limiting global warming
to 1.5°C.
Methodologies
(MDR-T_09)
Different internal documents are used in the evaluation of the target: energy
optimisation concept of FCC Abfall Austria and energy consumption lists.
The target was derived from the Energy Efficiency Law, which required a 1.5 %
improvement. However, the law has been repealed and is therefore no longer valid.
Stakeholders
(MDR-T_11)
So far, only internal stakeholders, such as employees and top management, have
been involved through internal communication.
Changes
(MDR-T_12)
No changes have been observed in the target or associated metrics.
Performance
and progress
(MDR-T_13)
The environmental energy report analyses the results against targets, including trend
analysis, to meet the requirements of ISO 50001, analysing consumption by energy
source and location.
In addition, the target is monitored on a quarterly basis.
Target reported for the first year under ESRS.

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Renewable energy production from photovoltaic panels
Target
(MDR-T_02)
Achieve renewable energy production from photovoltaic panels.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
480,000
Unit of measurement
(MDR-T_03)
€
Base year
(MDR-T_06)
2024
Period of application
(MDR-T_07)
2024-2025
Intermediate/interim targets
(MDR-T_08)
Installation of photovoltaic plants
on site (rooftop installation,
landfill installation), in total
approx. 750 kWp.
Description
and relationship
with policies
(MDR-T_01)
FCC Environment CEE Czech Republic's Energy and Environment policy encourages
greater use of renewable energy to reduce the carbon footprint and protect the
environment. This aligns directly with the objective of producing renewable energy
from photovoltaic panels.
GHG inventory
limit and Scope
(MDR-T_04)
The scope of this objective covers both FCC Environment CEE Czech Republic's
own activities and those of its value chain, including upstream and/or downstream
stages.
Scientific basis
(MDR-T_10)
This objective is based on science.
Methodologies
(MDR-T_09)
A detailed engineering study has been developed for the installation, orientation and
efficiency optimisation of the panels.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12)
No changes have been observed in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Currently, the project documentation for the photovoltaic panels has been prepared
and is awaiting the building permit.
Target reported for the first year under ESRS.
Water Area
Annual reduction in climate intensity
Target
(MDR-T_02, E1-4_02, E1-4_03)
Neutralidad en Carbono en el 2050.
Type of target
(MDR-T_03, E1-4_03)
Absolute
Reference value
(MDR-T_05, E1-4_20)
0.67
Unit of measurement
(MDR-T_03)
kg CO2e/euro
Base year
(MDR-T_06, E1-4_20)
2023
Period of application
(MDR-T_07)
2024-2050
Metas intermedias/ provisionales
(MDR-T_08)
35 % reduction by 2030
% covered
Scope 1
(E1-4_06)
100 %
% covered
Scope 2
(E1-4_09)
100 %
% covered
Scope 3
—
Calculation method
Scope 2
(E1-4_09)
Location-based
Type of gases
covered
(E1-4_18)
All GHGs
Description
and relationship
to policies
(MDR-T_01,
E1‑4_01)
The objective is to contribute to the annual reduction of climate intensity through
energy efficiency measures, the substitution of fuel energy sources by renewable
energies or the implementation of new technologies, in line with the goal of carbon
neutrality by 2050.
GHG inventory
limit and Scope
(MDR-T_04,
E1‑4_18)
With the plan, Aqualia expects to reduce the reduction to 81 % of the base year, if this
forecast is not exceeded, a compensation plan will be implemented until 100 % is
reached.
The scope of this objective covers Aqualia's own Concessions and BOT operations.
Scientific basis
(MDR-T_10,
E1‑4_22)
The target is compatible with limiting global warming to 1.5 °C.
Climate
scenarios
(E1-4_22)
The target is not derived using a sectoral decarbonisation pathway and has not been
externally secured.

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Annual reduction in climate intensity
(continuation)
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is not derived using a sectoral decarbonisation pathway and has not been
externally secured.
Decarbonisation
levers
(E1-4_23, E1-4_24)
The scope 1 elimination of 22,344 tonnes of CO2 will be achieved by electrification
and fuel switching of the vehicle fleet. On the other hand, scope 2 emissions will be
eliminated 344,355 by the use of renewable energy. For the remaining tonnes of CO2
of scope 1, they will be eliminated through offset projects.
Methodologies
(MDR-T_09)
It has been developed on the basis of the Sustainable Development Goals.
Stakeholders
(MDR-T_11)
Aqualia's Strategic Sustainability Plan 2023-2026 was constructed based on the
surveys and interviews carried out during the strategic materiality analysis of the
Area, which allowed the indirect participation of stakeholders in the definition of its
indicators and objectives.
Changes
(MDR-T_12,
E1‑4_21)
No changes in the target or associated metrics have been observed.
Performance
and progress
(MDR-T_13,
E1‑4_19)
The objectives set in the Strategic Sustainability Plan are monitored on a quarterly
basis. Progress is in line with the objectives set.
Target reported for the first year under ESRS.
Infrastructure Area
Reduction of petrol and diesel A consumption
Target
(MDR-T_02, E1-4_02, E1-4_04)
Reduction of petrol and diesel A consumption.
Type of target
(MDR-T_03, E1-4_04)
Relative
Reference value
(MDR-T_05, E1-4_20)
9,089
Unit of measurement
(MDR-T_03)
t CO2e
Base year
(MDR-T_06, E1-4_20)
2021
Period of application
(MDR-T_07)
2023-2050
Intermediate/interim targets
(MDR-T_08)
-Objetivo a 2026: 10 % de
reducción del consumo de
Gasolina y Gasóleo A.
-Objetivo a 2030: 61 % de
reducción del consumo de
Gasolina y Gasóleo A.
% covered
Scope 1
(E1-4_07)
100 %
% covered
Scope 2
—
% covered
Scope 3
—
Calculation method
Scope 2
—
Type of gases
covered
(E1-4_18)
Metano, óxido
nitroso y dióxido
de carbono
Description
and relationship
with policies
(MDR-T_01, E1‑4_01)
This objective follows the strategic line for the mitigation of climate change.
Construction Area will progressively replace its fleet of vehicles, opting for more
sustainable vehicles, thus reducing the emissions associated with scope 1 of the
carbon footprint.
GHG inventory
limit and Scope
(MDR-T_04, E1‑4_18)
Continue to monitor and report on the consumption of fossil and renewable
fuels in order to know the organisation's behaviour and study the need to take
more ambitious measures in the event of not achieving the established targets.
Consistency with the emissions inventory is that this measure directly affects fuel
consumption (Scope 1 emissions).

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Reduction of petrol and diesel A consumption
(continuation)
Scientific basis
(MDR-T_10, E1‑4_22)
This objective is based on science and has followed the recommendations of
the TCFD. In the context of the elaboration and development of climate change
mitigation targets, a comprehensive study of the risks and opportunities of climate
change, as well as the economic impacts these may have on assets and investors,
has been carried out.
Climate scenarios
(E1-4_22)
This target is compatible with limiting global warming to 1.5 °C. Different climate
scenarios have been identified based on the IPCC. In the analysis, three scenarios
have been defined, grouping families of assumptions related to physical and
transition risks: Climate Neutrality, Trend Scenario and High Emission Development.
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is derived using a sectoral decarbonisation trajectory.
Decarbonisation
levers
(E1-4_23, E1-4_24)
The Construction Area will progressively replace its vehicle fleet, opting for more
sustainable vehicles, thus reducing the emissions associated with Scope 1 of the
carbon footprint. In addition, policies will be included for the rental and/or purchase
of vehicles for construction work that take into account emission reduction criteria.
Priority will be given to the use of more modern machinery, both our own and that of
subcontractors, which can consume clean energy.
Methodologies
(MDR-T_09)
The recommendations of the TCFD have been followed. In the context of
the elaboration and development of climate change mitigation objectives, a
comprehensive study of climate change risks and opportunities, as well as the
economic impacts these may have on assets and investors, has been carried out.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12, E1‑4_21)
No changes in the target or associated metrics have been observed.
Reduction of petrol and diesel A consumption
(continuation)
Performance
and progress
(MDR-T_13, E1‑4_19)
Each year, Construction Area reviews the status of the system every four months,
and annually publishes the System Review Report, in which an analysis is made of
the status and results of operations for review by senior management. In addition, a
Construction Area Sustainability Strategy Monitoring Committee has been created
to monitor compliance with the Sustainability Strategy by means of the indicators
established for this purpose.
Target reported for the first year under ESRS.
Evolution of conventional electricity sources towards 100% renewable alternatives
Target
(MDR-T_02, E1-4_02, E1-4_04)
Implement the purchase of electricity with guarantees of origin in all the countries where it operates,
achieving a 100% reduction in the consumption of non-renewable electricity by 2021.
Type of target
(MDR-T_03, E1-4_04)
Relative
Reference value
(MDR-T_05, E1-4_20)
3,491
Unit of measurement
(MDR-T_03)
t CO2e
Base year
(MDR-T_06, E1-4_20)
2021
Period of application
(MDR-T_07)
2023-2050
Intermediate/interim targets
(MDR-T_08)
Target to 2026: 29 % increase in
renewable energy consumed.
2030 target: 65 % increase in
renewable energy consumed.
% covered
Scope 1
—
% covered
Scope 2
(E1-4_10)
100 %
% covered
Scope 3
—
Calculation method
Scope 2
(E1-4_10)
Location-based
Type of gases
covered
(E1-4_02)
Methane, nitrous
oxide and carbon
dioxide
Description
and relationship
with policies
(MDR-T_01, E1‑4_01)
This objective follows the strategic line for climate change mitigation.

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Evolution of conventional electricity sources towards 100% renewable alternatives
(continuation)
GHG inventory
limit and Scope
(MDR-T_04, E1‑4_18)
Through the purchase of energy from 100 % renewable sources at an organisational
level, in all countries where Área de Construcción operates and has implemented the
EMS, progress has been made in reducing the carbon footprint.
In addition, the recommendations of the TCFD have been followed. In the process of
elaborating and developing climate change mitigation targets, a thorough study of
the associated risks and opportunities, as well as the economic impacts these may
have on assets and investors, has been carried out.
Scientific basis
(MDR-T_10, E1‑4_22)
The objective is scientifically based.
Climate scenarios
(E1-4_22)
The target is compatible with limiting global warming to 1.5°C.
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is derived using a sectoral decarbonisation pathway and the target has
not been externally secured.
Decarbonisation
levers
(E1-4_23, E1-4_24)
The decarbonisation levers of this objective are the implementation of electricity
consumption with renewable energy guarantees in headquarters and fixed centres
and the increase in the use of electricity consumed from renewable energy sources
in projects where it is feasible.
Methodologies
(MDR-T_09)
The recommendations of the TCFD have been followed. In the context of the
elaboration and development of CC mitigation objectives, a comprehensive study of
climate change risks and opportunities, as well as the economic impacts these may
have on assets and investors, has been carried out.
Different climate scenarios have been identified based on the IPCC. In the analysis
carried out, three scenarios have been defined that group together families of
hypotheses related to physical and transition risks: Climate Neutrality, Trend
Scenario and High Emission Development.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12, E1‑4_21)
No changes in the target or associated metrics have been observed.
Evolution of conventional electricity sources towards 100% renewable alternatives
(continuation)
Performance
and progress
(MDR-T_13, E1‑4_19)
Each year, the Construction Area reviews the status of the system every four
months, and annually publishes the System Review Report, in which an analysis is
made of the status and results of operations for review by senior management. In
addition, a Construction Area Sustainability Strategy Monitoring Committee has been
set up to monitor compliance with the Sustainability Strategy through the indicators
established for this purpose.
Target reported for the first year under ESRS.
Cement Area
Reduction of CO2 emissions from process and combustion in grey cement
Target
(MDR-T_02, E1-4_02, E1-4_04)
Obtain a ratio of 0.540 t CO2/t cement.
Type of target
(MDR-T_03, E1-4_04)
Relative
Reference value
(MDR-T_05, E1-4_20)
0.684
Unit of measurement
(MDR-T_03)
t CO2/t cement
Base year
(MDR-T_06, E1-4_20)
2020
Period of application
(MDR-T_07)
2020-2030
Intermediate/interim targets
(MDR-T_08)
No intermediate objectives
% covered
Scope 1
(E1-4_07)
100 %
% covered
Scope 2
—
% covered
Scope 3
—
Calculation method
Scope 2
—
Type of gases
covered
(E1-4_18)
CO2
Description
and relationship
to policies
(MDR-T_01, E1‑4_01)
This objective is related to climate change mitigation management within the
Environmental and Energy Policy.

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Ethical governance
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Reduction of CO2 emissions from process and combustion in grey cement
(continuation)
GHG inventory
limit and Scope
(MDR-T_04, E1‑4_18)
The target applies only to cement plants in Spain and only for the greenhouse gas
CO2. Applies to:
• Company - Cementos Portland Valderrivas, S.A. Factories (El Alto, Hontoria, Alcalá,
Olazagutía, Monjos)
• Company - Cementos Alfa, S.A. Factory (Mataporquera)
Scientific basis
(MDR-T_10, E1‑4_22)
The objective has no scientific basis.
Climate scenarios
(E1-4_22)
It is not compatible with limiting global warming to 1.5°C.
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is not derived using a sectoral decarbonisation pathway, nor has the
target been externally secured.
Decarbonisation
levers
(E1-4_23, E1-4_24)
The decarbonisation levers of this target are the use of biomass fuels, use of
decarbonised raw materials, use of additions in cement and investments for the
improvement of the clinker production process.
Methodologies
(MDR-T_09)
According to the ETS methodology, kg CO2/t clinker is measured for each plant and
kg clinker per tonne of cement by weighting all cements from all plants.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12, E1‑4_21)
No changes have been observed in the target or associated metrics.
Performance
and progress
(MDR-T_13, E1‑4_19)
In 2023 the result was 0.659 tCO2eq. The result for 2024 was 0.651 tCO2eq (to be
verified by an authorised external audit company).
The progress of the objectives is monitored through the Environmental Department
of each cement plant, as well as in the Corporate Sustainability Committee.
Target reported for the first year under ESRS.
Increasing the share of energy purchased from renewable sources
Target
(MDR-T_02, E1-4_02, E1-4_04)
Achieve 80% of energy purchased from renewable sources by 2030.
Type of target
(MDR-T_03, E1-4_04)
Relative
Reference value
(MDR-T_05, E1-4_20)
11
Unit of measurement
(MDR-T_03)
%
Base year
(MDR-T_06, E1-4_20)
2020
Period of application
(MDR-T_07)
2020-2030
Intermediate/interim targets
(MDR-T_08)
Sin objetivos intermedios
% covered
Scope 1
—
% covered
Scope 2
(E1-4_13)
100 %
% covered
Scope 3
—
Calculation method
Scope 2
(E1-4_13)
Market-based
Type of gases
covered
(E1-4_18)
CO2
Description
and relationship
with policies
(MDR-T_01, E1‑4_01)
The focus is on the medium and long-term procurement of renewable energy
through power purchase agreements (PPAs). Agreements and investments with
third parties for the supply of wind and photovoltaic energy are promoted.
GHG inventory
limit and Scope
(MDR-T_04, E1‑4_18)
The target applies to cement plants in Spain and only for the greenhouse gas CO2.
Applies to:
• Company - Cementos Portland Valderrivas, S.A. Factories (El Alto, Hontoria, Alcalá,
Olazagutía, Monjos).
• Company - Cementos Alfa, S.A. Factory (Mataporquera).
Scientific basis
(MDR-T_10, E1‑4_22)
The objective has no scientific basis.
Climate scenarios
(E1-4_22)
It is not compatible with limiting global warming to 1.5°C.
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is not derived using a sectoral decarbonisation pathway, nor has the
target been externally secured.
Decarbonisation
levers
(E1-4_23, E1-4_24)
The decarbonisation levers of this objective is the procurement of renewable
electricity.

667
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Increasing the share of energy purchased from renewable sources
(continuation)
Methodologies
(MDR-T_09)
The methodology consists of purchasing electricity through the electricity trader
Fortia, which provides data on the percentage of renewable energy and CO2
emissions per kWh. In addition, information from Cementos Portland's PPA
contracts is considered.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12, E1‑4_21)
No change in the target or associated metrics has been observed.
Performance
and progress
(MDR-T_13, E1‑4_19)
In 2023 the % of renewable energy has been 63.61 %.
In 2024, the estimated figure is 74.7% (pending the final figure for the annual Fortia
mix factor). The data is monitored by the operations department and the Group's
Sustainability Committee. The information is also externally audited by AENOR in the
EINF audit.
Target reported for the first year under ESRS.
Increase the percentage of thermal substitution of fossil fuels by alternative fuels
Target
(MDR-T_02, E1-4_02, E1-4_04)
Achieve a % thermal substitution of fossil fuels by alternative fuels of >70 % by 2030.
Type of target
(MDR-T_03, E1-4_04)
Relative
Reference value
(MDR-T_05, E1-4_20)
34
Unit of measurement
(MDR-T_03)
%
Base year
(MDR-T_06, E1-4_20)
2020
Period of application
(MDR-T_07)
2020-2030
Intermediate/interim targets
(MDR-T_08)
No intermediate objectives
% covered
Scope 1
(E1-4_07)
100%
% covered
Scope 2
—
% covered
Scope 3
—
Calculation method
Scope 2
—
Type of gases
covered
(E1-4_18)
CO2
Increase the percentage of thermal substitution of fossil fuels by alternative fuels
(continuation)
Description
and relationship
with policies
(MDR-T_01, E1‑4_01)
This objective is related to climate change mitigation management within the
Environmental and Energy Policy.
GHG inventory
limit and Scope
(MDR-T_04, E1‑4_18)
The target applies to Cement factories in Spain and for the greenhouse gas CO2.
Applies to:
• Company - Cementos Portland Valderrivas, S.A. Factories (El Alto, Hontoria, Alcalá,
Monjos).
• Company - Cementos Alfa, S.A. Factory (Mataporquera).
Scientific basis
(MDR-T_10, E1‑4_22)
The objective has no scientific basis.
Climate scenarios
(E1-4_22)
It is not compatible with limiting global warming to 1.5°C.
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is not derived using a sectoral decarbonisation pathway, nor has the
target been externally secured.
Decarbonisation
levers
(E1-4_23, E1-4_24)
The decarbonisation levers of this objective include increasing purchases and
consumption of alternative fuels, prioritising biomass, as well as investments in
facilities to increase the percentage of recovery, storage and metering of these fuels.
Methodologies
(MDR-T_09)
SAP information on alternative fuel purchases and consumption (inputs,
consumption and outputs) and CO2 verification report audited by an authorised
external auditing company.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12, E1‑4_21)
No change in the target or associated metrics has been observed.

668
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2
Ethical governance
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3
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A2
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Increase the percentage of thermal substitution of fossil fuels by alternative fuels
(continuation)
Performance
and progress
(MDR-T_13, E1‑4_19)
In 2023 the target result was 32%, in 2024 the result was 33% (pending CO2
verifications). Continuous monitoring is carried out at the factories based on the
control of fuel consumption. Subsequently, analyses are carried out on each material
to control its energy contribution to the process, as well as monthly monitoring
reports. The Sustainability Department also monitors the data, in order to report on
the status of the target to the Group's Sustainability Committee.
Target reported for the first year under ESRS.
Real Estate Area
Greenhouse gas reduction in managed buildings
Target
(MDR-T_02, E1-4_02, E1-4_04)
The aim is to reduce greenhouse gases by 25 % by 2030 in the buildings and developments
they develop.
Type of target
(MDR-T_03, E1-4_04)
Relative
Reference value
(MDR-T_05, E1-4_20)
—
Unit of measurement
(MDR-T_03)
%
Base year
(MDR-T_06, E1-4_20)
2024
Period of application
(MDR-T_07)
2024-2030
Intermediate/interim targets
(MDR-T_08)
Sin objetivos intermedios
% covered
Scope 1
(E1-4_07)
100%
% covered
Scope 2
—
% covered
Scope 3
—
Calculation method
Scope 2
—
Type of gases
covered
(E1-4_18)
—
Description
and relationship
with policies
(MDR-T_01, E1‑4_01)
This objective follows the strategic line for climate change mitigation.
Greenhouse gas reduction in managed buildings
(continuation)
GHG inventory
limit and Scope
(MDR-T_04, E1‑4_18)
The objective applies to the buildings and developments managed by the Real Estate
Area.
Scientific basis
(MDR-T_10, E1‑4_22)
The objective has no scientific basis.
Climate scenarios
(E1-4_22)
It is not compatible with limiting global warming to 1.5°C.
Sectoral
decarbonisation
pathway
(E1-4_22)
The target is not derived using a sectoral decarbonisation pathway, nor has the
target been externally secured.
Decarbonisation
levers
(E1-4_23, E1-4_24)
—
Methodologies
(MDR-T_09)
—
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12, E1‑4_21)
No change in the target or associated metrics has been observed.
Performance
and progress
(MDR-T_13, E1‑4_19)
This is an action implemented for the first time in 2024, emissions are being
measured, once the most significant elements are clear, measures can be taken and
evaluated in future years.
Target reported for the first year under ESRS.

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ESRS E2 - Pollution
Environment Area
100 % low-emission vehicle fleet
Target
(MDR-T_02. E2_3_09)
100 % of the vehicle fleet is low carbon: "ECO" or "0 emissions" label (CNG, hybrid or electric vehicles).
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
13,6
Unit of measurement
(MDR-T_03)
%
Base year
(MDR-T_06)
2017
Period of application
(MDR-T_07)
2017-2050
Intermediate/interim targets
(MDR-T_08)
50 % en 2030.
100 % en 2050.
Description
and relationship
with policies
(MDR-T_01, E2-3_01,
E2-3_02, E2-3_03,
E2-3_04)
The goal of achieving a 100 % low-emission fleet contributes to meeting the
stringent commitments to reduce environmental pollution (air, noise and light) set
out in its Sustainability Strategy 2050 under the Pollution axis.
Scope
(MDR-T_04)
FCC Medio Ambiente Atlantic - Spain and Portugal. The aim is for it to apply to all
FCC Medio Ambiente Atlantic.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
FCC Medio Ambiente Atlantic has simulated a set of possible GHG emissions
scenarios, against a range of measures.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
In 2023 the share of CNG, electric and hybrid vehicles in the total fleet reached
20.16 %. The evolution of the percentage is very positive, an annual performance
review is made.
Target reported for the first year under ESRS.
Cement Area
Reduction of dust emissions to the outside, improving air quality in the environment
Target
(MDR-T_02. E2_3_09)
Voluntary target to reduce the number of complaints about particulate matter emissions into the
environment.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
Not available
Unit of measurement
(MDR-T_03)
Not available
Base year
(MDR-T_06)
Not available
Period of application
(MDR-T_07)
2025
Intermediate/interim targets
(MDR-T_08)
- Upgrading of main and
secondary baghouses
- Irrigation of roads
- Closing of stockpiles
Description
and relationship
with policies
(MDR-T_01, E2-3_01,
E2-3_02, E2-3_03,
E2-3_04)
The objective is to improve environmental performance, as well as to reduce
the number of complaints about the surroundings of the Alcalá de Guadaira and
Mataporquera factories due to diffuse emissions. This is related to the mitigation of
negative impacts related to air pollution, which is covered in the Environmental and
Energy Policy.
Scope
(MDR-T_04)
Applicable to the factories of Alcalá de Guadaira and Mataporquera-Spain.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
Factories that are located in a close population environment. Communication and
interaction activities are carried out with stakeholders.
Stakeholders
(MDR-T_11)
Stakeholders have been involved in the target setting process through regular
meetings with nearby stakeholders (schools, neighbourhood associations, etc.).
Focus groups.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Reception of complaints is channelled through the Environment Department.
A control is kept of the number and type of complaints and of the response given by
the company with subsequent communication to the local administrations.
Target reported for the first year under ESRS.

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ESRS E3 - Water and Marine Resources
Environment Area
Promoting efficient water use
Target
(MDR-T_02, E2_3_08)
This is a voluntary target that aims to achieve 100 % of water consumption from alternative sources to
mains water.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
26
Unit of measurement
(MDR-T_03)
%
Base year
(MDR-T_06)
2016
Period of application
(MDR-T_07)
2016-2050
Intermediate/interim targets
(MDR-T_08)
By 2050 to achieve 100 %
of water consumption from
alternative sources and to
achieve zero discharge.
By 2025 it is the identification
and quantification of 100 % of
water consumption.
50 % by 2030.
100 % by 2050.
Description and
relationship with
policies
(MDR-T_01)
FCC Medio Ambiente Atlantic's Management Policy promotes the sustainable use
of the natural resources necessary for its activity. For this reason, in its Strategy,
it has acquired demanding commitments regarding the reduction of mains water
consumption and the promotion of the use of water from alternative sources to
tackle water stress.
Scope
(MDR-T_04)
FCC Medio Ambiente Atlantic - Spain and Portugal.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Fomento del uso eficiente del agua
(continuación)
Methodologies
(MDR-T_09)
FCC Medio Ambiente Atlantic has identified a series of measures to achieve the
percentages of water consumption from alternative sources proposed in the
target. These were set on the basis of an internal study which took into account
a benchmark of the ambition of other similar companies, regulation and market
trends.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
In 2023, 30.5 % of water consumption was covered by alternative sources. In 2016
(base year) the percentage was 26 %, so the evolution of the indicator is positive.
Action reported for the first year under ESRS.
Themes related
to the objective
(E3-3_01, E3-3_02,
E3-3_03)
The objective relates to the management of material impacts, risks and
opportunities related to areas at water risk, including water quality. It aims to achieve
the use of water from alternative sources to reduce water stress.
Target reported for the first year under ESRS.

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Water Area
Reduction of water consumption
Target
(MDR-T_02, E2_3_08)
This is a voluntary objective composed of three lines of action: First, to reduce the percentage of
non‑revenue water (NRW) out of the total volume of water injected into the distribution network.
Second, to reduce the volume of unregistered water per kilometre of network/m3/km/day. And finally, to
increase the use of recycled water.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
1: 28.36 % percentage of
unregistered water.
2: 11.84 volume of unregistered
water per kilometre of
network/m3/km/day.
3: 8,923,855 m3 recycled or
reused water.
Unit of measurement
(MDR-T_03)
1: % of the total volume of water.
2: m3/km/day.
3: m3
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
3 años
Intermediate/interim targets
(MDR-T_08)
No
Description
and relationship
with policies
(MDR-T_01)
It relates to the Policy's objective of efficient water management, implementing
practices that ensure optimisation of water use and minimisation of losses, ensuring
that water is not wasted.
Scope
(MDR-T_04)
Aqualia Area.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Reduction of water consumption
(continuation)
Methodologies
(MDR-T_09)
The Strategic Sustainability Plan, aligned with the company's strategy and the 2030
Agenda, establishes the lines of action and proposes specific initiatives aimed
at maximising Aqualia's contribution to sustainable development, including risk
mitigation, taking into account that it could have a "water crisis" as contemplated by
the World Economic Forum in its annual report on global risks.
The definition of the first Plan was based on the strategic materiality analysis that
Aqualia carried out in 2020, where the expectations of the company's internal and
external stakeholders were identified and prioritised, as well as the SDGs to which
Aqualia should contribute. The conclusions of this work led to the SWOT analysis
shown below, which is the starting point for the development of the Strategic
Sustainability Plan 2021-2023.
Aqualia's Management System establishes, among its principles of action, the
achievement of the Sustainable Development Goals. These are also a reference
framework for the definition of a Strategic Sustainability Plan that determines the
SDGs to which it will contribute and integrates quantification and reporting. The Plan
is approved by Aqualia's Management Committee and is submitted to the Board of
Directors for approval.
Stakeholders
(MDR-T_11)
Aqualia's Strategic Sustainability Plan 2023-2026 was constructed based on the
surveys and interviews carried out during the strategic materiality analysis of the
Area, which allowed the indirect participation of stakeholders in the definition of its
indicators and objectives.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Regular data recording allows for the analysis of the evolution of the Strategic
Plan and the establishment of appropriate corrective measures. There are Plan
monitoring indicators that measure the performance of each action.
Action reported for the first year under ESRS.
Themes related
to the objective
(E3-3_01, E3-3_02,
E3-3_03)
The objective is related to the reduction of water consumption by aiming to reduce
the percentage of unregistered water and to increase the use of recycled water.
Target reported for the first year under ESRS.

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ESRS E4 - Biodiversity and Ecosystems
Water Area
New protection and recovery projects
Target
(MDR-T_02)
This is a voluntary target measured by the number of projects on biodiversity protection and ecosystem
restoration. It has a target of at least 5 projects per year.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
10
Unit of measurement
(MDR-T_03)
Number of new projects
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2023-2026
Intermediate/interim targets
(MDR-T_08)
—
Description
and relationship
to policies
(MDR-T_01)
The objective relates to the goal of addressing the social consequences of impacts
related to biodiversity and ecosystems.
Scope
(MDR-T_04, E4-4_07)
This Aqualia action covers the activities of Concessions and BOT.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
The Strategic Sustainability Plan, aligned with the company's strategy and the 2030
Agenda, establishes the lines of action and proposes specific initiatives aimed
at maximising Aqualia's contribution to sustainable development, including risk
mitigation, given the relevance that a "water crisis" such as the one contemplated by
the World Economic Forum in its annual report on global risks could have.
The definition of the first Plan was based on the strategic materiality analysis that
Aqualia carried out in 2020, where the expectations of the company's internal and
external stakeholders were identified and prioritised, as well as the SDGs to which
Aqualia should contribute.
New protection and recovery projects
(continuation)
Stakeholders
(MDR-T_11)
Aqualia's Strategic Sustainability Plan 2023-2026 was constructed based on the
surveys and interviews carried out during the strategic materiality analysis of the
Area, which allowed for the indirect participation of stakeholders in the definition of
its indicators and objectives.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
The results and performance of the target are realised through actions to protect
and restore ecosystems and biodiversity. Target reported for the first year under
ESRS.
Ecological
thresholds
and impact
allocations
(E4-4_01, E4-4_02,
E4-4_03, E4-4_04)
No ecological thresholds or impact allocations were applied in setting the target.
Frameworks
and strategies
(E4-4_05)
The target is not based on the Kunming-Montreal Global Biodiversity Framework or
the EU Biodiversity Strategy 2030 or related national legislation.
Relationship
with IROs
(E4-4_06)
The projects are different and each has a different relationship to the material IROs.
Biodiversity
offsets
(E4-4_08)
In some projects, biodiversity offsets are undertaken, as in Colombia with
reforestation.
Mitigation
hierarchy
(E4-4_09)
Projects are different and each can be assigned a level of hierarchy.

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Identification of protected areas
Target
(MDR-T_02)
This is a voluntary target measured by the number of biodiversity protected areas identified. This
objective aims to identify facilities located in vulnerable ecosystems, protected spaces and areas of
high ecological value, to analyse the environmental sensitivity of ecosystems in the areas of operation,
considering their biodiversity, ecological connectivity and key ecosystem services, and to identify priority
facilities that, due to their sensitivity, present associated risks of greater relevance, in order to establish
specific management and mitigation measures.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
2
Unit of measurement
(MDR-T_03)
Number of new projects
Base year
(MDR-T_06)
2021
Period of application
(MDR-T_07)
2021-2024
Intermediate/interim targets
(MDR-T_08)
—
Description
and relationship
with policies
(MDR-T_01)
This objective relates to the goal of protecting natural resources, biodiversity and
ecosystems by promoting initiatives to restore environments and prioritising nature-
based solutions.
Scope
(MDR-T_04, E4-4_07)
This objective focuses on Aqualia's direct operations that have a direct effect on
nature or whose risks may include financial implications for the company.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
The definition of this objective is made in Aqualia's Strategic Sustainability Plan
2024-2026, and is based on the 2030 Agenda and the Sustainable Development
Goals (SDGs), integrating alignment with global biodiversity frameworks and a
double materiality analysis that assesses both the actual impact and the priorities
identified in the materiality matrix. In addition, stakeholders' expressed interests
were considered and a dynamic SWOT approach was adopted, complemented by
reviews of the local and corporate context.
Stakeholders
(MDR-T_11)
Stakeholders were involved in the target setting through surveys and interviews
conducted during the materiality analysis. In addition, collaborative working sessions
were held between local and corporate teams that integrated these perspectives.
Identification of protected areas
(continuation)
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Aqualia carried out an analysis of the company's impacts, dependencies, risks and
opportunities (IDRO) in relation to nature, with the aim of making significant progress
in meeting this objective.
Target reported for the first year under ESRS.
Ecological
thresholds
and impact
allocations
(E4-4_01, E4-4_02,
E4-4_03, E4-4_04)
No ecological thresholds or impact allocations were applied in setting the target.
Frameworks
and strategies
(E4-4_05)
The target is based on the Kunming-Montreal Global Biodiversity Framework and the
EU Biodiversity Strategy 2030.
Relationship
with IROs
(E4-4_06)
This objective allows the localisation and mapping of ecologically sensitive areas,
which could be particularly affected by the discharge of low quality and reagent
water, a prevention of the impact on water quality in the receiving ecosystem by the
discharge of low quality and reagent water from WWTPs.
The identification of protected areas reinforces the perception that Aqualia
prioritises the protection of ecosystems, in line with growing social expectations,
which is related to the risk of reputational loss due to non-compliance with society's
expectations regarding the contamination of natural ecosystems.
Biodiversity
offsets
(E4-4_08)
Biodiversity offsets have not been used to set this target.
Mitigation
hierarchy
(E4-4_09)
This objective can be attributed to the avoidance level as it seeks to identify, analyse
and prioritise facilities in sensitive areas to avoid or minimise negative impacts
before they occur.

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Cement Area
Increasing biodiversity initiatives with stakeholders
Target
(MDR-T_02)
This is a voluntary objective to carry out biodiversity initiatives with stakeholders.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
2
Unit of measurement
(MDR-T_03)
Number of initiatives
Base year
(MDR-T_06)
2021
Period of application
(MDR-T_07)
2021-2030
Intermediate/interim targets
(MDR-T_08)
8 biodiversity-related initiatives
with stakeholders by 2030
Description
and relationship
with policies
(MDR-T_01)
It contributes to the policy objective of disseminating environmental and energy
principles to stakeholders, promoting communication and supporting the
implementation of good environmental and energy practices.
Scope
(MDR-T_04, E4-4_07)
Raise awareness among stakeholders (employees, schools, associations, etc.) in the
Cement Area.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
There has been no methodology in the definition of the objective.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
In October 2022 an agreement was signed to extend the current agreement signed
with the NGO Naumani (Naumani Naturalist Association) in order to carry out the
Life Cerceta Pardilla project (Life 19 NAT/ES/000906).
Field specialists are available for monitoring.
Target reported for the first year under ESRS.
Increasing biodiversity initiatives with stakeholders
(continuation)
Ecological
thresholds
and impact
allocations
(E4-4_01, E4-4_02,
E4-4_03, E4-4_04)
No ecological thresholds or impact allocations were applied in setting the target.
Frameworks
and strategies
(E4-4_05)
The target is not based on the Kunming-Montreal Global Biodiversity Framework or
the EU Biodiversity Strategy 2030 or related national legislation.
Relationship
with IROs
(E4-4_06)
The objective relates to the impact on the protection of ecosystems resulting from
the establishment of agreements with nature protection associations.
Biodiversity
offsets
(E4-4_08)
Biodiversity offsets have not been used to set this target.
Mitigation
hierarchy
(E4-4_09)
Avoid creating impacts from the outset.

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ESRS E5 - Resource use and circular economy
Environment Area
Meeting the EU's 2035 targets for waste management
Target
(MDR-T_02, E5-3_13)
This is a mandatory target that is currently under development. FCC Medio Ambiente Atlantic
(Spain - Portugal) wants to collaborate with its clients to achieve the goals set by the EU for the year
2035 in relation to waste management.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
Recycling: 37.45 %
Landfill: 30.10 %
Unit of measurement
(MDR-T_03)
% of recycling
Base year
(MDR-T_06)
2019
Period of application
(MDR-T_07)
2019-2035
Intermediate/interim targets
(MDR-T_08)
Recycling of 55% in 2025 - 60 %
in 2030 - 65 % in 2035) and
energy recovery to achieve
landfill limitation (40 % in 2025 -
20 % in 2030 - 10 % in 2035).
Description
and relationship
with policies
(MDR-T_01)
Working together to meet these objectives ensures effective delivery of services to
customers.
Scope
(MDR-T_04)
The objective affects Atlantic's strategy in Spain and Portugal.
Scientific basis
(MDR-T_10)
The objective is scientifically based.
Methodologies
(MDR-T_09)
In order to facilitate the composition of the treatment structure, a scenario has been
considered, in which Local Bodies will make substantial changes to the separate
collection models. Waste streams that will not be managed by the separate
collection model will be treated by TM and composting or biomethanisation.
Meeting the EU's 2035 targets for waste management
(continuation)
Stakeholders
(MDR-T_11)
Stakeholders have been involved in the target setting process.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
In 2023, 19.4 % of the waste entering the facility was destined for landfill. In 2019 it
was 30.10 %. The evolution is positive.
Target reported for the first year under ESRS.
Waste hierarchy
(E5-3_09)
The waste hierarchy level of the target is as follows: reuse, recycling, composting
and recovery.
Resource inflows
and outflows
(E5-3_01, E5-3_02,
E5-3_03, E5-3_04,
E5-3_05, E5-3_06,
E5-3_07, E5-3_08)
The objective relates to resource inflows and outputs, in particular waste
management, including preparation for appropriate treatment.
Sustitución de los vertederos por otro tipo de tratamiento mecánico-biológico de residuos
Target
(MDR-T_02, E5-3_13)
Se trata de un objetivo obligatorio formulado bajo la prohibición de los vertederos en 2030 que consiste
en la sustitución de los vertederos por otro tipo de tratamiento mecánico-biológico de residuos como
una incineradora.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
—
Unit of measurement
(MDR-T_03)
—
Base year
(MDR-T_06)
2019
Period of application
(MDR-T_07)
2019-2029
Intermediate/interim targets
(MDR-T_08)
Preparation of the incinerator
Description
and relationship
with policies
(MDR-T_01)
The objective is in line with the policy objective of achieving greater waste recovery.
Scope
(MDR-T_04)
Landfills in which FCC Environment CEE Czech Republic operates.

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Replacement of landfills by other types of mechanical-biological treatment of waste
(continuation)
Scientific basis
(MDR-T_10)
The objective is scientifically based.
Methodologies
(MDR-T_09)
The methodology used for the definition of the objective consists of market-based
analysis.
Stakeholders
(MDR-T_11)
Stakeholders have been involved in the target setting process by being taken into
account in the Environmental Impact Assessment process.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
EIA permit received for the incinerator. The documentation for the building permit is
being prepared.
Target reported for the first year under ESRS.
Waste hierarchy
(E5-3_09)
The waste hierarchy level of the target is of:
1- Recycling
2- Preparation for re-use
10 % of waste goes to landfill.
Resource inflows
and outflows
(E5-3_01, E5-3_02,
E5-3_03, E5-3_04,
E5-3_05, E5-3_06,
E5-3_07, E5-3_08)
The objective is not related to inflows and outflows of resources.
Infrastructure Area
Promoting waste recovery
Target
(MDR-T_02, E5-3_13)
This is a voluntary objective that aims to improve the segregation and recovery of the waste generated,
establishing a mandatory waste management procedure, with the objective of achieving 100% recovery
of the waste generated.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
2,365,931,480 kg total waste
not destined for disposal /
4,171,536,548 kg total waste
generated) x100 = 56.72 %.
Unit of measurement
(MDR-T_03)
% recovery of waste generated
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2023-2050
Intermediate/interim targets
(MDR-T_08)
By 2026 to have 100 % of the
works under the scope.
Reuse, recycling and/or other
forms of recovery more
than 70 % of non-hazardous
Construction and Demolition
Waste (excluding land).
Valorisation of 90 % of the land
volume.
Description
and relationship
with policies
(MDR-T_01)
This objective fulfils the transition away from the use of virgin resources, including
the increased use of recycled resources, as well as the minimisation and recovery of
waste.
Scope
(MDR-T_04)
All works under the scope of the waste management procedure.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.

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Promoting waste recovery
(continuation)
Methodologies
(MDR-T_09)
For the development of objectives, alignment has been carried out with the
requirements of the Waste Law 7/2022, as well as with the requirements set out in
the Circular Economy Regulation of the European Taxonomy.
Stakeholders
(MDR-T_11)
Stakeholders have been involved in the process of setting the objective, as the
development of this objective relies on the collaboration of stakeholders such as
employees, subcontractors and suppliers. The aim is to involve the workforce and
subcontractors to improve the segregation of waste on site and in offices, through
training and awareness campaigns for the company's own personnel, incorporating
specific requirements in contracts with supplier companies.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Details on the performance and progress of the objective cannot currently be given,
the Construction Area is working to be able to measure the results.
Target reported for the first year under ESRS.
Waste hierarchy
(E5-3_09)
Commitment to the implementation of a circular economy model through the
ReSOLVE programme. It establishes the following hierarchical order: Regenerate,
Share, Optimise, Digitise, Replace, Close the loop.
Waste hierarchy:
-Prevention: Avoiding waste generation in the first place.
-Reduction: Minimise the amount of waste generated.
-Re-use: Re-use of products or their components.
-Recycling: Processing waste into new products.
-Recovery: Obtaining energy or other resources from waste.
-Disposal: Safe final disposal of waste.
Resource inflows
and outflows
(E5-3_01, E5-3_02,
E5-3_03, E5-3_04,
E5-3_05, E5-3_06,
E5-3_07, E5-3_08)
The objective relates to resource inflows and outflows, in particular waste
management, including preparation for appropriate treatment.
Encourage the use of responsible materials
Target
(MDR-T_02, E5-3_13)
This is a voluntary target that aims to achieve a use of more than 90 % of responsible, recycled or
recyclable materials.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
—
Unit of measurement
(MDR-T_03)
of responsible, recycled or
recyclable materials.
Base year
(MDR-T_06)
2024
Period of application
(MDR-T_07)
2024-2050
Intermediate/interim targets
(MDR-T_08)
Target 2026: to offer
responsible materials options
on construction sites, recycled
and/or sustainable (accounting
for more than 10 % of building
materials).
Description
and relationship
with policies
(MDR-T_01)
This objective fulfils sustainable supply and the use of renewable resources.
Scope
(MDR-T_04)
Applicable to the Construction Area.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
For the development of objectives, alignment has been carried out with the
requirements of the Waste Law 7/2022, as well as with the requirements set out in
the Circular Economy Regulation of the European Taxonomy.
Stakeholders
(MDR-T_11)
Stakeholders have been involved in the process of setting the objective, as the
development of this objective relies on the collaboration of stakeholders such
as employees, subcontractors and suppliers. The aim is to involve the workforce
and subcontractors to improve waste segregation on site and in offices, through
training and awareness campaigns (workshops and technical commissions) for the
company's own staff, incorporating specific requirements in contracts with supplier
companies.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.

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Encourage the use of responsible materials
(continuation)
Performance
and progress
(MDR-T_13)
The description of the status of the % waste recovery has a base year of 2024 and
will be answered in the future.
Target reported for the first year under ESRS.
Waste hierarchy
(E5-3_09)
Not applicable, this objective is focused on materials not waste.
Resource inflows
and outflows
(E5-3_01, E5-3_02,
E5-3_03, E5-3_04,
E5-3_05, E5-3_06,
E5-3_07, E5-3_08)
The objective is related to resource inflows and outflows, in particular the increase
of circular product design and the rate of circular material use, as well as the
minimisation of primary raw material and the sustainable sourcing and use of
renewable resources.
Cement Area
Increasing the substitution of fossil fuels by alternative fuels
Target
(MDR-T_02, E5-3_13)
This is a voluntary target that aims to achieve an energy substitution in clinker kilns with alternative
fuels of 70 %.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
34
Unit of measurement
(MDR-T_03)
% energy substitution
Base year
(MDR-T_06)
2020
Period of application
(MDR-T_07)
2020-2030
Intermediate/interim targets
(MDR-T_08)
—
Description and
relationship with
policies
(MDR-T_01)
This objective fulfils the contribution to the reuse of resources and the reduction of
the consumption of natural resources.
Scope
(MDR-T_04)
Applicable to cement factories in Spain: El Alto, Alcalá de Guadaira, Monjos,
Mataporquera, Hontoria and Olazagutía.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Increasing the substitution of fossil fuels by alternative fuels
(continuation)
Methodologies
(MDR-T_09)
European and national climate change and circular economy policies and legislation
are pushing towards the substitution of natural materials and greenhouse gas
emissions. Cement manufacturing is energy and natural resource intensive so the
industry is focusing on reduction and substitution with alternative materials.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the target setting process.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Continuous monitoring is carried out from the factories based on the control of fuel
consumption. Subsequently, analyses are carried out on each material to control its
energy contribution to the process, as well as monthly monitoring reports. In 2024,
the % energy recovery was 33 %.
Continuous monitoring is carried out from the factories based on the control of fuel
consumption. Subsequently, analyses are carried out on each material to control
its energy contribution to the process, as well as monthly monitoring reports. The
Sustainability Department also monitors the data in order to report on the status of
the target to the Group's Sustainability Committee. In 2024, the % of energy recovery
was 33 % (pending CO2 verifications).
Target reported for the first year under ESRS.
Waste hierarchy
(E5-3_09)
The wastes taken into account are 100% biomass alternative fuels (meat meal,
olive pomace, grape pomace, WWTP sludge, crushed wood, pruning biomass,
grape chippings, coffee grounds). And other waste containing some percentage of
biomass (RDF, end-of-life tyres (ELT), textile RDF or rubber.
Waste hierarchy:
Re-use: Re-use of products or their components.
-Recycling: Processing waste into new products.
-Recovery: Obtaining energy or other resources from waste.
-Disposal: Safe final disposal of waste.

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Increasing the substitution of fossil fuels by alternative fuels
(continuation)
Resource inflows
and outflows
(E5-3_01, E5-3_02,
E5-3_03, E5-3_04,
E5-3_05, E5-3_06,
E5-3_07, E5-3_08)
The target is related to resource inflows and outflows, namely increasing the rate
of use of circular material (% of waste derived fuels is increased) and minimising
primary raw material (the use of petroleum coke, a common fossil fuel in clinker
kilns, is decreased).
2.7. Environmental taxonomy of the European Union
Introduction and regulatory framework
The EU Taxonomy is the cornerstone of the EU's sustainable finance framework and an important tool
for market transparency. To meet the EU's 2030 climate and energy targets and achieve the objectives
of the European Green Deal, it is vital to direct investments towards sustainable projects and activities.
To achieve this, a common language and a clear definition of what is sustainable is needed. For this
reason, a common classification system for sustainable economic activities, or an EU Taxonomy
(SBM‑1_14), is created as part of the action plan for financing sustainable growth.
The EU Taxonomy allows financial and non-financial companies to share a common definition of
economic activities that can be considered environmentally sustainable. This is an EU tool to increase
sustainable investment, creating certainty for investors, protecting investors from greenwashing, and
helping companies to be more environmentally friendly.
The Taxonomy Regulation (EU) 2020/852 of 18 June 2020 amending Regulation (EU) 2019/2088 on
sustainability disclosures in the financial services sector establishes a framework to facilitate sustainable
investments.
An economic activity shall be considered environmentally sustainable when:
Substantially contribute to one or more of the six EU environmental objectives:
— Climate change mitigation.
— Adaptation to climate change.
— Sustainable use and protection of water and marine resources.
— Transition to a circular economy.
— Pollution prevention and control.
— Protection and restoration of biodiversity and ecosystems.
Complies with the technical selection criteria set by the EU.
Do not cause significant harm to any of the other environmental objectives.
Comply with minimum social safeguards.

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coordination with the business areas, such as administration procedures and information technologies
and identifying risks associated with the taxonomic process to optimise the alignment of the FCC Group's
eligible activities.
Building on the 2023 exercise where the eligibility study of all approved taxonomic activities and the
alignment of activities by climate change mitigation and adaptation objectives approved before 2023 was
required, the major breakthrough of the taxonomy study in 2024 is the mandatory study of the alignment
of all approved taxonomic activities to the 6 environmental objectives.
The FCC Group has analysed the proportion of its economic activities that are eligible, aligned, non‑aligned
and non-eligible in terms of Revenue-turnover, CapEx and OpEx for 2024 for the following objectives:
Climate Change Mitigation and Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control and Protection and Recovery
of Biodiversity and Ecosystems.
The increase in the number of activities to study their alignment in 2024 has not meant a large increase in
the total alignment, due to the fact that the main activities of the FCC Group were already included in the
climate change mitigation objective. These new activities provide alignment for the adaptation objectives
(desalination), for the circular economy objective (collection and management of hazardous waste) and
for the pollution control objective (transport of hazardous waste).
Scope of the report
On 16 May 2024, in accordance with the provisions of article 226 of Law 6/2023 of 17 March on Securities
Markets and Investment Services and other related provisions, Fomento de Construcciones y Contratas,
S.A. ("FCC" or the "Company") announces the following inside information to the market:
"Partial financial spin-off of FCC, as a spun-off company, in favour of Inmocemento, S.A.U., by virtue of
which FCC will transfer to Inmocemento, S.A.U. two economic units, the first consisting of all the shares
of FCYC, S.A. owned by FCC and the second of all the shares of Cementos Portland Valderrivas, S.A.
owned by FCC, with the partial financial spin-off being linked to the admission to trading of the shares of
Inmocemento, S.A.U. on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges".
As a result of this partial financial spin-off of the FCC Group (see note 2 to the consolidated financial
statements), by 2024 the scope of application of the EU Taxonomy Regulation for the FCC Group covers
all the services it performs in the environment, infrastructure construction and integrated water cycle
management sectors, including all the subsidiaries and groups that comprise them.
The EU Taxonomy Regulation is complemented by Delegated Regulations setting out the technical
selection criteria for environmentally sustainable activities, their contribution to environmental objectives
and the methodology for the dissemination of information. So far, the following delegated regulations
have been published, starting with the most recent one:
Delegated Regulation (EU) 2023/2486 of 27 June 2023 (Delegated Environment Act). Sets out the
conditions for an economic activity to make a substantial contribution to the sustainable use and
protection of water and marine resources, to the transition to a circular economy, to the prevention
and control of pollution, or to the protection and restoration of biodiversity and ecosystems. It amends
delegated regulation (EU) 2021/2178 on disclosure of information.
Delegated Regulation (EU) 2023/2485 of 27 June 2023 amending the Climate Delegated Act (EU)
2021/2139.
• Delegated Regulation (EU) 2022/1214 of 9 March 2022 (Supplementary Delegated Act on Climate)
extending eligible activities to include activities related to nuclear energy and gaseous fossil fuels for
electricity generation or heating/cooling systems for district heating and cooling.
• Delegated Regulation (EU) 2021/2178 of 6 July 2021 (Delegated Disclosure Act) specifying the content
and presentation of information on sustainable activities and the methodology, in accordance with
Article 8 of the Taxonomy Regulation (EU) 2020/852.

To facilitate the interpretation and application of disclosure under EU Taxonomy Article 8 the
Commission published Communications (C/2023/305) and (2022/C385/01) and in December 2021 the
FAQ: What is the EU Taxonomy Article 8 delegated act and how will it work in practice?
Delegated Regulation (EU) 2021/2139 of 4 June 2021 (Climate Delegated Act) sets out the technical
selection criteria for determining the conditions under which an economic activity makes a substantial
contribution to climate change mitigation or adaptation.
To facilitate the interpretation and application of certain legal provisions of the EU Delegated Act on
Climate Taxonomy the European Commission issued Communication C/2023/267 on 20 October 2023.
On 29/11/2024 the European Commission issued a DRAFT COMMISSION NOTICE on the interpretation
and application of certain legal provisions of the EU Delegated Act on Environment, the EU Delegated Act
on Climate and the EU Delegated Act on Dissemination of Taxonomy Information.
In order to respond efficiently to the requirements of the taxonomy, in 2022 the FCC Group created the
Sustainable Finance Taxonomy area, reporting to the FCC Group's Management Control Department and in
coordination with the Corporate Sustainability Department, the management of the FCC Group's different
businesses and their Environment, Quality and Sustainability managers, with the aim of implementing
the EU Taxonomy adapted to current environmental objectives and, with a view to the future, developing
procedures and optimising information and work flows, providing support for technical solutions in

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According to the Delegated Disclosure Regulation (EU) 2021/2178 Annex I Key Performance Indicators
for non-financial companies point 1.2.1: "Where the application of any calculation has changed since the
previous reporting period, non-financial companies shall explain why those changes result in more reliable
and relevant information and provide restated comparative figures", whereby the KPIs for the year 2023
have been restated.
In the templates for the key performance indicators for non-financial companies (annex 2 of Delegated
Regulation (EU) 2021/2178) for each KPI (revenue-turnover, CapEx and OpEx) the results of "year N"
and the results of "year N-1" are indicated for comparison. Due to the spin-off of Inmocemento, all the
income and expenses contributed by the Cement and Real Estate activities up to the time of the spin-
off have been reclassified to "Profit for the year from discontinued operations net of tax" in the income
statement, and the income statement for 2023 is restated in accordance with the "Income statement for
2023". The activities CCM 3.7 cement manufacturing and CCM 7.7 acquisition and ownership of buildings
are exclusive to the Inmocemento Group. The activity CCM 7.1 CE 3.1 Construction of new buildings is
carried out by both the FCC Group and the Inmocemento Group. The rest of the activities reported by the
FCC Group in 2023 continue only in this Group.
Each of the business areas has carried out a detailed analysis of the services performed, in order to
classify the activities and evaluate them according to the EU Taxonomy Regulation. This information is
integrated once it is provided to the central area of the FCC Group, which consolidates it in a single report.
In order to obtain and monitor financial data, the tool used by the FCC Group to consolidate the annual
accounts is the SAP Financial Consolidation platform, thus avoiding double counting and ensuring that
eliminations and adjustments are properly taken into account.
Eligibility and alignment methodology and analysis
The taxonomy exercise has evolved as the various delegated regulations have come into force.
In 2022, the FCC Group carried out an analysis of the different activities carried out by each and every one
of its businesses. All eligible activities included in the climate change mitigation and adaptation objectives
and non-eligible activities were determined. In the eligible activities, aligned and non-aligned activities were
quantified.
In 2023, the eligibility analysis was extended to activities under the sustainable use objectives and the
protection of water and marine resources, the transition to a circular economy, pollution prevention and
control, and the protection and restoration of biodiversity and ecosystems. Also to new activities published
under the climate change mitigation and adaptation objectives.
For the 2024 exercise, the analysis of the eligibility and alignment of all taxonomic activities including the
6 environmental objectives is mandatory.
When carrying out the EU Taxonomy exercise, it is important to differentiate between the following
concepts:
An activity is eligible if it is included in the descriptive of taxonomic activities listed in the Taxonomy
Delegated Regulations, considered to have the potential to contribute substantially to one or more of the
environmental objectives set out in Article 9 of Regulation (EU) 2020/852, and which is demonstrated
through the alignment analysis of eligible activities.
Those activities that have previously been determined as eligible are considered to be aligned with the
taxonomy if the activity meets the criteria for substantial contribution (SCC), does not cause significant
harm to other environmental objectives (DNSH) and meets minimum social safeguards.
An economic activity that has not been identified by the EU Taxonomy would be an ineligible activity
and therefore no criteria are available for it, either because it has no potential to make a substantial
contribution to any taxonomic objective or because it could be included in the future EU Taxonomy
regulation.
In order to meet the taxonomy requirements during the year, the FCC Group has assessed compliance
with these requirements through its own means, carrying out a detailed analysis based on the taxonomic
activities applicable to the FCC Group and their characteristics.

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Definition of minimum management unit
Based on the consolidatable units included in the consolidated financial statements of the FCC Group, the
analysis of eligibility and alignment has been carried out taking into account the minimum management
unit. Analogous activities carried out in different geographical areas have been assessed separately,
given the dispersion of contracts and facilities that characterise the FCC Group, in order to ensure correct
application of the Regulation, taking into account the specific characteristics of each of them.
Depending on the economic activity carried out and its characteristics, the minimum unit considered in
many cases is the contract.
Construction area: contracts with public and private clients.
Environmental Services Area: contracts with local councils or other local entities and grouping of
contracts with similar characteristics and waste treatment and recycling plants.
Water area: the minimum unit in many cases is the concession, in the case of contracts governed by
concession regimes.
Concessions area: the concession.
Based on these minimum units, the financial key performance indicators (hereinafter KPIs) set out in the
taxonomy have been calculated separately for all the minimum management units, without considering
transactions with other management units of the consolidated Group, in order to subsequently assess
their eligibility and alignment, if applicable, on a case-by-case basis.
The FCC Group has carried out the appropriate controls to ensure that the sum of the KPIs obtained
individually for each of the management units comprising each consolidation unit included in the
consolidated financial statements coincides with the KPIs calculated for the corresponding consolidation
unit. This ensures that no amount is double counted.
In cases of economic activities that may simultaneously contribute to several taxonomic objectives,
to avoid double counting, the climate change mitigation objective has been chosen over the others
due to the increased interest of capital markets in decarbonisation. In cases where the same minimum
management unit carries out more than one eligible taxonomic activity, the amount of its KPIs has been
broken down between the different taxonomic activities using objective allocation criteria according to the
specific characteristics of each minimum management unit.
Eligibility study
Once the different minimum management units have been identified, their eligibility has been reviewed for
each taxonomic objective and, if eligible, their alignment.
In 2023, the FCC Group considered the eligibility of the construction, maintenance and operation of
roads and motorways for the CCM 6.15 taxonomic activity following the sectoral criteria of the SEOPAN
(Association of Infrastructure Construction and Concession Companies) guide. Question 33 of the draft
FAQs published by the European Commission on 29/11/2024 regarding the eligibility of the CCM 6.15
activity explains that the construction, maintenance and operation of motorways and motorways are
not eligible under the CCM 6.15 activity, but are eligible under the CCA 6.15 activity. As construction,
maintenance and operation is a relevant activity within the FCC Group, the eligibility and alignment of the
CCM 6.15 activity in 2023 has been restated for comparison with 2024.
Due to this change in the interpretation of the eligibility of the CCM 6.15 activity, the FCC Group's eligibility
has been reduced and consequently the alignment that this activity contributed in 2023 in its turnover,
since the CCA 6.15 activity is not a facilitating activity and according to Annex I section 1.1.1 of Delegated
Regulation 2021/2178 its turnover cannot be computed as eligible by taxonomy. As for the CapEX and
OpEX of the CCM 6.15 activity in 2023, the alignment they provided has been discounted, due to not
meeting the substantial contribution requirements of the CCA 6.15 activity.
In the year 2024, the FCC Group, when studying the eligibility of its economic activities, has been given the
following situations:
The economic activity is eligible only for one taxonomic objective and one taxonomic activity. In
this case it can only be aligned by one objective. For example, in the taxonomic groups of transport
(CCM 6.13 personal mobility, CCM 6.14 rail), building construction (CCM 7.6 installation of renewable
energy technologies) and water supply (CCA 5.13 desalination).
• The economic activity is eligible for several taxonomic objectives and activities. In case of alignment
by several objectives, the mitigation objective will be prioritised to avoid double counting. For example,
in the taxonomic group of water supply, sanitation, waste treatment and decontamination the same
economic activity can be simultaneously aligned by the climate change mitigation objective and by
the circular economy or water and marine resources protection objectives. For example, the activities
CCM 5.5 EC 2.3 collection and transport of non-hazardous waste and CCM 5.1 WTR 2.1 water supply.

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Environmental
objectives
Taxonomic activities
Activities carried out by the FCC Group
GROUP: FORESTRY
Climate change
mitigation
MCC 1.2 Rehabilitation
and restoration of forests,
including reforestation and
natural forest regeneration
following extreme events
Conservation work, vegetation control and
reforestation.
MCC 1.4 Conservation
forestry
Conservation forestry.
ENVIRONMENTAL PROTECTION
Protection and
restoration of
biodiversity and
ecosystems
BIO 1.1 Conservation,
including restoration of
habitats, ecosystems and
species
Contracts for the management, cleaning and
maintenance of ecosystems and habitats in
Spain.
BIO 2.1 Hotels, resorts,
campsites and similar
accommodation
Nature classrooms and accommodation.
MANUFACTURING
Climate change
mitigation
MCC 3.7 Cement
manufacture
As a result of the spin-off of the Inmocemento
Group, the FCC Group no longer carries out this
activity and only the CapEX contributed from
1/1/2024 to 31/5/2024 by the Cement area of
the Inmocemento Group in its plants in Spain
and Tunisia is included, in accordance with
accounting criteria.
ENERGY
Climate change
mitigation
MCC 4.5 Electricity
generation from
hydropower
Hydroelectric power plant located in Georgia
and managed by Georgia Global Utilities.
MCC 4.9 Transmission and
distribution of electricity
Projects integrating the rehabilitation,
improvement and extension of electricity grids
in Spain.
Environmental
objectives
Taxonomic activities
Activities carried out by the FCC Group
WATER SUPPLY, SANITATION, WASTE TREATMENT AND REMEDIATION
Climate change
mitigation
MCC 5.10 Landfill gas
capture and utilisation
Contracts for the extraction of biogas
in permanently closed landfills from the
decomposition of matter for use in Spain and
Europe.
Climate change
mitigation / Protection
of water and marine
resources
CCM 5.1 WTR 2.1
Construction, extension
and operation of water
catchment, treatment and
distribution systems
Construction, renovation and maintenance
contracts for water distribution networks in
Spain, Europe, Georgia, Middle East, USA and
South America.
CCM 5.2 WTR 2.1
Renovation of water
catchment, purification and
distribution systems
Renovation of water collection, treatment and
distribution systems in Spain, Georgia, Middle
East, and South America.
CCM 5.3 WTR 2.2
Construction, extension
and operation of sewage
collection and treatment
systems
Contracts for the construction, expansion
and operation of wastewater collection and
treatment systems in Spain, Europe, Georgia,
Middle East, Egypt and South America.
CCM 5.4 WTR 2.2 Renewal
of wastewater collection
and treatment
Renovation of wastewater collection and
treatment in Spain.

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Environmental
objectives
Taxonomic activities
Activities carried out by the FCC Group
Climate change
mitigation / Transition
to a circular economy
MCC 5.5 SG 2.3 Collection
and transport of
non‑hazardous waste in
source segregated fractions
Comprehensive management of the treatment
of non-hazardous waste, from collection and
transport to recovery. Contracts in Spain,
Europe, UK and USA.
MCC 5.7 SG 2.5 Anaerobic
digestion of biowaste
Treatment of organic waste and management
of composting plants in Spain, UK and Europe.
MCC 5.8 EC 2.5
Composting of bio-waste
MCC 5.9 SG 2.7 Recovery
of non-hazardous waste
materials
Facilities for the treatment of non-hazardous
waste streams for recovery. Treatment plants in
Spain, Europe, UK and USA.
Adaptation to climate
change
CEC 5.13 Desalination
Construction, installation and management
of desalination plants in Spain, Saudi Arabia,
Algeria and Mexico.
Transition to a circular
economy
SG 2.6 Decontamination
and disassembly of
end‑of‑life products
Plants specialised in the dismantling of waste
electronic equipment and its subsequent
treatment.
Transition to a circular
economy / Prevention
and control of waste
pollution
SG 2.3 SQP 2.1 Collection
and transport of hazardous
and non-hazardous waste
Integral management of hazardous waste, from
transport in separate fractions to subsequent
treatment in Spain and Europe.
EC 2.4 and PPC 2.2
Treatment of hazardous
waste
Prevention and control
of pollution
CFP 2.4 Remediation of
contaminated land and
sites
Soil decontamination in Spain and Europe.
Environmental
objectives
Taxonomic activities
Activities carried out by the FCC Group
TRANSPORT
Climate change
mitigation
CCM 6.13 Infrastructure for
personal mobility, cycling
logistics
Construction, modernisation and maintenance
of infrastructures for personal mobility in Spain
and Europe.
MCC 6.14 Rail transport
infrastructure
Construction, modernisation, operation and
maintenance of surface and underground
railways in Spain, Europe, the Middle East and
America.
CCM 6.16 Infrastructure
enabling low-carbon inland
waterway transport
Construction, modernisation, operation and
maintenance of port infrastructures.
Adaptation to climate
change
CCA 6.15 Infrastructure
enabling low-carbon
road transport and public
transport
In general, road construction is an activity
eligible for CCA 6.15 but not for CCM 6.15,
according to the criteria of the FAQs published
by the European Commission on 29/11/2024.
Contracts in Spain, Europe and America.

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Environmental
objectives
Taxonomic activities
Activities carried out by the FCC Group
BUILDING CONSTRUCTION AND PROPERTY DEVELOPMENT ACTIVITIES
Climate change
mitigation
CCM 7.3 Installation,
maintenance and repair of
energy-efficient equipment
Individual building renovation and maintenance
measures related to improving the energy
efficiency of buildings.
CCM 7.4 Installation,
maintenance and repair
of charging stations for
electric vehicles in buildings
(and in parking spaces
attached to buildings)
Installation of charging points for electric
vehicles.
CCM 7.5 Installation,
maintenance and repair of
instruments and devices
to measure, regulate
and control the energy
performance of buildings
Digitisation of building installations to improve
energy efficiency.
MCC 7.6 Installation,
Maintenance and Repair
of Renewable Energy
Technologies
Installations of renewable energy technologies
in photovoltaic parks and buildings.
MCC 7.7 Acquisition and
ownership of buildings
The activity of renting housing and commercial
premises is no longer carried out by the
FCC Group as a result of the spin-off of the
Inmocemento Group and only the CapEX
contributed by the real estate area of the
Inmocemento Group from 1/1/2024 to
31/5/2024 is included, in accordance with the
accounting criteria.
Environmental
objectives
Taxonomic activities
Activities carried out by the FCC Group
Climate change
mitigation / Transition
to a circular economy
MCC 7.1 SG 3.1
Construction of new
buildings
Construction of new residential and
non‑residential buildings.
MCC 7.2 SG 3.2 Renovation
of existing buildings
Renovation of buildings, residential and
non‑residential.
Transition to a circular
economy
SG 3.4 Road and motorway
maintenance
Pavement repair works on streets, roads and
footpaths.
DISASTER RISK MANAGEMENT
Adaptation to climate
change
CCA 14.1 Emergency
services
Support work in extreme situations, e.g. in case
of fire or floods.
SERVICES
Transition to a circular
economy
SG 5.1 Repair,
refurbishment and
remanufacturing
Services focused on the repair of defective
products, sale of spare parts and second-hand
goods ready for reuse.
SG 5.2 Sale of spare parts
SG 5.4 Sale of second-hand
goods
The proportion of eligible economic activities according to the taxonomy during 2024 has been as follows:
INCN
CapEx
OpEx
Amount*
Percentage
Amount*
Percentage
Amount*
Percentage
FCC Group eligibility
6,194.2
68.3 %
695.9
48.7 %
286.6
64.9 %
*The total amounts are expressed in units of millions of euros.
Turnover: €6,194.2 million; 68.3 % of total eligible turnover.
CapEx: €695.9 million; 48.7 % eligible over total.
OpEx: €286.6 million; 64.9 % eligible over total.

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Enabling and transition activities
A taxonomic activity is facilitative when it directly enables other activities to make a substantial contribution
to one or more of these objectives.
A taxonomic activity is transitional if there is no technologically or economically viable low-carbon
alternative, where it supports the transition to a climate-neutral economy consistent with a plan to limit
temperature increase to 1.5°C above pre-industrial levels by phasing out greenhouse gas emissions,
especially emissions from fossil fuels.
The enabling and transition activities carried out and studied by the FCC Group during 2024 were:
Environmental
objectives
Taxonomic group
Taxonomic activities
TRANSITION
Climate change
mitigation
7 - Building construction and real
estate development activities
MCC 7.2 Renovation of existing buildings
FACILITATORS
Climate change
mitigation
4 - Energy
MCC 4.9 Transmission and distribution of
electricity
6 - Transport
CCM 6.13 Infrastructure for personal
mobility, cycling logistics
MCC 6.14 Rail transport infrastructure
CCM 6.16 Infrastructure enabling
low‑carbon inland waterway transport
7 - Building construction and real
estate development activities
CCM 7.3 Installation, maintenance and
repair of energy-efficient equipment
CCM 7.5 Installation, maintenance and
repair of instruments and devices to
measure, regulate and control the energy
performance of buildings
Environmental
objectives
Taxonomic group
Taxonomic activities
Adaptation to
climate change
1 - Forestry
CCA 1.2 Forest rehabilitation and
restoration, including reforestation and
natural forest regeneration following
extreme events*.
CCA 1.4 Conservation Forestry*
5 - Water supply, sanitation, waste
treatment and depollution
CCA 5.13 Desalination*
14 - Disaster risk management
CCA 14.1 Emergency services*
*The marked activities are defined as Adaptive Enabling activities by the Climate Change Adaptation objective.
The transition activities carried out by the FCC Group had an aligned revenue-turnover amount of
€13.8 million (0.15% of the FCC Group's total).
In the case of the facilitating activities, the amount aligned in revenue-turnover was €1,469 million
(16.19% of the FCC Group's total).
Activities not eligible for taxonomy
In addition to the eligible activities the FCC Group performs services considered as non-eligible, due to
their low impact on the environment or being activities not currently included in the delegated regulations.

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Activities carried out that are considered ineligible under the Taxonomy regulation:
Group Area
Service definition
Characteristics of the service
Environmental
Services
Waste-to-energy plants
Conversion of waste that cannot be recycled into
energy.
Landfill
Hazardous and non-hazardous waste landfills.
Commercial collection,
cleaning and cleaning of
buildings
Cleaning of facades of public and private buildings,
scrubbing and stripping of pavements, cleaning of
graffiti, cleaning of containers, cleaning of beaches
and roads.
Construction
Manufacturing
Precast concrete.
Manufacture of commercial signs.
Reforestations
Plantations in areas close to infrastructures that are
not considered as forest.
Water
Sports facilities
Management and maintenance of sports facilities.
Irrigation
Irrigation services and maintenance.
Various
Administrative or maintenance services not included
in the Taxonomy Regulation.
Subcontracting and sales.
In 2023, the Sustainable Finance Platform launched a Stakeholder Request Mechanism to submit
suggestions on new activities that could be included in the EU Taxonomy or on possible modifications
to the technical selection criteria for existing activities. The FCC Group participated in this initiative by
proposing the inclusion of new activities in the EU Taxonomy.
Alignment study
For Taxonomy-eligible activities, the analysis is completed with the study of their alignment.
An activity is considered to contribute directly to the environmental objectives of climate change mitigation
or adaptation, protection of water and marine resources, transition to a circular economy, prevention and
control of pollution and protection and restoration of biodiversity and ecosystems, if it complies:
1. Technical criteria for the selection of the activity within its taxonomic objective.
2. No Significant Harm Criteria (DNSH) for the remaining taxonomic targets.
3. Minimum social safeguards.
The proportion of economic activities aligned according to the taxonomy during 2024 was as follows:
INCN
CapEx
OpEx
Amount*
Percentage
Amount*
Percentage
Amount*
Percentage
FCC Group alignment
3,967.4
43.7 %
446.4
31.2 %
151.1
34.2 %
*Los importes totales están expresados en unidades de millones de euros
Revenue - turnover: €3,967.4 million; 43.7% of the total.
CapEx: €446.4 million; 31.2% of the total.
OpEx: €151.1 million; 34.2% of the total.
Substantial contribution criteria
This is the first step of the alignment analysis of the different eligible activities in which the FCC Group is
involved.
The complexity and lack of applicability of some substantial contribution criteria according to the activities
carried out within the FCC Group has required a specific understanding according to the businesses, in
order to determine the activities that comply with them and thus be considered aligned by Taxonomy.

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Alignment study: DNSH
In addition to contributing to the environmental objectives mentioned above, in order to be considered
an aligned activity, it must be ensured that it does not cause significant harm to the other environmental
objectives (Do Not Significant Harm).
DNSH Climate change mitigation
In addition to the eligible activities for adaptation to climate change, in FY2024 this DNSH has been studied
for the eligible activity of other taxonomic objectives.
In the activity for the climate change adaptation objective CCA 5.13 Desalination, GHG emissions have
been studied due to the high energy consumption in the desalination process, which is characteristic of
these infrastructures.
DNSH Adaptation to climate change. Climate risks
In line with its commitment to the fight against climate change and to comply with the specific
requirements of the EU Taxonomy for Adaptation DNSH, the FCC Group has a complete and updated
analysis of the FCC Group's physical climate risks.
This analysis forms part of a global project, developed during 2023 and 2024, on the risks and
opportunities of the FCC Group's activities as a whole, associated with climate change. The project
includes the identification and assessment of physical and transitional climate risks and climate
opportunities, as well as the estimation of the financial impacts derived from the materialisation of these
risks and the exploitation of the opportunities
The FCC Group has a procedure for defining and establishing the methodology for identifying, evaluating
and prioritising climate risks and opportunities, as well as for estimating their financial impact, in order to
subsequently establish the corresponding response measures.
With regard to physical climate risks, which are the subject of this section, it should be noted that the
analysis is based on climate projections according to the most advanced scientific information, on a dual
time scale, given that the FCC Group's activities are for a duration of between 10 and 40 years.
On the one hand, a horizon up to 2040 is used, with smaller-scale climate projections. On the other, a
horizon up to 2060, for which advanced and higher resolution climate projections are used, such as the
future scenarios of Shared Socio-economic Trajectories SSP2-4.5, SSP1-2.6 and SSP5-8.5 of the Sixth
Assessment Report (AR6) on climate change of the Intergovernmental Panel on Climate Change (IPCC),
without ruling out other scenarios of this same report, such as SSP4 6.0. These scenarios correspond to
the updated version of the Representative Concentration Pathways (RCPs) of the IPC Fifth Assessment
Report, as referred to in the EU Taxonomy Regulation.
With regard to the specific methodology described in the procedure for the assessment of climate risk, it
should be noted that this is based on the result obtained by multiplying the probability of occurrence of
the hazard by the degree of exposure and the vulnerability of the company's activities and its assets to
said hazard. The calculation makes it possible to determine the importance or materiality of the physical
climate risks for the economic activity, directing efforts to establish adaptation measures that reduce the
most significant physical climate risks.
The adaptation solutions defined by the FCC Group take into account the specifications of Delegated
Regulation 2021/2139; do not adversely affect adaptation efforts, nor the level of resilience to physical
climate risks of other people, nature, cultural heritage, property and other economic activities; are
consistent with local, sectoral, regional or national adaptation strategies and plans; and consider the use of
nature-based solutions or blue-green infrastructure
In 2024, with respect to this section, the assessment of climate vulnerabilities and risks affecting the
FCC Group's activities and geographies was reviewed and updated.
Basically, on the one hand, the scope of application of the physical risk analysis has been extended in
Aqualia, Environmental Services and Construction, taking into account the new geographical locations
where its activities have been carried out.
The climate risk map has been updated to take account of new activities and to ensure that no significant
harm is caused to climate change adaptation.
DNSH Sustainable use and protection of water and marine resources
The FCC Group is aware that the activity of its businesses can influence the water and marine
environment. For this reason, with the aim of minimising its effects and in line with the requirements of
the corresponding DNSH of the Taxonomy regulation, the FCC Group integrates exhaustive environmental
management systems in its projects and carries out the mitigation and water protection measures derived
from the environmental declarations or environmental monitoring plans where applicable, in line with
Appendix B of the Taxonomy Delegated Regulations (EU) 2021/2139 (Annex I and II) and (EU) 2023/2486
(Annexes II, III and IV) on generic criteria relating to the principle of not causing significant harm to the
sustainable use and protection of water and marine resources.

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DNSH Transition to a circular economy
In line with the commitments established in the FCC Group, the principles of circularity in the treatment
and destination of the waste generated are promoted. Due to the geographical dispersion of the
FCC Group and depending on the level of development of local infrastructure, the percentages of reuse
and recycling of CDW (Construction and Demolition Waste) have been taken into account to determine
those contracts that exceed the threshold set by Taxonomy of more than 70%. The FCC Group has Good
Environmental Practices on site that guarantee adequate selective demolition to allow the elimination
and safe handling of hazardous substances and facilitate the reuse and recycling of materials, using
classification systems available for construction and demolition waste. In addition, the FCC Group has
Environmental Management Policies that ensure the application of best practices in the management,
reuse and minimisation of waste.
DNSH Pollution prevention and control
In order to comply with this DNSH, Appendix C of the Delegated Taxonomy Regulations (EU) 2021/2139
(annexes I and II) and (EU) 2023/2486 (annexes I, II and IV) have been analysed for the activities that apply
to the FCC Group's activities within the taxonomic groups of transport and construction of buildings and
real estate development, and the measures implemented by the corresponding areas to reduce noise, dust
and polluting emissions during construction or maintenance work have been taken into account. In addition,
the FCC Group has Environmental Management Policies that ensure the application of best practices in
pollution prevention and control.
DNSH Protection and restoration of biodiversity and ecosystems
To ensure the protection of biodiversity, the management systems implemented in the different activities
of the FCC Group have been taken into account so as not to cause significant damage, as well as
the location of the sites and activities with respect to natural areas of special protection. In addition,
compliance with this requirement is supported by legally carried out Environmental Impact Assessments
(EIA) and Environmental Monitoring Plans for works, or Integrated Environmental Authorisations,
depending on the activity, in accordance with the criteria established in appendix D of the Delegated
Taxonomy Regulations (EU) 2021/2139 (annexes I and II) and (EU) 2023/2486 (annexes I, II and III).
In addition, the FCC Group has Environmental Management Policies that ensure the application of best
practices in the protection and recovery of biodiversity and ecosystems.
Minimum social safeguards
The FCC Group has reviewed the Minimum Guarantees with respect to human rights, corruption, taxation
and fair competition, which are set out in the EU Taxonomy Regulation, as well as the final Minimum
Guarantees report published by the EU Platform on Sustainable Finance in February 2022.
Based on this review, in the area of Human Rights, the FCC Group has, as part of the regulatory block of
the Compliance Model, a Human Rights Policy approved by the Board of Directors in 2019. Through this
Policy, aligned with the Global Compact and the United Nations Guiding Principles on Business and Human
Rights, the FCC Group declares its commitment to respect the human rights contained in the United
Nations Universal Declaration of Human Rights, and those others contained in the Declaration of the
International Labour Organisation (ILO), relating to the fundamental principles and rights at work, as well
as in the so-called eight fundamental conventions of the ILO. In order to comply with the commitments
of the Human Rights Policy, the FCC Group's Compliance Committee is defining, in collaboration with
the Sustainability Committee, a due diligence procedure, in accordance with the United Nations Guiding
Principles for Business and Human Rights and the OECD Due Diligence Guidance for Responsible Business
Conduct. This document formalises the current process set up in the company in relation to the detection,
prevention and mitigation of adverse effects on human rights, and brings FCC closer to complying with the
requirements of the European Parliament and Council Directive on due diligence of companies in matters
of sustainability, currently in the process of approval. The Human Rights due diligence procedure makes
the FCC Whistleblowing Channel available to all stakeholders for reporting potential violations of these
fundamental rights. Any communication received through the FCC Group's Whistleblowing Channel is
processed in accordance with the Policy and Procedure of the Internal Information System, both approved
by the Board of Directors. The Whistleblowing Channel, and the policy and procedures that regulate it, are
adapted to the provisions established in Law 2/2023, of 20 February, regulating the protection of persons
who report regulatory infringements and the fight against corruption.

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With regard to potential breaches in matters of Corruption and Competition, the FCC Group's Compliance
Model also has an express reference in its Code of Ethics and Conduct on both aspects, reflecting
the behaviour required by the company, both internally and externally. Likewise, anti-corruption and
competition policies have been approved, which establish the FCC Group's commitments and the
measures for prevention and control. The FCC Group's Compliance Model provides the most appropriate
training processes for risk groups, the definition of controls in the different management areas of
the company, as well as the self-assessments and evaluations necessary to guarantee the correct
implementation of and compliance with the policies. It is the obligation of all the company's employees
to report, through the Whistleblowing Channel, any potential breach of these policies of which they are
aware. On the other hand, the FCC Group is adhered to the Code of Good Tax Practices, presents the Tax
Transparency Report and has also obtained the AENOR certification for its Tax Compliance management
system, in accordance with the requirements established by the UNE 19602 Standard, as well as
integrating the recommendations of the Organisation for Economic Cooperation and Development (OECD)
into its management system. The total tax contribution is calculated on a cash basis, taking into account
globally integrated entities and joint operations, and the accounting policies applied are made public, as
well as having a Fiscal Responsibility Policy.
Conclusion of the alignment process
Based on the processes described above, the FCC Group has considered as aligned those eligible activities
carried out in FY2024 that have demonstrated compliance with the applicable CCS, DNSH and with the
Minimum Social Safeguards described in the previous section.
In the alignment exercise some economic activities are aligned by various taxonomic objectives as
discussed in the section Definition of minimum management unit.
To avoid double counting in activities aligned by climate change mitigation and another objective, the
substantial contribution to the mitigation objective has been computed. In the case of activities aligned by
circular economy and pollution prevention and control, the substantial contribution has been computed for
the circular economy objective.
In 2024 the aligned activities that have a part of them aligned by several objectives simultaneously were:
CCM 5.1 WTR 2.1 Construction, extension and operation of water collection, treatment and distribution
systems.
CCM 5.3 WTR 2.2 Construction, extension and operation of wastewater collection and treatment
systems.
CCM 5.4 WTR 2.2 Renovation of wastewater collection and treatment.
MCC 5.5 SG 2.3 Collection and transport of non-hazardous waste in source segregated fractions.
MCC 5.9 SG 2.7 Valorisation of non-hazardous waste materials.
SG 2.3 SQP 2.1 Collection and transport of hazardous waste.
Calculation of financial KPIs
EU Taxonomy eligibility and alignment are expressed in three financial KPIs, which are calculated as the
portion of revenue or turnover, CapEx and OpEx that are considered eligible and, where applicable, aligned
or not aligned by Taxonomy (numerator) divided by the FCC Group's total turnover, CapEx and OpEx as
defined by Taxonomy (denominator). The accounting concepts included to calculate these three KPIs are
described below:
Revenue - turnover: Ratio of Turnover-net turnover derived from products or services, including
intangible ones, associated with economic activities that conform to the taxonomy (numerator),
divided by Turnover-net turnover (denominator) as defined in Article 2(5) of Directive 2013/34/EU. The
amount of the denominator corresponds to the heading "Net " in the consolidated income statement
of the FCC Group's annual accounts. As a result of the spin-off of the Inmocemento Group from the
FCC Group, this indicator does not include the turnover of the Cement and Real Estate activities as a
result of their classification as discontinued operations (for both years).
CapEx: Proportion of CapEx, as defined below, that complies with the taxonomy (numerator), divided
by CapEx (denominator) as defined in Article 8(2)(b) of Regulation (EU) 2020/852. Includes additions to
the gross value of intangible assets, property, plant and equipment and investment property, including
additions arising from the application of regulations in relation to decommissioning and dismantling
costs that are included as an addition to property, plant and equipment at initial recognition of the
asset; additions to property, plant and equipment from leases under IFRS 16, as well as additions to the
gross value of intangible assets, property, plant and equipment and investment property arising from
the acquisition of control as a result of a business combination. Changes in depreciation, impairments
and revaluations of investment property due to their recognition at fair value are not included. The
amounts considered are included under "Intangible assets", "Property, plant and equipment" and
"Investment property" in the consolidated balance sheet of the FCC Group's annual accounts. As a result
of the spin‑off of the Inmocemento Group from the FCC Group, this indicator only includes the CapEx
contributed up to 31 May by the Cement and Real Estate activities as a result of their classification as
assets held for sale. The FCC Group has not included in the CapEx numerator any amount under the
CapEx plan.

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OpEx: The proportion of OpEx, as defined below, that complies with the taxonomy (numerator), divided
by the OpEx (denominator) as defined in Article 8(2)(b) of Regulation (EU) 2020/852. The amount of
this KPI is limited to non-capitalised direct costs that relate to research and development, building
renovation measures, short-term leases, maintenance and repairs, as well as other direct costs related
to the day‑to-day maintenance of property, plant and equipment assets, by the company or a third party
to whom activities are outsourced, and which are necessary to ensure the continuous and efficient
operation of these assets. The amounts considered are included under "Changes in inventories of
finished goods and work in progress", "Procurements", "Staff costs", "Other operating expenses" and
"Depreciation and amortisation of fixed assets and allocation of non-financial fixed asset subsidies and
other" in the consolidated income statement of the FCC Group's annual accounts. As a result of the
spin-off of the Inmocemento Group from the FCC Group, this indicator does not include the OpEx of the
Cement and Real Estate activities as a result of their classification as discontinued operations (for both
years).
The key indicator revenue-turnover mainly includes revenues from customer contracts. The typology of
customers varies significantly depending on the Business Area as defined in note 1 of the notes to the
consolidated financial statements.
• The Environmental Services activity carries out various activities whose clients may be both public,
such as town councils, provincial councils or similar, and private, whether private individuals or
companies, depending on the characteristics of the markets in which it operates.
• The Water activity generally provides its services under concession contracts, receiving revenues
directly from end customers, and to a lesser extent also carries out infrastructure works related to the
integral water cycle for both public and private customers.
• The Construction business mainly carries out civil engineering works for public clients, residential and
non-residential building for both private and public clients and the installation of heating and cooling
systems in the infrastructures it builds, as well as in other infrastructures for both private and public
clients.
• Finally, the Concessions business operates mainly infrastructure and urban tramway concession
agreements, providing its services primarily to public customers, although revenues may be received
from both the concession grantor and the end users of the service provided.
The taxonomic activity of the numerator can be found in the tables in the following sections.
Calculation of business combinations
For the 2024 financial year, the revenue-Turnover key indicator corresponding to business combinations
has represented in eligible and aligned activities an amount of 69.2 million euros and, as eligible and
non-aligned, an amount of 12.7 million euros for the Environmental Services area, adding as assets the
contracts of Europe Services Groupe (France), Urbaser UK, Resicorreia G.S. (Portugal), GEL Recycling
Holdings (United States) and Tranvía de Parla (Spain). For the 2023 financial year, the revenue-turnover key
indicator accounted for EUR 0.6 million in eligible and aligned activities and EUR 15.8 million in eligible and
non-aligned activities, corresponding to business combinations, with the addition of the Aqualia Riohacha,
Société Pays de Dreux and North Cluster S.P.V. LLC contracts as assets.
The key CapEx indicator business combinations in 2024 includes in the numerator, as aligned eligible
activities, an amount of EUR 22.6 million and as non-aligned eligible activities an amount of EUR
44.6 million, corresponding to business combinations. The FCC Group has not included in the numerator
of the CapEx any amount under the CapEx plan. In the case of the 2023 financial year, the CapEx key
indicator included in the numerator, as eligible non-aligned activities, an amount of 114.1 million euros,
contributing as assets the Aqualia Riohacha, Société Pays de Dreux and Municipal District Services LLC
contracts.
The OpEx KPI includes in the 2024 financial year an amount of EUR 6 million as eligible and aligned
activities and EUR 0.8 million of eligible and non-aligned activities, corresponding to business
combinations. The OpEX key indicator included in the 2023 financial year an amount of EUR 0.1 million as
eligible and non-aligned activities corresponding to business combinations.
Results for the financial year 2024
The results of the Taxonomy 2024 exercise are presented below. The KPIs, eligibility and alignment for the
year 2023 have been restated due to two circumstances discussed in previous sections:
The partial financial spin-off of FCC, as the spun-off company, in favour of Inmocemento, S.A., the
beneficiary company wholly owned by FCC, by virtue of which FCC transfers to Inmocemento, S.A.
two economic units, the first consisting of all the shares of FCYC, S.A. owned by FCC and the second
consisting of all the shares of Cementos Portland Valderrivas, S.A. owned by FCC.

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The eligibility criteria of the taxonomic activity CCM 6.15 Infrastructure enabling low-carbon road and
public transport, according to the answer to question no. 33 of the FAQs published by the European
Commission on 29/11/2024, whereby the construction, upgrading, maintenance or operation of
motorways is not included in the scope of activity CCM 6.15.
The following graphs present summaries for each of the KPIs with the results of applying the criteria
outlined above.
Summary and evolutionary eligibility and alignment 2023-2024
For the key turnover indicator, the FCC Group reports a total amount of 9,071.4 million euros.
6,194.2 million euros are eligible; 68.3 % of the total turnover.
3,967.4 million euros are eligible and aligned according to the taxonomy; 43.7 % of total turnover.
Turnover alignment
Not eligible INCN
Not aligned INCN
Aligned INCN
43.7 %
24.5 %
31.7 %
9,071.4
Mill €
Total
INCN
9,071.4
6,194.2
3,967.4
-2,877.2
-2,226.8
Not eligibles
INCN
Eligible
INCN
Not aligned
INCN
Aligned
INCN
100.0 %
-31.7 %
-24.5 %
43.7 %
68.3 %
For the key CapEx indicator, the FCC Group reports a total amount of 1,428.9 million euros.
695.9 million euros are eligible; 48.7 % of the total CapEx.
446.4 million euros are eligible and aligned according to taxonomy; 31.2 % of total CapEx.
CapEx alignment
Not eligible CapEx
Not aligned CapEx
Aligned CapEx
31.2 %
17.5 %
51.3 %
Total
CapEx
1,428.9
695.9
446,4
-733.1
-249.5
Not eligible
CapEx
Eligible
CapEx
Not eligible
CapEx
Aligned
CapEx
100.0 %
-51.3 %
-17.5 %
31.2 %
48.7 %
1,428.9
Mill €

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For the key OpEx indicator, the FCC Group reports a total amount of 441.9 million euros.
286.6 million are eligible; 64.9 % of total OpEx.
151.1 million are eligible and aligned according to taxonomy; 34.2 % of total OpEx.
OpEx Alignment
Not eligible OpEx
Not aligned OpEx
Aligned OpEx
34.2 %
30.7 %
35.1 %
Total
OpEx
441.9
286.6
151.1
-155.3
-135.5
Not eligible
OpEx
Eligible
OpEx
Not eligible
OpEx
AlignedOpEx
100.0 %
-35.1 %
-30.7 %
34.2 %
64.9 %
441.9
Mill €
Evolutionary 2023-2024 turnover
2023
2024
Not eligible
Eligible not align
Aligned
3,338.8
3,967.4
2,226.8
2,877.2
2,281.8
2,596.8
8.217,3
9,071.4
Evolutionary 2023-2024 CapEx
2023
2024
Not eligible
Eligible not align
Aligned
465.2
446.4
249.5
733.1
321.2
323.1
1,119.6
1,428.9
The revenue-turnover of the FCC Group has
grown by 10.4 % in 2024. Regarding the
aligned amount, it has grown by 18.8 % in
2024, due to the extension of new objectives
in the Water Area and the spin-off of the
Cement Area. The non-aligned eligible
amount decreased by 2.4 %. The non-eligible
amount has grown by 10.8 %.
The FCC Group's CapEx grew by 27.6 %
in 2024, due to the impact of business
combinations on this indicator. With respect
to the aligned amount, it has fallen by 4 % in
2024. The eligible non-aligned amount has
decreased by 22.3 %.
Evolutionary 2023-2024 OpEx
2023
2024
Not eligible
Eligible not align
Aligned
123.4
151.1
135.5
155.3
164.2
155.4
443.0
441.9
In 2024, the FCC Group's OpEx remained
in line with the 2023 figures. Regarding the
aligned amount, it has grown by 22.4 %
and the eligible non-aligned amount has
decreased by 17.5 %.

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Templates for key result indicators (EU) 2021/2178 Annex II
Due to the spin-off of the Inmocemento Group, it has been necessary to restate the taxonomy results of
the FCC Group for the year 2023, considering the turnover and OpEx according to the criteria described in
the Scope of the report.
As a result of this spin-off, certain activities have been discontinued within the FCC Group. The taxonomic
activities CCM 3.7 manufacture of cement and CCM 7.7 acquisition and ownership of buildings are carried
out exclusively by the Inmocemento Group. The activity CCM 7.1 CE 3.1 Construction of new buildings is
carried out by both the FCC Group and Inmocemento.

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Financial year FY 2024
Economic Activities
Turnover
Proportion of
Turnover, year
N
Climate Change Mitigation
Climate Change Adaptation
Water
Circular Economy
Pollution
Biodiversity
Climate Change Mitigation
Climate Change Adaptation
Water
Circular Economy
Pollution
Biodiversity
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
eligible (A.2.)
turnover, year
N-1
Category
enabling
activity
Category
transitional
activity
GRUPO FCC
Millions €
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Electricity generation from hydropower
CCM 4.5

14.9
0.16%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.14%
Transmission and distribution of electricity
CCM 4.9

75.8
0.84%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
1.15%
E
Construction, extension and operation of water collection, treatment and supply systems
CCM 5.1
WTR 2.1

674.2
7.43%
Y
N/EL
N*
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
7.90%
Renewal of water collection, treatment and supply systems
CCM 5.2
WTR 2.1

68.0
0.75%
Y
N/EL
N*
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.83%
Construction, extension and operation of waste water collection and treatment
CCM 5.3
WTR 2.2

150.0
1.65%
Y
N/EL
N*
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
1.51%
Renewal of waste water collection and treatment
CCM 5.4
WTR 2.2

12.4
0.14%
Y
N/EL
N
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.16%
Collection and transport of non-hazardous waste in source segregated fractions
CCM 5.5
CE 2.3

976.3
10.76%
Y
N/EL
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
10.69%
Composting of bio-waste
CCM 5.8
CE 2.5

21.7
0.24%
Y
N/EL
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.03%
Material recovery from non-hazardous waste
CCM 5.9
CE 2.7

209.9
2.31%
Y
N/EL
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
2.31%
Landfill gas capture and utilisation
CCM 5.10

1.6
0.02%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.00%
Infrastructure for personal mobility, cycle logistics
CCM 6.13

647.0
7.13%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
7.73%
E
Infrastructure for rail transport
CCM 6.14

476.7
5.25%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
5.55%
E
Infrastructure for water transport
CCM 6.16

2.5
0.03%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.31%
E
Construction of new buildings
CCM 7.1
CE 3.1

86.6
0.96%
Y
N/EL
N/EL
N
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.69%
Renovation of existing buildings
CCM 7.2
CE 3.2

13.8
0.15%
Y
N/EL
N/EL
N
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.11%
T
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3

21.3
0.24%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.20%
E
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces
attached to buildings)
CCM 7.4

0.2
0.00%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
E
Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling
energy performance of buildings
CCM 7.5

32.1
0.35%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.45%
E
Installation, maintenance and repair of renewable energy technologies
CCM 7.6

204.0
2.25%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.81%
E
Desalination
CCA 5.13

9.4
0.10%
N/EL
Y
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
E
Construction, extension and operation of water collection, treatment and supply systems
WTR 2.1
CCM 5.1

5.8
0.06%
N
N/EL
Y
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Construction, extension and operation of waste water collection and treatment
WTR 2.2
CCM 5.3

182.9
2.02%
N
N/EL
Y
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Renewal of waste water collection and treatment
WTR 2.2
CCM 5.4

1.0
0.01%
N
N/EL
Y
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Collection and transport of non-hazardous waste in source segregated fractions
CE 2.3
CCM 5.5

10.2
0.11%
N
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Collection and transport of hazardous waste
CE 2.3
PPC 2.1

1.4
0.02%
N/EL
N/EL
N/EL
Y
N*
N/EL
Y
Y
Y
Y
Y
Y
Y
Treatment of hazardous waste
CE 2.4

34.4
0.38%
N/EL
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Depollution and dismantling of end-of-life products
CE 2.6

4.0
0.04%
N/EL
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Material recovery from non-hazardous waste
CE 2.7
CCM 5.9

5.8
0.06%
N
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Sale of second-hand goods
CE 5.4

0.8
0.01%
N/EL
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Collection and transport of hazardous waste
PPC 2.1
CE 2.3

12.9
0.14%
N/EL
N/EL
N/EL
N
Y
N/EL
Y
Y
Y
Y
Y
Y
Y
Collection and transport of hazardous waste
PPC 2.1

3.5
0.04%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
Y
Y
Y
Remediation of contaminated sites and areas
PPC 2.4

6.4
0.07%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
Y
Y
Y
Rehabilitation and restoration of forests, including reforestation and natural forest regeneration after an
extreme event
CCM 1.2
0.01%
Electricity generation using solar photovoltaic technology
CCM 4.1
0.05%
Sustainable urban drainage systems (SUDS)
CCM 5.3
Y
Y
Y
Y
Y
Y
Y
0.01%
3,967.4
43.74%
40.67%
0.10%
2.09%
0.62%
0.25%
0.00%
Y
Y
Y
Y
Y
Y
Y
40.63%
1,469.0
16.19%
16.09%
0.10%
0.00%
0.00%
0.00%
0.00%
Y
Y
Y
Y
Y
Y
Y
14.65%
E
13.8
0.15%
0.15%
Y
Y
Y
Y
Y
Y
Y
0.10%
T
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities
Year 2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly Harm')
Code
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Of which Enabling
Of which Transitional

696
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 114 of 119
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Rehabilitation and restoration of forests, including reforestation and natural forest regeneration after an
extreme event
CCM 1.2
CCA 1.2

2.4
0.03%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.00%
Conservation forestry
CCM 1.4
CCA 1.4

0.6
0.01%
EL
EL
N/EL
N/EL
N/EL
N/EL
Transmission and distribution of electricity
CCM 4.9

0.3
0.00%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Construction, extension and operation of water collection, treatment and supply systems
CCM 5.1
WTR 2.1

305.5
3.37%
EL
N/EL
EL
N/EL
N/EL
N/EL
2.30%
Renewal of water collection, treatment and supply systems
CCM 5.2
WTR 2.1

30.4
0.34%
EL
N/EL
EL
N/EL
N/EL
N/EL
0.38%
Construction, extension and operation of waste water collection and treatment
CCM 5.3
WTR 2.2

140.4
1.55%
EL
N/EL
EL
N/EL
N/EL
N/EL
3.52%
Sustainable urban drainage systems (SUDS)
CCM 5.3
WTR 2.3

2.6
0.03%
EL
N/EL
EL
N/EL
N/EL
N/EL
Renewal of waste water collection and treatment
CCM 5.4
WTR 2.2

9.4
0.10%
EL
N/EL
EL
N/EL
N/EL
N/EL
0.44%
Collection and transport of non-hazardous waste in source segregated fractions
CCM 5.5
CE 2.3

91.6
1.01%
EL
N/EL
N/EL
EL
N/EL
N/EL
0.29%
Anaerobic digestion of bio-waste
CCM 5.7
CE 2.5

3.7
0.04%
EL
N/EL
N/EL
EL
N/EL
N/EL
Composting of bio-waste
CCM 5.8
CE 2.5

11.3
0.12%
EL
N/EL
N/EL
EL
N/EL
N/EL
0.33%
Material recovery from non-hazardous waste
CCM 5.9
CE 2.7

289.9
3.20%
EL
N/EL
N/EL
EL
N/EL
N/EL
2.88%
Landfill gas capture and utilisation
CCM 5.10

5.0
0.06%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.07%
Infrastructure for personal mobility, cycle logistics
CCM 6.13

103.2
1.14%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1.22%
Infrastructure for rail transport
CCM 6.14

684.4
7.54%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
8.70%
Infrastructure for water transport
CCM 6.16

1.9
0.02%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.00%
Construction of new buildings
CCM 7.1
CE 3.1

173.3
1.91%
EL
N/EL
N/EL
EL
N/EL
N/EL
1.13%
Renovation of existing buildings
CCM 7.2
CE 3.2

49.1
0.54%
EL
N/EL
N/EL
EL
N/EL
N/EL
2.78%
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3

1.8
0.02%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.01%
Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling
energy performance of buildings
CCM 7.5

1.2
0.01%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.02%
Installation, maintenance and repair of renewable energy technologies
CCM 7.6

0.5
0.00%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Desalination
CCA 5.13

101.0
1.11%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
1.20%
Emergency Services
CCA 14.1

7.7
0.08%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
0.01%
Collection and transport of hazardous waste
CE 2.3
PPC 2.1

1.6
0.02%
N/EL
N/EL
N/EL
EL
EL
N/EL
0.02%
Treatment of hazardous waste
CE 2.4

3.8
0.04%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.00%
Depollution and dismantling of end-of-life products
CE 2.6

12.1
0.13%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.18%
Maintenance of roads and motorways
CE 3.4

1.7
0.02%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.30%
Repair, refurbishment and remanufacturing
CE 5.1

0.2
0.00%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Sale of spare parts
CE 5.5
CE 5.2
0.1
0.00%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Collection and transport of hazardous waste
PPC 2.1

25.7
0.28%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.33%
Treatment of hazardous waste
PPC 2.2

3.5
0.04%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.04%
Remediation of contaminated sites and areas
PPC 2.4

16.1
0.18%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.29%
Conservation, including restoration, of habitats, ecosystems and species
BIO 1.1

143.8
1.59%
N/EL
N/EL
N/EL
N/EL
N/EL
EL
1.28%
Hotels, holiday, camping grounds and similar accommodation
BIO 2.1

1.0
0.01%
N/EL
N/EL
N/EL
N/EL
N/EL
EL
Nature-based solutions for flood and drought risk prevention and protection
WTR 3.1
0.01%
Use of concrete in civil engineering
CE 3.5
0.04%
2,226.8
24.55%
21.04%
1.20%
0.00%
0.21%
0.50%
1.60%
27.77%
6,194.2
68.28%
61.70%
1.30%
2.09%
0.84%
0.75%
1.60%
68.40%
2,877.2
31.72%
9,071.4
100.00%
In taxonomic activities that contribute to more than one objective, the objective to which they contribute is indicated in bold.
N* - Aligned taxonomic activities that contribute to more than one objective where the objective not selected for substantial contribution (to avoid double counting) has part of the amount aligned.
Due to the spin-off of the FCC Group from Inmocemento in 2024, the Turnover % in the column ‘year N-1’ has been recalculated.
TOTAL
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)
A. Turnover of Taxonomy eligible activities (A1+A2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities

697
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 115 of 119
Financial year FY 2024
Economic Activities
CapEx
Proportion of
CapEX, year N
Climate Change Mitigation
Climate Change Adaptation
Water
Circular Economy
Pollution
Biodiversity
Climate Change Mitigation
Climate Change Adaptation
Water
Circular Economy
Pollution
Biodiversity
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
eligible (A.2.)
CapEX, year
N-1
Category
enabling
activity
Category
transitional
activity
GRUPO FCC
Millions €
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Electricity generation from hydropower
CCM 4.5
CCA 4.5

10.1
0.71%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.89%
Transmission and distribution of electricity
CCM 4.9
CCA 4.9

2.6
0.18%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.21%
E
Construction, extension and operation of water collection, treatment and supply systems
CCM 5.1
CCA 5.1
WTR 2.1
128.9
9.02%
Y
N
N*
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
11.46%
Renewal of water collection, treatment and supply systems
CCM 5.2
CCA 5.2
WTR 2.1
15.0
1.05%
Y
N
N
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
1.57%
Construction, extension and operation of waste water collection and treatment
CCM 5.3
CCA 5.3
WTR 2.2
8.5
0.60%
Y
N
N*
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.43%
Renewal of waste water collection and treatment
CCM 5.4
CCA 5.4
WTR 2.2
1.6
0.11%
Y
N
N
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.06%
Collection and transport of non-hazardous waste in source segregated fractions
CCM 5.5
CCA 5.5
CE 2.3
139.7
9.78%
Y
N
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
13.39%
Composting of bio-waste
CCM 5.8
CCA 5.8
CE 2.5
2.4
0.17%
Y
N
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.01%
Material recovery from non-hazardous waste
CCM 5.9
CCA 5.9
CE 2.7
42.0
2.94%
Y
N
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
1.42%
Infrastructure for personal mobility, cycle logistics
CCM 6.13
CCA 6.13

66.0
4.62%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
11.10%
E
Infrastructure for rail transport
CCM 6.14
CCA 6.14

5.3
0.37%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.24%
E
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3
CCA 7.3

1.0
0.07%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.24%
E
Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling
energy performance of buildings
CCM 7.5
CCA 7.5

0.4
0.03%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.20%
E
Acquisition and ownership of buildings
CCM 7.7
CCA 7.7

1.2
0.08%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
0.33%
Desalination
CCA 5.13

0.1
0.01%
N/EL
Y
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
E
Infrastructure enabling road transport and public transport
CCA 6.15

0.3
0.02%
N/EL
Y
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
Construction, extension and operation of water collection, treatment and supply systems
WTR 2.1
CCM 5.1
CCA 5.1
0.7
0.05%
N
N
Y
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
Construction, extension and operation of waste water collection and treatment
WTR 2.2
CCM 5.3
CCA 5.3
18.0
1.26%
N
N
Y
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
Treatment of hazardous waste
CE 2.4

0.9
0.06%
N/EL
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
Material recovery from non-hazardous waste
CE 2.7
CCM 5.9
CCA 5.9
0.9
0.06%
N
N
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
S
Collection and transport of hazardous waste
PPC 2.1
CE 2.3

0.1
0.01%
N/EL
N/EL
N/EL
N
Y
N/EL
Y
Y
Y
Y
Y
Y
S
Collection and transport of hazardous waste
PPC 2.1

0.5
0.03%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
Y
Y
S
446.4
31.24%
29.73%
0.03%
1.30%
0.13%
0.04%
0.00%
Y
Y
Y
Y
Y
Y
S
41.55%
75.5
5.28%
5.27%
0.01%
0.00%
0.00%
0.00%
0.00%
Y
Y
Y
Y
Y
Y
S
11.99%
E
0.0
0.00%
0.00%
Y
Y
Y
Y
Y
Y
S
0.00%
T
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities
Year 2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly Harm')
Code
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Of which Enabling
Of which Transitional

698
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 116 of 119
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Manufacture of cement
CCM 3.7
CCA 3.7

9.6
0.67%
EL
EL
N/EL
N/EL
N/EL
N/EL
2.01%
Construction, extension and operation of water collection, treatment and supply systems
CCM 5.1
CCA 5.1
WTR 2.1
19.2
1.35%
EL
EL
EL
N/EL
N/EL
N/EL
14.27%
Renewal of water collection, treatment and supply systems
CCM 5.2
CCA 5.2
WTR 2.1
0.1
0.01%
EL
EL
EL
N/EL
N/EL
N/EL
0.02%
Construction, extension and operation of waste water collection and treatment
CCM 5.3
CCA 5.3
WTR 2.2
5.4
0.38%
EL
EL
EL
N/EL
N/EL
N/EL
3.32%
Renewal of waste water collection and treatment
CCM 5.4
CCA 5.4
WTR 2.2
0.9
0.06%
EL
EL
EL
N/EL
N/EL
N/EL
0.12%
Collection and transport of non-hazardous waste in source segregated fractions
CCM 5.5
CCA 5.5
CE 2.3
10.4
0.73%
EL
EL
N/EL
EL
N/EL
N/EL
0.36%
Material recovery from non-hazardous waste
CCM 5.9
CCA 5.9
CE 2.7
119.1
8.34%
EL
EL
N/EL
EL
N/EL
N/EL
2.33%
Landfill gas capture and utilisation
CCM 5.10
CCA 5.10

0.4
0.03%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.01%
Infrastructure for personal mobility, cycle logistics
CCM 6.13
CCA 6.13

17.8
1.24%
EL
EL
N/EL
N/EL
N/EL
N/EL
1.24%
Infrastructure for rail transport
CCM 6.14
CCA 6.14

26.0
1.82%
EL
EL
N/EL
N/EL
N/EL
N/EL
1.45%
Construction of new buildings
CCM 7.1
CCA 7.1
CE 3.1
1.2
0.08%
EL
EL
N/EL
EL
N/EL
N/EL
0.00%
Renovation of existing buildings
CCM 7.2
CCA 7.2
CE 3.2
10.4
0.73%
EL
EL
N/EL
EL
N/EL
N/EL
0.01%
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3
CCA 7.3

0.1
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of buildings
CCM 7.7
CCA 7.7

0.2
0.01%
EL
EL
N/EL
N/EL
N/EL
N/EL
1.18%
Desalination
CCA 5.13

10.1
0.71%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
1.24%
Infrastructure enabling road transport and public transport
CCA 6.15

8.4
0.59%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
0.60%
Emergency Services
CCA 14.1

1.6
0.11%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
Treatment of hazardous waste
CE 2.4

0.6
0.04%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Depollution and dismantling of end-of-life products
CE 2.6

0.3
0.02%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.19%
Collection and transport of hazardous waste
PPC 2.1

2.4
0.17%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.18%
Treatment of hazardous waste
PPC 2.2

0.1
0.01%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.07%
Remediation of contaminated sites and areas
PPC 2.4

1.2
0.09%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.01%
Conservation, including restoration, of habitats, ecosystems and species
BIO 1.1

3.8
0.27%
N/EL
N/EL
N/EL
N/EL
N/EL
EL
0.97%
249.5
17.46%
15.45%
1.41%
0.00%
0.06%
0.27%
0.27%
29.59%
695.9
48.70%
45.18%
1.44%
1.30%
0.19%
0.31%
0.27%
71.14%
733.1
51.30%
1,428.9
100.00%
In taxonomic activities that contribute to more than one objective, the objective to which they contribute is indicated in bold.
N* - Aligned taxonomic activities that contribute to more than one objective where the objective not selected for substantial contribution (to avoid double counting) has part of the amount aligned.
Due to the spin-off of the FCC Group from Inmocemento in 2024, the CapEX % in the column ‘year N-1’ has been recalculated.
TOTAL
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)
A. CapEx of Taxonomy eligible activities (A1+A2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities

699
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Environmental Disclosures | Page 117 of 119
Financial year FY 2024
Economic Activities
OpEx
Proportion of
OpEX, year N
Climate Change Mitigation
Climate Change Adaptation
Water
Circular Economy
Pollution
Biodiversity
Climate Change Mitigation
Climate Change Adaptation
Water
Circular Economy
Pollution
Biodiversity
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
eligible (A.2.)
OpEX, year
N-1
Category
enabling
activity
Category
transitional
activity
GRUPO FCC
Millions €
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Electricity generation from hydropower
CCM 4.5
CCA 4.5

0.2
0.04%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.05%
Transmission and distribution of electricity
CCM 4.9
CCA 4.9

2.1
0.46%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.65%
E
Construction, extension and operation of water collection, treatment and supply systems
CCM 5.1
CCA 5.1
WTR 2.1
17.4
3.94%
Y
N
N*
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
3.44%
Renewal of water collection, treatment and supply systems
CCM 5.2
CCA 5.2
WTR 2.1
0.9
0.20%
Y
N
N*
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.31%
Construction, extension and operation of waste water collection and treatment
CCM 5.3
CCA 5.3
WTR 2.2
3.6
0.81%
Y
N
N*
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.61%
Renewal of waste water collection and treatment
CCM 5.4
CCA 5.4
WTR 2.2
0.7
0.16%
Y
N
N
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.06%
Collection and transport of non-hazardous waste in source segregated fractions
CCM 5.5
CCA 5.5
CE 2.3
49.3
11.16%
Y
N
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
11.14%
Composting of bio-waste
CCM 5.8
CCA 5.8
CE 2.5
2.5
0.56%
Y
N
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.14%
Material recovery from non-hazardous waste
CCM 5.9
CCA 5.9
CE 2.7
12.1
2.73%
Y
N
N/EL
N*
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
3.42%
Landfill gas capture and utilisation
CCM 5.10
CCA 5.10

0.2
0.03%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.03%
Infrastructure for personal mobility, cycle logistics
CCM 6.13
CCA 6.13

16.6
3.76%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
3.38%
E
Infrastructure for rail transport
CCM 6.14
CCA 6.14

28.0
6.34%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
3.65%
E
Infrastructure for water transport
CCM 6.16
CCA 6.16

0.1
0.02%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.28%
E
Construction of new buildings
CCM 7.1
CCA 7.1
CE 3.1
1.0
0.24%
Y
N
N/EL
N
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.20%
Renovation of existing buildings
CCM 7.2
CCA 7.2
CE 3.2
0.3
0.07%
Y
N
N/EL
N
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.04%
T
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3
CCA 7.3

0.4
0.09%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.05%
E
Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling
energy performance of buildings
CCM 7.5
CCA 7.5

0.8
0.19%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.23%
E
Installation, maintenance and repair of renewable energy technologies
CCM 7.6
CCA 7.6

1.8
0.40%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.18%
E
Desalination
CCA 5.13

0.2
0.05%
N/EL
Y
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
E
Infrastructure enabling road transport and public transport
CCA 6.15

0.3
0.08%
N/EL
Y
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Construction, extension and operation of water collection, treatment and supply systems
WTR 2.1
CCM 5.1
CCA 5.1
0.1
0.03%
N
N
Y
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Renewal of waste water collection and treatment
WTR 2.2
CCM 5.4
CCA 5.4
0.0
0.01%
N
N
Y
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Construction, extension and operation of waste water collection and treatment
WTR 2.2
CCM 5.3
CCA 5.3
8.5
1.92%
N
N
Y
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Collection and transport of hazardous waste
CE 2.3
PPC 2.1

0.1
0.02%
N/EL
N/EL
N/EL
Y
N*
N/EL
Y
Y
Y
Y
Y
Y
Y
Collection and transport of non-hazardous waste in source segregated fractions
CE 2.3
CCM 5.5
CCA 5.5
1.2
0.26%
N
N
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Treatment of hazardous waste
CE 2.4

1.3
0.30%
N/EL
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Depollution and dismantling of end-of-life products
CE 2.6

0.2
0.04%
N/EL
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Material recovery from non-hazardous waste
CE 2.7
CCM 5.9
CCA 5.9
0.4
0.10%
N
N
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Sale of second-hand goods
CE 5.4

0.1
0.02%
N/EL
N/EL
N/EL
Y
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Collection and transport of hazardous waste
PPC 2.1

0.1
0.03%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
Y
Y
Y
Collection and transport of hazardous waste
PPC 2.1
CE 2.3

0.5
0.12%
N/EL
N/EL
N/EL
N
Y
N/EL
Y
Y
Y
Y
Y
Y
Y
Remediation of contaminated sites and areas
PPC 2.4

0.1
0.02%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
Y
Y
Y
Electricity generation using solar photovoltaic technology
CCM 4.1
0.01%
Sustainable urban drainage systems (SUDS)
CCM 5.3
0.01%
151.1
34.19%
31.20%
0.12%
1.96%
0.74%
0.17%
0.00%
Y
Y
Y
Y
Y
Y
Y
27.86%
50.0
11.31%
11.27%
0.05%
0.00%
0.00%
0.00%
0.00%
Y
Y
Y
Y
Y
Y
Y
7.30%
E
0.3
0.07%
0.07%
Y
Y
Y
Y
Y
Y
Y
0.03%
T
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities
Year 2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly Harm')
Code
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Of which Enabling
Of which Transitional

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EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Rehabilitation and restoration of forests, including reforestation and natural forest regeneration after an
extreme event
CCM 1.2
CCA 1.2

0.0
0.01%
EL
EL
N/EL
N/EL
N/EL
N/EL
Transmission and distribution of electricity
CCM 4.9
CCA 4.9

0.0
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.00%
Construction, extension and operation of water collection, treatment and supply systems
CCM 5.1
CCA 5.1
WTR 2.1
5.6
1.27%
EL
EL
EL
N/EL
N/EL
N/EL
1.04%
Renewal of water collection, treatment and supply systems
CCM 5.2
CCA 5.2
WTR 2.1
1.1
0.25%
EL
EL
EL
N/EL
N/EL
N/EL
0.10%
Sustainable urban drainage systems (SUDS)
CCM 5.3
CCA 5.3
WTR 2.3
0.2
0.03%
EL
EL
EL
N/EL
N/EL
N/EL
Construction, extension and operation of waste water collection and treatment
CCM 5.3
CCA 5.3
WTR 2.2
4.9
1.11%
EL
EL
EL
N/EL
N/EL
N/EL
2.22%
Renewal of waste water collection and treatment
CCM 5.4
CCA 5.4
WTR 2.2
0.5
0.12%
EL
EL
EL
N/EL
N/EL
N/EL
0.25%
Collection and transport of non-hazardous waste in source segregated fractions
CCM 5.5
CCA 5.5
CE 2.3
3.3
0.75%
EL
EL
N/EL
EL
N/EL
N/EL
0.27%
Anaerobic digestion of bio-waste
CCM 5.7
CCA 5.7
CE 2.5
0.6
0.13%
EL
EL
N/EL
EL
N/EL
N/EL
Composting of bio-waste
CCM 5.8
CCA 5.8
CE 2.5
0.3
0.07%
EL
EL
N/EL
EL
N/EL
N/EL
0.06%
Material recovery from non-hazardous waste
CCM 5.9
CCA 5.9
CE 2.7
22.9
5.18%
EL
EL
N/EL
EL
N/EL
N/EL
5.69%
Landfill gas capture and utilisation
CCM 5.10
CCA 5.10

0.8
0.17%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.16%
Infrastructure for personal mobility, cycle logistics
CCM 6.13
CCA 6.13

2.6
0.60%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.91%
Infrastructure for rail transport
CCM 6.14
CCA 6.14

41.4
9.38%
EL
EL
N/EL
N/EL
N/EL
N/EL
17.98%
Infrastructure for water transport
CCM 6.16
CCA 6.16

0.1
0.03%
EL
EL
N/EL
N/EL
N/EL
N/EL
Low carbon airport infrastructure
CCM 6.17
CCA 6.17

0.0
0.01%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.02%
Construction of new buildings
CCM 7.1
CCA 7.1
CE 3.1
2.4
0.55%
EL
EL
N/EL
EL
N/EL
N/EL
0.28%
Renovation of existing buildings
CCM 7.2
CCA 7.2
CE 3.2
1.7
0.39%
EL
EL
N/EL
EL
N/EL
N/EL
0.50%
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3
CCA 7.3

0.2
0.04%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.03%
Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling
energy performance of buildings
CCM 7.5
CCA 7.5

0.0
0.01%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.00%
Desalination
CCA 5.13

1.3
0.29%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
0.23%
Infrastructure enabling road transport and public transport
CCA 6.15

39.5
8.93%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
6.41%
Emergency Services
CCA 14.1

0.8
0.17%
N/EL
EL
N/EL
N/EL
N/EL
N/EL
0.00%
Collection and transport of hazardous waste
CE 2.3
PPC 2.1

0.1
0.03%
N/EL
N/EL
N/EL
EL
EL
N/EL
0.03%
Treatment of hazardous waste
CE 2.4

0.4
0.10%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Depollution and dismantling of end-of-life products
CE 2.6

1.0
0.23%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.14%
Collection and transport of hazardous waste
PPC 2.1

1.2
0.27%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.27%
Treatment of hazardous waste
PPC 2.2

0.1
0.02%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.04%
Remediation of contaminated sites and areas
PPC 2.4

0.3
0.07%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0.09%
Conservation, including restoration, of habitats, ecosystems and species
BIO 1.1

2.0
0.45%
N/EL
N/EL
N/EL
N/EL
N/EL
EL
0.37%
135.5
30.66%
20.10%
9.40%
0.00%
0.36%
0.35%
0.46%
37.07%
286.6
64.85%
51.30%
9.52%
1.96%
1.10%
0.52%
0.46%
64.93%
155.3
35.15%
441.9
100.00%
In taxonomic activities that contribute to more than one objective, the objective to which they contribute is indicated in bold.
N* - Aligned taxonomic activities that contribute to more than one objective where the objective not selected for substantial contribution (to avoid double counting) has part of the amount aligned.
Due to the spin-off of the FCC Group from Inmocemento in 2024, the OpEX % in the column ‘year N-1’ has been recalculated.
TOTAL
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)
A. OpEx of Taxonomy eligible activities (A1+A2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities

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CCM
Climate change mitigation
40.67%
63.97%
CCA
Climate change adaptation
0.10%
1.34%
WTR
Sustainable use and protection of water and marine resources
4.74%
17.45%
CE
Transition to a circular economy
3.86%
22.23%
PPC
Pollution prevention and control
0.26%
0.79%
BIO
Protection and restoration of biodiversity and ecosystems
0.00%
1.60%
CCM
Climate change mitigation
29.73%
46.55%
CCA
Climate change adaptation
0.03%
47.99%
WTR
Sustainable use and protection of water and marine resources
3.33%
13.88%
CE
Transition to a circular economy
3.02%
22.96%
PPC
Pollution prevention and control
0.04%
0.31%
BIO
Protection and restoration of biodiversity and ecosystems
0.00%
0.27%
CCM
Climate change mitigation
31.20%
53.62%
CCA
Climate change adaptation
0.12%
63.14%
WTR
Sustainable use and protection of water and marine resources
4.30%
9.84%
CE
Transition to a circular economy
4.78%
23.05%
PPC
Pollution prevention and control
0.19%
0.57%
BIO
Protection and restoration of biodiversity and ecosystems
0.00%
0.46%
Environmental Objective
Proportion of OpEx/Total OpEx
Aligned per objective
Eligible per objective
Aligned per objective
Eligible per objective
Aligned per objective
Environmental Objective
Proportion of CapEx/Total CapEx
GRUPO FCC
TURNOVER - ELEGIBILITY AND ALIGNMENT PER ENVIRONMENTAL OBJECTIVE
Environmental Objective
Proportion of turnover/Total turnover
Eligible per objective
CapEx - ELEGIBILITY AND ALIGNMENT PER ENVIRONMENTAL OBJECTIVE
OpEx - ELEGIBILITY AND ALIGNMENT PER ENVIRONMENTAL OBJECTIVE
Activities related to nuclear energy and fossil gas
According to Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022, amending Delegated
Regulation (EU) 2021/2139 as regards economic activities in certain energy sectors and Delegated
Regulation (EU) 2021/2178 as regards public disclosure of specific information on those economic
activities, financial and non-financial undertakings shall disclose the amount and proportion of
non‑taxonomy-eligible nuclear-related activities in the denominator of their key performance indicators.
Similarly, they shall also report non-taxonomy-eligible fossil gas activities in the denominator of their
KPIs. In this regard, the FCC Group's exposure to the above-mentioned activities and in relation to the
denominators of the taxonomy indicators is broken down below:
Nuclear energy activities
1.
The company conducts, finances or has exposures to research, development, demonstration and
deployment of innovative power generation facilities that produce energy from nuclear processes
with a minimum of fuel cycle waste.
NO
2.
The company undertakes, finances or has exposures to the construction and safe operation
of new nuclear facilities to produce electricity or process heat, including for district heating
purposes or industrial processes such as hydrogen production, as well as their safety
upgrades, using the best available technologies.
NO
3.
The company carries out, finances or has exposures to the safe operation of existing nuclear
facilities that produce electricity or process heat, including for district heating purposes or
industrial processes such as the production of hydrogen from nuclear energy, as well as their
safety upgrades.
NO
Fossil gas activities
4.
The company carries out, finances or has exposures to the construction or operation of
electricity generation facilities that produce electricity from gaseous fossil fuels.
NO
5.
The company carries out, finances or has exposures to the construction, renovation and
operation of combined heat/cold and power generation facilities using gaseous fossil fuels.
NO
6.
The company carries out, finances or has exposures to the construction, renovation and
operation of heat generation facilities producing heat/cooling from gaseous fossil fuels.
NO

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3. Social Disclosures
3.1. ESRS S1 - Own Workforce
Material impacts, risks and opportunities
Impact materiality
Based on the double materiality analysis, and in relation to its own personnel, the impacts of the
FCC Group (SMB-3_07) that have been material on stakeholders are identified below.
Impact
(SBM-3_01, SBM-3_04, SBM-3_12)
Horizon
(SBM-3_06)
Location
(SBM-3_01, 07)
Employment and Professional Development
(I-S1.1) Creation of direct employment through the recruitment of
employees.
CU
OP
(I-S1.2) Encouraging labour market insertion through the promotion of
scholarship and professional development programmes.
CU
OP
(I-S1.3) Work-life balance.
CU
OP
(I-S1.4) Contribution to the socio-economic development of the
communities in which the company operates through the professional
development of its employees.
CU
OP
Diversity, Equality and Inclusion
(I-S1.5) Promotion of gender equality and diversity through the
implementation of plans and programmes.
CU
OP
(I-S1.6) Improvement of employees' skills through training programmes.
CU
OP
(I-S1.7) Promoting labour inclusion and job creation among people with
disabilities.
CU
OP
Impact
(SBM-3_01, SBM-3_04, SBM-3_12)
Horizon
(SBM-3_06)
Location
(SBM-3_01, 07)
(I-S1.8) Contribution to the prevention of harassment at work through
the application of the Protocol for the Prevention and Eradication of
Harassment, as well as training on harassment and cyber-bullying, and
the protection of women victims of gender-based violence.
CU
OP
Safety, Health and Welfare
(I-S1.9) Exposure of employees to health and safety impacts.
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
For the purposes of the assessment of material impacts, risks and opportunities, all of the company's own
employees have been considered (S1.SBM-3_01).
In this sense, the following pillars are built around the Group's activity and in relation to its employees,
around which the material impacts, risks and opportunities are configured:
Employment, which would include measures linked to recruitment and work-life balance.
Diversity, equality and inclusion, which includes diversity in all its dimensions (gender, age, etc.), as
well as the promotion of the growth of under-represented groups and the generation of opportunities
for people at risk of social exclusion. It is also the vector through which we work for the prevention and
eradication of harassment, as well as discrimination and gender violence.
Development, or the establishment of a training proposal and learning offer to meet the challenges we
face, recognition and promotion, and the provision of career development opportunities for staff.
Safety, health and well-being, in terms of occupational safety and health and integrated health and
well‑being actions.

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In terms of the ESRS, almost all of our own personnel are employees of Group companies, with which they
maintain employment relationships. These employees also dedicate a very high percentage of their activity
to functions directly linked to the productive activities of the Group companies, thus placing internal talent
at the disposal of our customers and other stakeholders in the development of the projects, services and
contracts that make up our portfolio and that drive us to work to always offer our best version
(S1.SBM‑3_02).
The FCC Group's workforce is also global and is made up of people of different nationalities and cultures,
which is proof of the diversity that characterises it and also provides it with magnificent skills to meet the
challenges we face throughout the world in our aim to improve the lives of the people, communities and
cities in which we operate, distributed in more than 35 countries, the distribution by business areas and
geographical areas being as shown in the following tables:
Furthermore, the FCC Group's workforce is characterised by solid and quality labour relations. In this
regard, most of the employees have permanent and full-time employment relationships when our activity
allows it, and employment stability is one of the most significant hallmarks of the Group's identity. As is the
maintenance of fair and adequate working conditions (economic and of all kinds) in the different countries
and sectors in which it operates. This is linked to an honest, loyal and responsible social dialogue, through
which lasting and committed relationships are developed both in favour of the rights and conditions of
workers and the stability and sustainable progress of the company.
In addition, development and the constant need for adaptation and the drive for personal and professional
growth lead the FCC Group to maintain a wide and growing training offer that covers different specialities,
both technical and compliance, including skills, languages and digital competencies, among others, all of
which are adapted to the different jobs, personal capacities and production needs.
Staff by business area
Environment
Water
Infrastructures
Concessions
Corporate
70.4 %
0.2 % 0.4 %
9.3 %
19.7 %
U.S.A.
and Canada
2.74 %
Spain
68.9 %
Other EU
23.52 %
Rest
of the world
2.69 %
Latin America
2.15 %

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FCC. Annual Report 2024
Social Disclosures | Page 3 of 81
And, as a backbone and essential pillar, the health and safety of our employees is of paramount
importance. For this reason, we follow procedures and certifications at the highest level that determine the
operational processes and place the protection and well-being of our staff at the centre, with a strong dose
of training in this area.
The negative material impacts on the workforce are not specific or unique to the FCC Group, but respond
to generalised contexts in the market in general or in the sector of activity in which it operates
(S1.SBM‑3_03).
FCC Group's transition plans towards lower environmental impact operations and achieving greener and
carbon-neutral operations could have certain material impacts on its workforce. Positive impacts include
the creation of direct employment through the hiring of employees and the promotion of job placement
through scholarship and professional development programmes, which may generate new job and training
opportunities in the transition process.
In addition, FCC will contribute to the improvement of employees' skills through training programmes,
which would facilitate reskilling and upskilling to adapt to the new challenges of the green labour market
(S1.SBM-3_06).
In terms of positive material impacts on the workforce, the FCC Group's activities contribute to
professional development, wellbeing, and the promotion of diversity and inclusion. Professional growth is
promoted through wellbeing and health programmes and actions.
The well-being of the Company's employees is a key pillar, with initiatives including recreational activities,
psychological support and health programmes.
FCC also promotes diversity and inclusion through equal opportunity policies and awareness programmes
on the importance of a diverse work environment (S1.SBM-3_04).
Financial materiality
Likewise, and based on the double materiality analysis, the material risks and opportunities for the
FCC Group (SMB-3_07) are identified below, which must be managed in relation to its own personnel, and
which have proved to be material for stakeholders.
Risk/opportunity
(SBM-3_02)
Type
Financial effects
(SBM-3_08, SBM-3_09)
Location
(SBM-3_02)
Equal treatment and equal opportunities
(F-S1.1) Integration of women.
O
The integration of women is an
opportunity for diversity and also helps
to facilitate generational change (M).
OP
(F-S1.2) Measures focused on diversity
and equality.
O
Competitive differentiation by
implementing equality measures,
attracting talent and improving the
perception of the company. (M)
OP
Other work-related rights
(F-S1.3) Cyber-attacks and loss of
personal data.
R
Disruption of operations and loss of key
data due to cyber-attacks
OP
* Issue dealt with by specific organisational issues.
R: Risk O: Opportunity M: Possible materialisation in the short term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
Material risks and opportunities are identified in general with regard to all own employees without
distinction of a particular specific group (S1.SBM-3_11, S1.SBM-3_12).
No material impacts have been identified in relation to the development of operations in geographical
areas with a high risk of forced or compulsory labour or child labour areas (S1.SBM-3_07, S1.SBM-3_08,
S1.SBM-3_09, S1.SBM-3_10).
The material opportunities identified by the FCC Group related to equal treatment and opportunities
for all, such as the integration of women and measures focused on diversity and equality through the
implementation of actions such as awareness-raising and training campaigns, training programmes aimed
at professional training and development, as well as through equality plans (S1.SBM-3_05).

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Chairwoman and the CEO
2
Ethical governance
at the highest level
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Strategy and
value creation
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A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 4 of 81
Management of impacts, risks and opportunities in the FCC Group
The following is an analysis of the main material impacts detected and a description of the actions(22)
implemented to mitigate the risks arising from them.
As a preliminary point, it should be made clear that in drawing up the different policies that will be
presented below, FCC has taken into account the interests of its main stakeholders, as both the
departments and the bodies that design them have considered factors such as: compliance with the
applicable regulations, market trends and the practical experience of the different departments that are
involved in the day-to-day implementation processes and that are in direct and constant interaction with
employees and their representatives (MDRP_05).
Employment
Recruiting and talent attraction
Policies related to employment: Recruiting and talent
attraction
One of the main ambitions of the FCC Group is to attract and retain the best talent in order to incorporate
professionals with the required competencies, knowledge and skills (MDR-P_01).
To this end, FCC has a well-established Recruitment Policy approved in 2018 by the Board of Directors
that is applicable to all the companies that make up the FCC Group(23) (MDR-P_02, S1-1_01), which
establishes the bases for the recruitment and internal mobility process and whose implementation and
compliance is the responsibility of the different recruitment departments in each Business Area where a
body, person or department is designated to act as the most senior person responsible (MDR-P_03).
This Policy aims to attract and select the right candidate, enhance their professional development in the
Company, and retain the best talent, in line with the basic values and principles set out in the Code of
Ethics and Conduct, which states that selection and promotion decisions in the Group must always be
based on merit and on objective and transparent assessments, The same applies to the FCC Group's
Policy on Equal Opportunities and Safe Environments, Diversity and Inclusion, which endorses the above
commitment, ensuring that personnel selection and hiring processes must be transparent and objective,
free of bias, thus guaranteeing equal opportunities and non-discrimination to ensure the inclusion of
people (S1-1_13).
Along the same lines, the principles and compromises of action assumed by FCC in the Recruitment
Policy and aimed at developing these objectives are also fully in line with the Guiding Principles for
Business and Human Rights, contained both in the United Nations Universal Declaration of Human Rights
and in the ILO Declaration of Fundamental Rights and Principles of Work, together with the conventions
that support it (MDR-P_04, S1-1_07), highlighting the following for these purposes:
The commitment of FCC Group companies to the principle of equal opportunities and
non‑discrimination, thus rejecting any type of discrimination based on race, colour, gender, language,
religion, political opinion, national or social origin, marital status, economic position, disability or any
other personal condition that is not objectively related to working conditions (S1-1_10, S1-1_11).
In relation to the above, the principle of equal opportunities and non-discrimination is applied to all
selection, promotion and mobility processes, through the objective analysis of the aptitude, merits,
worth, personal and professional capacity of the candidates and, in addition, favouring diversity
(S1‑1_12).
All persons joining any FCC Group company must do so through the corresponding selection process,
ensuring that they meet the conditions of suitability for the post, and passing the phases and tests
included in the corresponding selection process.
Prioritise internal promotion to fill vacancies before opting for external recruitment, in order to offer our
employees opportunities for growth and development, always complying with the criteria of suitability
and objectivity of the professional profile defined for the vacancy in question.
Ensuring that new recruits receive a Welcome Programme with a training itinerary that not only favours
rapid integration into the position and the company, but also ensures the alignment, training and
commitment of the employee with the company and with the values of the FCC Group. In this regard,
the role of our OnBoarding Programme on the Campus platform stands out, through which new recruits
with a digital identity can learn about the fundamental aspects of the Group and its businesses, as well
as take all the key training courses that facilitate their adaptation to the company (S1-1_12).
In accordance with the principles and values of the FCC Group, access to their first job for young
people is promoted through programmes and other agreements, as well as for people from excluded
groups and those with different abilities (S1-1_12).
(22) Mentions of "FCC" or "FCC Group" in the different actions refer to those that cover all the Group's business areas
(Corporate, Water, Infrastructures, Concessions, Real Estate, Cement and Environmental Services).
(23) It is published on the corporate website at: https://www.fcc.es/normativa and is available in Spanish and English
(MDR-P_05).

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Ethical governance
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Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 5 of 81
Furthermore, the Recruitment Policy is fully aligned with FCC's Human Rights Policy which addresses
issues such as opposition to forced or compulsory labour, child labour and human trafficking (S1-1_08).
The Group is inspired by the highest international standards when developing its Recruitment Policy, going
beyond the legal obligations of each of the countries it serves in every case, thus guaranteeing candidates
maximum objectivity and non-discrimination in the selection process (MDR-P_05).
In the year 2024, the above-mentioned Recruitment Policy has not undergone any significant changes
(S1-1_02).
Actions related to employment: Recruitment and talent
attraction
With regard to the actions and/or initiatives developed by the different business lines (MDR-A_02) in 2024
(MDR-A_03) for the creation of direct employment, it is worth mentioning, among others, the following,
aimed at covering the jobs for which the training courses taken at the training centres with which
agreements have been signed are required:
FCC promotes access for young people to their first job, as well as their professional development
within the company, by signing multiple programmes and collaboration agreements with universities
and vocational training centres, with a total of 150 agreements in Spain alone. This group of young
people includes university students, postgraduate students and graduates (MDR-A_01, S1-4_06).

The objective of these scholarships and/or internships is twofold: 1) to contribute from the business to
the training of new competent professionals and, 2) the acquisition of new knowledge and professional
experience by the student or graduate, applying the knowledge already acquired in the training stage
(S1-4_03).

It is important to note that in 2024, and in compliance with FCC's commitment set out in the
Recruitment Policy to promote young talent, the Company entered into a total of 171 collaboration
agreements with these training entities and their students, of which a total of 53 were finally hired, which
represents an increase in hiring by 17 positions with respect to 2023 (MDR-A_05).
In relation to the above, FCC actively participates in multiple Forums and Job Fairs at different
Universities, as they are an opportunity to search for and recruit new young talent.
In addition, and within the framework of these actions, the Cement Area has participated through
the CEMA Foundation in an interactive initiative aimed at attracting young talent, especially female,
through the production of a video that has been disseminated on the websites of different associations
in the sector - Cement and Environment Labour Foundation (CEMA) and the Association of Cement
Manufacturers in Spain (Officemen) - as well as on digital platforms such as LinkedIN.
In addition, the Environment Department conducts satisfaction surveys aimed at ascertaining the
satisfaction and commitment of its employees is a measure that seeks to promote the attraction,
recruitment and loyalty of the Company's talent.
In short, by implementing actions such as those described above, the FCC Group contributes to building
the loyalty of its human talent, as will be explained below MDR-A_04, S1-4_01, S1-4_02, S1-4_07).
The identification and definition of these actions is carried out by the Group's Human Resources
Department, both Corporate and in the different business areas, in harmony and coordination with the
different departments involved and especially with those associated with production, thus analysing
the negative impacts and designing response actions that are implemented, depending on their nature,
through different mechanisms.
These Departments have sufficient and specialised staff to address the needs that may arise and, in
the event that internal capacities are not available or in the event that the action in question so requires,
external advice is sought (S1-4_05).
Similarly, FCC's HR Departments are assigned an annual budget in accordance with the actions to be
addressed, thus enabling the management of the material impacts on the Group's people. At the same
time, the management of these impacts is not alien to the rest of the organisation, which participates and
is involved depending on the nature of the different actions, so that attention to these issues concerns the
organisation as a whole (S1-4_09).
In addition, the FCC Group has departments specialised in the analysis of all types of risks or management
areas that permanently advise on all matters of their speciality (Legal Advice, Auditing, Data Protection,
etc.) so that the company's practices do not generate impacts or, where appropriate, so that these can be
mitigated. In those cases where it is considered necessary, external suppliers with reputable experience
are also used (S1-4_08).
The monitoring and evaluation of the effectiveness of the actions and initiatives described depends on the
nature of each one of them. For example, the analysis of the results of the satisfaction surveys, as well
as the exit interviews conducted with staff, are an effective tool that contributes to building loyalty and
attracting talent to FCC (S1-4_04).

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Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
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FCC in 2024
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Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 6 of 81
Metrics related to employment: Recruiting and talent
attraction
Before setting out the Group's key indicators that enable FCC to parameterise the effectiveness of the
above actions and/or initiatives in terms of recruitment and working hours, it is worth highlighting the
following contextual information of interest:
Firstly, it should be clarified that the calculation of the numerical data of the workforce is carried out
by applying the same criteria as those used in the financial information of the consolidated financial
statements of the FCC Group, in accordance with International Financial Reporting Standards (IFRS).
Specifically, the total number of employees of the fully consolidated companies is calculated by multiplying
the number of employees by the percentage of direct participation in the joint operations(24). Thus, the
number of employees of joint ventures and associates accounted for using the equity method, as well as
the number of employees corresponding to financial holdings in entities in which there is no control, joint
control or significant influence (S1-6_13, S1-7_06), are excluded from this calculation.
The FCC Group, which at 31st December 2024 has 5 different business areas, employs 71,371 people
who work and provide services in 40 countries around the world. In 2024, following the growth trend of
previous years, the workforce has again increased by 8.27 % with respect to 2023, as a result, as we have
already mentioned, among others, of the implementation of the actions and/or initiatives described in the
previous section, as well as strategic business decisions to expand its business to other foreign markets
and the obligation of subrogation provided for in many of the conventional sector regulations applicable to
the Company.
Countries
Man
Woman
Total
Spain
36,784
12,388
49,172
United
Kingdom
3,765
581
4,346
Czech
Republic
2,538
756
3,294
Georgia
2,447
397
2,844
France
1,283
1,114
2,397
USA
1,435
330
1,765
Colombia
854
297
1,151
Saudi Arabia
872
29
901
Portugal
699
128
827
Austria
586
200
786
Romania
487
148
635
Poland
460
158
618
E.A.U.
415
13
428
Slovakia
308
95
403
Italy
275
36
311
Egypt
224
4
228
Canada
133
57
190
Hungary
130
54
184
Mexico
115
25
140
Chile
97
28
125
Countries
Man
Woman
Total
The
Netherlands
104
19
123
Serbia
88
24
112
Norway
76
23
99
Algeria
54
8
62
Qatar
44
3
47
Peru
36
9
45
Nicaragua
35
5
40
Australia
28
11
39
Panama
19
9
28
Germany
13
5
18
Ireland
2
1
3
Oman
2
0
2
Brazil
1
0
1
Dominican
Rep.
1
0
1
Montenegro
1
0
1
Costa Rica
0
1
1
Bulgaria
0
1
1
El Salvador
1
0
1
Tunisia
1
0
1
Guatemala
1
0
1
Total
54,414
16,957
71,371
In this regard, the distribution of staff by gender and country for the financial year 2024(25) is as follows
(S1-6_01, S1-6_02, S1-6_04, S1-6_05, S1-6_07, S1-6_08):
(24) Joint operations are those consolidated using the method commonly known as proportionate consolidation.
(25) Data reported as at 31st December FY2024 by HeadCount (S1-6_14, S1-6_15).

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Chairwoman and the CEO
2
Ethical governance
at the highest level
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Strategy and
value creation
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Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 7 of 81
In this context and given the wide variety of sectors in which the FCC Group operates, employment
contracts are formalised according to the specific needs of each of the activities of the business areas and
are based on the type of contract that best suits them.
Moreover, one of the main characteristics that define the Company's workforce is its employment stability,
with a notable predominance of permanent contracts over temporary contracts, because of the fact that
there are many people working under contract in sectors in which there is an obligation of conventional
subrogation, and it should be noted at this point that at FCC there are no workers with non-guaranteed
hourly contracts.
Specifically, in the current financial year 2024, of the total workforce, 61,015 employees have an
indefinite‑term contract and 10,356 have a temporary contract, with the number of indefinite‑term
contracts having increased by 5,930 compared to the previous year. Likewise, most of the workforce
(86.58 %) is full-time (61,791 employees), with only a small number of part-time employees
(9,580 employees). In fact, in 2024, the number of people with full-time contracts has increased by
4,127 people compared to 2023, as shown in the following table (S1-6_09):
2024(26)
Man
Woman
Total
No. Indefinite Employees
46,803
14,212
61,015
No. Temporary Employees
7,611
2,745
10,356
No. Employees with non-guaranteed hours
0
0
0
No. Full-time Employees
49,438
12,353
61,791
No. Part-time Employees
4,976
4,604
9,580
Total No. Employees
54,414
16,957
71,371
Similarly, and in terms of averages, in 2024, 59,690 workers had contracts of an indefinite nature, while
10,540 are of a temporary nature.
(26) Data reported as at 31 December FY2024 by HeadCount (S1-6_13, S1-6_14, S1-6_15).
(27) Includes: voluntary resignations, dismissals, retirements and deaths. The percentage has been calculated by dividing
the total number of employees who have left the Company for one of the reasons indicated by the number of
employees calculated using the HeadCount method. The increase in the turnover rate with respect to the year 2023 is
due to the change in the calculation indicators insofar as "dismissals", "retirements" and "death" have been included as
new indicators for the year 2024 (S1-6_14, S1-6_15, S1-6_16).
Over the year 2024, the number of new hires totalled 17,142 as shown in the table below:
2024
Man
Woman
Total
< 35 years old
4,550
1,622
6,172
35-54 years
5,497
2,419
7,916
> 54 years old
2,093
961
3,054
Total
12,140
5,002
17,142
It is noteworthy that the recruitment of women has increased by 26 % compared to 2023.
On the other hand, it should be noted that the turnover rate in 2024(27) , is as follows (S1-6_12):
2024
Man
Woman
Total
No. Resignations
5,364
1,425
6,789
Rate
6.94 %
1.84 %
8.78 %
The above data show a growing stability in employment at FCC, which is manifested in a low staff turnover
rate, which if analysed from the perspective of voluntary resignations would reach 5.74 %.

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Chairwoman and the CEO
2
Ethical governance
at the highest level
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Strategy and
value creation
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Business lines
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Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 8 of 81
In conclusion, the distribution of the workforce by age range is as follows (S1-9_03, S1-9_04, S1-9_05):
2024
Man
Woman
Total
Under 30 years old
5,086
1,504
6,590
From 30 to 50 years old
24,640
8,033
32,673
More than 50 years
24,688
7,420
32,108
Total
54,414
16,957
71,371
These figures confirm the employment stability of our workforce.
The number of employees reported in the Annual Accounts is 71,371 and is reported in section 27. Income
and expenses, letter c) Personnel expenses (S1-6_17).
Targets related to employment: Recruitment and attraction
of talent
No objectives have been defined in this area by FCC (MDR-T_15), insofar as, as can be seen from the
analysis of the results of the actions and metrics described above (MDR-T_18), the different measures
promoted by the Company within the framework of its business strategy comply per se with the
established purpose of attracting and retaining FCC talent (MDR-T_17), mitigating the material risks and
impacts associated with this area of action (MDR-T_16, S1-5_01, S1-5_02, S1-5_03).
Thus, attracting and retaining talent is a strategic pillar of FCC that has been reinforced with the approval
of the aforementioned Recruitment Policy in July 2018 (MDR-T_19).
Work-life balance
Policies related to employment: Work-life balance
In line with the Business and Human Rights Guiding Principles on equality, as well as in relation to the ILO
Labour Principles and the conventions on which they are based (MDR-P_04, S1-1_07), FCC, in its desire
to create a quality working environment and well-being based on equal opportunities, non-discrimination
and respect for diversity, is aware of the importance of proper management of the work-life balance of its
employees, as it has a clear positive impact on their health and emotional well-being (among other things,
increasing their satisfaction and commitment to work, increasing their satisfaction and commitment
at work, increasing their professional and personal life balance), is aware of the importance of proper
management of the work-life balance of its employees, as it has a clear positive impact on their health and
emotional wellbeing (among other things, increasing their job satisfaction and commitment, promoting
the attraction, capture and retention of talent, etc.), while at the same time constituting one of the most
important aspects of the work-life balance.), while at the same time constituting one of the fundamental
elements for the achievement of effective equality between men and women in the workplace.
For this reason, FCC's commitment to achieving an appropriate balance between the personal and
working lives of its employees, which contributes to equal opportunities at work, is constant and, in line
with the provisions of the European Social Charter, which recognises this right to equal opportunities and
treatment of staff with family responsibilities, this commitment has been formally enshrined in its internal
or collective Policy and/or Regulations, which must be complied with. Specifically:
On the one hand, in the various Equality Plans signed by the different companies of the FCC Group,
applicable in Spain, where, once again, this commitment is decisively strengthened, promoting the
following common measures in terms of work-life balance:
Development of campaigns and awareness-raising actions on work-life balance and the sharing of
responsibilities between women and men.
Dissemination of work-life balance rights and the use of parental leave to men.
Prioritise the development of meetings during the working day and promote the use of
videoconferencing as a meeting channel.
On the other hand, and in full harmony with the principles set out above, it should be noted that both the
Human Rights Policy(28) and the FCC Group's Policy on the Use of Technological Means, applicable to
the entire workforce (S1-1_01), recognise the right of employees to rest and to digital disconnection, in
accordance with the nature and characteristics of their jobs.
(28) As indicated above, this Policy addresses issues such as opposition to forced or compulsory labour, child labour and
trafficking in human beings (S1-1_08).

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Chairwoman and the CEO
2
Ethical governance
at the highest level
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Statements
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Sustainability
Report
FCC. Annual Report 2024
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In accordance with the foregoing, the aforementioned Policy on the Use of Technological Means(29) , which
is applicable to the entire FCC Group (MDR-P_02) since its approval by the Board of Directors in April 2019,
and which, since then, is part of a process of adaptation for its effective implementation in all the countries
in the international sphere in which FCC operates, is executed by the Systems Department in coordination
with the rest of the organisation (MDR-P_03). The aim of this policy is to ensure that users of the
Technological Resources make appropriate, responsible and lawful use of the same and for this purpose
the following rules of action are regulated, among others, which also allow to achieve a better organisation
of work time in order to respect personal and family life, such as:
Users of the Technological Means shall not be connected to them outside their working hours, except in
the event that they have to fulfil an obligation or responsibility that cannot be postponed due to their job.
Care shall be taken not to send communications or make calls outside working hours.
Training and awareness-raising actions for staff on the reasonable use of technological tools will be
promoted (MDR-P_01).
In the year 2024, the Policy has not undergone any significant changes (S1-1_02).
Actions related to employment: Work-life balance
The organisation of working time in the different companies of the FCC Group responds to the
organisational or productive realities and needs of each centre, function or activity, in accordance with the
standards and regulations applicable in each sector and location.
Taking into account the above and the risks and opportunities identified above, in 2024 (MDR-A_03) the
FCC Group (MDR-A_02) has implemented the following actions (MDR-A_01, S1-4_01, S1-4_03, S1‑4_06)
and/or initiatives to guarantee this effective right to work-life balance, co-responsibility and digital
disconnection of its employees (S1-4_02, S1-4_07):
Training course on "Family co-responsibility" with scope for the entire FCC Group and aimed at raising
awareness of the importance of co-responsibility as a dialogue-based and consensual distribution of
family tasks and responsibilities to foster a more egalitarian society and improve the well-being and
mental health of all members of the family unit. Although this course is voluntary, 7,670 people enrolled
in it, of whom 4,218 have completed it to date. After the course, most of the participants agree that it
has contributed to raising their awareness of the importance of exercising joint and equal responsibility
for family responsibilities (MDR-A_04).
(29) It is accessible on the corporate website at: https://www.fcc.es/normativa and available in Spanish and English
(MDR-P_01).
In the Environment Area, awareness-raising actions have been carried out in terms of work-life balance
and joint responsibility, such as the dissemination of a course on "Joint Family Responsibility" in which
2,311 employees took part. Likewise, at an international level, the Family friendly UK policy in the United
Kingdom stands out in this area.
The Water Area has renewed this year 2024 and until 2027 the EFR (Family Responsible Company)
Certificate that it has held since 2017 (MDR-A 05), accredited by the Másfamilia Foundation and
endorsed by AENOR, for its international model of people management that is concerned with
advancing and providing answers in terms of responsibility and respect for the work-life balance in to
guarantee the well-being of its employees (MDR-A_04).
The Infrastructure Area has implemented different initiatives such as the express consideration of
"interference in the Work-Family Relationship" as part of the Health Monitoring Programme developed in
Mexico.
FCC also promotes the care, well-being and quality of life of its employees through the social benefits
resulting from social dialogue (MDR-A_04), most of which are provided for in the conventional
regulations applicable in Spain, including, among others, the following:
— Flexible working hours and holiday periods, as well as continuous working hours during the summer
and on Fridays.
— Improved leave due to illness and/or death, and to attend to personal and family circumstances.
— Extension of the reservation of a post on leave of absence.
— Allowances for maternity and paternity, disability, hospitalisation, etc.
— Group insurance for accidents at work, and compensation for death or permanent, total or absolute
disability.
— Retirement, marriage and birth bonuses.
The aforementioned actions are aimed at the FCC workforce in general, without prejudice to the fact that
some of them refer to specific areas, territorial areas or groups (such as, for example, the office staff,
insofar as they have to be adapted to the requirements of the activity).
The effectiveness of different actions is measured differently, depending on their nature. EFR certification,
for example, is subject to verification by AENOR, while other types of initiatives, such as training, have
measured their effectiveness through performance surveys or general staff surveys, which will be
discussed in more detail later (S1-4_04).

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With regard to the identification and definition of actions, this is a task that is carried out in a coordinated
manner by the Group's Human Resources Department, both Corporate and in the different business
areas, in agreement with the different departments involved and especially with those associated with
Production, thus analysing the negative impacts and designing response actions that are implemented,
depending on their nature, through different mechanisms (S1-4_05).
In the same way, FCC's HR Departments have an annual budget assigned to them in accordance with the
actions to be undertaken, thus enabling the management of the material impacts on the Group's people.
At the same time, the management of these impacts is not alien to the rest of the organisation, which
participates and is involved depending on the nature of the different actions, so that attention to these
issues concerns the organisation as a whole (S1-4_09).
In addition, the FCC Group has departments specialised in the analysis of all types of risks or management
areas that permanently advise on all matters of their speciality (Legal Advice, Auditing, Data Protection,
etc.) so that the company's practices do not generate impacts or, where appropriate, so that these can be
mitigated. In those cases where it is considered necessary, external suppliers with reputable experience
are also used (S1-4_08).
Metrics related to employment: Work-Life balance
Below is a breakdown of, among others, the following indicator in terms of work-life balance, which allows
FCC to evaluate the effectiveness of the actions and measures described above. Thus:
With regard to leave to attend to personal and family circumstances, it should be noted that in the
countries where FCC operates, 99.29 % of its employees are entitled to take leave for family reasons in
accordance with the applicable local regulations (S1-15_01). In 2024, 6.09 % of FCC staff took one or more
of these leaves in response to their personal needs (S1-15_02).
The total amount of leave used in 2024 by eligible staff is 10.8 %.
Targets related to employment: Work-life balance
No general objectives have been defined in this area by FCC (MDR-T_15), insofar as, as can be seen from
the analysis of the results of the actions and metrics described above (MDR-T_18), the different measures
promoted by the company within the framework of its business strategy comply per se with the purpose of
ensuring an adequate balance between the personal and working lives of FCC employees that contributes
to effective equality of opportunities, as well as to the generation of a working environment of quality
and well-being (MDR-T_17), mitigating the material risks and impacts associated with this area of action
(MDR-T_16).
In addition, the different Equality Plans negotiated at national level between business and social
representatives establish, among others, specific common objectives (S1-5_01, S1-5_02, S1-5_03) aimed at
preventing and mitigating risks and negative impacts in terms of work-life balance (MDR-T_15, MDR-T_16),
focusing on raising awareness and promoting the exercise of these rights by workers:
Guarantee and inform on the exercise of work-life balance rights and raise awareness on co-
responsibility.
Ensure that the exercise of work-life balance does not entail any discrimination whatsoever and,
specifically, in terms of access to training, promotion possibilities, remuneration concepts and other
matters covered by the Plan.
In order to guarantee the achievement of the objectives described above and to evaluate the impact of
the different action measures agreed in the aforementioned Equality Plans, the following action indicators
(MDR-T_17, MDR-T_18), among others, are defined:
Report annually on the dissemination of existing work-life balance measures, as well as the progress
made in this area.
Report on work-life balance measures applied and broken down by gender. Report annually on the
outcome, processing and number of requests for reduction or adaptation of working hours, or other
work-life balance measures, broken down by gender.
Provide information on the campaigns on work-life balance and co-responsibility carried out.
The monitoring, evaluation and control of the aforementioned data is the responsibility of the
corresponding Plan Monitoring Committee at the agreed intervals.
In short, for FCC, the emotional wellbeing and the right to conciliation of its employees is key. For this
reason, since 2008 it has been establishing specific measures in its different equality plans to ensure their
achievement, which has been reinforced with new lines of action such as the aforementioned Policies on
Human Rights and the Use of Technological Means (MDR-T_19).

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Development
Training and skills development for employees
Policies related to employment: Training and skills
development for workers
For FCC, the training and professional development of each and every one of its employees is essential
both for talent management and for responding to the needs and challenges that arise in each of the
different businesses.
And this conviction, in line with the guiding principles of human rights, is reflected both in the
aforementioned Recruitment Policy, which encourages the professional growth of staff, and in the
FCC Group's Code of Ethics and Conduct(30) approved by the Board of Directors in 2012 and last revised
on 29 July 2024, and whose implementation is the responsibility of the Audit and Control Committee with
the support of the Compliance Committee, which promotes as an essential principle the creation of a fair
and diverse work environment that favours the professional and personal development of employees, and
which is applicable in all countries where the Company operates, as well as to all employees, management
personnel, suppliers and contractors who collaborate with FCC.
To this end, the FCC Group also promotes different Training Plans, adapted to the needs of the different
business areas, and a transversal training plan that includes the main and common axes of the same. This
transversal plan consists of a training offer of a mandatory and voluntary nature and its deployment is
carried out according to its nature and the circumstances of each business area and country.
In this way, the training catalogue offered by the different Plans is given both in the classroom and online
(e-learning) mode, as well as in mixed and virtual classroom mode, seeking maximum efficiency and
ensuring that the training is generally carried out during the working day.
At the same time, and within the framework of the aforementioned Training Plans, FCC has specific
programmes of longer duration and greater depth whose main objective is to meet both the training
needs linked to the business (Upskilling) and the development of new skills in employees that will be in
demand in the positions of the future (Reskilling), thus achieving an increase in versatility, satisfaction
and employability, which will undoubtedly benefit them in the face of new professional opportunities that
may arise in the Company, whether in positions of equal or greater responsibility, through professional
promotion or even within the same job.
Actions related to employment: Training and skills
development for workers
The e-learning platform Campus FCC plays a fundamental role in this training deployment offered by
the company through its various training plans, as it is used to launch most of the online training actions
(e-learning) and to send reminders to Group employees, thus enabling the company to monitor and control
the real progress of these actions (S1-4_04).
In this respect, the following training initiatives promoted within the aforementioned Plans and launched
through Campus (MDR-A_01, S1-4_01, S1-4_06) are particularly noteworthy:
1. Data&Analytics
Approach to Data Culture: This training, which has been completed by 2,892 participants in 2024,
aims to transform our organisation towards data-driven decision making. Participants have
concluded that this programme has enabled them to become more aware of the importance of data
quality and analysis for decision making.
Introduction to Advanced Data Analysis: How to Extract Value from Data: Focused on identifying,
cleaning and transforming data to highlight useful information and support informed decisions. The
19 participants who have completed this training in 2024 have indicated that they have acquired basic
knowledge in artificial intelligence, Machine Learning and its applied ethics, as well as its practical
application to their professional activity.
Power BI: Course aimed at training in the use of this tool for data analysis and visualisation, which
was attended by 528 participants, who expressed their satisfaction with the course and their interest
in continuing to deepen their knowledge in the use of the tool.
(30) It is accessible to anyone as it is hosted on the corporate website at https://www.fcc.es/normativa and is available in
14 languages.

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2. Digital Habits
Microsoft 365: We continue to promote this constantly evolving ecosystem of tools to improve
our processes and adapt to a changing environment. For this reason, a Copilot, Synchronisation
and Collaborative Space Management Training has been carried out in 2024 to optimise the use of
collaborative tools and improve efficiency, in which 2,087 people have participated in 2024, concluding
that its completion has allowed them to optimise the use of corporate tools and improve their
efficiency.
3. Cybersecurity
This programme, which was launched in July 2024 at both national and international level and is
still ongoing, aims to create and strengthen a culture of information security, protecting our data
and systems. So far, 11,419 people have participated in Module I ("Email and Social Engineering"),
concluding that they have learned strategies to identify and combat possible cyber-attacks, and
7,664 people in Module II ("Cloud and Internet Security") with equally positive feedback, stating that
it has enabled them to acquire knowledge to surf the net and store information in the cloud with a
higher level of security. Module III ("Physical security and remote work") has been completed by
6,988 participants so far.
4. Anti-corruption
With the aim of teaching FCC employees to identify corruption and its risks and to know what
behaviour is expected according to compliance regulations, 3,729 participants have completed
this course to date, indicating that it has enabled them to learn more about unacceptable conduct
within the company, the ways to avoid it and to reinforce their knowledge of the whistle-blowing
mechanisms available to them.
5. Data Protection
Aimed at ensuring that our staff treat personal data in accordance with the applicable regulations.
In 2024, this training was taken by 2,533 people and obtained a satisfaction rating of 3.35 out of 4.
6. Tax Compliance
To provide the necessary knowledge of the current tax regulatory framework, 231 people completed this
training in 2024, raising awareness of the importance of the tax compliance management system in
terms of risk prevention and reduction.
In 2024, we can say that, through Campus FCC, 167 training actions have been launched in e-learning
mode in 826 calls at national and international level. Likewise, in 2024 Campus has training content in
14 languages.
Additionally, this year, we have launched the Campus Library concept by enriching our main schools with
new freely available content, designed to be more attractive and useful for the development of transversal
competencies. Through a campaign to boost the library, highlighting a course each month, we have
significantly increased the number of accesses and registrations to courses. These contents complement
any training and development programme for our staff, making Campus FCC a space increasingly
dedicated to continuous learning.
The FCC Campus Content Library is made up of eight schools of different techniques, offering a catalogue
of 48 freely available training courses in self-registration format. The main schools are the Skills, Equality
and Diversity and Safety, Health and Wellbeing schools.
So far we have more than 3,100 enrolments and 2,200 employees have benefited from the content offered.
These initiatives reflect our commitment to continuous training and adaptation to the current and future
needs of our organisation (S1-4_03, S1-4_07).
Closely linked to the above, this year we continue to adapt content in multiple languages for the
dissemination of the Code of Ethics and Conduct and to deploy awareness-raising campaigns on
cyber‑bullying (S1-4_05).
On the other hand, and within the aforementioned specific long-term programmes promoted in 2024
(MDR-A_03) by the different Business Areas (MDR-A_02) to promote the training and professional
development of their employees, the following are worth mentioning:
Young Talent Development Programmes such as the Youth Business Programme and the International
Programme for Young Engineers in the Environment Area and the 7th Edition of the International
Programme for Young Talents in the Infrastructures Area, aimed at a total of 54, 6 and 9 young
people, respectively, and with training geared towards the development and skills of these people, thus
consolidating their continuity at FCC.

In line with the above, the Water Area has created the "AqualiaYoung" young talent network, of which a
total of 51 young people currently form part, and which is specifically designed to connect, inspire and
strengthen relationships and transmit business know-how through training and face-to-face meetings,
all with the aim of attracting and retaining young talent.

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Female Talent Programmes in Central Corporate Services with the 1st Edition of the Explora
Programme. The objectives of this programme are to support the organisation's diversity and inclusion
strategy, to support the development of women in positions of responsibility, to generate diverse
leadership models where women find inspiration and tools to boost their careers. A total of 15 women
have participated, and most of them say that the programme has allowed them to improve and develop
new skills that they will put into practice in their work, as well as to create new enriching relationships in
their professional environment.
Individual Coaching programmes, for the development of management skills, and Team Coaching,
for the development of high-performance teams. This year, a total of 5 teams, 56 participants and
114 hours of dedication took part in Corporate Services. As a result of these programmes, team and
individual improvement action plans have been defined that have a direct impact on the productivity and
satisfaction of the participants.
Leadership and People Management Programmes for middle management carried out this year 2024
by the Corporate Services and Water Areas, with a satisfaction rating of 9.8 out of 10.

In relation to the above, it is worth highlighting the leadership training given in different countries in
the Water Area, such as the 2nd Edition of the Advanced International Management Programme in
collaboration with the Centre for University Studies, designed to train key personnel of the Company
in advanced management knowledge in international environments. In this edition, a selection of
15 people working in Saudi Arabia, Portugal, Colombia, France, Georgia, Italy, Qatar and the United Arab
Emirates have been able to train and acquire differential skills for business management in a globalised
environment and above all in leadership, as a fundamental part of connecting with their teams.
Participation of the Cement Area in the II Edition of the Culture Awards, in which people are recognised
for their best work during the year 2024. This year, awards were given to people who stood out in
two behaviours: "I am an example" and "I am committed", with 14 employees from this area receiving
awards.
The Infrastructures Area has continued with the Master's Degree in BIM applied to building and civil
engineering and GIS (Geographic Information Systems) aimed at learning the BIM methodology for the
management of building and civil engineering projects. In 2024, 3 employees took part, making a total of
14 employees since 2020. With the programme, participants learn a collaborative work methodology for
the creation and management of a construction project using digital tools.
On another point, it should not be forgotten that the FCC Group is committed to creating efficient
innovative solutions to tackle the main ESG challenges, evolving and transforming its business model
as we know it, as well as bringing innovation closer to all employees, Promoting its participation in this
digitalisation process in which the Company has been immersed for years, the third edition of "Innovation
Day" will be held in 2024, driven by its Digital Innovation Lab (DI_Lab), a commitment to innovation as a
strength and as one of the levers of the Group's value creation. This is a space where knowledge is shared
and ideas are developed, focused on improving the efficiency of the company's processes through digital
transformation, adding value to the business and improving agility in identifying and understanding the
current and future challenges of the digital world. During the conference, the latest initiatives developed by
the Innovation and R&D departments of the different business areas in the field of digital transformation
were presented, reflecting the Company's commitment to lead the vanguard and offer feasible and viable
solutions in each of the sectors in which FCC operates.
In short, and with the implementation of the above training actions, the Company's aim, in addition to
training, developing and motivating the best professionals with experience and commitment in each
position, is to achieve their long-term loyalty in the Company, thus fostering the creation of a working
environment with a broad sense of belonging and community among FCC staff, which will contribute to
productivity and the achievement of the Company's business project (MDR-A_04, S1-4_02).
Most of the actions and initiatives described are aimed at the entire FCC workforce, although actions are
also launched for specific groups (e.g. women, young people, etc.) on which FCC places a special focus
in order to ensure diverse and non-discriminatory working environments, in which the principle of equal
opportunities is guaranteed.
The identification and definition of the necessary actions is carried out by the Group's Human Resources
Department, both Corporate and in the different business areas, which have personnel specialised in
training, who, in coordination with the different departments involved and especially those associated
with production, analyse the negative impacts and design and implement the necessary actions through
different mechanisms (S1-4_05).
The aforementioned departments, through the training plans and the annual budget allocated in
accordance with the actions to be addressed, enable the management of the key material impacts, which
are not alien to the rest of the organisation, which participates and is involved depending on the nature of
the different actions, so that attention to these issues concerns the organisation as a whole (S1-4-09).
In addition, as indicated above, the FCC Group has departments specialised in the analysis of all types
of risks or management areas that permanently advise on all matters of their speciality (Legal Advice,
Auditing, Data Protection, etc.) so that the company's practices do not generate impacts or, where
appropriate, so that these can be mitigated. In those cases where it is considered necessary, external
suppliers with reputable experience are also used (S1-4_08).

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Metrics related to employment: Training and skills
development for employees
Below is a breakdown of the average hours of training in 2024 by gender and level (S1-13_03, S1-13_04,
MDR-A_05):
Man
Woman
Total
Direction and Management
23.50
36.98
25.80
Controls
20.41
27.98
21.91
Technicians
20.28
18.98
19.83
Administrative
19.01
16.46
17.19
Various trades
8.08
3.40
7.12
Particularly noteworthy is the Company's commitment to the education and training of its employees.
Likewise, with regard to the training provided by areas of knowledge in 2024, the following results should
be highlighted:
Targets related to employment: Training and skills
development for employees
No annual targets have been set in this area, given that, year after year, it has always been present in
the company, and as reflected in the results obtained in the metrics described above (MDR-T_18), the
implementation of the aforementioned training plans and the various training measures and actions
carried out by the company (MDR-T_17), contribute to FCC having an increasingly trained and versatile
workforce, with different professional knowledge and skills, reducing and/or mitigating the material risks
and impacts linked to this matter (MDR-T_15, MDR-T_16, S1-5_01, S1-5_02, S1-5_03).
In recent years, FCC has sought to enrich the professional development of its employees by designing
tools that enable them to acquire knowledge and skills beyond those required by law or for their job, such
as Campus FCC, an e-learning tool that has been in place since 2019 (MDR-T_19).
Professional Promotion and Internal Mobility
Policies related to employment: Professional Promotion
and Internal Mobility
Although the Group also uses external selection tools, such as employment platforms as specialised
agents when circumstances require it, the usual source of selection and professional promotion in FCC are
the Internal Mobility programmes that the Company offers its professionals to change jobs and companies
within the FCC Group, with the aim of providing them with new opportunities for growth, development
and professional promotion, and motivation, as well as to take advantage of knowledge and strengthen
synergies between the different business areas, thus avoiding the loss of FCC's human talent.
The regulatory framework for these internal mobility programmes is defined in the aforementioned
FCC Group Recruitment Policy, the basic principles on which this process is based being as follows:
A. In general, vacancies may be advertised internally and externally at the same time, although priority
must be given to internal promotion within the FCC Group, in order to offer opportunities for change and
growth to our teams. Vacancies will be offered through the FCC Intranet, guaranteeing the transparency
of the process.
B. Procedures should be put in place to enable employees to know what vacancies they can apply for and
to apply for them, thus facilitating their own career development.
Number of training hours by area of knowledge
Health and Safety
Technical*
Languages
Competences
Diversity and Sustainability**
Leadership and Development
Various
(*) Technical: aimed at developing the technical and digital knowledge and skills of the professional profiles that encompass, among others,
the following areas of knowledge: administration and finance, marketing and communication, commercial development, purchasing,
HR and digital.
(**) Diversity and Sustainability: actions aimed at strategic objectives of diversity and good corporate governance, and which encompasses
the following areas of knowledge: equality and diversity, legal and compliance and social responsibility.
50,636
31,310
39,669
16,733
43,286
234,982
277,891

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C. People management must ensure and facilitate the mobility and promotion of teams for the benefit of
their professional development, always under criteria of maximum rigour and objectivity.
D. Transition periods will be established for the effective filling of the vacancy, being as agile as possible,
taking into account the complexity of the post, the number of pre-candidates to be evaluated and the
needs of each business.
Likewise, the multiple Equality Plans applicable in the different companies of the Group in Spain reinforce
the Company's commitment to the promotion and professional growth of its professionals on an equal
opportunities basis, by promoting, among others, the following common measures of action:
Ensure objective criteria in career promotions in order to increase the number of women in positions
where they are under-represented.
In those vacancies to be filled by internal professional promotion and under equal conditions, provided
that they meet the profile required for the post, female candidates shall be chosen in those positions
where they are under-represented.
Establish promotion programmes focused on people identified as having potential, in order to enable
them to acquire the skills and competencies necessary to access vacancies that may arise in more
important positions within the Company.
Actions related to employment: Professional Promotion
and Internal Mobility
In terms of professional promotion, FCC (MDR-A_02) constantly and permanently (MDR-A_03) publishes
its vacancies on the internal mobility portal at national level (MDR-A_01), facilitating growth, versatility and
professional promotion for employees (MDR-A_05).
The effectiveness of actions is measured differently depending on their nature. For example, in the
monitoring committees of the different equality plans, a specific report is made on the evolution of the
promotion and internal mobility actions implemented (S1-4_04).
The identification and definition of promotion and internal mobility actions is carried out by the Group's
Human Resources Department, both Corporate and in the different business areas, in harmony and
coordination with the different departments involved and especially with those associated with Production.
These Departments have sufficient and specialised personnel to address the needs that may arise and, in
the event that internal capacities are not available or in the event that the action in question so requires,
external advice is sought (S1-4_05).
In addition, the FCC Group has departments specialised in the analysis of all types of risks or management
areas that permanently advise on all matters of their speciality (Legal Advice, Auditing, Data Protection,
etc.) so that the company's practices do not generate impacts or, where appropriate, so that these can be
mitigated. In those cases where it is considered necessary, external suppliers with reputable experience
are also used (S1-4_08).
Metrics related to employment: Professional Promotion
and Internal Mobility
FCC's firm conviction in the promotion and rotation of its internal talent established in the previous
regulations in its ambition to have flexible, versatile and polyvalent professionals (S1-4_03) is evidenced by
the fact that in 2024 a total of 43 internal mobility processes have been covered at national level (S1-4_01,
S1-4_02, MDR-A_04).
Of the total number of internal mobility processes in 2024, 23 of them have led to promotions for
employees.
In addition, FCC's commitment to the professional growth of its employees is materialised in the fact that,
at the end of 2024, a total of 731 employees had been promoted in Spain (MDR-A_05).
Targets related to employment: Professional Promotion
and Internal Mobility
No general objectives have been defined in this area by FCC (MDR-T_15), insofar as the different
measures promoted by the Company within the framework of its business strategy comply per se with the
established purpose of prioritising FCC's internal talent for filling vacancies that may arise in the Company
(MDR-T_17), mitigating the material risks and impacts associated with this area of action (MDR-T_16).

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Similarly, the objectives defined in this area are also established in the different FCC Equality Plans
negotiated between business and social representatives, where the following specific common objectives
(S1-5_01, S1-5_02, S1-5_03) aimed at preventing and mitigating the risks and negative impacts associated
with promotion and internal mobility (MDR-T_17), among others, have been set. Specifically:
It guarantees effective equality in professional promotion.
Identify people who show potential so that they are eligible for promotion from vacancies that arise in
jobs where they are under-represented.
Ensure that the work-life balance is not an impediment to career advancement.
In order to guarantee both the achievement of the objectives described above and to evaluate the impact
of the different action measures agreed in the aforementioned Equality Plans by the Monitoring Committee
in its annual evaluation report, the following action indicators (MDR-T_17, MDR-T_18), among others, were
established:
Report annually on the number of promotions carried out, disaggregated by gender, indicating origin and
destination post.
To report annually on the number of people who have participated in professional promotions or
professional training actions, as well as to report on how many people, who have participated in such
training actions, have been promoted.
The internal mobility and professional promotion of employees as a mechanism for retaining talent is part
of FCC's corporate philosophy, and specific measures have been defined through the equality plans (which
have been implemented since 2008), as well as through other policies, such as the Recruitment Policy
(MDR-T_19).
Diversity, equality and inclusion
Diversity and Inclusion
Policies related to employment: Diversity and Inclusion
At FCC, the promotion of diversity and equal opportunities are hallmarks of the Company's identity, as well
as being one of the central pillars of growth and social progress that underpin its corporate philosophy, as
a result of its deep-rooted vocation to be an increasingly diverse and socially responsible company and
its commitment to achieving the Sustainable Development Goals (SDGs) contained in the United Nations
2030 Agenda.
For FCC, the management of diversity, equality, inclusion in the workplace and the promotion of a real
culture of respect, tolerance and fairness is an inalienable business, ethical and social imperative, as set
out in the Human Rights Policy(31) and the Code of Ethics and Conduct, which advocate the creation of
a fair and diverse working environment, prohibiting any form of discrimination, and in the Equality Policy
-of Opportunities and Safe Environments-, Diversity and Inclusion approved by the Board of Directors
on 28 November 2023 and implemented by each Business Area where a body, person or department
is designated to act as the most responsible (MDR-P_03), and which ratifies FCC's commitment to
Human Rights, the diversity of the work teams and the values of loyalty, professionalism, well-being and
development of its communities recognised in the FCC Group's Code of Ethics and Conduct (MDR-P_05).
It should also be noted that the aforementioned Equality Policy, which applies to all FCC Group
employees(32) (MDR-P_02, S1-1_01), is aligned with the Code of Ethics and Conduct, the Human Rights
Policy, the Sustainability Policy, the principles of the United Nations Global Compact and the 2030 Agenda
for Sustainable Development (MDR-P_04, S1-1_07), the principles of the United Nations Global Compact
and the 2030 Agenda for Sustainable Development (MDR-P_04, S1-1_07), the integration of equality,
diversity and inclusion at all levels and activities of FCC is contemplated as an essential objective, in
addition to the following objectives (MDR-P_01):
To facilitate a diverse, equitable and inclusive work environment, where individual differences are
respected and valued, fostering creativity and innovation, enriching FCC with different knowledge, skills,
experiences and perspectives.
Ensure a respectful working environment, free from discrimination, harassment or any form of
intolerance or violence against any person on the basis of nationality, racial or ethnic origin, age,
disability, religion, conviction or opinion, sexual orientation or identity, gender expression, sexual
characteristics, marital status, or any other personal, physical or social condition.
Involve all the people who make up FCC in the fulfilment of this Equality Policy, regardless of the position
or function they hold.
To encourage measures, processes and actions to be developed from the perspective of equality,
diversity and inclusion, avoiding situations of direct or indirect discrimination.
The FCC Group has not adopted significant changes in its policies related to the reduction of its carbon
footprint or the transition to a green economy, so this requirement does not apply (S1-1_02).
(31) As indicated above, the Human Rights Policy addresses issues such as opposition to forced or compulsory labour,
child labour and human trafficking (S1-1_08).
(32) It is hosted on the corporate website at the following link: https://www.fcc.es/normativa, and in Spanish and English
(MDR-P_06).

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Actions related to employment: Diversity and Inclusion
As we have said, for the FCC Group (MDR-A_02) the integration of equality, non-discrimination, diversity
and inclusion in social relations, as well as in all the activities and sectors in which it operates, is a
permanent element in its social agenda and this is reflected in the multiple and constant actions
(MDR-A_03) and/or projects developed by the company in these areas (MDR-A_01, S1-4_01, S1-4_06).
And in this task and conviction, FCC is permanently developing general actions and initiatives for the entire
workforce, as well as in specific territorial areas.
In this regard, FCC has both the You_diversity platform, which, housed on the corporate intranet, serves
as a vehicle for channelling and promoting this corporate culture of respect and inclusion, through which
important content and training activities are disseminated (MDR-A_05, S1-4_02, S1-4_04, S1-4_05), and
fundamental internal policies and/or regulations such as, among others, the aforementioned Human
Rights Policy, the Code of Ethics and Conduct, the Equality and Diversity Policy, as well as the Protocol for
the prevention and eradication of harassment and the FCC Group's Inclusive Language Guide published in
2023, all of which favour the creation of a corporate culture free of any form of discrimination (MDR-A_04,
S1-4_03, S1-4_07).
Likewise, the different areas of the Group form part of initiatives and organisations linked to promoting
safe and respectful working environments such as REDI, the Business Network Association for LGTBI
Diversity and Inclusion.
In line with all of the above, it should be noted that for years FCC has been undertaking recognised work in
the area of diversity and labour integration of people with disabilities and belonging to vulnerable groups at
risk of exclusion (such as recipients of minimum insertion incomes, young people from institutions for the
protection of minors and people from alternative accommodation centres or other authorised prevention
and social insertion services), for which FCC was awarded in 2023, in the Company category, with the
Solidarity Award of the ONCE Community of Madrid Social Group 2023.
Thus, the Group actively collaborates in Spain with specialised organisations that advise on recruitment
management and employment support for people with disabilities, such as: Fundación Once (Inserta
Programme), Fundación Incorpora (La Caixa), Adecco (Plan Familia), Fundación Síndrome de Down,
Ecoembes (Reciclar Vidas).
As a corollary to the above, it should be mentioned that, specifically, in 2024, intense work has been carried
out to raise awareness and sensitise the staff on the subject, thanks to which the achievement of a fair,
serious and diverse working atmosphere in FCC from all points of view (age, sexual orientation, etc.) has
been boosted:
In 2024, the FCC Group has once again reaffirmed and updated its commitment to Diversity and
Equality, sealing it with the renewal of the Diversity Charter by the head companies of the different
business areas - Fomento de Construcciones y Contratas; FCC Medio Ambiente; FCC Construcción;
CPV and FCC Aqualia, thus committing to raise awareness, disseminate and integrate the 10 principles
of the Diversity Charter in their daily management, among all the people who make up their workforces.
With this, FCC continues to make progress in the implementation of good practices that reinforce its
competitiveness and social commitment.
For yet another year, FCC has joined in the celebration of "European Diversity Month" to promote
the diversity of the people who make up FCC and to continue working to reinforce it, as well as the
celebration of the campaign promoted by REDI and the Diversity Foundation, under the slogan "Our
Pride is Diversity", thus recalling the company's commitment to the inclusion of people and in which
members of all the FCC Group's business areas have taken part.

The launch of the training course "LGTBIQ+ Movement: For an inclusive environment", continuing the
awareness-raising work already started by FCC in previous years, with the aim of providing the keys
and good practices for learning about and contributing to the LGTBIQ+ movement, creating safe and
inclusive spaces.
The FCC Group received a double award for the "For Inclusive Corporate Travel" project. Firstly, at
the gala organised by the Iberian Business Travel Association (IBTA) to recognise the most innovative
and outstanding initiatives in the field of corporate travel management and MICE, it received the "Best
Practice in Diversity and Inclusion Policies" award for its candidacy presented jointly with Vestas,
highlighting the importance of inclusive and diverse management in business travel.

Secondly, at the Annual Meeting 2024 chaired by AEGVE, which recognises good practices, professional
trajectory and solidarity in the Business Travel industry, and where FCC and Vestas were awarded for
their Travel Management 2024 Project, for their travel policies and internal communication. Specifically,
this project proposes an adaptation of the Travel Regulations, integrating the values of diversity, equality,
equity and inclusion in all aspects of business activity, including business travel, all with the aim of
creating an inclusive and respectful working environment where everyone can feel safe and supported.
The Environment Area has been awarded the Prize for the Best Diversity and Inclusion Strategy in
the 7th Edition of the "Diversity and Inclusion" Awards granted by the Adecco Foundation and the
Sustainability Excellence Club.

In relation to the above, and with the aim of promoting this diverse work environment, in 2024 specific
training programmes on diversity were promoted in this area, such as the dissemination of courses
such as: "Management of LGTBI+ Diversity in the company", completed by 67 participants in 2024, and
"Non-sexist and Inclusive Communication", with a participation of 81 employees in 2024.

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On an international level, it is worth highlighting the initiative undertaken during the Christmas Campaign
by the Water Area in conjunction with the Best Buddies Colombia School, aimed at providing job
opportunities for people with intellectual disabilities, and through which, in 2024, a total of 23 students
received a total of 3,328 hours of training.
FCC has departments specialised in the analysis of all types of risks or management areas that
permanently advise on all matters of their speciality (Legal Advice, Auditing, Data Protection, etc.) so that
the company's practices do not generate impacts or, where appropriate, that these can be mitigated. In
those cases where it is considered necessary, external suppliers with reputable experience are also used
(S1-4_08).
The aforementioned departments, through the annual budget allocated in accordance with the actions to
be addressed, enable the management of the key material impacts, which are not alien to the rest of the
organisation, which participates and is involved depending on the nature of the different actions, so that
attention to these issues concerns the organisation as a whole (S1-4-09).
Metrics related to employment: Diversity and Inclusion
FCC works for the inclusion of people with disabilities and people at risk of exclusion, committing
to talent without limits and promoting their recruitment. In this sense, this promotion of diversity and
inclusion through employment is shown in the number of people with disabilities or at risk of exclusion
who provide services in the FCC Group. Specifically:
In 2024, 3.15 %(33) of the FCC Group's workforce has a recognised disability, with a 10.84 % increase
over the previous year. In Spain, where the bulk of FCC's workforce is concentrated, this group
represents 3.76 % of the workforce, with the number having increased for the fourth consecutive year to
29 workers. The distribution of people with disabilities by gender is as follows (S1-12_01):
(33) The calculation of the numerical data of people with disabilities was obtained by dividing the number of people with
recognised disability certificates in the different countries in which FCC operates (S1-12_03) by the total number of
workers calculated according to the HeadCount method.
2024
Men
Women
Total
No. Persons with disabilities
1,841
592
2,433
% S/Collective
75.67 %
24.33 %
100 %
% S/Staff
2.38 %
0.77 %
3.15 %
Likewise, the number of workers belonging to groups at risk of social exclusion has increased, reaching
181 workers this year and, therefore, increasing the number of contracts for this group by 6.47 %
compared to the previous year.
Specifically, agreements have been developed with associations such as the agreement between the
Environment Area and the Spanish Committee for Refugee Aid (CEAR) dedicated to the integration of
refugees into the labour market. Among the actions carried out in 2024, the solidarity day held in 2024
stands out, with the aim of collecting basic necessities for people affected by the conflict in Ukraine.
In relation to the above, FCC promotes the employability of people belonging to groups at risk of social
exclusion, for which the project "Migration and its benefits for the FCC Group", finalist in the 1st Edition
launched this year of the FCC Group's ROOTA intra-entrepreneurship programme, has been decisive,
This programme was created with the aim of covering the personnel needs that may arise in the Company,
detecting talent within the training programmes that NGOs develop with the migrant collective, thus
achieving considerable savings in both the time invested in the selection and recruitment processes and in
costs.
Specifically, this pilot project was carried out at the Guillena (Seville) Photovoltaic Plant of the Infrastructures
Area, with the collaboration of the Spanish Committee for Refugee Aid (CEAR), and was successful in
achieving the objective previously set, which was to incorporate two trained workers to cover vacancies that
had not been filled following the usual recruitment processes.
Targets related to employment: Diversity and Inclusion
As mentioned above, the evolution towards a more diverse and inclusive society is a permanent element
in FCC's social agenda and, therefore, it is not necessary to set additional objectives in this regard
(MDR-T_15), as the company is continuously implementing different actions and initiatives in this area, as
evidenced by those described in the previous sections aimed at achieving this key strategic objective of
FCC's corporate philosophy and business model (MDR-T_16, S1-5_01, S1-5_02, S1-5_03).

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Likewise, and as can be seen from the results obtained after the implementation of these actions and/or
initiatives, a double objective is achieved: a) to mitigate the material impacts identified in this matter and,
b) to achieve the purpose pursued by FCC consisting of advancing in the construction of a real corporate
culture of respect, tolerance and equity, such as having an increasingly diverse workforce, with different
points of view, approaches and ideas that will undoubtedly contribute value to the different businesses of
the Company (MDR-T_17, MDR-T_18).
Equal opportunities
Policies related to employment: Equal Opportunities
For FCC, the promotion of effective equality between women and men is an unavoidable transversal and
key objective that is included both in the aforementioned Equality Policy and in the multiple Equality Plans
of the Group's companies in Spain, which reinforce the Company's commitment to equal opportunities
through specific measures adapted to the reality of its businesses and to the particularities of its sectors
of activity, thus becoming one of the main vehicles for promoting this matter. These Plans have the
corresponding monitoring bodies that ensure the effective achievement of the different initiatives and
measures agreed therein.
As we have already mentioned, the FCC Group currently has a total of 16 Equality Plans, 5 of which are
Group Equality Plans and are the result of ongoing social dialogue and a common interest in achieving,
reinforcing and guaranteeing equal treatment and opportunities for men and women in FCC. These plans
include, among others, the following common lines of action in the area of equality:
Promote equal access to employment for women and men and develop measures to encourage a
balanced composition of the workforce in the different occupational groups.
Train and raise awareness of equal opportunities among the staff.
Providing training to promote women's professional capacity and development.
To promote co-responsibility and work-life balance for the entire workforce.
Raise awareness and support the integration and labour protection of female workers who are victims
of gender-based violence.
Ensure the inclusion of the gender perspective in policies and actions on occupational risk prevention.
Adopt a gender approach in the different policies and communication channels of the company.
FCC also continued to consolidate its commitment to equality in 2024, with the implementation of the
negotiated Equality Plans and continued negotiation of the remaining ones. On the other hand, on an
international level, the Equality Plan in force in the United Kingdom, which was renewed in 2023, should be
highlighted.
Not to mention the fact that all the head offices of the Business Area have been recognised and
periodically renew the Distinctive of Equality in the Company, a mark of excellence awarded by the
Ministry with the Equality portfolio, with the Group currently holding 5 Distinctive awards.
Actions related to employment: Equal opportunities
Therefore, and for the effective achievement of both the lines of action defined in these Plans and FCC's
conviction to make equality a reality in the workplace, the following initiatives and programmes promoted
in 2024 aimed at creating an enriching work environment, free of discrimination of any kind, favouring
diversity and female talent (MDR-A_01, S1-4_01, S1-4_02, S1-4_06) should be highlighted:
For yet another year, FCC has joined in the commemoration of International Women's Day, thus giving a
vision and perspective to women in the company's sectors.
On the occasion of the celebration on 23 June of the International Day of Women in Engineering, the
Water Area participated in the Networking and Speed Mentoring organised by Womenalia, a space
for connection between pre-university students and female engineers from the business world whose
objective is to encourage the interest of these young women in STEM careers (Science, Technology,
Engineering and Mathematics).
The Environment Department has promoted various conferences on the subject, such as the "Inspiring
Women" conference held this year 2024 in the city of Salamanca.
Participation in training programmes aimed at FCC's female talent, a group that is currently
under‑represented in some positions, thus providing them with the necessary tools to improve their
skills and performance.
— EOI development project aimed at women with high potential. In 2024, 12 women participated,
totalling 106 women from the different business areas since 2011, with an enriching result that
has contributed to improving their skills and capabilities and has also allowed them to develop
relationships with other inspiring women.
— Promociona project, specialising in preparing women for access to senior management and board
positions (CEOE - ESADE). In 2024, 1 woman participated and, since 2014, a total of 20 This year, the
programme has had an overall satisfaction rating of 4.75 out of 5.

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— 1st Edition of the Explora Programme, aimed at promoting the development of female talent in order
to prepare them for new professional opportunities that may arise, whether in positions of equal
or greater responsibility. In 2024, a total of 15 women participated, and in 2025 the continuation of
Phase II of this programme is scheduled to begin.
— 1st Edition of the ESADE Women Directors' Programme, which main objective is to provide female
directors with a global vision, tools and skills in the area of good governance. Currently, 8 female
directors have completed this programme, and the knowledge and skills acquired will enable them to
perform their functions by broadening their global vision of the corporate world.
— Cross Mentoring knowledge and experience exchange programme within the framework of
Empowering Women's Talent (EWT), which brings the richness of diversity of sectors and business
models and in which mentor and mentee pairs are crossed. In 2024, 2 mentees and 2 mentors from
the Water Area and 5 mentees and 5 mentors from the Environmental Services Area participated.

In short, FCC's aim (MDR-A_02) with the implementation of these training programmes is to contribute
both to the personal and professional growth of women in the company, by creating new skills in the
participants that will be necessary in future professional opportunities within the Group, and to build
loyalty among FCC's female talent (MDR-A_04, S1-4_03, S1-4_07). Although the benefits derived from
the achievement of these programmes are expected to occur with greater intensity in the medium term
(MDR-A_03), it is true that in 2024 some of them are already beginning to be glimpsed, with a total of
21 women who have participated in these training programmes having been promoted (MDR-A_05).
The internal awareness-raising work carried out through the magazine "Somos FCC" (We are FCC) for
women in positions of responsibility in the company.
The aforementioned actions and/or initiatives described above are mostly aimed at the entire
FCC workforce, combined with specific actions and/or initiatives for certain groups, especially women.
The effectiveness of these actions is measured differently depending on their nature. For example, the
effectiveness of actions aimed at promoting training talent is measured in the medium term by the
promotions and progress of women within the company (S1-4_04).
The identification and definition of these actions is carried out by the Group's Human Resources
Department, both Corporate and in the different business areas, in harmony and coordination with the
different departments involved and especially with those associated with Production, thus analysing
the negative impacts and designing response actions that are implemented, depending on their nature,
through different mechanisms.
These Departments have sufficient and specialised staff to address the needs that may arise and, in
the event that internal capacities are not available or in the event that the action in question so requires,
external advice is sought (S1-4_05).
Similarly, FCC's HR Departments are assigned an annual budget in accordance with the actions to be
addressed, thus enabling the management of the material impacts on the Group's people. At the same
time, the management of these impacts is not alien to the rest of the organisation, which participates and
is involved depending on the nature of the different actions, so that attention to these issues concerns the
organisation as a whole (S1-4_09).
In addition, the FCC Group has departments specialised in the analysis of all types of risks or management
areas that permanently advise on all matters of their speciality (Legal Advice, Auditing, Data Protection,
etc.) so that the company's practices do not generate impacts or, where appropriate, so that these can be
mitigated. In those cases where it is considered necessary, external suppliers with reputable experience
are also used (S1-4_08).
Metrics related to employment: Equal Opportunities
Through the implementation of the above actions and/or projects in this area, year after year, FCC works
tirelessly to ensure the full incorporation of women in all positions and at all levels and to achieve full pay
equity.
This is reflected in the fact that, at the end of 2024, the percentage of women in management positions
has increased compared to 2023, reaching 19.74 % of the total number of such positions.
On the other hand, FCC's remuneration management is based on the criteria of objectivity, external
competitiveness and internal equity, and the company does not differentiate by gender, so that
remuneration is equitable according to the level of contribution to the business (functional level) and the
level of responsibility and value in each job.

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With regard to the calculation of the wage gap in the FCC Group, two types are considered, gross and
adjusted(34) , highlighting that for the first time in 2024, this data will be reflected per hour, in accordance
with the following calculation methodology (S1-16_01):
Gross hourly wage gap
14,77 %
It is calculated as the percentage difference
between the average total hourly wage of men and
women.
Adjusted hourly wage gap
4,16 %
It is calculated by considering those aspects that
compare men and women in a similar situation,
such as seniority, functional level, applicable
collective agreement, etc.
In any case, it should be noted that the percentage difference does not imply the existence of
gender‑based pay discrimination, as there are factors outside the Company's sphere of action
that contribute significantly to increasing the gender pay gap. Among them, we can highlight the
masculinisation of most of the sectors in which the Group operates, the working conditions derived from
subrogation, individual performance, economic crisis, political situation, socio-cultural reasons, academic
training, or experience in the position held.
Targets related to employment: Equal opportunities
The effectiveness of the actions and/or projects detailed above (which translate into job promotions, etc.)
that FCC has been actively promoting, in its efforts to create a working atmosphere in which effective
equality between men and women prevails, makes it unnecessary to set specific targets in this area.
(MDR-T_15).
Notwithstanding the above, the aforementioned FCC Equality Plans (S1-5_01, S1-5_02, S1-5_03) already
regulate different specific objectives to which multiple positive action measures are attached - such
as those described in this section - to be implemented by FCC in order to achieve the aforementioned
objectives (MDR-T_16).
In this respect, the following objectives, among others, stand out in the Plans aimed at combating the
under-representation of women:
Promote the incorporation of women in those professional positions and groups where they are under-
represented.
Facilitate the presence of women at different functional levels, trying to balance their presence.
To train women who show potential so that they can apply for jobs where women are under-
represented.
With regard to the indicators established (MDR-T_18) to analyse the monitoring and fulfilment of the
above objectives by the Monitoring Committee in its annual evaluation report, the following indicators
(MDR-T_17), among others, should be mentioned:
Annual comparison of the distribution of staff by function level, disaggregated by gender at those levels
where women are under-represented.
Number of applications and number of recruitments in positions where it exists under-representation of
women.
Report annually on the difficulties and obstacles encountered in the incorporation of women into certain
positions, professional groups or functional levels where they are under-represented.
Report annually on programmes and partnership agreements for the training and promotion of women
with high potential to positions of responsibility.
The promotion of a culture of equal treatment and equal opportunities between women and men is a
strategic element for FCC's development, which is why, since 2008, it has been establishing specific
measures in its different equality plans to ensure its achievement (MDR-T_19).
Non-discrimination and Prevention and eradication of harassment
Policies related to employment: Non-discrimination
and Prevention and eradication of harassment
The FCC Group's Human Rights Policy consolidates its commitment to oppose any type of violence,
harassment or abuse in the workplace, complying with the regulations in force in each country, and
ensuring the dignified treatment of all individuals with whom it works, also rejecting any type of
discrimination based on race, colour, gender, language, religion, political opinion, national or social origin,
marital status, economic position, disability or any other personal condition.
(34) The method of calculating the gross and adjusted pay gap is different from previous years in accordance with the new
ESRS requirements, so the data are not comparable with previous years (S1-16_03).

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Reflecting this, the FCC Group's Code of Ethics and Conduct, under the principle of rejection and zero
tolerance of any conduct involving discrimination or harassment in any of its manifestations, promotes
a culture of respect and awareness of harassment, ensuring, among others, the agility of the complaint
mechanisms, guaranteeing the labour and social protection rights of the victims, etc.
Likewise, and as a complement to the complaints channel included in the aforementioned Code of Ethics
and Conduct, FCC has the Protocol for the Prevention and Eradication of Harassment, which was
recently revised on 10 December 2024, and whose purpose is to prevent, resolve and eradicate cases of
harassment in the workplace, Once again, this protocol reinforces the FCC Group's commitment to not
tolerate the abuse of authority or any type of harassment, or any other conduct that could generate an
intimidating, offensive or hostile working environment for employees.
The Protocol, which is applicable and mandatory for all FCC Group companies in which direct or indirect
management control is exercised and by all persons related to the same, regardless of the link that links
them to it, whether they are own personnel or from other companies, including those applying for a job,
interns, staff on secondment, suppliers, customers, etc., includes a statement of principles, the definition
of harassment, the procedure for action in the event of harassment, the guarantee of confidentiality of
the process, and the prohibition of reprisals. This Protocol is executed by the Corporate Compliance
Committee and the Corporate Compliance Officer and can be found on the FCC Group's corporate website
at the following link: https://www.fcc.es/normativa, and in Spanish and English versions.
Finally, the FCC Equality Plans, which are applied at national level, also include a chapter on the prevention
of sexual and gender-based harassment, which includes, among others, the following common measures
for action:
Information and training for staff on the principles and values that must be respected in the Company,
and on conduct that is not permitted.
Specific training on sexual harassment and gender-based harassment will be provided in order to avoid
and prevent this type of harassment.
The creation within the Plan's Monitoring Committee, given the specific nature of this type of
harassment, as well as the need to guarantee confidentiality and secrecy, of a sexual and gender-based
harassment team, which will be made up of equal numbers of people trained in sexual and gender-
based harassment.
Actions related to employment: Non-discrimination
and Prevention and eradication of harassment
As part of the FCC Group's commitment (MDR-A_02) to prevent workplace, sexual and gender-based
harassment (S1-4_02, S1-4_06) and to promote respectful working environments in which dialogue
and organisational and professional development prevail (S1-4_03, S1-4_07), the following initiatives
(MDR-A_01, MDR-A_04, S1-4_01) were launched in 2024 (MDR-A_03):
Course on "Sexual and gender-based harassment in the workplace", with the aim of raising awareness,
raising awareness and inviting action to prevent cases of sexual and gender-based harassment, which
was completed in 2024 by a total of 6,731 employees, all of whom agreed that these courses are
essential for identifying the existence of this type of situation, knowing what should not be tolerated and
the instruments available for reporting these situations.
In 2024, FCC continued to develop training on cyberbullying, the aim of which is to help identify
cyberbullying behaviour, raise awareness of it and reaffirm the company's commitment to eradicating
it. This training has been given to 6,508 employees, enabling them to learn about conduct that could be
classified as cyberbullying and to be aware of the commitment made by the company to eliminate it.
The Awareness Day on Sexual and Gender-based Harassment held in October 2024 by the
Environmental Services area, with the aim of raising awareness of the importance of having a working
environment free of any type of discrimination, especially of behaviour, comments or treatment that
could constitute sexual harassment.
As a reflection of this commitment, the OnBoarding Programme includes key mandatory training
courses for the Group, such as the Code of Ethics and Conduct, Workplace and Sexual Harassment,
Cyberbullying and Let's Talk about Equality, in addition to other mandatory courses on the following
relevant subjects, such as Privacy Awareness / Data Protection in HR / Data Protection in Legal,
Policy on the Use of Technological Media, Tax Code of Conduct, Health and Safety in the workplace,
Sustainability and Cybersecurity, Policy on the use of technological media, Code of Fiscal Conduct,
Health and Safety in the workplace, Sustainability and Cybersecurity, all with the aim of making it easier
for new recruits to adapt to the Company, making available to them the main essential training to raise
awareness and make known the fundamental principles and values of FCC's corporate culture, which
must, in any case, be known and respected.
For the implementation of the above initiatives and their dissemination to the workforce, FCC has different
information channels available to the company, such as FCC One, APP 360, leaflets and information
posters or other media, which are an essential instrument for achieving its objective of eradicating all
forms of discrimination and/or harassment in the workplace or mobbing, whether sexual or gender-based,
in the company (S1-4_04, S1-4_05).

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As indicated above, these actions are generally aimed at the entire FCC workforce and are also combined
with actions carried out in more specific areas and/or territorial spheres.
The FCC Group has departments specialised in the analysis of all types of risks or management areas that
permanently advise on all matters of their speciality (Legal Advice, Compliance, Auditing, Data Protection,
etc.) in order to ensure that the company's practices do not generate impacts or, where appropriate, that
these can be mitigated. In those cases where it is considered necessary, external suppliers with reputable
experience are also used (S1-4_08).
FCC's HR and Compliance Departments are assigned an annual budget in accordance with the actions to
be addressed, thus enabling the management of the material impacts on the Group's people. At the same
time, the management of these impacts is not alien to the rest of the organisation, which participates and
is involved depending on the nature of the different actions, so that attention to these issues concerns the
organisation as a whole (S1-4_09).
Metrics related to employment: Non-discrimination
and Prevention and eradication of harassment
Metrics related to non-discrimination and prevention and eradication of harassment are reported in the
section "Incidents, grievances and serious human rights impacts within the workforce, as well as fines,
penalties or compensation for the reporting period".
Targets related to employment: Non-discrimination
and Prevention and eradication of harassment
From the above it is concluded that it is not necessary to set additional objectives in this area (MDR-T_15),
insofar as the awareness-raising actions and training courses on harassment described above comply
with the established purpose (MDR-T_17) of having an increasingly trained and sensitised workforce in this
area with the necessary knowledge to identify any conduct involving discrimination or harassment, as well
as knowledge of the channels available to them to report and eradicate this type of conduct.
Without prejudice to the foregoing, aforementioned FCC Equality Plans (S1-5_01, S1-5_02, S1-5_03)
include specific objectives, such as disseminating the Protocol for the Prevention and Eradication of
Harassment in the FCC Group and the complementary measures provided for therein, so that employees
are aware of its contents and the existing channels for reporting it, in order to prevent sexual harassment
and harassment based on gender.
In order to achieve this objective, and for the purposes of informing the Monitoring Committee, the
Company must provide the Joint Team for attention to sexual or gender-based harassment with the
following indicators (MDR-T_16) and at least once a year (MDR-T_18) when a complaint is filed in relation
to sexual or gender-based harassment:
The company will report annually on the dissemination of the Plan and Protocol and the means used to
do so.
The company shall report annually on the number of complaints filed.
The company shall report annually on the number of complaints processed, their outcome and the
penalties, preventive or corrective measures adopted.
As indicated above, the rejection and zero tolerance of any conduct involving discrimination or harassment
in any of its manifestations, and the promotion of a culture of respect is a cornerstone of FCC's culture
that is materialised, on the one hand, in constant training and awareness-raising actions and campaigns
and, on the other hand, in policies such as the Group's Code of Ethics and Conduct, in force since 2012 and
periodically updated (the last time in 2024) (MDR-T_19).
Gender-based violence
Policies related to employment: Gender-based violence
The FCC Group is particularly committed to fighting against gender violence in all its facets, based on
two fundamental principles of action: zero tolerance of gender violence and promoting the social and
professional integration of victims.
Thus, the FCC Group's various Equality Plans expressly include a chapter dedicated to gender violence
with specific measures aimed at preventing and eradicating this type of violence, including, among others,
the following:
To recognise the right to reorganise the working time of a female worker who is a victim of gender
violence according to the timetable proposed by said worker, without any reduction in the remuneration
she has been receiving.
Train and sensitise staff on gender-based violence.
Disseminate awareness-raising campaigns against gender-based violence through the company's
website, corporate intranet and other communication channels.
Establish collaborations with associations, foundations and other entities for the labour integration of
women victims of gender violence and for the implementation of specific campaigns and programmes
to combat it.

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Actions related to employment: Gender-based violence
In the framework of this fight against gender violence, in 2024 (MDR-A_03) FCC (MDR-A_02) has promoted
the following awareness-raising and support actions to favour the insertion and labour protection of
victims of gender violence (MDR-A_01, MDR-A_04, S1-4_01, S1-4_03, S1-4_06, S1-4_07):
For yet another year, on 25 November the FCC Group has been on the side of this cause and has
therefore made an appeal both inside and outside the Company, launching information and awareness-
raising actions in workplaces in the conviction that the role of companies and the implementation of
initiatives such as these is fundamental for the eradication of this type of violence, as well as a reminder
that the Company stands firm in this fight.

Specifically, for the seventh consecutive year, it has organised an Awareness Day at its headquarters,
this time together with the Foundations for the Aid of Children and Adolescents at Risk (ANAR) and
Save the Children, in which this year 2024 wanted to award these foundations in recognition of their
outstanding work, commitment and dedication to the prevention of gender-based violence in the
educational sphere, especially in childhood and adolescence.
FCC maintains close collaboration with the network of "Companies for a Society Free of Gender
Violence" promoted by the Ministry of Equality, in its work to disseminate and raise awareness, as well
as to support the employment of women who suffer from this scourge. FCC currently has a total of
10 agreements signed within the framework of this initiative, in its efforts to promote awareness and
social awareness against gender violence.
The Company actively collaborates with various foundations and entities to promote the insertion
and labour integration of these victims, such as Fundación Incorpora (La Caixa), Fundación Adecco,
Fundación Once and the Red Cross. In 2024, there are a total of 12 women in the workforce who are
victims of gender-based violence.
Funding and collaboration with volunteers from the Water Area in the "Camp for Employment" project
through the delivery of workshops, with the aim of promoting the social and labour integration of
women in vulnerable situations and their children (among others, victims of gender violence, human
trafficking, women with few economic resources, single-parent families), as well as awareness-raising
actions against gender violence in specific territorial areas such as Mexico and Colombia.
This year, the "Cycle of Gender Violence and Support Networks" training pill continued to be promoted,
with the aim of raising awareness among FCC employees of the possibility of breaking the cycle of
gender violence through communication and the mutual help provided by support networks. In 2024, a
total of 5,803 employees have completed the course and say that they feel more confident in identifying
this type of situation and providing help to the victim.
In line with the above, the different business areas have an attention mailbox so that women victims
of gender violence can report their situation in order to activate the action measures envisaged in the
Equality Plans for this group or, where appropriate, offer them the necessary assistance by referring
them to the appropriate channels to provide specialised, immediate attention adapted to the particular
situation of each victim.
In short, the implementation of these initiatives and measures by the Company are fundamental to
create a strong and resilient support network for all victims, and to promote the social and professional
integration of women victims of this social scourge, thus advancing towards a future and a society without
fear (MDR-A_05, S1-4_02).
Most of the actions described apply to the entire FCC workforce, as they are aimed at raising awareness of
gender-based violence among the workforce, as well as providing support to victims, without prejudice to
the fact that some actions are specifically aimed at women who may be victims of gender-based violence,
or at specific territorial areas.
The different training and awareness-raising campaigns undertaken allow us to measure the effectiveness
of the actions undertaken, which translates into greater knowledge of the different means and
mechanisms of protection available to the victims and their environment (S1-4_04).The identification and
definition of these actions is carried out by the Group's Human Resources Departments, both Corporate
and in the different business areas, in harmony and coordination with the different departments involved
and especially with those associated with Production, thus analysing the negative impacts and designing
response actions that are implemented, depending on their nature, through different mechanisms.
These Departments have sufficient and specialised staff to address the needs that may arise and, in
the event that internal capacities are not available or in the event that the action in question so requires,
external advice is sought (S1-4_05).
In the same way, FCC's HR Departments are assigned an annual budget in accordance with the actions to
be addressed, thus enabling the management of the material impacts on the Group's people. At the same
time, the management of these impacts is not alien to the rest of the organisation, which participates and
is involved depending on the nature of the different actions, so that attention to these issues concerns the
organisation as a whole (S1-4_09).
In addition, the FCC Group has departments specialised in the analysis of all types of risks or management
areas that permanently advise on all matters of their speciality (Legal Advice, Auditing, Data Protection,
etc.) so that the company's practices do not generate impacts or, where appropriate, so that these can be
mitigated. In those cases where it is considered necessary, external suppliers with reputable experience
are also used (S1-4_08).

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Metrics related to employment: Gender-based violence
Metrics related to gender-based violence are reported under "Incidents, grievances and serious human
rights impacts within the workforce, as well as fines, penalties or compensation for the reporting period".
Targets related to employment: Gender-based violence
With the different actions, campaigns and initiatives implemented by the company described in the
previous section, the aim pursued by FCC to remedy this impact is achieved (MDR-T_16), consisting of
promoting the labour integration of the victims and collaborating in the fight against the eradication of this
type of violence, so it is not necessary to set additional objectives in this respect (MDR-T_15).
However, in addition to the above, the FCC Equality Plans (S1-5_01, S1-5_02, S1-5_03) set out specific
objectives aimed at the prevention and eradication of gender violence, including, among others, the
following:
Ensure that any female employee who is a victim of gender-based violence is aware of and can
exercise the rights set out in the Workers' Statute as a result of Organic Law 1/2004 on Comprehensive
Protection Measures against Gender-Based Violence ("OL 1/2004").
Ensure the implementation of improvements compared to OL 1/2004.
Promote and encourage adequate protection in the workplace for victims of gender-based violence.
And for the monitoring and control of the fulfilment of these objectives by the Monitoring Committee in its
annual evaluation report (MDR-T_17), the following indicators, among others, are defined (MDR-T_18):
Provide the Monitoring Committee with information on the number of women in the workforce who have
exercised their rights under OL 1/2004.
Provide the Monitoring Committee with information on the awareness-raising campaigns on gender-
based violence carried out.
Report to the Monitoring Committee on the number of contracts contracted through its collaboration
with associations and foundations for the labour integration of victims of gender-based violence.
As has been indicated, FCC's action against gender violence is permanent and has been translated into
constant campaigns and actions to raise awareness and sensitise people since 2007 (MDR-T_19).
Safety, health and well-being
Safe working environments
Policies related to employment: Safe working environments
For FCC, guaranteeing safe working environments is an essential principle endorsed in one of its
ethical and compliance principles set out in its Code of Ethics and Conduct, which establishes that
the prevention of occupational risks is a differentiating element for the organisation and an essential
requirement to protect the health and safety of employees and collaborators. Similarly, the Human Rights
Policy reinforces FCC's commitment to action, obliging it both to (i) guarantee: the safety of its workers
and its operations, continuously improving working conditions and creating a safe and healthy working
environment, and (ii) take all necessary actions to avoid compromising the safety, health and integrity of its
customers and users(35).
Likewise, since 2019, FCC has had a specific safety, health and well-being policy (S1-1_09), approved
by the Board of Directors, hosted on the corporate intranet (MDR-P_06). This policy is based, on the one
hand, on the real and effective integration of health and safety in all its decisions and activities by involving
the network of employees, contractors and suppliers in the preventive culture; and on the other, on the
assurance of a system of continuous improvement of working conditions that contemplates the highest
safety standards (MDR-P_01), thus ensuring the safety, health and well-being of people as a pillar of its
business strategy and from its responsibility as a social agent (MDR-P_05), thus aligning itself with the
right to a safe and healthy working environment recognised, among others, by the ILO Declaration on
Fundamental Principles and Rights at Work (S1-1_07).
The policy is corporate in scope, i.e. it covers the entire organisation and geographical areas, as well as the
stakeholders involved: employees, subcontractors and suppliers (MDR-P_02, S1-1_01). The responsibility
for its implementation lies with the management of the Business Areas (MDR-P_03). On the other hand,
no significant changes have been adopted in the policies related to the transition to a green economy
(S1‑1_02).
(35) FCC's Human Rights Policy addresses issues such as opposition to forced or compulsory labour, child labour and
human trafficking (S1-1_08).

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FCC also has health and safety management systems in the different business areas that have obtained
and periodically renew certification in accordance with ISO 45001 standards (S1-1_07, MDR-P_04).
In addition, in those activities that significantly involve the exposure of workers to the risks caused by
traffic, road safety management systems certified in accordance with the ISO 39001 standard have
been implemented, as is the case of sensitive activities such as road maintenance and urban sanitation
activities in Madrid (S1-1_07, MDR-P_04).
Health and safety management is also supported by the necessary control and guarantee processes to
ensure that all decisions comply with the necessary legal framework and the internal regulations of each
FCC Group company in this area.
Actions related to employment: Safe Working
Environments
During 2024 (MDR-A_03) different actions have been developed involving different levels of the
organisation with the aim of permanently improving the safety of the workforce (S1-4_07), through the
effective control of the risks identified in each area (MDR-A_04, S1-4_01, S1-4_03, S1-4_06), thus favouring
a healthy working environment, involving the workforce directly in campaigns and specific initiatives linked
to the promotion of safety, health and well-being (S1-4_02). Among others, the most important measures
in this regard have been the following (MDR-A_01, MDR-A_02):
Assessing the state of the company's safety culture, performance, organisation and reports on health
and safety in the Environment Area. In 2024, 20 visits were carried out with a total of 149 interviews
with operating personnel, middle management and management personnel. There were also 18 focus
groups with 126 participants and 200 employee surveys were collected on the company's occupational
health and safety performance. The staff perceives a positive situation, however, the systemic and
behavioural aspects identified need to be addressed as areas for improvement in order not to affect the
performance achieved so far.

Specific awareness-raising measures such as the dissemination of monthly information pills at waste
treatment plants in the Environment Area, so that staff effectively perceive the importance of bearing
health and safety in mind daily. Specifically, in 2024, 12 information pills were launched, one per
month, corresponding to potential or real accidents or incidents that occurred at the different urban
and industrial waste treatment plants. These pills have been well received, and the project has been
requested to continue during 2025, introducing new topics such as the use of PPE or the handling of
tools.
Risk control in the Infrastructures Area through the implementation and dissemination of a
compendium of good practices, audits to control working conditions and the implementation of projects
such as the project to measure Respirable Crystalline Silica in railway activities or the R&D&I project
"0 accidents".
The strategic line of zero harm to workers in the Water Area. Four programmes have been structured:
control of absenteeism, organisational learning, control of the health and safety performance
of contractors and, finally, integration of preventive activities. In 2024, we worked hard on the
internationalisation of these projects and on assessing the effectiveness of the training activity.

On the other hand, in the Water Area, an awareness and communication project has been launched at all
levels, called "The company's key risks", with the aim of raising awareness, disseminating and complying
with the safety conditions of a series of risks common to all the activities of the integral water cycle. In
2024, the project began with the identification of the list of key risks that will continue to be worked on
and studied in depth during 2025.
Allive 80.0 awareness campaign in the Cement Area, aimed at the staff of cement factories in Spain,
with the aim of raising awareness of the importance of the human factor in the elimination of unsafe
behaviour and developing Collective Safety where the safety of is ensured for all in the detection and
correction of unsafe acts, under the slogan "We trust in the people who save lives". Participation in
the different actions of the campaign amounted to 447 participants in the "field observations", with a
total of 2,342 hours of dedication; 1,512 people in the case studies (701 employees and 811 belonging
to contractors and subcontractors), and 452 people in the Goldberg test (identification of possible
problems of mental affectation).

Likewise, in the Cement Area, the second phase of the campaign "Safety is not negotiable" was carried
out, awarded as a good preventive practice by the 5th Edition of the Prevencionar Awards, with training
sessions in centres in Spain, the UK and Tunisia to consolidate awareness of the main risks. These
campaigns, which comprised a total of 218 sessions and 3,556 hours of dedication, were attended by
1,778 people.
Consideration of health and safety risks derived from climate change. Given the increase in the
frequency of meteorological episodes of greater impact, different action procedures and protocols have
been defined aimed at protecting the health and safety of workers in the performance of their work and
in work-related travel. On the other hand, specific risk campaigns on exposure to extreme temperatures
have been launched.

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The monitoring and evaluation of the effectiveness of the actions and initiatives described depends on the
nature of each one of them. For example, the degree of participation and feedback obtained in the different
training programmes such as the Allive 80.0 Awareness Campaign or the different information pills at the
waste treatment plants are a key tool for evaluating the impact and acceptance of these actions, as well
as assessing, where appropriate, possibilities for improvement and defining new areas of action. Internal
audits and management meetings to monitor the system are also carried out periodically (S1-4_04).
With regard to the identification and definition of the different actions, this is a task that is carried out in a
coordinated manner by the Occupational Risk Prevention departments of the different business areas, in
agreement with the different departments involved and especially with those associated with production,
thus analysing the negative impacts and designing response actions that are implemented, depending on
their nature, through different mechanisms (S1-4_05).
In the same way, the Occupational Risk Prevention departments, through the preventive planning
documents, have an annual planning of actions in terms of prevention in which the different resources,
both material and economic, are defined. At the same time, the management of these impacts is not alien
to the rest of the organisation, which participates and is involved depending on the nature of the different
actions, so that attention to these issues concerns the organisation as a whole (S1-4_09).
In addition, the FCC Group has departments specialised in the analysis of all types of risks or management
areas that permanently advise on all matters of their speciality (Legal Advice, Auditing, Data Protection,
etc.) so that the company's practices do not generate impacts or, where appropriate, so that these can be
mitigated. In those cases where it is considered necessary, external suppliers with reputable experience
are also used (S1-4_08).
Metrics related to employment: Safe working environments
In 2024 there were 2,085 occupational accidents with sick leave in the FCC Group (S1-14_04, S1-14_05),
10 fewer than in the previous year, of which 1,715 involved men and 370 involved women.
In 2024, the overall accident frequency rate stands at 18.79, reduction of 0.16 % compared to 2023.
Moreover, this marker remains below the equivalent rates published by the Ministry of Labour in each
sector of activity.
The evolution of the main accident and absenteeism rates is as follows:
Firstly, the percentage of workers employed and not employed by FCC who are covered by health and
safety management systems is 91.14% (S1-14_01).
The number of fatalities in the FCC Group's own workforce as a result of work-related injuries and
illnesses was 3 in 2024 (S1-14_02). There were no fatalities among non-employees in 2024 (S1-14_03).

In addition, the number of cases of occupational diseases of employees in 2024 was 14 (S1-14_06).
Finally, the number of days lost due to work-related injuries as well as deaths due to occupational
accidents among the workforce amounted to 98,597 days in 2024 (S1-14_07).
Targets related to employment: Safe working environments
In general, targets are defined annually for the reduction of occupational accidents in the different business
areas (MDR-T_15, MDR-T_16). Specifically:
In the Environment Area, a management objective has been to identify the factors that support or
limit the good performance of management processes and that determine the level of safety culture
(MDR-T_18), under the prism and basic principle of continuous improvement of health and safety
performance as set out in international standards (MDR-T_17).
In the Water Area, targets are set to reduce the accident rate by 5 % by 2024 and to achieve "zero"
serious and fatal accidents. Likewise, targets are set for indicators of awareness and dissemination of
safety standards and the scope of the programmes to the affected centres.
In the Infrastructures Area, quantitative targets are set to reduce accident rates by delegations and
countries on an annual basis (MDR-T_18). Specific safety visits to worksites and work centres are also
set as an objective, as well as safety inspections, carrying out risk prevention awareness campaigns,
and collecting and sharing good practices and lessons learned (MDR-T_17).
The health and safety management objectives contemplated in the Cement Area, in addition to
contemplating the reduction of accident rates by establishing annual targets, have been aimed at
improving awareness of the "main killers" and consolidating operational control of pedestrian safety, the
application of best preventive practices and specialised training in the handling of mobile machinery.
It should also be noted that another general objective for FCC during the year 2024 has been to advance in
the integration of the gender perspective (MDR-T_18) in health and safety management, and to achieve
this, the following measures have been carried out (MDR-T_17):
A working group is active to update and advance integration criteria.
The computerised risk assessment tools have been parameterised, with the aim of identifying risks,
causes and preventive measures from a gender perspective.
Work has been and will continue to be done on the inclusion of the gender perspective in the use and
provision of personal protective equipment, taking into account sizes and designs adjusted to female
morphology.

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Promoting people's health and well-being
Policies related to employment: Promoting people's health
and well-being
For FCC, fostering people's health and well-being through specific policies aimed at promoting healthy
working environments and increasing individual capacity to maintain and improve physical and emotional
health and quality of life is another fundamental axis in response to its social commitment and as an
element of differential value in terms of competitiveness.
In this regard, the FCC Group's Code of Ethics and Conduct specifically includes the organisation's
commitment to generating a culture of healthier living, through the implementation of initiatives aimed at
promoting physical exercise, healthy nutrition, health care and healthy habits.
Likewise, the Group's Health, Safety and Well-being Policy establishes as one of the main lines of
action in this area, the promotion of the health and well-being of people through specific policies aimed
at promoting healthy working environments and increasing individual capacity to maintain and improve
physical and emotional health and quality of life.
Actions related to employment: Promoting people's health
and well-being
The health and well-being of FCC's employees has been consolidated as an essential axis in the
management of its business model.
With regard to the creation of different projects to promote health and well-being, FCC (MDR-A_02)
continues to maintain and generate new initiatives to promote healthy living and health care among its
own employees and other stakeholders (S1-4_02). Among these initiatives and milestones developed in
2024 (MDR-A_03) both at Group level and by the different areas are the following (MDR-A_01, MDR-A_04,
S1-4_01, S1-4_03, S1-4_06, S1-4_07):
Development of the Integral Well-being Programme as part of FCC's LIVE Healthy project, offered
transversally to the entire organisation, which comprises a series of workshops and awareness-raising
activities, in virtual classroom mode, on subjects related to physical and emotional well-being, healthy
eating and personal care, taking into account the gender perspective and the different generational
needs, with more than 2,000 attendees and a high level of overall satisfaction.
In line with the above, the ASUME Integral Wellbeing Development Programme aims to promote self-
knowledge and the acquisition of personal and professional values and skills, as well as to strengthen
ties and enhance interpersonal relationships. In the first year of this programme, 32 Corporate Services
employees have participated, which has provided them with a different space in which to share
experiences and joint reflections. Work is currently underway to extend the programme to different
teams in all business areas.
On the other hand, the LIVE Healthy space hosted on the FCCONE intranet has been extended to include
monthly tips and content of interest to encourage employees to create healthy habits, thus contributing
to improving the health and wellbeing of our staff.
Likewise, in 2024, the VII Edition of the FCC LIVE Healthy Awards took place, to which more than
30 candidatures from different countries were presented, resulting in the following awards: (i) In the
category of Occupational Risk Prevention: The first prize went to the Project "Live training, connect
with information" presented by the Water Area; (ii) In the category of Health Promotion: The first prize
went to the "Be and feel well" project presented by the Cement Area; and (ii) In the Personal Mention
category, the professional careers of seven employees from different business areas who have made an
outstanding contribution to improving health and safety at work at FCC were recognised.
The Environment Area in Spain has participated in the "ROI Project: Impact of psychosocial
management programmes on the reduction of absenteeism" developed by Affor Health, a consultancy
firm specialising in psychosocial well-being, in collaboration with the Cofares University Chair at the
Complutense University of Madrid in Health Promotion and Social Responsibility in the Company. The
project provides an Employee Assistance Programme (PAE) aimed at measuring the positive impact on
people's health and business performance, including, among other actions, a personalised psychological
care service.
In the Water Area, the emotional health programmes for the workforce continued in 2024. The
measures implemented include those included in the Be Aqualia psychopack, such as: (i) Psychomet,
(ii) Employee Assistance Programme, (iii) Emotional health prevention.
The Infrastructure Area in Portugal was awarded the 2024 Certified Company Seal for its Well-being
and Happiness Index, as a result of the Company's participation in conjunction with KEEPTALENT
Portugal and Academia da Felicidade.

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Implementation in the Cement Area of the Goldberg scale test during the annual medical check-ups of
all personnel in Spain. In 2024, this test was taken by 452 people, who stated that it enabled them to
identify the likelihood of cases of anxiety and potential depression.
In different business areas, different interpersonal conflict management procedures are developed as
an effective tool for the management and resolution of conflicts arising in the workplace.
Dissemination of articles and health content in the internal magazine We are FCC, with the aim of
raising staff awareness of health and wellbeing.
In addition, in 2024 FCC has continued to set healthy challenges for the entire workforce through the
LIVE Healthy Platform, a mobile and web application where employees have access to different resources
to take care of their health and help them create healthy habits.
FCC maintains relations with influential agents at community level in the field of health and wellbeing,
with the aim of contributing and enriching joint collaboration and participating in and influencing the
advances, improvements and new trends that take place. As an example of this, the FCC Group is a
member of AESPLA (Spanish Association of Occupational Prevention Services) and takes part in the
different actions it carries out. Likewise, it has collaboration agreements in this area with entities such as
Fundación MAPFRE (promotion of health in the workplace) and forms part of business forums and hubs
specialising in health and sustainability such as Forética, whose mission is to promote the integration of
social, environmental and good governance (ESG) aspects in the strategy and management of companies
and organisations.
The monitoring and evaluation of the effectiveness of the actions and initiatives described above depends
on the nature of each one of them. For example, the degree of participation and the feedback obtained in
the different training programmes such as the Integral Wellbeing and Asume programmes make it possible
to know the impact and benefits of these actions on their participants, as well as to define new areas of
action. Other tools such as the interpersonal conflict management procedures measure their effectiveness
in terms of the different specific situations that have been processed, managed and resolved in application
of the procedure. Internal audits and management meetings to monitor the system are also carried out
periodically (S1-4_04).
With regard to the identification and definition of the different actions, this is a task that is carried out in a
coordinated manner by the Occupational Risk Prevention departments of the different business areas, in
agreement with the different departments involved and especially with those associated with Production,
as well as with the Prevention Services, thus analysing the negative impacts and designing response
actions that are implemented, depending on their nature, through different mechanisms (S1-4_05).
In the same way, the Occupational Risk Prevention departments, through the preventive planning
documents, have an annual planning of actions in terms of prevention in which the different resources,
both material and economic, are defined. At the same time, the management of these impacts is not alien
to the rest of the organisation, which participates and is involved depending on the nature of the different
actions, so that attention to these issues concerns the organisation as a whole (S1-4_09). In addition, the
FCC Group has departments specialised in the analysis of all types of risks or management areas that
permanently advise on all matters of their speciality (Legal Advice, Auditing, Data Protection, etc.) so that
the company's practices do not generate impacts or, where appropriate, so that these can be mitigated. In
those cases where it is considered necessary, external suppliers with reputable experience are also used
(S1-4_08).
Metrics related to employment: Promoting people's health
and well-being
FCC's Medical Services draw up a global scorecard based on the quantitative and qualitative analytical
results of the actions carried out in the field of health monitoring, which provides us with different
indicators to extract global cardiovascular health indices for the evaluation of the benefits obtained from
the implementation of healthy habits. The aim of this tool is to monitor these indicators, which can be
filtered by the different units and organisational levels of the Group.
Data from external prevention services are now also being incorporated in order to carry out more
complete diagnoses and monitoring of the company's integrated health indices.
FCC's Medical Services have the function of protecting and improving the health of workers, seeking a
complete state of physical, mental and social well-being. This is done through the detection, assessment
and control of all risk factors that may affect the health of workers. To this end, the main tool in health
monitoring is medical check-ups, through which different pathologies can be prevented and detected at an
early stage. This year, 17,666 medical check-ups were carried out.
Throughout 2024, these services have participated in and developed the following health and wellbeing
campaigns: Smoking cessation campaign, Healthy eating campaign and Musculoskeletal disorders
campaign.

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Targets related to employment: Promoting people's health
and wellbeing
The main objective in health and wellbeing promotion is to consolidate appropriate information systems,
management tools and dashboards to establish sound diagnostics, identify needs and adequately
measure the impact of designed initiatives, with effective monitoring (MDR-T_16, MDR-T_17).
On the other hand, the aim is to update the resources for the diagnosis of psychosocial risks at work,
taking into account technological and methodological advances in the field (MDR-T_18).
Other questions
Processes of interaction
For FCC, internal communication is a key element both in its strategic management and in the
development of the different procedures for dialogue and direct dialogue with all its employees and their
legal representatives, aimed at identifying and channelling the Company's impacts, risks and opportunities,
in order to achieve sustainable business management that makes a difference and allows us to adapt to
the different current and future challenges that arise (S1-2_01).
To this end, the company has various channels of communication -both online and offline- and numerous
channels of dialogue and participation that promote continuous communication and interaction between
FCC and its employees in which employees can raise needs or concerns or report any incidents, among
other aspects (S1-2_02, S1-2_03, S1-3_01, S1-3_02, S1-3_04, S1-3_05).
As a starting point, FCC employees can bring any concerns, suggestions or complaints directly to their
superiors, either on their own or through the unitary representation or trade unions established for this
purpose.
Having said that, the following channels and channels of communication at FCC stand out:
A. Internal communication channels and social media
Corporate website (https://www.fcc.es): has a detailed directory of headquarters and offices, with
relevant information including postal addresses and telephone numbers of the main departments, which
can be accessed by anyone through the following link: https://www.fcc.es/contacto.
One - FCC's corporate Intranet, which offers a wide range of functionalities and improved performance
for sharing knowledge across the board and having access to the FCC Group's latest information,
including the employee portal, where all Human Resources information (such as pay slips, holidays,
income tax certificates, etc.) is grouped together.
Whistleblowing Channel. A communication channel that FCC makes available to staff, as well as to
persons who are related to the FCC Group (contractors, suppliers, shareholders, volunteers, interns and
trainees) to report, anonymously and confidentially, matters or activities that may involve breaches of
the Code of Ethics and Conduct or the commission of possible criminal offences. This channel is fully
accessible (S1-3_06) from the FCC website and, where appropriate, from the websites of other Group
companies, the FCC intranet(36) and the FCC360 App, by post(37) and e-mail(38) and local channels enabled
by the different countries, as well as and through a face-to-face meeting at the request of the reporting
person through any of the aforementioned channels.

In addition, the communications received in the Whistleblowing Channel by any of the aforementioned
channels shall be diligently and rigorously analysed in confidence by the Compliance Committee, which
shall determine, depending on the facts reported, their classification in accordance with the FCC Group's
Internal Information System Procedure (S1-3_07), respecting throughout the procedure the protection of
personal data as well as the rights to privacy, honour and the presumption of innocence (S1-3_09).
In different business areas, different procedures for the management of interpersonal conflicts are
developed as an effective tool for the management and resolution of conflicts arising in the workplace.
(36) Through the electronic form available on the link: https://fccone.fcc.es/web/fccone/formulario.
(37) P.O. Box 19312, 28080 - Madrid (Spain).
(38) At the addresses canaletico@fcc.es or denunciaacoso@fcc.es.

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FCC360 - FCC's app tool, where all employees can maintain two-way communication with the company,
carry out formalities (time registration, holidays, delivery of pay slips, income tax certificates, etc.),
receive training (by accessing the Campus, also hosted on the app), access job offers or different
initiatives promoted by the company in terms of social benefits (FCC Club, equality, diversity and
inclusion (You_d_cfc.com).), receive training (through access to Campus, also hosted on the app),
access job offers or different initiatives promoted by the company in terms of social benefits (Club FCC),
equality, diversity and inclusion (You_diversity), health and safety (LIVE Healthy), participate in projects
(ROOTA), report incidents or file complaints with the Whistleblowing Channel, or be informed of relevant
FCC Group milestones, etc.

This is why the App is particularly relevant as it allows workers to be more connected than ever from
the palm of their hand. In this regard, it should be noted that in 2024, 41,936 employees will be active
users of the FCC360 App. This figure is particularly significant, not only because the number of digital
users has increased by 1,225 compared to 2023, but also if we take into account that 78% of the Group's
employees are not digital users in their daily work.
Dissemination and awareness-raising campaigns, deployed on the website or in the different work
centres, to raise awareness among the workforce on key issues for the FCC Group, such as equality,
diversity, work-life balance, health, etc.
FCC Campus - the e-learning platform - which meets the training needs linked not only to compliance
with our policies, but also to other more strategic issues of interest to the FCC Group.

Through the launch of various eLearning trainings, the opportunity has been taken to include opinion
surveys on the same training topics. The aim of these surveys is to listen to employees and identify
actions for improvement, ensuring that training is increasingly effective and aligned with their needs and
expectations.
We are FCC - Quarterly online magazine and poster, which keeps employees up to date with FCC Group
news, internal communication campaigns, competitions for employees, on the various sporting and
health activities, etc. promoted by the company.
Setting up regular meetings with employees to address staff concerns and also specific meetings, for
example, to find out staff satisfaction with new tools, systems or operational changes in order to get
their opinion, implement improvements where necessary and define new challenges.
FCC has various accident and incident forms that can be accessed by any worker via the following link:
https://www.fcc.es/acceso-empleados, for reporting the following situations:
— Incident form: accidents at work in the field of health and safety and,
— Incident form: any event or occurrence that affects the security of the company's people and/or
assets and which is caused by antisocial or malicious behaviour by employees or third parties, such
as theft, vandalism, threats, etc., and which is managed and processed by the FCC Group's Corporate
Security and General Services Department.
FCC is also present on key social networks such as YouTube, X (Twitter), Instagram and LinkedIn.
B. Opinion polls
In addition to the above, FCC carries out anonymous opinion surveys of its employees at national and
international level, such as satisfaction and commitment surveys, psychosocial risk or work climate
surveys, implementation of new systems, etc., at the established intervals in the different business
areas. These surveys are an important tool in the framework of business management, as they allow
the Company to know the level of satisfaction of the workforce in the different aspects that influence
the development of work, and thus detect both those in which improvement actions are necessary and
also identify the areas in which the organisation is working adequately in order to strengthen them, thus
building the loyalty of internal talent.
In this regard, we would highlight, among others, the satisfaction and work climate surveys launched
globally by the Environment Area, in which 3,837 employees participated online, and in the Cement
Area, carried out at the level of the 6 cement factories in Spain and the central offices in Madrid, with a
participation of 466 employees. Also noteworthy is the psychosocial risk survey in the Water Area, with a
participation of 3,323 workers (S1-3_08).
C. Avenues for dialogue and participation with workers and their legal representatives
With regard to the specific participation processes available to employees through their legal
representatives (S1-2_02), who play a key role at national and international level in the management of
FCC's current material impacts in relation to its workforce, depending on the subject matter, are as follows:
Employment: as regards the participation of the workforce in actions aimed at promoting the creation
of direct employment, these are generally implemented through their legal representatives, who transmit
to the company the concerns of the workforce in the context of a mature and open social dialogue in the
collective procedures or social dialogue roundtables that are held with the established and negotiated
frequency.

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It is also worth highlighting the important role played by the exit interviews conducted by the company
as a tool to prevent talent drain, with the aim of obtaining detailed information on the reasons that led
the employee to take the decision to leave the company, as well as to find out about all those aspects
related to the well-being of its workforce that the company could improve, in its desire to retain FCC's
internal talent.
Development: with regard to the actions aimed at establishing a training proposal and learning offer
that promotes the training and personal development of employees, once the different training courses
or programmes have been completed, employees are given the opportunity to give their individual
feedback in an opinion survey so that, after analysis by the Training Departments of the different Areas,
new initiatives and opportunities for improvement in this area can be identified for future courses.

Specifically in Spain, the legal representatives of the employees are directly involved as they have the
right to issue a report prior to the implementation of the Training Plans adapted to the needs of the
different business areas.

With regard to professional recognition, promotion and/or internal mobility, it is the employees
themselves who, through their hierarchical superior, directly channel their concerns for professional
development and growth or by applying for vacancies in other positions in the Company, following the
Internal Mobility Procedure.
Diversity, equality and inclusion: actions aimed at promoting an enriching work environment, free of
discrimination or harassment in any form and gender-based violence, as well as favouring diversity and
growth of people belonging to under-represented groups, or those at risk of exclusion, are fundamental
(S1-2_07):
— On the one hand, the Labour Relations staff of the different business areas are responsible for
coordinating equality plans and awards and for diversity and disability management.
— On the other hand, the Monitoring Committee for the different FCC Equality Plans, which meets at
the intervals negotiated in the plans, in order to ensure the effective achievement of the different
initiatives and measures agreed in the previous areas and which are implemented through training
courses or awareness campaigns, etc.
— In the same way, after the end of these training courses, campaigns, etc., participants are sent an
opinion survey, the aim of which is to provide them with a tool from which to learn the perspective
of our increasingly diverse workforce on the above, as well as to formulate suggestions for future
processes to be implemented by the Company.
— Safety, health and welfare, in terms of accident rates and integral health and welfare, the different
business areas of FCC have participation bodies that comply with the legal requirements at local level,
such as the Health and Safety Committees whose function is to channel queries raised directly by
workers through the complaint channel established for this purpose or by their legal representatives
in the matter.
As a corollary of the foregoing, it should be noted that the agreements par excellence signed by FCC
with the social partners in relation to respect for the human rights of its staff and its corporate values
are firmly embodied in the aforementioned Equality Plans and in the Collective Agreements, and that the
preparation of the Diagnostic Situation Report on Equal Opportunities enables the parties to identify the
needs and actions to be taken in matters such as those described above (among others), selection and
recruitment processes, training, professional promotion, working conditions, co-responsible exercise of the
rights of personal, family and working life, female under-representation, prevention of sexual harassment
and gender-based harassment, gender-based violence, prevention of occupational risks and occupational
health), in order to reinforce and improve strategies in these fields (S1-2_05).
Finally, reference should be made at this point to other initiatives promoted by FCC in 2024 that are part
of its commitment to promote internal talent and the involvement of its employees in the search for
innovative proposals that achieve an improvement in the quality and service offered, highlighting, among
others, the launch of the aforementioned 1st Edition of the FCC Group's ROOTA intra-entrepreneurship
programme, which is open to all employees of the entities that make up the FCC Group, regardless of
their location, Among others, the launch of the aforementioned 1st Edition of the FCC Group's ROOTA
intra-entrepreneurship programme, which is open to all employees of the entities that make up the
FCC Group, regardless of their geographic location, professional category and function or department.
This programme values the potential of people to participate and contribute innovative ideas, with the
understanding that progress is achieved thanks to the talent of the FCC Group, which opens up paths to
improve our future.
Hence, this programme is designed to respond to challenges, promoting innovation through diverse
and multidisciplinary teams made up of professionals who, following a process inspired by innovation
methodologies and with expert support, make it possible to develop tangible and innovative solutions
that benefit the FCC Group within the framework of its activities, either by promoting proposals that are
aligned with the challenges faced by FCC Group entities in their activities, or by evaluating the visibility,
sustainability and viability of the proposed solutions, so that they can be implemented in a challenging and
changing environment.
In this 1st Edition of the Programme, 68 ideas have been registered, from 6 countries and 3 continents,
17 reached the end of phase 2, and 5 of them have reached phase 3 as finalists, with the first prize going
to the initiative "Digital Twins: Our Window to the Future".
In short, through the feedback received from its employees through the above communication channels,
opinion surveys or publications, or initiatives, FCC assesses the implementation of actions aimed at
managing the above impacts and identifying opportunities for improvement that result in the well-being
and care of its staff (S1-2_06).

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In this sense, there is no single department or role in charge of ensuring the interaction of FCC employees
and/or their legal representatives, but rather this competence is given to the corresponding specific
department depending on the material impact identified and the channel associated with its management
and/or mitigation (S1-2_04).
Human Rights Policy and Commitments
For FCC, compliance with the Universal Declaration of Human Rights is a fundamental element of the
Company's corporate culture, values and business model, and as such, it is included in a number of
regulations that form part of the Company's Compliance Model. Specifically:
In the Code of Ethics and Conduct, the highest-ranking regulation within the FCC Group, the purpose
of which is to guide all persons linked to any company in the Group through guidelines for behaviour
in matters of an ethical, social and environmental nature, following the highest level of demand in the
commitment to comply with laws, regulations, contracts, procedures and ethical principles. These
regulations include, among others, the Company's declaration to respect the dignity and guarantee of
human and fundamental rights and civil liberties of people, a commitment that must also be followed by
all employees in the performance of their professional activities (S1-1_05, MDR-P_05).
It should also be noted that this Code reminds us that all the FCC Group's policies and rules are mandatory
and that they incorporate the requirements of the voluntary principles to which the Group is committed,
such as the United Nations Global Compact, the Declaration of Fundamental Principles and Rights at Work
and the ILO Conventions.
In the same way, FCC's Human Rights Policy(39), the quintessential regulation on the subject, and whose
compliance extends, in full harmony with the aforementioned Code of Ethics, to all employees, partners,
collaborators and suppliers with whom FCC collaborates (MDR-P_02, S1-1_01), definitively consolidates
the company's commitment to human rights(40), by expressly committing itself to respect and protect the
fundamental human and labour rights (S1-1_04) enshrined internationally in the United Nations Universal
Declaration of Human Rights and in the ILO Declaration together with its eight fundamental conventions
(MDR-P_01, MDR-P_04, S1-1_07).
With regard to the commitments included and assumed by FCC in this Policy that are relevant for its
workforce, the following seven are worth highlighting (S1-1_03):
Freedom of association and collective bargaining
Recognise the right of workers to freedom of association and to work constructively with their freely
chosen representatives within the national legal framework.
Decent and gainful employment
To ensure just and favourable working conditions and decent and gainful employment, in a fair and
satisfactory manner, as well as the right to rest and leisure time, in accordance with the country's
labour market and labour legislation.
Reject any kind of violence, harassment or abuse in the workplace.
Forced labour and child labour
Reject forced, involuntary or child labour, the withholding of documentation, or any other form of
modern slavery or servitude, as well as any form of torture, cruel, inhuman or degrading treatment.
Diversity and inclusion
Reject any kind of discrimination based on race, colour, gender, language, religion, political opinion,
national or social origin, marital status, economic status, disability or any other personal condition.
Health and safety
To ensure the safety of its employees, its operations, as well as its customers and users.
Data privacy
To guarantee responsible use of the personal data of its employees and clients and of the information
collected in the different international projects.
Respect for communities
Establish relationships of respect and credibility with the communities where it carries out its
activities.
(39) It is fully accessible as it is hosted on the corporate website at the link: https://www.fcc.es/normativa and available in
14 languages (MDR-P_06). In the year 2024, this Policy has not undergone any significant changes (S1-1_02).
(40) This policy specifically addresses human trafficking, forced or compulsory labour and child labour (S1-1_08).

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As mentioned above, the development of the aforementioned commitments and their monitoring is
carried out through the Group Sustainability Committee and the corresponding business committees, in
coordination with the corporate Human Resources and Procurement departments (MDR-P_03).
In order to comply with the commitments of the Human Rights Policy, the Group has adopted different
consolidated mechanisms and certain policies, standards, procedures and appropriate controls to
promote the objective of preventing and mitigating the risks and negative impacts on Human Rights
(S1‑1_06):
Regulatory block, corporate governance policies and procedures.
Protocol for the prevention and eradication of bullying.
ESG strategies (environmental, social and governance).
Training and capacity building programmes.
Mechanisms for dialogue and joint work with NGOs and social organisations.
Awareness-raising actions and campaigns.
The official procedure for due diligence in Human Rights matters that FCC makes available to all persons
or stakeholders, so that they can report any irregularity or infringement affecting fundamental rights, is the
FCC Whistleblowing Channel. Any communication received through the Whistleblowing Channel will be
processed in accordance with the Compliance Model.
Finally, the FCC Group's Sustainability Policy(41), approved by the Board of Directors on 26 April 2022
and implemented by this body through the Audit and Control Committee, to which the Sustainability
Committee, made up of the business areas and the Compliance and Sustainability Department, reports,
establishes the Group's foundations, values and commitments to sustainable development. This Policy
aims to guide the Group's actions to ensure environmental sustainability, contribute to social development
and promote exemplary corporate governance. Once again, it ensures the protection of human rights
internally and throughout the value chain, thus reinforcing, once again, FCC's commitment to respect
human rights.
Characteristics of non-employees in the company's workforce
The number of non-employed workers in the FCC Group's workforce is very small, accounting for only 3 %
of the total workforce. Specifically, the total number of non-employed workers(42) in the workforce amounts
to 2,358 people (S1-7_01), of which 627 are self-employed personnel (S1-7_02) and 1,731 are personnel
of temporary employment agencies (S1-7_03). In most cases, these are personnel who participate in the
production activity cycle to cover temporary needs that may arise in the various countries in which FCC
operates (S1-7_09).
Coverage of collective bargaining and social dialogue
As we have already mentioned, FCC considers collective bargaining to be the basis for social dialogue
between the company and its employees in order to identify the different needs and sensitivities of its
staff.
As a result of this belief, and in compliance with the commitment set out in the Human Rights Policy to
collaborate constructively with the legal representatives of employees within the national legal framework,
the Company has always been committed to the existence of a constant and fluid social dialogue with the
teams, the legal representatives of employees, trade unions and other social agents, in order to promote
the establishment of an appropriate framework for labour relations, as well as the mechanisms for
dialogue that allow the Company to adapt to the different business and social requirements.
Thus, social dialogue is an essential instrument that fosters consultation and collective bargaining of
the FCC Group's employees, as it not only enables the achievement of collective agreements of general
interest, including the signing of the various Equality Plans, agreements and collective agreements of
different scopes, among others, but also to disseminate the objectives of decisions with a direct impact on
the Group. In this sense, it is worth highlighting, among others, the following:
The company is a member of the Building and Woodworkers International (BWI) which covers all
construction sites in the sectors in which it operates.
During 2024, the Areas were present at numerous negotiating tables for collective bargaining
agreements or workplace collective agreements, and actively participated in sectoral collective
bargaining.
(41) It is accessible on the corporate website at: https://www.fcc.es/normativa and is available in Spanish and English.
(42) Data reported as at 31 December FY2024 by HeadCount (S1-7_07, S1-7_08)

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Likewise, it is essential for the FCC Group to maintain an adequate network of communication and
participation with the social part in preventive matters through the Health and Safety Committee or
equivalent bodies established for this purpose, in aspects such as monitoring the planning of preventive
measures, accident rate and absenteeism due to illness, emergency measures, health promotion actions,
among others.
Finally, as a percentage of total employees with legal representation, for countries where the Company
has significant levels of employment, a breakdown is given below:
2024

Social Dialogue
EEA Employees
0-19 %

20-39 %
Rest EEA
40-59 %

60-79 %
Spain
80-100 %

Collective agreements in the field of social relations
Collective bargaining agreements are an important instrument for regulating the working conditions of
FCC Group employees, as they regulate such essential aspects as wages, working hours, holidays, leave,
etc., as well as occupational health and safety in the broadest sense.
In the field of occupational health and safety, in accordance with our Code of Ethics, the prevention of
occupational risks is for the FCC Group a differentiating element and an essential requirement to protect
the health and safety of its workers and collaborators. In this regard, each of its businesses has a strategy
and management systems certified in accordance with recognised standards and aligned with the
legislation in force in each country.
In Spain, where the bulk of FCC's workforce is concentrated, the clauses that have most frequently been
included in the collective bargaining agreements signed with respect to occupational health and safety
have been, among others, the following:
Most included clauses in Collective Agreements
Continuous improvement:
General conditions in workplaces
Preventive measures:
PPE and emergency situations or work with
special risks.
Communication and liaison with prevention
services
Health surveillance
Regular medical check-ups.
Prevention Plans:
Risk Assessments and technical-preventive action.
Regulations on workers' rights:
Participation, training and information.
On the other hand, as regards the percentage of workers covered by collective bargaining agreements, this
varies depending on the applicable legislation, the existence of collective bargaining agreements and even
worker representation, considering in all cases the commitment to comply with the applicable legislation
and/or collective regulations (S1-8_06, S1-8_07).
Thus, in Spain, 100 % of the FCC Group's employees are covered by collective bargaining agreements
(S1-8_01), applying, as we have already mentioned, more than 900 collective bargaining agreements
in different areas (S1-8_02). However, in those countries where there is no conventional regulatory
framework, the employment relationship of employees is governed by the provisions of the applicable legal
regulations, in compliance with the relevant local legislation.
Likewise, the total percentage of employees covered by collective bargaining agreements for the different
countries where the FCC Group operates is detailed below (S1-8_02, S1-8_03, S1-8_08).

2024

Negotiation Coverage

EEA Employees
Non-EEA Employees
0-19 %

Rest
20-39 %

Europe
40-59 %
Rest EEA

60-79 %

80-100 %
Spain

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Adequate compensation
FCC operates in a wide range of production sectors in 40 countries and, in this context, has been
remunerating its employees in accordance with criteria of sectoral and geographical competitiveness,
internal equity and level of responsibility.
In this way, and in full harmony with the United Nations Guiding Principles on Business and Human
Rights and with the Global Compact, the FCC Group's Human Rights Policy approved by the FCC Board
of Directors on 30 July 2019(43) and implemented by the Group's Sustainability Committee and by the
committees of the equivalent business areas and the corporate directors in the countries where it
has a presence under the coordination of the corporate Compliance and Sustainability departments,
Human Resources and Procurement, the Company's commitment to respect the Human Rights ("HR")
established in the Universal Declaration of Human Rights and in the Declaration of the International
Labour Organisation ("ILO") by ensuring decent and remunerated employment with equitable and
satisfactory remuneration in accordance with the local labour market and legislation, training, experience
and responsibilities of the worker is expressly included(44). This policy applies to all employees and in all
activities in which FCC has financial or operational control, regardless of their nature and location, and
extends to partners, collaborators and suppliers with whom the Company collaborates.
In accordance with the above, FCC has been guaranteeing its workers an adequate minimum wage,
in accordance with the economic, social and legislative conditions existing in the country of reference
(S1‑10_01).
The ratio of the annual remuneration of the highest paid person to the median annual remuneration of all
employees is 36.04 (S1-16_02).
Universal Accessibility of persons with disabilities
FCC is aware that accessibility is a key factor for the inclusion of people with disabilities and this is
reflected in the aforementioned Equality, Diversity and Inclusion Policy, where the Company guarantees
all employees, regardless of their physical, mental or sensory limitations, the same opportunities and
experiences in the workplace so that each one can give the best of themselves, and at the same time feel
safe and fully integrated.
Specifically, in 2024 the FCC Group, continuing with its commitment to universal accessibility to
guarantee equal opportunities in access and in the environment where it carries out its activities, has
incorporated circuits with tactile flooring at FCC's corporate headquarters to facilitate accessibility and
mobility as well as safety and health for visually impaired workers, customers and other visitors/suppliers.
In line with the above, the Environment Area has recruited technical staff for labour integration in its
Special Employment Centres with the aim, , of facilitating access to employment and promoting safe
working conditions for the staff working in these centres.
These measures are in addition to others already implemented by the company that favour the creation of
a working environment free of obstacles and barriers, such as the magnetic loop for the hearing impaired,
or the accessibility certifications FCC already has, such as the AENOR Certificate for Accessible Website
Products for the FCC Group's website or the UNE 170001-2:2007 Certification for Universal Accessibility,
which certifies universally accessible access and services obtained by FCC's headquarters in 2023.
In short, and with this type of measures, FCC contributes to the creation of a working environment free of
obstacles and barriers, which guarantees the full participation and integration of all people, regardless of
their abilities.
Incidents, complaints and serious human rights impacts
In 2024, the total number of work-related complaints, incidents and claims regarding social issues and
human rights reported and processed through the FCC Group's Whistleblowing Channel (S1-17_07) was
19 (S1-17_03, S1-17_04). Of this total, the number of incidents of harassment was a total of 7 (S1-17_02),
with no fines, sanctions or compensation for damages arising from the above (S1-17_05).
It should also be noted that no serious human rights cases have been reported in 2024 (S1-17_10).
(43) It is fully accessible as it is hosted both on the corporate website at https://www.fcc.es/normativa and available in
14 languages (MDR-P_06).
(44) This policy specifically addresses human trafficking, forced or compulsory labour and child labour (S1-1_08).

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3.2. ESRS S2 – Workers in the value chain
Material impacts, risks and opportunities
Based on the double materiality analysis, and in relation to the personnel in the value chain, the impacts of
the FCC Group (SBM-3_07) that have been material for stakeholders are identified below.
Impact
(SBM-3_01, SBM-3_04, SBM-3_12)
Horizon
(SBM-3_06)
Location
(SBM-3_01, 07)
Working conditions
(I-S2.1) Creation of indirect employment through the hiring of
suppliers and contractors.
CU
UVC
(I-S2.2) Exposure of workers in the value chain to occupational
accidents and diseases arising from the performance of their
duties
CU
UVC
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
The FCC Group maintains relationships with a large number of suppliers in different geographies.
Specifically, during the 2024 financial year, FCC has maintained relationships with 46,315 suppliers, which
is a clear indication of the Group's capacity to influence the workers in its value chain.
For the purpose of assessing material impacts, risks and opportunities, all workers in the value chain have
been considered (S2.SBM-3_01).
Specifically, of the different typology of suppliers, those workers in the value chain that would be subject to
material impacts would be (S2.SBM-3_02, S2.SBM-3_03):
Workers belonging to suppliers involved in phases or operations that are part of the production activity
cycle.
Workers belonging to suppliers who carry out their professional services on the company's site or
premises.
The typology of suppliers located in the value chain of the different Business Areas can be consulted in the
section "Supplier Relationship Management", within the chapter ESRS G1 - Business Conduct.
No material impact has been identified in relation to the development of operations in geographical areas
with a high risk of forced or compulsory labour or child labour areas (S2.SBM-3_04). Furthermore, the
Group's Human Rights Policy, which the Company extends to its suppliers, opposes any form of forced or
compulsory labour, as well as child labour.
Indeed, due to the activities that FCC carries out and its business relations, the negative material impacts
on workers in the value chain are not specific or unique to the FCC Group, but all of them respond to
generalised contexts in the market in general or in the sector of activity in which it operates (S2.SBM-3_05).
Specifically, the FCC Group takes into account the creation of indirect employment through the hiring
of suppliers and contractors in all the geographical areas in which it is present and the promotion of
sustainable practices among suppliers and contractors through the implementation of policies that
take into consideration the social and ethical issues that affect the value chain. Likewise, FCC follows
purchasing procedures that allow it to establish a single methodology for approval. Thus, FCC's supplier
approval system makes it possible to limit risks by also making it easier for suppliers and contractors to
adapt to our requirements (S2.SBM-3_06).
On the other hand, the Group, aware of the health and safety performance of its subcontractors, develops
management, in accordance with recognised standards, aimed at controlling and minimising the health
risks derived from the nature of the activities carried out that reach the workers in the value chain, risks
that could lead to the materialisation of specific events (S2.SBM-3_05). The approval process includes
a series of questions related to the prevention of occupational risks in which the level of maturity of the
organisation in this area is analysed, identifying, in this way, the groups with particular characteristics,
working in particular contexts or carrying out particular activities that may entail differential treatment
when sizing the risk of suffering harm (S2.SBM-3_08).

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Material risks and opportunities arising from impacts and
dependencies
Supplier management occupies a central place in the value chain, where the choice and collaboration
with ethical and sustainable business partners contributes crucially to strengthening the reputation
and resilience of the company, avoiding the risk of inappropriate selection or monitoring of suppliers or
contractors who do not participate in the principles and values that FCC proclaims and puts into practice
in social matters.
In this way, having a supplier and contractor approval and evaluation system in place creates opportunities
to limit risks on the one hand, while on the other hand facilitating and encouraging suppliers to adapt to
our social requirements and ultimately to choose and collaborate with ethical and sustainable business
partners.
No material risks and/or opportunities for workers in the value chain have been identified (S2.SBM-3_07,
S2.SBM-3_09).
Procurement of suppliers and contractors
Indirect job creation
Policies related to indirect employment creation in the
value chain
For FCC, its suppliers and contractors are strategic collaborators who play a fundamental role in its activity,
supplying the products and services necessary for FCC to carry out its activities in accordance with the
standards and expectations of the different stakeholders. Likewise, the hiring of suppliers and contractors
favours the promotion of indirect employment.
Collaboration with suppliers and contractors is based on the promotion of solid, lasting and mutually
beneficial business relationships. In this context, business partners must align themselves with FCC's
commitments, being able to demonstrate compliance with the social and other standards set by the
Company.
In this regard, FCC has various policies and procedures with which it extends its commitments in social
matters to its suppliers and contractors, requiring them to accept and comply with the principles and
values of the Code of Ethics and Conduct, including the promotion and creation of a working environment
that takes into account diversity and fair treatment in order to promote the professional and personal
development of its employees, also extending the commitment to not tolerate any type of discrimination
or harassment in the workplace or sexual harassment. It also extends the commitment to comply with
occupational health and safety standards, guaranteeing safe and healthy working environments (S2-1_06,
MDR-P_01).
In relation to the above, and as an integral part of the FCC Compliance Model contained in the
aforementioned Code of Ethics and Conduct, the Company has a Protocol for the Prevention and
Eradication of Harassment, the scope of which has been expressly extended, in the latest version
approved by the Board of FCC in December 2024, to all persons related to FCC, regardless of the link
between them and FCC, with express mention of suppliers (MDR-P_02).
FCC also offers its suppliers and contractors the Whistleblowing Channel, for which more information
is provided in chapter ESRS G1 - Business Conduct, and through which any communication related to a
breach of the Code of Ethics and Conduct can be registered.
Likewise, the FCC Group, through its Human Rights Policy, approved by the Board of Directors in 2019
and whose scope of application takes into account its partners, collaborators and suppliers, is committed
to respecting Human Rights (S2-1_02), aligning itself with the United Nations Guiding Principles and the
United Nations Universal Declaration of Human Rights (UDHR), as well as with the fundamental principles
of the International Labour Organisation (ILO) relating to the fundamental principles and rights at work and
with the eight ILO core conventions (S2-1_08).
The development of the commitments and monitoring of this policy is carried out through the Group's
Sustainability Committee and the corresponding business committees, in coordination with the corporate
Human Resources and Procurement departments (S2-1_04).
The FCC Group's Human Rights Policy forms part of the Group's Compliance Model and is available on the
company's website in 14 languages. It extends to all the company's activities and requires equal protection
for partners, collaborators and suppliers, in accordance with the Code of Ethics and Conduct and the
commitment to Human Rights set out in FCC's Sustainability Policy (S2-1_03).
As part of the commitments included in the Human Rights Policy, the following should be highlighted,
among others (S2-1_01, S2-1_02, S2-1_05, MDR-P_01):
FCC opposes forced or involuntary labour, the withholding of documentation, or any other form of
modern slavery or servitude, as well as any form of torture, cruel, inhuman or degrading treatment.
FCC respects the rights of children and rejects child labour, in compliance with ILO Conventions 138 and
182.

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FCC undertakes to take all necessary actions to avoid compromising the safety, health and integrity of
its customers and users.
Likewise, the FCC Group's Procurement Manual, which regulates commercial relations between FCC and
its suppliers and contractors, approved in 2014 and revised for the last time in 2022, headed by FCC's
Administration and Finance Department, based on the principles of competitiveness, transparency and
objectivity, seeks to stimulate the formation of solid and lasting commercial relations between FCC and its
suppliers, contractors and partners (MDR-P_02).
This Manual sets out the fundamental principles of FCC's purchasing model, the responsibilities and
functions, as well as the processes to be followed to comply with the Company's internal rules, the
applicable legislation and to encourage the Group's suppliers to improve their performance in terms of
sustainability, establishing obligations, among others, in the following areas (MDR-P_01):
Prevention of occupational hazards
Environmental protection
Compliance with the Code of Ethics and Conduct, the Anti-Corruption Policy and the 10 principles of the
UN Global Compact.
As part of this process is the Purchasing Procedure for supplier management approved in 2014 and
last revised in 2022, headed by the Directorate of the Purchasing Department, which has the following
objectives:
1. Establish a single methodology for the approval of natural or legal persons, both Spanish and foreign, in
the Purchasing Department's Database of Approved Suppliers.
2. Define a single methodology for the evaluation of their performance once they become successful
suppliers of the purchases managed by the CD.
Both the approval and evaluation of suppliers is recorded in the database of the management platform
used by the Purchasing department as the Group's main supplier repository.
This comprehensive due diligence process, focused on ESG risk analysis, requires suppliers and
contractors to ensure their alignment with the ethical standards set by the company for entering into and
maintaining contractual relationships (MDR-P_04).
During this process, different information is requested from suppliers and contractors: financial
information, quality certifications and information on their environmental commitment and performance,
as well as information on occupational risk prevention. In terms of human resources, during the approval
process, information is required on the number of employees, percentage of women, average age and
average length of service of the company's staff, equality measures, among other aspects. In this area, it is
necessary not to have been sanctioned for any infringement of the Law on Infringements and Sanctions in
the social order in the last four years.
Finally, it should be noted that in 2024 there have been no reported cases of non-compliance related to the
UN Guiding Principles on Business and Human Rights, the ILO Fundamental Principles and Rights or the
OECD Guidelines for Multinational Enterprises affecting workers in the upstream and downstream value
chain. (S2-1_09).
Actions related to indirect job creation in the value chain
As part of its commitment to the creation of indirect employment through the hiring of suppliers and
contractors, FCC (MDR-A_02) is committed to the local hiring of the above with the aim of promoting the
socio-economic development of the communities in which FCC operates (MDR-A_01, S2-4_01, S2-4_02,
S2-4_06).
Thus, of the total number of national and international FCC suppliers in 2024, which amounted to 46,315,
the number of local suppliers was 45,582, more than 98% (MDR-A_05).
Thus, with regard to the procurement of suppliers at Group level, in 2024 (MDR-A_03), the volume of
spending on local suppliers, i.e. those from the country in which the operations are located, amounted to
5.1 billion euros.
Along the same lines, among the actions carried out by FCC to foster and favour existing ties with its
suppliers, one of the most important (S2-4_03) was the company's Supplier Day held at its corporate
headquarters. This day, organised by the Purchasing Department and attended by several of the most
important suppliers with which the Group works, was organised with the aim of consolidating and
strengthening FCC's relationship with its suppliers, thanking them for their commitment and dedication. In
this way, a climate of trust was fostered in which knowledge, experiences and good practices were shared
(MDR-A_04).
In this context, and as part of its comprehensive approach to strengthening relations with suppliers,
through its supplier and contractor approval and assessment process, FCC mitigates and avoids
negative impacts on workers in its value chain by carrying out a detailed analysis of the social, labour and
environmental aspects of each supplier (S2-4_10).

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The FCC Group strives to ensure that its business practices are responsible and in line with the principles
of respect for human rights. The effectiveness of its initiatives is monitored and evaluated by the
Purchasing Department, both Corporate and in the different Business Areas, through the effective use
of the supplier approval procedure, which ensures that the different suppliers with which FCC maintains
commercial relations are informed and aligned with the Group's commitment and values (S2-4_04,
S2‑4_05).
In addition, the FCC Group has departments specialised in the analysis of all types of risks or management
areas that provide permanent advice on all matters within their speciality (Legal Advice, Auditing, Data
Protection, etc.) to ensure that the company's practices do not generate impacts or, where appropriate,
that these can be mitigated. In those cases where it is considered necessary, external suppliers with
reputable experience are also used (S2-4_07, S2-4_08).
In short, it is a key material opportunity for FCC to have a supplier approval and evaluation system that
allows its business partners to align themselves with the commitments in terms of the social and labour
standards that FCC promulgates (S2-4_09).
Metrics related to indirect job creation in the value chain
No serious human rights cases related to the upstream and downstream stages of their value chain have
been reported (S2-4_11, MDR-M_01, MDR-M_02).
Targets related to indirect employment creation in the
value chain
No targets have been defined in this area by FCC, insofar as, as can be seen from the analysis of the
results of the actions and metrics, the procedure for the approval and evaluation of suppliers favours
the creation of indirect employment in the value chain, in order to ensure collaboration with ethical and
sustainable business partners (S2-5_01, S2-5_02, S2-5_03).
In this regard, it should be noted that the Infrastructures area has established within its Management
Targets 2021-2024 "Promote responsible contracting", setting as a goal that 90% of the contracting at cost
should be from local suppliers. Likewise, in its Sustainability Strategy it establishes as a target for 2026
"more than 90 % of contracting of local people" (MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19).
Health and safety in the value chain
The Group is aware of the importance of maintaining a safe working environment, and that its
commitments in this area extend to employees in the value chain.
For this reason, especially in the Infrastructures area, where most of the subcontractors of the activity
itself are concentrated, the relevant provisions of the Health and Safety Plans are passed on to the
subcontracted companies in each case, and regular monitoring meetings and other coordination
measures are held with them. In these meetings, in which representatives of the different companies
involved in the development of a project participate, the workers can transmit, without reprisals (S2-3_06),
the concerns and needs of the workers in terms of health and safety (S2-3_02, S2-3_03). When dealing
with all issues related to the prevention of occupational risks, the actions to be developed are dealt with
and coordinated and followed up (S2-3_04, S2-3_05).
Likewise, in general, in accordance with the ISO 45001 standard, suppliers who access work centres
with certain preventive characteristics, such as, for example, waste treatment plants in the case of the
Environmental Services area, are informed on occupational risk prevention.
However, there are no specific procedures for the remediation of negative health and safety-related
impacts in addition to the coordination and continuous improvement of preventive measures (S2-3_01).
Policies related to safety and health in the value chain
As described in the chapter "ESRS S1 - Own Personnel", the specific Health, Safety and Welfare Policy
includes subcontractors and suppliers, thus covering workers in the value chain (MDR-P_01, MDR-P_2,
MDR-P_03, MDR-P_04, MDR-P_05, MDR-P_06).

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Actions related to safety and health in the value chain
The Group is aware of the need to engage with companies that share its health and safety commitments,
protecting workers in the value chain. For this reason, the Group's approval processes, aimed at
minimising the materialisation of risks in its business relations, include specific requirements in the area of
occupational risk prevention, which can be consulted in greater detail in the chapter "ESRS G1 - Business
Conduct" (MDR-A_01, MDR-A_02, MDR-A_03, MDR-A_04, MDR-A_05).
Likewise, the FCC Group investigates all serious accidents that may occur, regardless of whether
they affect workers in the value chain or its own personnel, identifying their causes in order to prevent
their occurrence in the future. Furthermore, in the case of fatal accidents, specific meetings are held to
coordinate the relevant actions with the subcontracted companies with a view to implementing, correcting
or optimising, where necessary, the necessary measures.
In this way, the Group allocates technological and human resources to try to prevent the occurrence of
serious health and safety incidents that could affect workers in the value chain (S2-4_12).
Metrics related to safety and health in the value chain
In 2024, two fatalities were recorded in health and safety incidents involving subcontractors. No cases of
occupational diseases were detected (MDR-M_01, MDR-M_02).
Targets related to safety and health in the value chain
The Infrastructures Area, where the largest volume of subcontractors is concentrated, has defined the
targets detailed in the safe working environment objectives section of the "ESRS S1 - Own Personnel"
chapter. The rest of the Areas have not established targets applicable to subcontracted companies
insofar as, on the one hand, the level of subcontracting of own activity is low and, on the other hand,
the effectiveness of the actions promoted by the Company in its efforts to guarantee safe working
environments makes it unnecessary to define specific targets in this area (MDR-T_16, MDR-T_17,
MDR-T_18, MDR-T_19).
Other issues
Interaction processes
FCC maintains relationships of trust and transparency with its suppliers and contractors, through constant
dialogue that allows it to understand their expectations and needs, addressing their concerns.
To this end, the Company has various channels of communication, as well as channels for dialogue and
participation based on a transparent, honest, truthful and consistent relationship, either directly with the
workers in the value chain or with their legitimate representatives. Specifically, the following have been
established (S2-2_01, S2-2_02, S2-2_03):
Platform for the approval of suppliers, managed by the corporate Purchasing Department, which
guarantees the extension of the scope of social and environmental criteria to its value chain.
FCC Group Whistleblowing Channel, which is a tool that allows you to report, confidentially and through
a simple form, those potentially irregular activities and conducts that may involve a breach of the
Protocol on Workplace, Sexual and Gender-Based Harassment, the Code of Ethics and Conduct and/or
the possible commission of a criminal offence.
Corporate website, with a contact form and a detailed directory of headquarters and offices, with
relevant information including addresses and telephone numbers of the main departments.
In another vein, the specific participation processes available to FCC for the management of real and
potential impacts on workers in the value chain are as follows:
With regard to the creation of indirect employment, the purchasing and contract management
processes with suppliers incorporate risk mitigation and monitoring mechanisms for the identification
of legal risks. The business areas have expert teams, supported by the Compliance and Procurement
Divisions (S2-2_04).
Commitment to implement the UN Global Compact (S2-2_05).
With regard to the assurance and fulfilment of commitments to sustainable practices by suppliers and
contractors, the FCC Group has implemented a process of approval and evaluation, based on a risk
analysis, which considers ESG issues (S2-2_06).

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Currently, the FCC Group does not have specific measures to understand the perspectives of workers
especially vulnerable to impacts or at risk of exclusion in the value chain, maintaining its commitment to
the principles of equality and non-discrimination in its relations with suppliers and contractors (S2-2_07).
Furthermore, the characteristics of the material impact identified do not require the implementation of
additional mechanisms in the short and medium term (S2-2_08).
3.3. ESRS S3 - Affected Communities
In recent years, global social changes have had a significant impact on the population, especially on
those at risk of exclusion due to economic crises, rising unemployment and loss of purchasing power in
households. Faced with this situation, society demands a greater commitment from companies in order
to contribute to the well-being of communities. To achieve this change, companies must focus on creating
solid relationships with their environment, so that they are not only limited to obtaining economic benefits,
but can also generate a positive social impact, promoting the development of the territories where they
operate and ensuring the well-being of the population.
In order to generate a positive impact on society, the FCC Group is committed to dedicating efforts to
support communities in vulnerable situations. Below is a more detailed description of how the Group
addresses the needs of local communities.
Types of affected communities
As a basis, it is necessary to identify the affected communities that may be materially impacted by the
company's activities (S3.SBM-3_01). In this way, for each of the Business Areas, the following can be
distinguished:
Affected communities (S3.SBM-3_02)
Environment
Citizens of the cities in which they operate and the communities that live around the facilities and are
negatively impacted by them.
Infrastructure
Urban and rural communities in developed infrastructures.
Cement
Communities living or working in the vicinity of operation centres, factories or facilities.
Real estate
Tenants or buyers of real estate.
Visitors to managed shopping centres.
It should be noted that the Water Area considers its consumers and the communities affected by its activities
to be the same stakeholder group. For this reason, the actions and objectives established by this business
to manage its identified material impacts, risks and opportunities are developed in more detail in chapter
ESRS S4 - Consumers and end users.
As described above, the activities carried out by the Group aim to contribute to the development of urban
environments, including communities living or working in the centres of operation and collectives at both ends
of the value chain (S3.SBM-3_03).
No affected communities with particular characteristics, contexts or activities have been identified as likely to
be exposed to increased risk, and no specific groups of affected communities have been assessed as likely to
be particularly affected by FCC impacts (S3.SBM-3_07).

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Interaction processes
Regarding the processes of interaction with the affected communities, each Area establishes its specific
process, as these groups differ between the different businesses (S3-2_01, S3-2_02, S3-2_03, S3-2_04,
S3-2_05, S3-2_06).
In the Infrastructures Area, many of the projects developed include a person responsible for
communicating and attending to relations with the community, reporting on possible impacts on them
and applying compensatory and/or corrective measures to reduce or avoid possible impacts. This
communication is carried out directly and takes place throughout the project and on an ongoing basis.
The most senior position responsible for ensuring that this collaboration takes place and that the results
serve as a basis for the company's approach is the Country Manager, who must ensure compliance
with the requirements established in the project with regard to the communities. Furthermore, the
measures implemented within each project are evaluated with specific KPIs that determine the degree of
compliance.
Likewise, establishing measures to understand the perspectives of affected communities that may
be particularly vulnerable to impacts or marginalised is an issue that is taken into consideration in the
Infrastructure Area, where the risk-based Due Diligence System is being developed in the countries where
the Area has a presence and active projects.
This system begins with the identification of negative impacts and their prevention, mitigation and
neutralisation. From this, it continues by establishing reporting mechanisms, maintaining collaboration
with all personnel independently to detect irregular conduct, this communication is evaluated and
supervised, ending with a follow-up and monitoring of results.
This Due Diligence System seeks to identify negative impacts in the construction sector, taking into
account a wide range of issues (safety, health and wellbeing, working conditions, equality, diversity and
non-discrimination, relations with third parties, local communities, etc.) in order to reach every individual
involved or affected.
On the other hand, the Cement Area carries out Focus Groups and meetings of the regional CASAs
(Autonomous Commission for Monitoring the Agreement for the Sustainable Use of Resources).
During the 2024 financial year, the CAS of Cantabria and the CASA of Castilla y León were held with
the participation of the Hontoria factory. This collaboration takes place directly with the legitimate
representatives and is carried out on an annual basis. The Head of Environment at each plant, and the
Plant Factory Manager, are responsible for ensuring that this collaboration takes place and that the
results serve as a basis for the company's approach, although the effectiveness of this collaboration is
not evaluated. However, it does not have measures in place to understand the perspectives of particularly
vulnerable communities.
In the case of the Environment and Concessions Area, these have not adopted processes or actions to
interact with affected communities to manage current and potential impacts on them, nor do they have
measures in place to understand the perspectives of particularly vulnerable communities (S3-2_08).
Although the Real Estate Area has not adopted processes or actions to interact with the affected
communities, it has established measures to understand the perspectives of particularly vulnerable
affected communities, in accordance with the regulations or recommendations of European, national,
regional or local public administrations (S3-2_08).
Material impacts, risks and opportunities
In its exhaustive analysis of impacts, risks and opportunities (IROs), the FCC Group has assessed those
related to its affected communities. This analysis has enabled it to identify priority issues that must be
actively managed to ensure operational excellence and compliance with objectives.
The conclusions obtained from the FCC Group's double materiality analysis in relation to affected
communities are set out below. As this is the first year in which information is reported in accordance with
the ESRS, there are no changes with respect to previous years (SBM-3_11).

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Impact materiality
Based on the double materiality analysis carried out, and in relation to the affected communities, the FCC
Group has identified the following material impacts on stakeholders.
Impact
(SBM-3_01, SBM-3_04, SBM-3_12)
Area
(SBM-3_07)
Horizon
(SBM-3_06)
Location
(SBM-3_01, 07)
Economic, social and cultural rights of communities
(I-S3.1) Increase in housing availability due to real estate
activity.
Real estate
CU
OP
(I-S3.2) Generation of socio-economic development in
the communities in which it operates.
Infrastructure
Cement
Real estate
CU
OP
(I-S3.3) Contribution to local development through
solidarity actions (donations, volunteering, etc.).
Water
CU
OP
(I-S3.4) Promoting healthier spaces and controlling the
spread of disease as a result of waste management and
cleaning activities.
Environment
CU
OP
(I-S3.5) Exposure of citizens to inconvenience or
personal injury from the potential occurrence of traffic
accidents involving company vehicles.
Environment
CU
OP
Civil and political rights of communities
(I-S3.6) Promotion of initiatives for the integration of
vulnerable groups.
Environment
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
Financial materiality
Furthermore, based on the double materiality analysis, the material risk related to the affected
communities is identified below.
Risk/opportunity
(SBM-3_02)
Type

Area

Financial effects
(SBM-3_08, SBM-3_09)
Location
(SBM-3_02,
S3.SBM-3_08)
Economic, social and cultural rights of communities
(F-S3.1) Increased costs associated with
extreme weather events, affecting the
fulfilment of contracts, the satisfaction
of the population's water needs and the
repair of infrastructure.
R
Water
Increased costs due to extreme
weather events, affecting
contract performance, water
supply and infrastructure repair.
OP
* Issue dealt with by specific organisational issues.
R: Risk O: Opportunity M: Possible materialisation in the short term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
The positive impacts identified derive from increased housing, socio-economic development and the
creation of healthy spaces through waste management, as well as the promotion of the integration of
vulnerable groups, although there is a risk of traffic accidents. On the other hand, increased costs due to
extreme weather events may affect contracts, water supply and infrastructure, in line with the company's
strategy and business model, which translates into a risk (SBM-3_05, S3.SBM-3_05). Aware of the effects
of its impacts and risk, over the years the FCC Group has implemented measures to mitigate their
effects, both on the company and its stakeholders. Therefore, although they are related to the Group's
strategy and business model, and also taking into account that the material negative impacts identified
are of a generalised nature, it is not considered necessary to update these elements for impact and risk
management (SBM-3_03, SBM-3_10, S3.SBM-3_04).
Given the activity carried out by the Concessions Area, no material impacts, risks and opportunities related
to the use of resources and the circular economy have been identified, and therefore this is not a material
aspect for this business. For this reason, this chapter does not describe the policies, actions and targets
established by this Area.
However, although vulnerable groups may be more affected by material impacts, it is not considered that
risks can be related to specific consumer groups (S4.SBM-3_08).
The Group has not identified the following risk arising from these impacts on affected communities
(S3.SBM-3_06).

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Policies related to affected communities
As a result of the different activities carried out by each of FCC's business areas, the types of impact on
the communities affected may vary. For this reason, the Group has implemented policies adapted to its
operations. These policies show the FCC Group's commitment to preventing and mitigating impacts on
communities, focusing on impact and risk management, as detailed in indicator SBM-3. Through the
establishment of procedures, norms and standards, it seeks to guarantee compliance with and respect
for human rights, as well as to promote the well-being of communities (MDR-P_01). These policies are
developed in more detail in Appendix V: Policies related to social management.
The general approach to each policy covering the issue of affected communities is described below, and
each of these policies is developed in more detail in Appendix V: Policies related to the management of
social aspects.
FCC Group
Temas cubiertos
Política
Breve descripción
(MDR-P_01)
(MDR-P_01)
Respect for
communities
Respect for the
environment
Human
Rights Policy
FCC Group
It declares its commitment to respect the human rights contained in the
United Nations Universal Declaration of Human Rights and those contained
in the ILO Declaration on Fundamental Principles and Rights at Work.
Furthermore, it establishes a commitment to respect local communities,
raising awareness of their rights in terms of natural resources, access to
health care, respect for the environment, etc.
Respectful and
credible relations
with local
communities
Code of
Ethics and
Conduct FCC
Group
The FCC Group, through the Code of Ethics, undertakes to establish
relations of respect and credibility with the local communities where it
carries out its activities. It also undertakes to respect the specific rights of
the communities, their structures, territories and resources, in accordance
with national and international agreements and regulations, establishing
dialogue and minimising the impact on their rights.
Positive social
impact and
development
FCC Group
Sustainability
Policy
The FCC Group integrates social action into its business strategy to
contribute to social, cultural, economic and labour development and well-
being, improving the quality of life of the people and communities where it
operates. The company focuses on transforming cities into inclusive and
innovative environments, placing people at the centre of its management.
Its framework includes the protection of human rights, community
development, promotion of talent, safety and well-being at work, and
equality, diversity and inclusion.
The Human Rights Policy, in line with the United Nations Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for
Multinational Enterprises (S3-1_06), includes a commitment to respect communities, which establishes
the principle of maintaining relations of respect and trust with the local communities in which it operates,
making known the rights they have in terms of natural resources, access to health, education, culture and
tradition (S3-1_02). FCC also undertakes to respect the specific rights of the communities, their structures,
territories and resources, in accordance with national and international agreements and regulations,
establishing dialogue procedures and minimising any impact on these rights (S3-1_03).
Finally, it includes a commitment to respect the environment, assessing the life cycle of the Group's
activities, and to promote best practices and conduct in the management of its consumption, waste and
emissions of polluting gases. (S3-1_04)
In order that the fundamental principles contained in this policy always guide the actions of the FCC Group
in human rights matters, and in accordance with the UN Guiding Principles on Business and Human
Rights, the FCC Group defines and implements the appropriate mechanisms to exercise due diligence
in relation to the identification, prevention, mitigation and response to violations (S3-1_05). To this end,
appropriate protocols will be approved for the continuous identification, monitoring and management
of the impacts of the Group's activities on human rights, a plan will be developed to raise employee
awareness of human rights and to disseminate this Policy internally and externally, and finally, initiatives
will be defined to extend the commitments of this Policy to partners and employees.
Largely as a result of these protocols and commitments, there have been no instances of non-compliance
with relevant internationally recognised instruments regarding affected communities in FCC's own
operations or in its upstream and downstream value chain (S3-1_07).
The Group has also established a whistleblower channel, Canal Ético, to report possible negative
impacts on affected communities. This channel, aligned with the Code of Ethics and Conduct, allows any
violation of the Human Rights Policy to be reported and guarantees the confidentiality and protection of
whistleblowers. In addition, priority is given to partnerships with entities committed to human rights and
transparency.
Follow-up of complaints is monitored by a compliance team, from receipt to resolution, ensuring
appropriate action. Currently, there is no assessment of whether communities are aware of and trust this
process, although complainants are protected against retaliation.
(S3-3_10, S3-3_11, S3-3_12, S3-3_13, S3-3_14, S3-3_15)

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Actions related to affected communities
In this scenario, and with the aim of generating a positive impact on local communities, the FCC Group
has developed a framework that is implemented in a comprehensive manner throughout the company to
promote the social well-being of communities.
Creating value
Promoting a positive social and economic
impact to foster the development of
communities, as well as encouraging the
generation of employment and the hiring of
local suppliers.
Knowledge
Collaborating with educational and
awareness‑raising projects within the
community that contribute to social
advancement and well-being, as well as
supporting future generations.
Integration
Facilitating the transformation of communities
into inclusive spaces by creating awareness-
raising initiatives and supporting the social
and labour inclusion of people in vulnerable
situations or at risk of exclusion.
Solidarity
Participating in solidarity programmes and
campaigns through alliances with associations,
foundations and third sector entities, and
making financial contributions to improve
people's lives.
The FCC Group carries out key activities for the development and operation of cities, such as the supply
of essential resources like water, cleaning and maintenance services, as well as the construction of
infrastructures and buildings. These products and services are fundamental for the well-being of society,
as they have a direct impact on the quality of life of citizens.
As part of its commitment to continuous improvement, FCC is dedicated to the search for solutions to
produce and deliver services in a more optimised way, generating a positive impact on both the social and
environmental surroundings of the communities in which it operates.
Furthermore, in order to promote the company's progress in line with the needs of the population, it is
essential to listen to citizens' demands. For this reason, the FCC Group has implemented communication
channels adapted to the particularities of each business area. In this way, it ensures that it works together
with the communities, with fluid communication that guarantees the satisfaction of their expectations.
Employment and local development
For the FCC Group, it is essential to analyse how it can contribute to the promotion of employment and
local development. For this reason, actions are carried out in different areas and at Group level, focused on
satisfying the needs and expectations of the communities. In this way, the FCC Group renews its impact
on sustainable development and social welfare, while promoting the exchange of information between the
company and the communities.
Solidarity initiatives
The FCC Group reinforces its positive impact not only through its products and services, but also through
solidarity actions that encompass a variety of social initiatives.
The company fosters a committed culture, which includes the participation of its employees in solidarity
programmes, strengthening their connection with social needs and cultivating a sense of belonging. In
addition, the FCC Group works to raise awareness among new generations, promoting education and
guaranteeing integration opportunities for people at risk of social exclusion. Thus, social action is linked to
the company's strategy, reflecting a continuous effort to improve the lives of citizens.
Integration of vulnerable groups
The FCC Group, aware of the diversity of activities and people of which it is composed, recognises the
importance of generating environments committed to inclusion and diversity. It is for this reason that
the FCC Group is dedicating efforts to the development of different support and integration actions,
contributing to the creation of more egalitarian societies.
Education, awareness-raising and sensitisation
For FCC, education is a fundamental pillar for change and social progress in communities. Therefore,
through its different lines of business, it promotes the training of new generations by collaborating with
educational centres, organising workshops to raise awareness in different areas, and organising visits to
the facilities by the different areas.

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Below is a description of the main actions carried out in 2024 by the FCC Group's business areas and
related to material impacts and risks on the affected communities, detailed in indicator SBM-3 (MDR-A_01,
S3-4_01, S3-4_08, S3-4_09). These are developed in greater detail in Appendix VI: Actions related to the
management of social aspects.
Environment
Action
Short description
With those affected by the
cut-off low
Contribution of volunteer workers, vehicles and machines with the aim of
collaborating with the tasks of unblocking and cleaning in the communities
affected by the natural disaster caused by the cut-off low (DANA in Spanish)
that occurred in the Valencian Community (Valencia - Spain).
Reconstruction
and upgrading of
administrative buildings
Reconstructing and upgrading administrative buildings, as well as increasing
employee capacity and improving the working environment (FCC Environment
Slovakia).
Satisfaction of the
affected communities
and improvement of the
company's image
Reaching the satisfaction of affected communities, by increasing satisfaction
surveys to to get their feedback, relocation of containers and lining of landfills.
Environmental education
and awareness-raising
Carrying out environmental education and awareness-raising days on waste
management in the affected communities, kindergartens and schools.
Infrastructure
Action
Short description
Enhancing positive impact
on communities
Raising environmental awareness in society, also transmitting the Area's
environmental commitment throughout the value chain, informing customers
of the actions carried out in this area.
Environmental training
and communication
Training and awareness-raising for our own and subcontracted personnel in
the correct execution of their activities, through courses on environmental
matters, as well as awareness of the consequences of poor execution of these
activities. It also seeks to inform communities about the social, economic,
environmental and cultural impacts.
Cement
Action
Short description
Sponsorship of
sporting activities and
collaboration in social
actions
Foster social and community cohesion, improve relations with local residents
and enhance the company's reputation.
Real estate
Action
Short description
Development of
subsidised housing
developments
Planning and design of projects that meet the requirements for the
development of subsidised housing.
The FCC Group has an internal procedure for identifying and applying the necessary measures in the
event of negative impacts on the affected communities. Any collaboration, sponsorship or donation must
be channelled through the Strategic Planning and Management Department, ensuring its suitability and
impact. In this way, the Group implements an approach based on the evaluation of impacts and mitigation
measures, with a monitoring system to evaluate their effectiveness. In addition, the Cement Area has
resources such as training, awareness-raising and insurance to ensure the remediation of material
negative impacts. Finally, with the aim of minimising environmental impacts, emission reduction and noise
control techniques are implemented, with monitoring indicators in management committees. In addition,
conservation and environmental education initiatives are developed to strengthen the relationship with
the affected communities. In addition, this Area has an Environmental Manual and specific procedures for
each factory, aligned with applicable regulations and ISO 14001. Environmental plans are established and
reviewed annually to manage risks and improve sustainability.
It should also be noted that the Infrastructure Area has developed a due diligence system to identify and
mitigate impacts in the sector. It also seeks opportunities through sectoral cooperation and standards
such as ISO 44001. The Cement Area has an Environmental Manual and specific procedures for each
factory, aligned with applicable regulations and ISO 14001. Annually reviewed environmental plans are
established to manage risks and improve sustainability (S3-4_05, S3-4_06, S3-4_07, S3-4_08, S3-4_09,
S3‑4_10, S3-4_11).

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Metrics related to affected communities
Considering the material impacts, risks and opportunities of the FCC Group, detailed information on the
additional metrics identified within the affected communities section S3 of the ESRS is presented below.
Economic value created and distributed to affected communities
The following table expresses the economic value created and distributed among local communities,
reflecting the magnitudes in which the FCC Group generates wealth through its activities and contributes
to the economic well-being of these communities (MDR-M_01).
Economic value created and distributed to affected communities
Amount (thousands €)
Economic value generated
9,477,740
Turnover
9,071,416
Other income
406,324
Economic value distributed
8,419,385
Operational costs
5,326,124
Staff
2,703,107
Capital providers
236,051
Taxes
153,170
Community
933
Economic value retained
1,058,355
The methodology used is based on the accounting practices set out in the Group's financial statements
(MDR-M_02).
Local complaints and incidents
Finally, detailed information is provided on the number of complaints, claims and incidents reported by
local communities (MDR-M_01).
Local complaints and incidents
2024
No. of complaints and grievances from local communities
9,238
No. of incidents involving loss of community data
0
Some business areas of the FCC Group consider every complaint received from local and national
residents. This approach facilitates the identification of areas for improvement and the implementation of
corrective measures to address the concerns of the communities where it operates (MDR-M_02).

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Targets related to affected communities
In order to measure and monitor and control the effectiveness of the FCC Group's management of
affected communities, the different areas have defined different quantifiable targets to manage impacts
and risk, detailed in indicator SBM-3, which are briefly described below. These are described in greater
detail in Appendix VII: Targets related to the management of social aspects.
Area
Target
Short description
Environment
Reduce road
accidents by 50 %.
It is a voluntary target that aims to reduce road
accidents involving company vehicles by 50 %.
Stakeholder
satisfaction
The objective is to obtain the satisfaction of the
majority of stakeholders (employees, customers,
users, investors and trade unions).
Infrastructure
Allocate 0.1 % of
turnover to social
action programmes
It is a voluntary objective that seeks to allocate 0.1 %
of the company's total turnover to the development
of social action programmes.
Assessment of
100 % of activities
in terms of risks
of human rights
violations
The objective is to evaluate 100 % of the activities of
the business model of the Infrastructures Area, with
the aim of contributing to the achievement of the
Human Rights and environmental objectives.
Cemento
Social actions in the
communities where
it operates
This is a voluntary objective consisting of the
execution of social actions in the local communities
where the Cement Area in Spain carries out its
activities.
Due to the activity of the Real Estate Area, it has not adopted measurable and result-oriented targets for its
affected communities. On the other hand, it does not yet have a procedure for monitoring the effectiveness
of its policies and actions (MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19).
3.4. ESRS S4 - Consumers and end-users
One of the foundations of the FCC Group's success over more than a century has been its vocation for
service, which is intrinsically linked to the company's culture. For FCC, the customer is at the centre of its
activity, and it continually seeks to promote innovation and the marketing of products and services of the
highest quality. By developing effective and customised solutions, the Group aims to adapt to the needs
of its varied customer portfolio, which includes public sector entities, private organisations and individual
consumers.
This chapter identifies the material impacts, risks and opportunities that may relate to consumers and end-
users and sets out the Group's commitments and actions to manage them.
Types of consumers and end-users
As a basis, it is necessary to identify the consumers and end users that may be materially impacted
by the company's activities (S4.SBM-3_01). Thus, for each of the Business Areas, the following can be
distinguished:
Area
Consumers and end-users (S4.SBM-3_02)
Environment
Citizens benefiting from cleaning and maintenance services in urban
environments.
Water
Final customer (inhabitants with access to water and sanitation
services). Within this group, vulnerable groups have been identified.
Infrastructure
Citizen users of the infrastructures developed.
Concessions
Citizens using the transport infrastructures managed.
Cement
Private customers (buyers of building materials).
Real estate
Tenants or buyers of real estate.
Visitors to managed shopping centres.

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As described above, the Group's activities are intended to contribute to the development of urban
environments. In no case do they provide products or services that may be inherently harmful to
consumers and end users. However, customers of the Cement Area may need accurate and accessible
information on product labelling to avoid possible harmful use (S4.SBM-3_03).
Likewise, the Water Area is the only one that has identified groups that are especially vulnerable to certain
impacts of the organisation. In the rest of the Group, and considering the products and services offered,
it has not been determined that there are specific groups of consumers and end users that may be
especially affected by the impacts (S4.SBM-3_07).
Interaction processes
Regarding the processes of interaction with end consumers, each Area establishes its specific process, as
this group differs between the different businesses (S4-2_01, S4-2_02, S4-2_03, S4-2_04, S4-2_05, S4-2_06,
S4-2_07).
With regard to interaction processes, the role of the Water Area, which provides its water supply and
sanitation services directly to consumers, is noteworthy. For this reason, different listening and dialogue
processes have been established, supported by communication channels, such as Aqualia Contact
(mobile app), the Virtual Office or personalised attention through physical offices.
The Water Area interacts with both consumers and their legitimate representatives on an ongoing basis.
The data obtained from these listening processes, which are recorded on a six-monthly basis, allow the
evolution of the Strategic Sustainability Plan to be analysed and any necessary corrective measures to be
established. In addition, the Area has established measures to understand the perspectives of consumers
and end users who may be particularly vulnerable to impacts or marginalised. For example, the Customer
Service office has a pictogram at the entrance that makes it easier for people with Autism Spectrum
Disorder (ASD) to identify the office.
In the Environment, Infrastructures and Concessions areas, interaction with consumers and users is
indirect, as they are the beneficiaries of the products and services contracted by customers. As such,
the perspectives of users must be taken into account by customers, which in many cases correspond to
public sector entities, and there are no specific mechanisms or processes for this purpose. In the case
of the Cement Area, this type of measures have not been established either, as most of the production is
destined for private companies in the construction sector, with sales to private customers being residual.
In the Cement Area, interaction with consumers and users is indirect, as they are beneficiaries of the
products and services purchased by customers. As such, the perspectives of users must be taken into
account by customers, most of whom are private companies in the construction sector, with sales to
private customers being residual.
Lastly, and in relation to the activities of the Real Estate Area, specific communication channels have been
established for homebuyers and tenants. By means of e-mail addresses, interaction on real estate portals
or via the website, the Area aims to continuously capture the perspectives and satisfaction of these groups
through direct dialogue.
Material impacts, risks and opportunities
In its exhaustive analysis of impacts, risks and opportunities (IROs), the FCC Group has assessed those
related to its consumers and end users. This analysis has made it possible to identify priority issues that
must be actively managed to ensure operational excellence and compliance with objectives.
For each of the dimensions covered in the materiality analysis, the material impacts and risks for
the FCC Group are shown below. Considering that this is the first year that information is reported in
accordance with the ESRS, there are no changes with respect to previous years (SBM-3_11).

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Impact materiality
Considering the Group's relationships with consumers and users described above, FCC has identified the
following material impacts:
Impact
(SBM-3_01, SBM-3_04, SBM-3_12)
Area
(SBM-3_07)
Horizon
(SBM-3_06)
Location
(SBM-3_01, 07)
Privacy
(I-S4.1) Exposure of consumers' and end-users' private data,
due to the management and storage of information.
Environment
Water
Concessions
Cement
CU
OP
(I-S4.2) Exposure of private data of consumers and/
or end‑users due to the management and storage of
information in the upstream value chain.
Concessions
CU
UVC
(I-S4.3) Potential interference with critical plant operations
that could prevent service delivery: Cybersecurity in plants,
especially water treatment and desalination.
Water
LT
OP
Access to information
(I-S4.3) Failures in the provision of services to customers:
invoices, incident management, complaints, response times
and collections from users and customers.
Water
MT
OP
(I-S4.4) Increased customer satisfaction through quick
responses, better communication and development of
solutions tailored to their needs
Water
CU
OP
Impact
(SBM-3_01, SBM-3_04, SBM-3_12)
Area
(SBM-3_07)
Horizon
(SBM-3_06)
Location
(SBM-3_01, 07)
Health and safety
(I-S4.6) Development and management of safe buildings
and infrastructure
Infrastructure
Real estate
CU
OP
Access to products and services
(I-S4.7) Enable the population's access to basic construction
goods, such as cement, through practices that protect free
competition.
Cement
CU
OP
(I-S4.8) Impacts on relations with third parties due to
increased energy costs, water scarcity or other reasons that
may lead to an increase in the price of water management.
Water
CU
OP
(I-S4.9) Facilitate equitable access to water through adapted
tariffs that ensure its availability to all sectors of society,
especially the most vulnerable.
Water
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain

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Financial materiality
For the financial dimension, the Group has identified the following material risks, all of which are connected
to the impacts identified above (S4.SBM-3_06).
Risk/opportunity
Type
Area
Financial effects
Location
(SBM-3_02)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
Privacy
(F-S4.1) Cyber-attacks and personal
data loss
R
Water
Cement
Disruptions in operations and
increased costs as a result of
sanctions and/or information
redemptions.
OP
Access to information
(F-S4.2) Loss of customers due to
inadequate management and service
failures, management of incidents,
invoices, complaints, response times
and collections from users and
customers.
R
Water
Decrease in revenues due to loss
of customers.
OP
Acceso a productos y servicios
(F-S4.3) Reputational risk due to
increased water management costs
due to high energy costs.
R
Water
Reputational damage and loss of
revenue due to loss of customers.
OP
* Issue dealt with by specific organisational issues.
R: Risk O: Opportunity M: Possible materialisation in the short term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
All of the above impacts are related to the strategy and business model of the FCC Group, as they can be
generated through the provision of products and services aimed at improving the quality of life of citizens
and end users (SBM-3_05, S4.SBM-3_05). Therefore, only negative impacts related to specific incidents
have been identified, such as possible computer attacks that expose private data or affect operations,
or external events that may increase the price of water management (S4.SBM-3_04). As can be seen,
the material risks of the FCC Group have been related to the Cement and, especially, Water areas, which
supplies essential goods. However, although vulnerable groups may be more affected by the material
impacts, it is not considered that the risks can be related to specific consumer groups (S4.SBM-3_08).
Aware of the effects of its impacts and risks, over the years the FCC Group has implemented measures to
mitigate their effects, both on the company and on its stakeholders. Therefore, although they are related to
the Group's strategy and business model, it is not considered necessary to update these elements for the
management of impacts and risks (SBM-3_03, SBM-3_10).
Policies related to consumers and end-users
The Group strives to establish lasting relationships with its consumers and end users, based on mutual
trust, offering products and services in line with their needs. The continuous search for excellence, offering
products and services of the highest quality that provide added value, is one of FCC's hallmarks.
Proof of this is the Areas maintain management systems focused on ensuring quality, meeting customer
needs and establishing a culture of continuous improvement.
In addition, the provision of quality products and services generates beneficial impacts on citizens, who
benefit from improvements in the infrastructure or public services available.
In relation to the material impacts and risks identified, detailed in indicator SBM-3, the Areas have
established the following policies, applicable to all consumers and users (S4-1_01). For each of them, the
aspects covered and a brief description are detailed, and Appendix V: Policies related to the management
of social aspects can be consulted for further details.

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Area
Topics
covered
Policy
Brief description
(MDR-P_01)
(MDR-P_01)
Environment
Privacy
Management
Policy
It establishes the commitment to compliance with
the Management Systems and defines the principles
that guide the actions of professionals. These include
guaranteeing the protection of personal data and the
incorporation of the best available technology in the
field of information security.
Water
Privacy
Access to
information
Access to
products and
services
Sustainability
Policy
The criteria for action include strengthening
cybersecurity commitments derived from
digitalisation, as well as guaranteeing customer
satisfaction. The principles also include seeking to
guarantee universal access to water, as a fundamental
right, in the environments in which it operates.
Infrastruc
ture
Health and
safety
Customer
Policy
In matters related to quality, the Policy determines
that the necessary measures must be established
to ensure customer satisfaction and to comply with
customer and regulatory requirements. The latter
would include those related to the safety of the
infrastructures built.
Cement
Access to
products and
services
Quality Policy
The policy defines the organisation's commitment
to quality in activities, products and services, which
is materialised in the manufacture of products with
optimum conditions and durability, meeting the needs
of customers and complying with the applicable legal
requirements.
Real estate
Health and
safety
Sustainability
Policy
The Policy defines the company's sustainability
objectives. Among them is to promote the wellbeing
of current and future occupants, as well as the
promotion of health and wellbeing for tenants. Within
the framework of this policy, it presides over the
development of the Realia Group's activities and is
inherent to the commitment and actions of all the
companies that make up the Group, aligning itself with
the demands of customers and society as a whole.
The Concessions Area does not currently have a Policy covering the identified material impacts and risks
(MDR-P_07).
In addition to the above, and as detailed above, the Group has a Human Rights Policy, aligned with the
United Nations Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental
Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises (S4-1_06). It sets
out the Group's human rights commitments and, especially for users, recognises the following (S4-1_02,
S4‑1_03, S4-1_04, S4-1_05, S4-1_06):
Health and safety: Carry out all necessary actions so as not to compromise the safety, health and
integrity of clients and users.
Data privacy: Responsible use of personal data and information collected in the different international
projects where it operates.
For the reporting of possible negative impacts, the Group has established an Whistleblowing Channel,
which is also available to consumers and end users. This Channel, framed within the operation of the
Group's Compliance Model, is assigned a process for investigating notifications, within which measures
for the remediation of negative impacts would be established, if necessary. More detailed information
on the functioning of this channel can be found in the chapter on Business Conduct (S4-3_01, S4-3_02,
S4‑3_03, S4-3_04, S4-3_05, S4-3_06, S4-3_07).
Actions related to consumers and end-users
The main actions carried out in 2024 by the FCC Group's business areas and related to material impacts
and risks on consumers and users, detailed in indicator SBM-3, are set out below (MDR-A_01, S4-4_01,
S4-4_08, S4-4_09). In Appendix VI: Actions related to the management of social aspects, the information
related to self-consumption is not included in the Water Area, as the information was not available at the
date of publication of this report.

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Area
Action
Short description
Environment
Artificial intelligence
applied to street
cleaning *
A new project that will allow inspection vehicles to carry out
a visual recognition task using artificial intelligence to detect
waste that is deposited outside the containers.
Water
Omni-channel customer
service
To enhance communication with customers and
communication channels, ensuring their satisfaction, as
well as that of other stakeholders, through the provision
of services and the creation of products and projects that
contribute to this end.
Cybersecurity
Ensure the cybersecurity of all stakeholders by
strengthening the cybersecurity commitments derived from
the digitalisation process in which the company is involved.
Asset management and
maintenance
Manage client and own facilities and assets, through design,
reception, risk management, control, maintenance, legal
compliance and refurbishment.
To provide Water Area workers with functional tools for the
performance of their daily work, as well as to optimise the
maintenance of installations, plants and networks.
Building a
Communication Plan *
Achieving the positioning of the company, highlighting
technological evolution, raising awareness of sustainability
and conveying the value that the company provides.
Area
Action
Short description
Infrastruc
ture
Implementing a Quality
Management System
Implement, in all projects, a quality assurance and control
plan to ensure compliance with the regulations applicable to
the construction sector, as well as with all the requirements
established in the projects.
Implementing an
Information Security
Management System
Implement an Information Security Management System
that ensures compliance with requirements, thus ensuring
compliance with the Information Security Policy and
contributing to compliance with other policies of the
Infrastructure Area.
CE marking of iron and
aluminium structures
and re-engineering to
reduce material waste
To provide products with extra quality, in order to increase
competitiveness, while ensuring the safety of end
consumers and reducing the waste or residue of materials.
Certificate of conformity
of factory production
control
To ensure the safety of product users and compliance
with harmonised European standards. The CE marking
determines minimum levels of safety, functionality, energy
saving and environmental protection common in Europe.
Concessions
Implementing a Quality
Management System
Implement a quality assurance and control plan for all
projects in the Concessions Area, in which it has a majority
stake.
Cement
Renewal and acquisition
of new quality control
equipment
Renew and purchase equipment to ensure greater control
of the process and products placed on the market, as well
as the reduction of future quality risks, which could in turn
represent risks for consumers and end-users.
Real estate
Inclusion of green
or ESG clauses in
contracts
Have ESG-related information from tenants and suppliers
and include green clauses or clauses referring to ESG
aspects in lease contracts.
Integrate and monitor
ESG criteria in the
selection and evaluation
of suppliers and
contractors
To make a selection of partners and suppliers so that in
the coming years a higher percentage of them include ESG
criteria in their procedures, ensuring that these criteria are
transferred to contracts and projects.
* Additional actions to make a positive contribution (S4-4_03).

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As it has a mostly indirect relationship with consumers, the FCC Group focuses its efforts on providing
quality products and services from which users will benefit. In order to maintain excellence and manage
negative impacts, all business areas closely monitor customer satisfaction and possible complaints and
claims. In this way, possible non-conformities are managed effectively, ensuring a constant alignment
between customer needs and the actions developed, and consequently limiting possible adverse effects
on consumers (S4-4_05, S4-4_06, S4-4_07, S4-4_10).
As a result of the processes in place, and the constant monitoring of customer satisfaction, no serious
cases related to the violation of human rights among consumers and end-users have been reported during
the financial year 2024 (S4-4_11).
Metrics related to consumers and end-users
Considering the material impacts, risks and opportunities of the FCC Group, detailed information on the
additional metrics identified in relation to consumers and end users is presented below.
Complaints, claims and incidents
The following table reports the number of complaints and claims from consumers and end-users
(MDR-M_01).
Complaints and claims
2024
No. of complaints and claims received
43,771
No. of complaints and claims resolved
43,771
Average resolution time
10
The FCC Group's business areas manage customer complaints and claims through different systems,
adapted to the nature of the activity and the country. In general, these are received through channels such
as telephone, e-mail or in person, and are recorded in specific programmes for each region. Subsequently,
the causes are analysed and corrective actions are implemented to avoid recurrences (MDR-M_02). In all
cases, the process involves recording, managing and closing complaints once they have been resolved,
maintaining constant communication with stakeholders (MDR-M_02).
Products and services assessed for their health and safety impacts
Regarding products and services, 100% of products and services in the Environment, Infrastructure,
Cement and Real Estate areas are assessed for their impact on the health and safety of consumers and
end-users (MDR-M_01).
The assessments range from occupational risks to end-user safety (MDR-M_01), adapting the assessment
methodologies according to the nature of the activities and the regulatory context of each country,
ensuring compliance with applicable regulations and quality standards, such as ISO 9001, ISO 14001,
ISO 45001, and CE marking certifications for construction products, aggregates, and metallic structures,
among others, or specific certificates that guarantee safety during their life cycle (MDR-M_02).
These practices reinforce the Group's commitment to protecting health and safety throughout the entire
life cycle of its products and services, from production to end use, in activities such as construction,
environmental management, and transport (MDR-M_01).
Incidents
During 2024, no incidents have been reported, and specifically incidents resulting in the loss of consumer
and/or end-user data (MDR-M_01). In the different businesses of the FCC Group, incidents are recorded
and managed by methods that include Information Security Management systems based on continuous
improvement and consultation with the data protection department for the recording of incidents
(MDR-M_02).

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Targets related to consumers and end-users
Through the design and marketing of products and services with differential value for the customer, the
Group contributes to improving the quality of life of citizens.
In pursuit of continuous improvement, the different business areas have established the following targets,
related both to improving the quality of the solutions offered and to increasing customer satisfaction,
focused on the management of impacts and risks, described in indicator SBM-3. Given the characteristics
of the issues addressed, the following general objectives have been established by the company, in whose
definition process consumers have not participated (S4-5_01, S4-5_02, S4-5_03). These are also specified
in more detail in Appendix VII: Targets related to social management.
Area
Target
Short description
Environment
Reduction
of customer
complaints.
To achieve that less than 0.45 % of all invoices issued by the
company give rise to complaints.
(FCC Environment CEE Austria)
Data protection in
accordance with the
law.
Achieve data protection as required by the General Data
Protection Regulation, ISO and other documents/policies.
(FCC Environment CEE Czech Republic)
Water
Improving quality
and contractual
procedures.
Increase the number of contracts with all customer service
channels in place and the number of electronic invoices,
increase the number of contracts with digital signature, the
number of customers with remote metering and the number of
contracts managed with AWA, the professional platform for the
water sector.
Compliance with the
Cybersecurity Plan
and Communication
Plan.
Achieve 95 % compliance with the company's cybersecurity
action plan and 80 % compliance with the Global Strategic
Communication Plan.
Improvement
of the customer
satisfaction index.
Improve the satisfaction index of end and institutional
customers and achieve at least 80% of end customers satisfied
with the quality of service provided by 2024 and more than a
4 (range 1-5) average rating of satisfaction with the quality of
service provided by institutional customers.
Area
Target
Short description
Infrastruc
ture
Improve customer
experience.
Improve the customer satisfaction index by obtaining a value
equal to or higher than 3.70 points (out of 4 points) as an
average value in the end-of-work surveys.
Quality management.
To generate a better opinion of the company in the eyes of
customers, the aim is to obtain a rating in customer surveys
and reports of 97 % of the attributes of the end-of-work survey
rated as Very Good or Good.
Information security.
Improve the system used in the FCC IIE Systems Area with
regard to information security. To this end, the goal is to
achieve a minimum percentage of approximately 80 % of
updated equipment, as stably as possible over time.
Resolution
of customer
complaints.
Achieve resolution of customer complaints within the
timeframe agreed with customers.
Customer
satisfaction
Identify the degree of customer satisfaction and adopt the
necessary measures to increase customer satisfaction and
continuous improvement in the Area's activities.
Improving the
company's image
Improve the company's image with regard to customers,
by means of end-of-work surveys, maintaining contact with
customers, attending to their complaints, suggestions, etc.
Increasing customer
satisfaction
Increase customer satisfaction through advice, offering
products and materials of greater value than the competition.
In addition, we seek to guide the customer on new formulas or
applications, with the aim of improving the ratings in the End of
Work Survey.
Due to the activities carried out by the Concessions, Cement and Real Estate Area, they have not adopted
measurable and results-oriented targets for their consumers and end users. On the other hand, it does not
yet have a procedure for monitoring the effectiveness of its policies and actions (MDR-T_16, MDR-T_17,
MDR-T_18, MDR-T_19).

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3.5. Other information related
to the management of social issues
Appendix V:
Policies related to the management of social issues
All the policies related to the social management of the FCC Group and the business areas, which comply
with the criteria established by the ESRS, are included below.
FCC Group
Human Rights Policy
Scope
(MDR-P_02)
The protection of and respect for human rights is at the core of the FCC Group's
corporate culture and values and applies to all activities in which the company
exercises financial or operational control, regardless of the respective process or
location.
It is aimed at internal stakeholders. However, the company requires the same respect
for human rights - including privacy - from its partners, employees and suppliers in
accordance with the current Code of Ethics and Conduct.
Responsible
(MDR-P_03)
Board of Directors of FCC Group.
References
(MDR-P_04,
S4-1_06)
UN Guiding Principles on Business and Human Rights.
ILO Declaration on Fundamental Principles and Rights at Work.
OECD Guidelines for Multinational Enterprises.
Global Compact (to which the FCC Group adhered in 2006).
Stakeholders
(MDR-P_05)
Aimed primarily at internal stakeholders, i.e. employees. The interests of affected
communities have been taken into account.
Availability
(MDR-P_06)
Code of Ethics and Conduct and Compliance Model available on the FCC Group's
website and intranet.
Code of Ethics and Conduct
Scope
(MDR-P_02)
Applicable to all persons linked to any FCC Group company, regardless of the type of
contract, position or geographical scope.
Responsible
(MDR-P_03)
Board of Directors.
References
(MDR-P_04)
United Nations Global Compact.
Declaration on Fundamental Principles and Rights at Work and ILO Conventions.
Stakeholders
(MDR-P_05)
Funders, clients and rating agencies (through project-specific questionnaires); partners
(in the signing of the partner agreement and in the implementation of a compliance
model), ASCOM (as members of the Board, collaboration in regulatory development
processes).
Availability
(MDR-P_06)
Publicly accessible through the official website of the FCC Group, in 15 languages.
Sustainability Policy. See Appendix II: Policies related to environmental management.
Environment Area
Management Policy. See Appendix II: Policies related to environmental management.
Water Area
Sustainability Policy. See Appendix II: Policies related to environmental management.

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Infrastructure Area
Customer policy
Scope
(MDR-P_02,
S4-1_01)
It applies to all geographical areas where it operates and where the factories in which
it does business are located and affects the entire organisation.
Responsible
(MDR-P_03)
All policies are approved by the Sustainability Committee of the Construction
Area, in all cases the policies are also approved and signed by the relevant General
Management.
References
(MDR-P_04,
S4-1_06)
Trade union agreement with the ILO (2012) to promote and respect human rights in
the field of construction work.
Code of Ethics.
UN Women Compact for Women's Empowerment.
United Nations Global Compact.
The Construction Area is currently implementing a Due Diligence System (CS3D) in all
countries where it is present, in line with the UN Guiding Principles on Business and
Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work and
the OECD Guidelines for Multinational Enterprises. Explicit reference to affected local
communities, indigenous peoples and cultural heritage is included at the end of the
policy.
Stakeholders
(MDR-P_05)
Customers are one of FCCCO's main stakeholders, so this policy is specifically drafted
to meet their interests. On the other hand, a second stakeholder group is considered to
be society in general, which may be affected by the activity of the Infrastructures Area.
In the case of Prefabricados Delya, the quality system is focused on its first group
of interest, which are the customers, establishing all the specifications necessary to
meet their expectations. The other stakeholders that have been taken into account
range from Delta's own personnel to the study of all those parties that may be affected
by Delta's activity.
Availability
(MDR-P_06)
All the policies of the Infrastructure Area are available on its website (Delta,
FCC Industrial, Matinsa and Megaplas). Delta's policies are also published on all the
information boards at both factories and at the head office.
Cement Area
Quality Policy
Scope
(MDR-P_02,
S4-1_01)
The scope of the quality policy corresponds to the cement, aggregate, mortar and
concrete manufacturing activities at the CPV Group's centres in Spain. This policy
responds to the needs of customers, complying with all the legal and/or regulatory
requirements applicable wherever they are marketed (manufacturing conditions,
necessary certifications, compliance with applicable product regulations, correct
labelling, etc.).
Responsible
(MDR-P_03)
The quality policy is defined by the Spanish Operations Management, and is the
maximum expression of the Area's commitment to Quality.
References
(MDR-P_04,
S4-1_06)
UNE-EN ISO 9001:2015.
The policy is not aligned with the UN Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles and Rights at Work or the OECD
Guidelines for Multinational Enterprises.
Stakeholders
(MDR-P_05)
The policy explicitly mentions the analysis of the organisation's context and the
understanding of the needs and expectations of stakeholders. These analyses and
studies are developed within GCPV's quality management system.
Availability
(MDR-P_06)
The policy is available at all sites, but is not available on the company's website.
Real Estate Area
Sustainability Policy. See Appendix II: Policies related to environmental management.

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Appendix VI:
Actions related to the management of social issues
The following are those actions related to social management that meet the criteria established by the
ESRS, broken down by theme and by business area according to materiality.
ESRS S3 – Affected Communities
Environment Area
With those affected by the cut-off low (DANA)
Key actions
(MDR-A_01,
S3-4_01)
This is an ongoing action implemented by FCC Medio Ambiente Atlantic - Spain
following the natural disaster caused by the cut-off low (DANA in Spanish) that
occurred mainly in the Valencian Community (Spain). The action consists of providing
volunteer workers, vehicles and machinery with the aim of collaborating in the clean-
up, unblocking and cleaning tasks in the communities affected by the phenomenon.
This equipment has been made available to the emergency coordination centres
working in the Valencian Community and is also being managed by the company
managers responsible for local services.
The implementation of the action contributes to the achievement of the Sustainability
Strategy, where volunteer actions are promoted with the communities.
Scope
(MDR-A_02)
Sewerage teams have been mobilised from the delegations of Barcelona Capital and
Balearic Islands, Catalonia I, Castilla-Leon and Extremadura, Andalusia I, Andalusia
II, Aragon-La Rioja, Vizcaya, Madrid, Murcia-Almeria, Canary Islands and Guipuzcoa-
Navarra of the Environment Area in Spain.
Time horizon
(MDR-A_03)
The company is currently working to ensure that the affected municipalities and
citizens can return to normal as soon as possible.
Remediation
of Impacts
(MDR-A_04,
S3-4_02, S3-4_07)
The action aims to remedy the negative impacts caused by the cut-off low natural
disaster in the affected municipalities.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
With those affected by the cut-off low (DANA)
(continuation)
Positive
initiatives
(S3-4_03)
In this policy, no additional positive initiatives are taken.
Effectiveness
evaluation
(S3-4_04)
Effectiveness will be assessed in 2025, so that if the proposed targets have not been
achieved, new actions are proposed for the next cycle.
Reconstruction and upgrading of administrative buildings
Key actions
(MDR-A_01,
S3-4_01)
These are two actions in Slovakia, "Ensuring the reconstruction of the administrative
building", implemented in 2024; and "Improving the working environment for
employees and increasing their capacity", both of which are ongoing. These actions
ultimately aim to reconstruct and improve the administrative buildings, as well as to
increase employee capacity and improve the working environment for employees.
Scope
(MDR-A_02)
The scope of the action to reconstruct the administrative building is the existing
offices in the municipality of Dolný Bar, while the scope of the action to improve the
working environment of the employees and increase their capacity applies to the
offices in the municipality of Zohor (FCC Environment CEE Slovakia).
Time horizon
(MDR-A_03)
The implementation period for both actions is 2024.
Remediation
of Impacts
(MDR-A_04,
S3-4_02, S3-4_07)
These actions do not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Positive
initiatives
(S3-4_03)
In this policy, no additional positive initiatives are taken.
Effectiveness
evaluation
(S3-4_04)
The effectiveness of the action concerning the reconstruction of the facilities is
evaluated in the employee satisfaction surveys, while the action for the improvement
of the working environment of employees is not evaluated in terms of effectiveness.

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Satisfaction of affected communities and improvement of the company's image
Key actions
(MDR-A_01,
S3-4_01)
These are different actions, all of them implemented in 2024 in FCC Medio Ambiente
Atlantic France, and FCC Environment CEE Austria and Hungary, and aimed at achieving
the satisfaction of the communities concerned.
One of the main actions is to increase the number of satisfaction surveys, in order to
obtain the opinion and level of satisfaction of 100% of the affected communities. This
contributes to the achievement of policies and objectives aligned with the needs of
these communities.
Another initiative involves the relocation of containers to prevent waste from being
blown away by the wind and ending up on local communities' property, contributing to
company policies and objectives by minimising disruption to local residents and creating
positive relationships.
Finally, the landfill in the city of Gyál has been covered to prevent nuisance to the
communities caused by odours from the landfill, improving the quality of life of the
neighbours and increasing stakeholder satisfaction.
Scope
(MDR-A_02)
The scope of the action to increase the number of satisfaction surveys is the agencies
of all entities and actors in the field, customers, users, investors, employees and trade
unions in France.
The second option dedicated to satisfying the affected communities by relocating the
containers applies only to the territory of the city of Amstetten (Austria).
As for the scope of the landfill liner action, it applies to areas I-VII of the landfill in the
city of Gyál (Hungary), inhabitants, employees, visitors and suppliers.
Time horizon
(MDR-A_03)
It is planned to increase actions to increase the number of surveys in France by 2030.
The action relating to the relocation of the containers has already been completed,
while the deadline for the landfill cover action was the third quarter of 2024.
Impact
Remediation
(MDR-A_04,
S3-4_02, S3-4_07)
It is intended to remedy impacts related to the company's performance and image, as
well as stakeholder satisfaction.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Satisfaction of affected communities and improvement of the company's image
(continuation)
Positive
initiatives
(S3-4_03)
In this policy, no additional positive initiatives are taken.
Effectiveness
evaluation
(S3-4_04)
The monitoring of the actions is carried out by reviewing the results obtained in the
surveys, as well as the number of complaints received from nearby inhabitants in the
case of the action related to the Gyál landfill.
Environmental education and awareness-raising
Key actions
(MDR-A_01,
S3-4_01)
These are different actions aimed at strengthening the commitment to the
environment and promoting the sustainability of local communities, in several
countries of FCC Environment CEE.
One of the key actions, implemented in 2024, consists of environmental education
and awareness days in kindergartens and schools in Hungary and Poland. This type
of initiative contributes directly to stakeholder satisfaction, thereby contributing to the
company's related policies and objectives.
Other actions implemented include raising awareness of local communities on the
importance of proper waste management in Romania, and developing educational
programmes and events for children and adults on waste prevention and proper waste
treatment in the Czech Republic.
It is an ongoing action that facilitates the achievement of the company's
environmental objectives and policies.
Scope
(MDR-A_02)
The action aimed at environmental education and awareness-raising covers Hungary,
Poland and Romania.
On the other hand, the action related to waste management awareness is extended to
the inhabitants of the city of Arad in Romania and the Czech Republic.
Time horizon
(MDR-A_03)
The implementation period for the environmental education and awareness-raising
action in Hungary is 2024, while the actions in Poland, Czech Republic and Romania
are ongoing actions that are carried out on an annual basis.
Impact
Remediation
(MDR-A_04,
S3-4_02, S3-4_07)
The actions are intended to remedy impacts related to stakeholder misinformation,
environmental protection and waste prevention.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

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Environmental education and awareness-raising
(continuation)
Positive
initiatives
(S3-4_03)
In this policy, no additional positive initiatives are taken.
Effectiveness
evaluation
(S3-4_04)
For the evaluation of the progress of the action, a complaints channel is available for
the affected communities.
Infrastructure Area
Enhancing positive impact on communities
Key actions
(MDR-A_01,
S3-4_01)
This is an ongoing action to raise awareness and sensitise society to environmental
issues, transmitting the knowledge acquired by the company throughout its
experience in this field.
In addition, the company conveys its environmental commitment throughout the value
chain, as well as informing the customer of the actions carried out in environmental
matters.
Scope
(MDR-A_02)
It covers all construction and site activities in which the company has financial or
operational control, including all employees, managers, suppliers, customers and
contractors who collaborate with the Infrastructure Area globally.
Time horizon
(MDR-A_03)
It is planned to complete the action on an annual basis.
Remediation
of Impacts
(MDR-A_04,
S3-4_02, S3-4_07)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Positive
initiatives
(S3-4_03)
In this policy, no additional positive initiatives are taken.
Effectiveness
evaluation
(S3-4_04)
Monitoring and evaluation of effectiveness is carried out through the Due Diligence
System.
Environmental training and communication
Key actions
(MDR-A_01,
S3-4_01)
This is an ongoing action to train personnel in the correct execution of their activities,
as well as subcontractors, through environmental courses. Raising awareness and
environmental awareness of the consequences of incorrect performance of its
activities. In addition, informing communities about social, economic, environmental
and cultural impacts.
Scope
(MDR-A_02)
It covers all construction and works activities in which the company has financial
or operational control, including all employees, managers, suppliers, clients and
contractors who collaborate with FCC globally.
Time horizon
(MDR-A_03)
It is planned to complete the action on an annual basis.
Remediation
of Impacts
(MDR-A_04,
S3-4_02, S3-4_07)
Through the action, the Infrastructure Area aims to remedy current negative impacts
on stakeholders by raising environmental awareness and training.
In this way, relations have been established with the populations involved in 90 % of
the works, providing them with information on the impacts, the municipalities affected
and the duration, as well as the benefits of the project.
In addition, consultation mechanisms were established, complaints and claims
received from those affected were managed and solutions were agreed upon for
some of the projects. In addition, knowledge acquired in environmental matters was
disseminated, and good environmental management practices and social initiatives
were made public.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Positive
initiatives
(S3-4_03)
In this policy, no additional positive initiatives are taken.
Effectiveness
evaluation
(S3-4_04)
Environmental aspects are identified, and their relevance is assessed according to the
magnitude and importance of the impact, good environmental practices that go beyond
legislative requirements are implemented and evaluated according to their benefit to the
environment.
In addition, it publishes sustainability reports containing environmental management
data and has its greenhouse gas (GHG) emissions reports verified by accredited external
bodies, ensuring transparency and accuracy of the data.

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A2
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Cement Area
Sponsorship of sporting activities and collaboration in social actions
Key actions
(MDR-A_01,
S3-4_01)
This is an action carried out during the year 2024 and to which the Group has
been committed for several years, in which the main objective is to promote social
and community cohesion, improve relations with local residents and enhance the
company's reputation.
The action contributes to the achievement of one of the stated objectives,
"To contribute to social actions in the local communities where we operate".
Scope
(MDR-A_02)
It covers the companies that make up the Cement Area and all those companies or
entities in which the Area holds, directly or indirectly, a stake of more than 50 % or in
which it is entrusted with management.
Time horizon
(MDR-A_03)
Indefinite. No deadline at present.
Remediation
of Impacts
(MDR-A_04,
S3-4_02, S3-4_07)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Positive
initiatives
(S3-4_03)
In this policy, no additional positive initiatives are taken.
Effectiveness
evaluation
(S3-4_04)
At the end of the financial year, the Sustainability Department monitors the number
of actions carried out, as well as the total amount spent on sponsorships and social
actions.
Once the actions have been carried out, information on the execution of the action is
requested in order to disseminate it through the media used by the Group to inform
stakeholders of the actions carried out. These sponsorships are approved according
to internal procedures by the Planning and Management department. The Internal
Audit department is responsible for carrying out regular checks to verify compliance
with this procedure, reviewing the requests registered, the approval flows and the
evidence of the actions carried out, in accordance with the Group's protocolised
procedure.
Real Estate Area
Development of subsidised housing developments
Key actions
(MDR-A_01,
S3-4_01)
Planning and design of projects that meet the requirements for the development of
subsidised housing.
The action contributes to the achievement of the policies and objectives by
contributing to the access to housing for young and vulnerable groups.
Scope
(MDR-A_02)
It covers those geographic areas where the company may have qualified land available
for this type of housing.
Time horizon
(MDR-A_03)
It is intended to develop the action indefinitely.
Remediation
of Impacts
(MDR-A_04,
S3-4_02, S3-4_07)
This action does not provide or cooperate in the remediation of those affected by
actual material impacts of the company, although it does make a small contribution to
this national social problem.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Positive
initiatives
(S3-4_03)
In this policy, no additional positive initiatives are taken.
Effectiveness
evaluation
(S3-4_04)
The monitoring and effectiveness of this action is carried out continuously, with the
commercial department.

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2
Ethical governance
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A2
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ESRS S4 - Consumers and end-users
Environment Area
Artificial intelligence applied to street cleaning
Key actions
(MDR-A_01,
S4-4_01)

This is an action implemented in 2024, where a new project is incorporated into
Madrid's street cleaning service that will allow inspection vehicles to carry out a visual
recognition task using artificial intelligence to detect waste that is deposited outside
the containers.
With a data feed device through artificial vision, and through the use of visual sensors
and the development of algorithms based on AI and Machine Learning, the developed
solution allows the proactive and automatic detection of abandoned waste next to the
containers.
This action contributes to the improvement of the quality of services and the
satisfaction of the customer and the general public.
Scope
(MDR-A_02)
This pioneering initiative in Spain has been developed by the Information Technology
department and the Madrid branch of FCC Medio Ambiente, responsible for the street
cleaning contract for lot 6 in the capital, in collaboration with a company specialising
in AI, Advisory ExpertS, and will be activated in Carabanchel, Villaverde and Usera.
Time horizon
(MDR-A_03)
The project will operate in districts with a daily average of 2,100 abandoned waste
collection actions, to be completed by the end of the contract in 2028.
Remediation
of Impacts
(MDR-A_04,
S4-4_02,
S4-4_07)
The project seeks to eradicate a problem that greatly affects the quality of the service,
causing sources of dirt, significant aesthetic problems in the urban landscape and
numerous complaints from citizens.
With the implementation of this project, the service reduces the average response
time for this type of incident by more than 50 %. In addition, it contributes to reducing
the energy consumption of vehicles, which increases efficiency and, consequently,
the useful life of the equipment. In order to meet the requirements of data protection
legislation, the system also pixelates people and vehicles that may appear in the
images.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Artificial intelligence applied to street cleaning
(continuation)
Effectiveness
evaluation
(S4-4_04)
In this case, customer and therefore community satisfaction is analysed after the
measure. Nothing formal is done, but a reduction in customer complaints and overall
cleanliness of the area of operation is observed.
Water Area
Omni-channel customer service
Key actions
(MDR-A_01,
S4-4_01)

This is an ongoing action, which aims to enhance communication with customers
and communication channels, ensuring their satisfaction, as well as that of other
stakeholders, through the provision of services and the creation of products and
projects that contribute to this end.
The aim is to provide rapid, real-time responses to the needs of users and customers,
improving customer information and developing solutions, combining the work of site
managers and service managers.
Scope
(MDR-A_02)
The action reaches end-users of Integrated Water Cycle Management activities in
Spain, Georgia, Italy, Colombia, France, Portugal and the Czech Republic.
Time horizon
(MDR-A_03)
The action is planned to be completed by 2026.
Remediation
of Impacts
(MDR-A_04,
S4-4_02,
S4-4_07)
The action aims to remedy impacts related to reputational impacts caused by not
having transparent information systems with stakeholders, as well as those related
to failures in the provision of services to customers, invoices, incident management,
claims and collections from users and customers, waiting times, etc.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
Quarterly monitoring of the action and target is carried out at the quarterly
Management Systems meetings, as well as the annual evaluation of the SPFS.

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A2
Sustainability
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Cybersecurity
Key actions
(MDR-A_01,
S4-4_01)

This is an ongoing action, where the objective is to ensure the cybersecurity of all
stakeholders by strengthening the cybersecurity commitments derived from the
digitalisation process in which the company participates. It also aims to contribute
to protecting information from loss of availability, confidentiality, integrity and
unauthorised access.
Scope
(MDR-A_02)
The action reaches all stakeholders in Integrated Water Cycle Management activities
in all countries where it operates or has control.
Time horizon
(MDR-A_03)
The action does not have a specific deadline, the objective is to achieve more than
95 % compliance with the company's cybersecurity action plan.
Remediation
of Impacts
(MDR-A_04,
S4-4_02,
S4-4_07)
The action aims to remedy impacts related to cybersecurity and data protection of
user and customer groups.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
Quarterly monitoring of the action and target is carried out at the quarterly
Management Systems meetings, as well as the annual evaluation of the SPFS.
Gestión de activos y mantenimiento
Key actions
(MDR-A_01,
S4-4_01)

This is an ongoing action, where client and own facilities and assets are managed
through design, reception, risk management, monitoring, maintenance, legal
compliance and refurbishment.
To provide workers with functional tools for the performance of their daily work, as
well as to optimise the maintenance of installations, plants and networks.
In addition, the information necessary for all teams to achieve excellence, process
digitalisation or regulatory requirements is made available.
Scope
(MDR-A_02)
Reaches plants managed under operation and maintenance concession or BOT, which
have been in operation for two or more years.
Time horizon
(MDR-A_03)
The action is not time-bound, it is a continuous action that is repeated every year.
Remediation
of Impacts
(MDR-A_04,
S4-4_02,
S4-4_07)
The action aims to remedy the impacts related to the digitalisation of processes
involved in water management, those associated with the design and implementation
of processes and procedures.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
Quarterly monitoring of the action and target is carried out at the quarterly
Management Systems meetings, as well as the annual evaluation of the SPFS.

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2
Ethical governance
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A2
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Building a Communication Plan
Key actions
(MDR-A_01,
S4-4_01)

This is an ongoing action, which seeks to achieve the positioning of the company,
highlight technological developments, raise awareness of sustainability and transfer
the value provided by the company.
To this end, the Water Area's commitment to society is communicated to
stakeholders, ensuring that the information provided meets the quality criteria and
complies with the requirements of applicable legislation and company standards.
In addition, the aim is to raise awareness and increase the educational role of the
company in terms of resource conservation, the environment, biodiversity, etc.
Scope
(MDR-A_02)
The action covers the entire Area, its activities and includes all stakeholders.
Time horizon
(MDR-A_03)
The action does not have a set date for completion, a plan is established and updated
annually.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
The action aims to remedy reputational impacts, through communication and
transparency.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
Quarterly monitoring of the action and target is carried out at the quarterly
Management Systems meetings, as well as the annual evaluation of the SPFS.
Infrastructure Area
Implementing a Quality Management System
Key actions
(MDR-A_01,
S4-4_01)
This is an action implemented in 2024 to ensure compliance with the regulations
applicable to the construction sector, as well as with all the requirements established
in the projects. the Infrastructures Area implements a quality assurance and control
plan in all projects. This plan is part of the Quality Management System certified by an
external verifier through annual audits. This system has been in place since 1994 and
is renewed annually.
Implementing a Quality Management System that ensures compliance with
requirements, thus ensuring compliance with the regulations applicable to the sector
and contributing to compliance with other policies of the Infrastructure Area, in
particular the Quality Policy.
Scope
(MDR-A_02)
The scope includes:
The development of projects and construction works in various areas.
Maintenance and operation of civil engineering and building works
Management of contracting projects, works, maintenance and operation of civil
works and building, management of the A-3 and A-31 motorways.
The production and marketing of railway ballast and aggregates.
As for the applicable geographical area, it covers the permanent sites included in the
Infrastructure Area Certificate.
Time horizon
(MDR-A_03)
This is a recurrent action, required to develop the activity.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
This is not a remedial action.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
Monitoring and evaluation is carried out through annual internal and external audits.
Additional audits may be carried out at construction sites by the client and other
parties involved.

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2
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Implementing an Information Security Management System
Key actions
(MDR-A_01,
S4-4_01)
This is an action implemented in 2024 that aims to implement an Information Security
Management System that ensures compliance with requirements, thus ensuring
compliance with the Information Security Policy, and contributes to compliance with
other policies of the Infrastructure Area, such as customer policy, supplier policy, etc.
This system is verified through annual external audits.
Scope
(MDR-A_02)
It covers information and documentation systems for construction sites with
special safety requirements in construction sites and central services, related to
the development of projects and construction of all types of works, as well as the
maintenance, upkeep and operation of civil and building works.
As for the applicable geographical area, it covers the permanent sites included in the
Infrastructure Area Certificate.
Time horizon
(MDR-A_03)
It is a continuous action, required to develop the activity.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
The action is not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
Monitoring and evaluation is carried out through annual internal and external audits.
CE marking of iron and aluminium structures and re-engineering to reduce material waste
Key actions
(MDR-A_01,
S4-4_01)
This is an ongoing action that aims to provide products with extra quality, in order to
increase competitiveness, while ensuring the safety of end consumers and reducing
the waste or residue of materials.
The action contributes to the objective of reducing waste by developing products that
are safe for the end user, without this type of marking being mandatory.
Scope
(MDR-A_02)
The action is carried out for all products manufactured and supplied by Megaplas, in
all countries where it distributes its products.
Time horizon
(MDR-A_03)
This is an ongoing action, which has already been implemented in previous years and
is intended to be continued.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
The action is not intended to remedy current impacts on stakeholders.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
So far, no complaints or incidents of any kind have been received about failures in
the iron or aluminium structures of the installed products. Waste is controlled by the
amount of material taken to landfill versus material purchased.

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Certificate of conformity of factory production control
Key actions
(MDR-A_01,
S4-4_01)
This is an action implemented in 2024 that aims to ensure the safety of product users
and compliance with harmonised European standards. The CE marking determines
minimum levels of safety, functionality, energy saving and environmental protection
common in Europe.
This certificate contributes to guaranteeing the structural safety of infrastructures and
buildings, which is in line with the objectives of the Infrastructure Area.
Scope
(MDR-A_02)
The scope of the action covers the entire activity of Áridos de Melo.
Time horizon
(MDR-A_03)
This is an action already in place and it is intended to renew the certificate when
necessary.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
The action aims to remedy the current impact on the personal safety of consumers or
end-users.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
The monitoring and evaluation of the effectiveness of this action is carried out through
external audits by certification bodies accredited by ENAC (Entidad Nacional de
Acreditación en España).
Concessions Area
Implementing a Quality Management System
Key actions
(DR-A_0,
S4-4_01)
The Concessions Area implements a quality assurance and control plan for all
projects in which it has a majority stake. This plan is part of the Quality Management
System certified by an external verifier through annual audits.
Implement a Quality Management System that ensures compliance with
requirements, thus ensuring compliance with the regulations applicable to the sector
and contributing to compliance with other policies of the Concessions Area.
Scope
(MDR-A_02)
The scope of certification is specific to each of the concession companies. At present,
the following companies have ISO 9001 certification:
Autovía Conquense, S.A.
Parla Tramway, S.A.
Sociedad Concesionaria Tranvía de Murcia, S.A.
Time horizon
(MDR-A_03)
This is a recurrent action, required to develop the activity.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
This is not a remedial action.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Positive
initiatives
(S4-4_03)
There are no positive initiatives in addition to the procedures for achieving this action.
Effectiveness
evaluation
(S4-4_04)
Monitoring and evaluation is carried out through annual external audits. For projects,
additional audits may be carried out by the client and other parties involved.

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Ethical governance
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Cement Area
Renewal and purchase of new quality control equipment
Key actions
(MDR-A_01,
S4-4_01)
This is an ongoing action to renew and purchase equipment to ensure better control
of the process and of the products marketed, as well as to reduce future quality risks,
which could in turn represent risks for consumers and end-users.
Through the renewal and acquisition of equipment, a greater degree of control of the
process and of the products marketed is guaranteed, contributing to the achievement
of FCC's objectives.
Scope
(MDR-A_02)
Renewal and acquisition of equipment has been carried out in the following
geographical areas:
New RX spectrometer at the Mataporquera factory (Cantabria).
New automatic laboratory at the Hontoria factory.
QCX system upgrade Monjos Factory (Barcelona).
Multiphase C-H analyser Olazagutía factory.
Heat pump Alcalá factory.
BlendExpert V8 control system Alcalá factory.
On-line analyser Hontoria factory.
XRD analyser Monjos factory.
Time horizon
(MDR-A_03)
The action is planned to run in parallel in the various factories in the period 2024-2025.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
This is not a remedial action.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
Regular monitoring is carried out at the meetings of the Quality Committee of the
Cementos Portland Valderrivas Group in Spain.
Real Estate Area
Inclusion of green or ESG clauses in contracts
Key actions
(MDR-A_01,
S4-4_01)
Have ESG-related information on tenants and suppliers and include green clauses or
clauses referring to ESG aspects in lease contracts.
This action generates data that allows for the grouped reporting of environmental
issues and to raise awareness among tenants of the correct use of materials and
energy.
Scope
(MDR-A_02)
National scope (Spain), affects suppliers and external collaborators.
Time horizon
(MDR-A_03)
The action is planned to be implemented over 4 years, with annual review.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
By having data on tenants' consumption and emissions, efforts can be made to
improve services where appropriate and actions can be suggested.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
In future years by the percentage of green clauses signed compared to the overall
number of contracts signed.

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A2
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Integrate and monitor ESG criteria in the selection and evaluation of suppliers and contractors
Key actions
(MDR-A_01,
S4-4_01)
To make a selection of partners and suppliers so that in the coming years a higher
percentage of them include ESG criteria in their procedures, ensuring that these criteria are
transferred to contracts and projects.
This action generates data that allows for the grouped reporting of environmental issues
and raises awareness among suppliers and contractors of the correct use of materials and
energy.
Scope
(MDR-A_02)
National scope (Spain), it includes the entire value chain as it directly concerns
suppliers and collaborators and indirectly customers and users.
Time horizon
(MDR-A_03)
The action is expected to be completed in 5 years.
Impact
Remediation
(MDR-A_04,
S4-4_02,
S4-4_07)
This is not a remedial action.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Effectiveness
evaluation
(S4-4_04)
Annual monitoring of the action is carried out.
Appendix VII:
Targets related to the management of social issues
The targets related to social management that comply with the criteria established by the ESRS are
included below, broken down by subject matter and by business area according to materiality.
ESRS S3 – Affected Communities
Environment Area
Reduce road accidents by 50 %
Target
(MDR-T_02)
The objective is voluntary, with the aim of reducing road accidents by 50 % through the implementation
of initiatives and training in safe and efficient driving.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
79
Unit of measurement
(MDR-T_03)
% of accidents
Base year
(MDR-T_06)
2020
Period of application
(MDR-T_07)
2025
Intermediate/interim targets
(MDR-T_08)
There are no intermediate
targets
Description
and relationship
with policies
(MDR-T_01)
The objective would reduce citizens' exposure to inconvenience or personal injury
related to potential traffic accidents involving the company's vehicles.
Scope
(MDR-T_01)
Applies to the activities of the Atlantic Environment Area (Spain and Portugal), and to
its entire value chain.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
The number of accidents that were recorded by the company was analysed and
the benefits of the actions to be implemented were quantified, concluding that the
number of accidents could be reduced by 50 %.

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Reduce road accidents by 50 %
(continuation)
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the process of defining the objective.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
In 2023, the number of accidents was the same as in 2020. Compared to the
previous year, there was a 15% reduction. The data obtained is reviewed annually.
Target reported for the first year under ESRS.
Involvement
of affected
communities
(S3-5_01, S3-5_02,
S3-5_03)
Affected communities have not been involved in the process of targeting, monitoring
or conclusions and improvements.
Stakeholder satisfaction
Target
(MDR-T_02)
This is a mandatory objective that aims to achieve the satisfaction of the majority of its stakeholders
(employees, customers, users, investors and trade unions).
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
Not available
Unit of measurement
(MDR-T_03)
% of satisfied customers
Base year
(MDR-T_06)
2024
Period of application
(MDR-T_07)
2024-2030
Intermediate/interim targets
(MDR-T_08)
100 % of customers surveyed, 60 %
satisfied
Address 100 % of non-conformities
Hold annual meetings on objectives
Hold meetings with trade unions
Optimise the dissemination of
information from customers to users.
Stakeholder satisfaction
(continuation)
Description
and relationship
with policies
(MDR-T_01)
This objective is linked to QSE policies, in which indicators are shared, as well as to a
QSE action plan.
Scope
(MDR-T_01)
The objective reaches each entity and each contract in France in a different way,
although there are also objectives common to each entity as a whole.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
The target has been proposed following a low participation rate in customer
satisfaction surveys, regular exchange with customers, complaints from trade
unions and the results of internal cross-audits.
Stakeholders
(MDR-T_11)
The company's stakeholders involved in the target setting process were the Quality,
Safety and Environment and Human Resources Services.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
The objective is measured by means of a common action plan for all entities, and
surveys are carried out through the Google Form to obtain direct results, statistics
and trends.
Target reported for the first year under ESRS.
Involvement
of affected
communities
(S3-5_01, S3-5_02,
S3-5_03)
Affected communities have not been involved in the process of targeting, monitoring
or conclusions and improvements.

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Social Disclosures | Page 71 of 81
Infrastructure Area
Allocate 0.1 % of turnover to social action programmes
Target
(MDR-T_02)
This is a voluntary objective, where the aim is to allocate 0.1 % of turnover to the development of social
action programmes.
Type of target(MDR-T_03)
Relative
Reference value
(MDR-T_05)
1,120,000.00 €
Unit of measurement
(MDR-T_03)
% of turnover
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2050
Intermediate/interim targets
(MDR-T_08)
The target for 2026 is to allocate
0.05 % of turnover to the
development of these programmes
Description
and relationship
with policies
(MDR-T_01)
The development of the Social Action Programme is supported by the Human Rights
Policy, which sets out the roadmap and establishes the priority areas for action.
Scope
(MDR-T_04)
The objective applies to the company globally, covering all activities in which it has
operational or financial control, and reaches all employees, managers, suppliers and
contractors who collaborate with the Area.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
Based on the Area's Sustainability Strategy.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the process of defining the objective.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Target reported for the first year under ESRS.
Involvement
of affected
communities
(S3-5_01, S3-5_02,
S3-5_03)
Affected communities have not been involved in the process of targeting, monitoring
or conclusions and improvements.
Assessment of 100 % of the activities in terms of risks of human rights violations
Target
(MDR-T_02)
This is a mandatory objective, consisting of the evaluation of 100 % of the activities of the business
model of the Infrastructures Area, with the aim of contributing to the achievement of the Human Rights
and environmental objectives.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
At present, there is no reference
value for this target.
Unit of measurement
(MDR-T_03)
% of activities
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2050
Intermediate/interim targets
(MDR-T_08)
The objective for 2026 is the
evaluation of the company's
strategic activities.
and annual reporting of due
diligence processes and means
in place for the identification
and prevention of human rights
violations in the value chain.
Description
and relationship
with policies
(MDR-T_01)
The objective is related to the Human Rights Policy as it integrates Human Rights
due diligence into its internal policies and HR risk management systems. It also has
a Human Rights Due Diligence System, as well as internal rules linked to respect
for Human Rights (Code of Ethics, the FCC Group's Compliance Policy and Human
Rights Policy).
Scope
(MDR-T_01)
The objective applies to the company globally, covering all activities in which it has
operational or financial control, and reaches all employees, managers, suppliers and
contractors who collaborate with the Area.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.

773
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 72 of 81
Assessment of 100% of the activities in terms of risks of human rights violations
(continuation)
Methodologies
(MDR-T_09)
The data sources used for the definition of the objective are the following:
Human Rights and Environmental Due Diligence Directive
Guiding Principles of the UN Global Compact
Global Risks 2024
Universal Declaration of Human Rights
International Covenant on Civil and Political Rights (ICCPR)
International Covenant on Economic, Social and Cultural Rights (ICESCR)
OECD Due Diligence Guidance for Responsible Business Conduct
Sustainable Development Goals
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the process of defining the objective.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Work is currently underway to develop indicators for monitoring and controlling
progress and results.
Target reported for the first year under ESRS.
Involvement
of affected
communities
(S3-5_01, S3-5_02,
S3-5_03)
Affected communities have not been involved in the process of targeting, monitoring
or conclusions and improvements.
Cement Area
Social actions in the communities where it operates
Target
(MDR-T_02)
This is a voluntary objective consisting of carrying out social actions in the local communities and with
stakeholders where the Cement Area in Spain carries out its activities.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
24.00
Unit of measurement
(MDR-T_03)
No. of shares
Base year
(MDR-T_06)
2020
Period of application
(MDR-T_07)
2030
Intermediate/interim targets
(MDR-T_08)
There are no intermediate targets
Description
and relationship
to policies
(MDR-T_01)
It is related to the Area's policies, as they involve commitments such as establishing
respectful and credible relations with the local communities where it operates,
raising awareness of their rights in terms of natural resources, access to healthcare,
education, culture and tradition.
Scope
(MDR-T_04)
The objective covers all the Group's workplaces in Spain.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
For the definition of the objective, the actions carried out in 2020 have been taken
into account, with the aim of improving their contribution.
Stakeholders
(MDR-T_11)
Stakeholders have not been involved in the process of defining the objective.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
The objective is reviewed annually in the Corporate Sustainability Committee, for
which the accounting accounts of donations and sponsorships and social action
registered in SAP are reviewed.
Target reported for the first year under ESRS.
Involvement
of affected
communities
(S3-5_01, S3-5_02,
S3-5_03)
Affected communities have not been involved in the process of targeting, monitoring
or conclusions and improvements.

774
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 73 of 81
ESRS S4 - Consumers and end-users
Environment Area
Reduction of customer complaints
Target
(MDR-T_02)
This is a voluntary target with the goal that less than 0.45 % of all invoices issued by the company
should give rise to complaints.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
3,385
Unit of measurement
(MDR-T_03)
Number of complaints
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
One year
Intermediate/interim targets
(MDR-T_08)
–
Description
and relationship
with policies
(MDR-T_01)
FCC Environment Austria does not yet have policies related to customer complaints.
Scope
(MDR-T_04)
This objective covers the company's own activities at its 18 locations in Austria.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
Data is collected quarterly for each location in an Excel document. If there is a
deviation of more than 10 % from one quarter to the next, the reason is investigated.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_02,
S4-5_03)
In the process of defining the target, so far, only internal stakeholders, such as
employees and top management, have been involved. These are involved in
employee consultations prior to the approval of the target which are included in the
decision making by top management.
Consumer and end-user representatives are not involved in the process of
monitoring the results of the target or in the process of identifying conclusions or
improvements.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Quarter-on-quarter trends are calculated in the same Excel document where the data
is collected, and regular monitoring is carried out in the form of regional meetings
and briefings with drivers.
Target reported for the first year under ESRS.
Data protection in accordance with the law
Target
(MDR-T_02)
This is a mandatory objective with the goal of achieving the data protection required by the General Data
Protection Regulation, ISO and other documents/policies.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
–
Unit of measurement
(MDR-T_03)
–
Base year
(MDR-T_06)
2024
Period of application
(MDR-T_07)
Always
Intermediate/interim targets
(MDR-T_08)
Data protection according to ISO
and other documents/policies.
Description
and relationship
with policies
(MDR-T_01)
The objective is directly related to the goals set out in the Data Protection Policy.
Scope
(MDR-T_04)
For all companies of FCC Environment Czech Republic.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
Alignment with the national and European objectives of the General Data Protection
Regulation.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_02,
S4-5_03)
Stakeholders have not been involved in the process of setting and defining the target.
Similarly, consumer and end-user representatives are not involved in the process of
monitoring the results of the target or in the process of identifying conclusions or
improvements.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Monitoring of cyber-attacks and leakage of private data is carried out by the IT
department.

775
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 74 of 81
Water Area
Improving quality and contractual procedures
Target
(MDR-T_02)
This is a voluntary objective that covers a series of goals aimed at improving the quality and procedures
of the contracts in which Aqualia participates. These goals include: Increasing the number of contracts
with all customer service channels implemented and the number of electronic invoices, increasing the
number of contracts with digital signature, the number of customers with remote metering and the
number of contracts managed with AWA.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
Most of the targets are new,
benchmarks are available in:
Number of electronic invoices:
11,573,934
Number of customers with
telemetry: 347,416
Unit of measurement
(MDR-T_03)
–
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2024-2026
Intermediate/interim targets
(MDR-T_08)
One of the interim targets is for
90 % of contracts to have access
to all customer service channels.
Description
and relationship
with policies
(MDR-T_01)
This objective aims to guarantee the satisfaction of customers, whatever their nature
and territorial location, as well as that of other stakeholders by providing services
and carrying out products and projects that meet the specified requirements. This
boosts the objective of improving omnichannel communication with customers and
facilitates the relationship with Aqualia from any place and device.
Scope
(MDR-T_04)
This Aqualia action covers the activities of Concessions and BOT.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Improving quality and contractual procedures
(continuation)
Methodologies
(MDR-T_09)
The Strategic Sustainability Plan, aligned with the company's strategy and the
2030 Agenda, establishes the main lines of action and proposes specific initiatives
aimed at reviewing the listening processes (double materiality and dynamic SWOT),
holding work sessions and contrasting with local and corporate teams. Finally,
a scorecard is defined that evaluates and establishes the appropriate corrective
measures.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_02,
S4-5_03)
Aqualia's Strategic Sustainability Plan 2023-2026 was constructed based on the
surveys and interviews carried out during the strategic materiality analysis of the
Area, which allowed for the indirect participation of stakeholders in the definition of
its indicators and objectives.
Similarly, consumer and end-user representatives are involved in the process of
monitoring the results of the target and in the process of identifying conclusions or
improvements.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
The objectives set in the Strategic Sustainability Plan are monitored on a quarterly
basis. Progress is adequate and in line with the objectives set.
Target reported for the first year under ESRS.
Compliance with Cybersecurity Plan and Communication Plan
Target
(MDR-T_02)
This is a voluntary objective that aims to achieve 95 % compliance with the company's cybersecurity
action plan and 80 % compliance with the Global Strategic Communication Plan.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
New target
Unit of measurement
(MDR-T_03)
–
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2024-2026
Intermediate/interim targets
(MDR-T_08)
–

776
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 75 of 81
Compliance with Cybersecurity Plan and Communication Plan
(continuation)
Description
and relationship
with policies
(MDR-T_01)
Compliance with the Cybersecurity Plan is directly related to the cybersecurity
commitments derived from the digitalisation process of the integral water cycle
and the management of customers and employees. This objective aims to protect
information against loss of availability, confidentiality and integrity, as well as against
unauthorised access.
With the fulfilment of the Communication Plan, Aqualia's commitment to society
is communicated through the provision of quality services in all phases of the
integral water cycle. This promotes Aqualia's knowledge and credibility on the part
of institutional clients and stakeholders and transmits Aqualia's corporate purpose
and values, making its contribution to the generation of value visible and thus
strengthening its reputation and commitment to the excellence of the services
provided to the end and institutional client.
Scope
(MDR-T_04)
This Aqualia action covers the activities of Concessions and BOT.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
The Strategic Sustainability Plan, aligned with the company's strategy and the 2030
Agenda, establishes the main lines of action and proposes specific initiatives aimed
at reviewing the listening processes (double materiality and dynamic SWOT), holding
work sessions and contrasting with local and corporate teams. Finally, a scorecard is
defined that evaluates and establishes the appropriate corrective measures.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_02,
S4-5_03)
Aqualia's Strategic Sustainability Plan 2023-2026 was constructed based on the
surveys and interviews carried out during the strategic materiality analysis of the
Area, which allowed for the indirect participation of stakeholders in the definition of
its indicators and objectives.
Similarly, consumer and end-user representatives are involved in the process of
monitoring the results of the target and in the process of identifying conclusions or
improvements.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance and
progress
(MDR-T_13)
The objectives set in the Strategic Sustainability Plan are monitored on a quarterly
basis. Progress is adequate and in line with the objectives set.
Target reported for the first year under ESRS.
Improved customer satisfaction index
Target
(MDR-T_02)
This is a voluntary objective that aims to improve the satisfaction index of end and institutional
customers. Framed within Aqualia's Strategic Plan, the goal of this objective is to achieve at least 80 %
of end customers satisfied with the quality of the service provided by Aqualia by 2024 and more than
a 4 (range 1-5) average rating of satisfaction with the quality of the service provided by Aqualia for
institutional customers.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
–
Unit of measurement
(MDR-T_03)
Number of contracts
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2024-2026
Intermediate/interim targets
(MDR-T_08)
–
Description
and relationship
with policies
(MDR-T_01)
With the fulfilment of the Communication Plan, Aqualia's commitment to society
is communicated through the provision of quality services in all phases of the
integral water cycle. This promotes Aqualia's knowledge and credibility on the part
of institutional clients and stakeholders and transmits Aqualia's corporate purpose
and values, making its contribution to the generation of value visible and thus
strengthening its reputation and commitment to the excellence of the services
provided to the end and institutional client.
Scope
(MDR-T_04)
This Aqualia action covers the activities of Concessions and BOT.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
The Strategic Sustainability Plan, aligned with the company's strategy and the
2030 Agenda, establishes the main lines of action and proposes specific initiatives
aimed at reviewing the listening processes (double materiality and dynamic SWOT),
holding work sessions and contrasting with local and corporate teams. Finally,
a scorecard is defined that evaluates and establishes the appropriate corrective
measures.

777
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 76 of 81
Improved customer satisfaction index
(continuation)
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_02,
S4-5_03)
Aqualia's Strategic Sustainability Plan 2023-2026 was constructed based on the
surveys and interviews carried out during the strategic materiality analysis of the
Area, which allowed for the indirect participation of stakeholders in the definition of
its indicators and objectives.
Similarly, consumer and end-user representatives are involved in the process of
monitoring the results of the target and in the process of identifying conclusions or
improvements.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
The objectives set in the Strategic Sustainability Plan are monitored on a quarterly
basis. Progress is adequate and in line with the objectives set.
Target reported for the first year under ESRS.
Infrastructure Area
Improve customer experience
Target
(MDR-T_02)
This is a voluntary objective that aims to improve the customer satisfaction index, which will be
assessed by obtaining a value equal to or higher than 3.70 points (out of 4 points) as an average value in
the end-of-work surveys.
Type of target
(MDR-T_03)
Absolute
Reference value
(MDR-T_05)
3.70
Unit of measurement
(MDR-T_03)
Points scale
Base year
(MDR-T_06)
2019
Period of application
(MDR-T_07)
Annual
Intermediate/interim targets
(MDR-T_08)
No. of "Poor" or "Sufficient"
ratings <10 %.
No. of works completed with
surveys carried out within six
months >75 %.
Improve customer experience
(continuation)
Description
and relationship
with policies
(MDR-T_01)
The target set in the objective is directly related to the customer policy, as it is a
reliable indicator of the real perception of the work carried out on a site-by-site basis.
Scope
(MDR-T_04)
The completion of the End of Works Survey is compulsory for all projects developed
by the Construction Area.
In Matinsa and Áridos de Melo's works, the completion of the End of Works/Supplies
Survey is requested from all Clients and the degree of satisfaction is measured in the
same way.
Scientific basis
(MDR-T_10)
The objective is scientifically based.
Methodologies
(MDR-T_09)
The objective considers all aspects of the performance of the Construction Area,
since within the End of Works Survey, various aspects are to be assessed, including
respect for the environment, performance of subcontractors and collaborators, health
and safety on the site, etc.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_03,
S4-5_02)
Stakeholders have not been involved in the process of setting the target. Similarly,
consumer and end-user representatives are not involved in the process of monitoring
the results of the target or in the process of identifying conclusions or improvements.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
The target is monitored annually, in 2019 the performance weighted rating for the
works was 3.62 points, in 2020 3.65 points, in 2022 3.74 points, in 2022 3.84 points
and in 2023 3.71 points.
Target reported for the first year under ESRS.

778
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 77 of 81
Quality management
Target
(MDR-T_02)
This is a voluntary objective that aims to generate a better opinion of the company in the eyes of
customers. To this end, the goal is to obtain maximum customer satisfaction, achieving a rating in
customer surveys and reports of 97 % of the attributes of the end-of-work survey rated as Very Good
or Good.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
97 %
Unit of measurement
(MDR-T_03)
%
Base year
(MDR-T_06)
2019
Period of application
(MDR-T_07)
2024
Intermediate/interim targets
(MDR-T_08)
–
Description
and relationship
with policies
(MDR-T_01)
The target set is related to the Policy objective "Treat customer relations with special
care".
Scope
(MDR-T_04)
It applies to all geographical areas in which FCC Industrial operates and affects the
entire organisation.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
The measurement of customer satisfaction is mainly carried out by means of
satisfaction surveys. Satisfaction surveys are used to make decisions based on
quantitative information obtained by means of a questionnaire.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_03,
S4-5_02)
Indirect participation of the FCC Group's stakeholders in setting and defining the
objective, as the Group's strategies are followed.
Consumer and end-user representatives are not involved in the process of
monitoring the results of the target or in the process of identifying conclusions or
improvements.
Changes
(MDR-T_12)
A review of the target goal is carried out annually for the purpose of continuous
improvement.
Performance
and progress
(MDR-T_13)
Based on the good result obtained for the year 2019, which exceeded the set target,
it was decided to extend the target for the coming years to 97 %. Given this last
target, the benchmark was achieved for the years 2020 and 2021, and for the years
2019, 2022 and 2023 a value very close to the benchmark was obtained.
Target reported for the first year under ESRS.
Information security
Target
(MDR-T_02)
This is a voluntary objective that aims to improve the systematics used in the FCC IIE Systems Area
with regard to information security. To this end, the goal is to achieve a minimum percentage of
approximately 80 % of updated equipment, as stably as possible over time.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
80 %
Unit of measurement
(MDR-T_03)
%
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2024
Intermediate/interim targets
(MDR-T_08)
–
Description
and relationship
with policies
(MDR-T_01)
The target set is related to the objective of the organisation's policy on "treating
customer relations with special care". It is also in line with the Information
Management Security System.
Scope
(MDR-T_04)
It applies to all geographical areas in which FCC Industrial operates, and affects the
entire organisation.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
It consists of the automatic detection and implementation of software updates and
patches, both relating to operating systems and to the development software in use
in the area, with special emphasis on continuous monitoring of the process that
allows for improving the volume of updated equipment (both clients and servers)
with respect to the total equipment, as well as the time used in the update process.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_03,
S4-5_02)
Indirect participation of the FCC Group's stakeholders in setting and defining the
objective, as the Group's strategies are followed.
Consumer and end-user representatives are not involved in the process of
monitoring the results of the target or in the process of identifying conclusions or
improvements.
Changes
(MDR-T_12)
The achievement of the objective set is reviewed annually. If it has been achieved, a
new objective is set, and if not, new actions are established to achieve it.

779
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Social Disclosures | Page 78 of 81
Information security
(continuation)
Performance
and progress
(MDR-T_13)
This is a 2-year target, with separate actions to be fulfilled annually.
According to the monitoring of the years 2023 and 2024, all planned actions have
been successfully completed.
Target reported for the first year under ESRS.
Resolution of customer complaints
Target
(MDR-T_02)
Se trata de un objetivo voluntario que pretende conseguir la resolución de las quejas de los clientes
dentro del plazo acordado.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
0.90
Unit of measurement
(MDR-T_03)
%
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2024
Intermediate/interim targets
(MDR-T_08)
–
Description
and relationship
with policies
(MDR-T_01)
Matinsa's policy establishes as one of its objectives "To ensure customer satisfaction
beyond their expectations and meet customer requirements". By meeting the
objective of resolving complaints within the timeframe agreed with the customer,
customer confidence is reaffirmed.
Scope
(MDR-T_04)
It applies to all Matinsa contracts.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
There is a document manager (VisiOn) in which customer complaints are attached
with estimated resolution times, the actual date of closure of the complaint and the
descriptive report of the resolution. From this, statistics are obtained on resolution
times and the percentage of complaints closed within the deadline.
Resolution of customer complaints
(continuation)
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_03,
S4-5_02)
Stakeholders have not been involved in the process of setting and defining the
target. Similarly, representatives of consumers and end users do not participate
in the process of monitoring the results of the target. However, they do participate
in the process of identifying conclusions or improvements as a result of FCC's
performance, as customers receive a survey at the end of the year in which they
assess their satisfaction with the service received and can propose aspects for
improvement.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Target reported for the first year under ESRS.
Customer satisfaction
Target
(MDR-T_02)
This is a voluntary objective that aims to identify the degree of customer satisfaction and to adopt
the necessary measures to increase customer satisfaction and continuous improvement in the Area's
activities.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
–
Unit of measurement
(MDR-T_03)
–
Base year
(MDR-T_06)
2024
Period of application
(MDR-T_07)
01/01/2024 - 31/12/2024
Intermediate/interim targets
(MDR-T_08)
–
Description
and relationship
with policies
(MDR-T_01)
Matinsa's policy establishes as one of its objectives "To ensure customer satisfaction
beyond their expectations and meet customer requirements". Annual satisfaction
surveys are used to find out how our service is perceived and to take measures, if
necessary, to increase the degree of customer confidence.
Scope
(MDR-T_04)
It applies to all Matinsa contracts.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.

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Customer satisfaction
(continuation)
Methodologies
(MDR-T_09)
There is a document manager (VisiOn) in which customer complaints are attached
with estimated resolution times, the actual date of closure of the complaint and the
descriptive report of the resolution. From this, statistics are obtained on resolution
times and the percentage of complaints closed within the deadline.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_03,
S4-5_02)
Stakeholders have not been involved in the process of setting and defining the
target. Similarly, representatives of consumers and end users do not participate
in the process of monitoring the results of the target. However, they do participate
in the process of identifying conclusions or improvements as a result of FCC's
performance, as customers receive a survey at the end of the year in which they
assess their satisfaction with the service received and can propose aspects for
improvement.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Target reported for the first year under ESRS.
Improving the company's image
Target
(MDR-T_02)
This is a voluntary objective that aims to improve the Company's image with respect to customers,
by means of end-of-work surveys, maintaining contact with the customer, attending to complaints,
suggestions, etc.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
–
Unit of measurement
(MDR-T_03)
–
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
2024
Intermediate/interim targets
(MDR-T_08)
The weighted score for each of the
sections of the end-of-work survey shall
be greater than or equal to the cumulative
score for the year 2023.
Average number of visits to clients/
worksite will reach 2 visits/month for the
works selected by the Commercial Director.
Mejorar la imagen de la Empresa
(continuación)
Description
and relationship
to policies
(MDR-T_01)
Maintaining contact with the customer, dealing with complaints and suggestions,
as well as carrying out site visits and disseminating the technical sales document
contribute to the objectives of customer satisfaction.
Scope
(MDR-T_04)
The quality system is focused on its first stakeholder group, which is the customers,
establishing all the necessary specifications to meet their expectations. The other
stakeholders that have been taken into account range from Delta's own staff to the
study of all those parties that may be affected by Delta's activity. It is applicable in
the geographical area where the factories where its activity is carried out are located,
and affects the entire organisation.
Scientific basis
(MDR-T_10)
The objective has no scientific basis.
Methodologies
(MDR-T_09)
A series of surveys are conducted, the average number of surveys in 2024 was 2,000,
maintaining the results of 2023 (top score), the number of customer visits was 60
with an average of 2.25, meeting the target.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_03,
S4-5_02)
Stakeholders have participated in the process of setting and defining the objective,
through visits to customers and worksites, and surveys, all the specifications
necessary to meet their expectations are established. The other stakeholders that
have participated are General Management, Commercial Management and Planning
Technician.
Similarly, representatives of consumers and end users do not participate in the
process of monitoring the results of the objective. However, they do participate
in the process of identifying conclusions or improvements as a result of FCC's
performance, as customers receive a survey at the end of the year in which they
assess their satisfaction with the service received and can propose aspects for
improvement.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
Prefabricados Delta monitors its Strategic Plan every four months in the Quality
Committees.
Target reported for the first year under ESRS.

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Increasing customer satisfaction
Target
(MDR-T_02)
This is a voluntary objective that aims to increase customer satisfaction through advice, offering
products and materials of greater value than the competition. In addition, it seeks to guide the customer
on new formulas or applications, with the aim of improving the ratings in the End of Work Survey.
Type of target
(MDR-T_03)
Relative
Reference value
(MDR-T_05)
–
Unit of measurement
(MDR-T_03)
–
Base year
(MDR-T_06)
2023
Period of application
(MDR-T_07)
Annual
Intermediate/interim targets
(MDR-T_08)
–
Description
and relationship
with policies
(MDR-T_01)
The target set in the objective is directly related to the customer policy, as it is an
indicator that reflects the customers' perception of the work carried out.
Scope
(MDR-T_04)
The completion of the End of Works/Supplies Survey is requested from all Clients,
once the activity has been concluded by Áridos de Melo.
Scientific basis
(MDR-T_10)
The objective is scientifically based.
Methodologies
(MDR-T_09)
The objective considers all aspects of Áridos de Melo's performance, as the End of
Works Survey must assess various aspects, including the Environment, Performance
of Subcontractors and collaborators, Health and Safety on the site, etc.
Stakeholders
(MDR-T_11,
S4-5_01,
S4-5_03,
S4-5_02)
Stakeholders have not been involved in the process of setting and defining the
target. Similarly, representatives of consumers and end users do not participate
in the process of monitoring the results of the target. However, they do participate
in the process of identifying conclusions or improvements as a result of FCC's
performance, as customers receive a survey at the end of the year in which they
assess their satisfaction with the service received and can propose aspects for
improvement.
Changes
(MDR-T_12)
There has been no change in the target or associated metrics.
Performance
and progress
(MDR-T_13)
This is an ongoing objective.
Target reported for the first year under ESRS.
Appendix VIII:
Tables related to the management of social issues
Dismissals by gender (S1-6_11)
2024
Men
969
Women
268
Total
1,237
Dismissals by age range (S1-6_11)
2024
< 35 years old
316
35-54 years
611
> 54 years old
310
Total
1,237
Dismissals by functional level (S1-6_11)
2024
Direction and Management
15
Controls
84
Technicians
126
Administrative
57
Various trades
955
Total
1,237

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Distribution of staff by functional level and gender (31/12) (S1-9_01, S1-9_06)
2024
Man
Woman
Direction and Management
380
80
Controls
4,025
990
Technicians
4,469
2,385
Administrative
816
2,108
Various trades
44,724
11,394
Subtotal
54,414
16,957
Total
71,371
Distribution of staff by functional level and gender (31/12) (S1-9_02)
2024
Man
Woman
Direction and Management
1 %
0 %
Controls
6 %
1 %
Technicians
6 %
3 %
Administrative
1 %
3 %
Various trades
63 %
16 %
Subtotal
76 %
24 %
Total
100 %
Family leave (S1-15_03)
No. of employees who have taken family leave
Men
3,539
Women
1,169
Total (Nº.)
4,708
Total (percentage)
6.09 %
Employees entitled to take family leave
Percentage
99.29 %

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4. Governance Disclosures
4.1. ESRS G1 - Business Conduct
The current economic and social context has led companies to operate in an increasingly complex
marketplace, with a constantly changing regulatory environment, where compliance risks are increasing.
This, together with the Group's international presence, implies the need for a solid ethical and integrity
framework to ensure that all those involved in its activities ensure regulatory compliance and exemplary
business conduct.
To this end, FCC has established its Compliance Model, and is constantly striving to strengthen and update
it. Based on the Code of Ethics and Conduct, this system not only makes it possible to detect and avoid
risks of non-compliance, but also establishes the foundations of the FCC Group's business culture, built on
the values shared by all its members.
Throughout this chapter, the results of the FCC Group's double materiality analysis are presented and,
based on them, the main policies, actions, metrics and targets related to business conduct issues are
described. In accordance with this analysis, the following issues are addressed in this chapter:
Ethics and corporate culture, whistleblower protection.
Supplier relationship management.
Fight against corruption and bribery.
Material impacts, risks and opportunities
For FCC, business conduct is intended to be a sign of identity and a fundamental element in the Group's
sustainability, by defining the ethical bases that guide the day-to-day work of all its members.
For each of the dimensions covered in the materiality analysis, the material impacts and risks for the
FCC Group are shown below. Considering that this is the first year that information is reported in accordance
with the ESRS, no trends are presented with respect to previous years (SBM-3_11).
Impact materiality
Based on the double materiality analysis carried out, and in relation to business conduct, the FCC Group
has identified the following material impacts on stakeholders.
Impact
Area
Horizon
Location
(SBM-3_01, SBM-3_04, SBM-3_12)
(SBM-3_07)
(SBM-3_06)
(SBM-3_01, 07)
Corporate culture
(I-G1.1) Promotion of responsible business conduct through
the application of the FCC Compliance Model, generating a
fairer, more equitable and sustainable business environment,
and increasing stakeholder confidence.
Environment
Water
Infrastructure
Concessions
Cement
Real estate
CU
OP
Supplier Relationship Management
(I-G1.2) Promotion of sustainable practices among suppliers
and contractors through the implementation of procurement
policies and procedures.
Environment
Water
Infrastructure
Concessions
Cement
Real estate
CU
OP
Fight against corruption
(I-G1.3) Strengthening the rule of law by promoting law
enforcement and reducing impunity.
Environment
Water
Infrastructure
Concessions
Cement
Real estate
CU
OP
(I-G1.4) Strengthening confidence in public and private
institutions by consumers, investors and other stakeholders.
Environment
Water
Infrastructure
Concessions
Cement
Real estate
CU
OP

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Impact
Area
Horizon
Location
(SBM-3_01, SBM-3_04, SBM-3_12)
(SBM-3_07)
(SBM-3_06)
(SBM-3_01, 07)
(I-G1.5) Promotion of ethical behaviour of affected parties
through the management of incidents by the company, with
the application of corrective measures and sanctions.
Environment
Water
Infrastructure
Concessions
Cement
Real estate
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
The above positive impacts are mainly the result of the culture of ethics and compliance fostered in the
FCC Group and are not directly linked to the Group's business strategy or to the range of products and
services it offers.
As these impacts are positive and not linked to the business strategy, they do not require specific
management and therefore do not require updating (SBM-3_05, SBM-3_03, SBM-3_10).
Financial materiality
The Group has also identified a number of material risks and opportunities to manage in the areas of
business conduct, supplier management and anti-corruption, which are set out below.
Risk/opportunity
Type
Area
Financial effects
Location
(SBM-3_02)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
Corporate culture
(F-G1.1) Eligibility for government grants
and funding schemes and programmes
that promote sustainability in business
activities.
O
Environment
Water
Infrastructure
Concessions
Cement
Real estate
Additional income
and access to
alternative sources
of finance (M)
OP
Risk/opportunity
Type
Area
Financial effects
Location
(SBM-3_02)
(SBM-3_08, SBM-3_09)
(SBM-3_02)
(F-G1.2) Establish agreements with other
companies for the offer of complementary
services.
O
Environment
Water
Infrastructure
Concessions
Cement
Real estate
Increased revenues
as a result of
attracting new
customers (M)
OP
Supplier Relationship Management
(F-G1.3) Ensure a constant supply of
high quality products and services, and
potential development of new products and
solutions.
O
Environment
Water
Infrastructure
Concessions
Cement
Real estate
Increased
revenues from the
development of
new products and
solutions (M)
OP
Fight against corruption
(F-G1.4) Potential weaknesses in internal
controls, leading to non-compliance not
detected in time.
R
Environment
Water
Infrastructure
Concessions
Cement
Real estate
Reputational
damage and
increased costs
as a result of
sanctions.
OP
(F-G1.5) Possible incidents of corruption,
bribery or money laundering related to the
company.
R
Environment
Water
Infrastructure
Concessions
Cement
Real estate
Reputational
damage and
increased costs
as a result of
sanctions.
OP
* Issue dealt with by specific organisational issues.

R: Risk O: Opportunity M: Possible materialisation in the short term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
As with the material impacts, the above risks and opportunities depend on the correct application of
the Compliance Model and procurement management procedures and are not directly linked to the
organisation's strategy or to the portfolio of products and services offered.
This is why they do not require specific management, and therefore do not require (SBM-3_03, SBM-3_10).

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Corporate culture
Mission, vision and values
Throughout its more than 120 years of history, the FCC Group has developed a solid and consolidated
culture, built up jointly by all the members of the organisation. Shaped by the mission, vision and values,
which are set out below, this culture expresses the Group's identity and the commitment to sustainability
of all the people who form part of it.
Vision
Mission
To be an international benchmark Group in Citizen
Services that offers global and innovative solutions
for the efficient management of resources and
the improvement of infrastructures, contributing
to improving the quality of life of citizens and the
sustainable progress of society.
Designing, implementing and managing
environmental services, integrated water
management and the construction of major
infrastructure works in an efficient and sustainable
manner, in order to improve the lives of citizens.
Values
Results-oriented
We act in pursuit of improvement and the achievement of goals, with
the aim of making the FCC Group a benchmark in profitability and
competitiveness.
Honesty and respect
We want to be recognised for honest and upright behaviour, deserving
of the trust of our employees, customers and suppliers as partners of
reference and long-standing partners.
Rigour and professionalism
We work in an exemplary manner and with a vocation to serve our clients,
developing the capacity of our teams to seek efficient and innovative
solutions.
Loyalty and commitment
We encourage diversity, promote professional development and
recognise merit and creativity as a stimulus to productivity and progress.
Well-being and development
of communities
We are aware of the value that our services bring to society and we are
committed to the protection of the natural environment, development and
well-being of the communities in which we operate.
The corporate culture of the FCC Group, built jointly by the generations of members who have contributed
their work, perspectives and efforts during more than a century of history, is supported by the Code of
Ethics and Conduct.
The Code of Ethics and Conduct is the main vehicle for maintaining and transmitting FCC's corporate
culture and is the highest-ranking standard of the Group's Compliance Model. Approved by the Board of
Directors, the Code reflects the Group's mission and vision and develops in a practical way the values
shared in the organisation. The aim is to strengthen a culture of compliance and support long-term value
creation. This standard is linked to all material IROs identified under corporate culture and detailed under
the requirements of indicator SBM-3.
As regards responsibilities in this area, the functions assigned to the Audit and Control Committee include
overseeing the alignment of the corporate culture with the organisation's purpose and values, as well as
reviewing compliance with internal codes of conduct (G1-1_01).
Compliance Model
To foster a culture of ethics and integrity at all levels of the organisation, the Group has developed its
Compliance Model. Through this, FCC guarantees that all of the company's companies and people act
in accordance with the principles established in the Code of Ethics and Conduct and the policies that
develop it.

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Through the prevention and detection of risks of non-compliance, the Group reinforces internal control
within the organisation. The Compliance Model guarantees compliance with laws and regulations in all
the geographies in which FCC operates, while at the same time generating trust among stakeholders. The
regulatory block that makes up the Model is set out below:
Compliance Model
Code of Ethics and Conduct
Crime Prevention Manual
Compliance Policy
Anti-Corruption Policy
Compliance Partner Relationship Policy
Agent Policy
Gift Policy
Tender Policy
Competition Policy
Human Rights Policy
Protocol for the Prevention and Eradication of Harassment
Tax Compliance Policy
Internal Information System Policy
Equality, Diversity and Inclusion Policy
Rules of Procedure of the Compliance Committee
Internal Information System Procedure
Internal Investigations Protocol
The Group continuously strives to strengthen the Compliance Model, assessing its effectiveness,
expanding and disseminating its contents, and updating it in accordance with the new applicable
regulations. Throughout 2024, the following actions will be carried out:
Review of the Compliance Model by an external firm for an independent assessment of its maturity. As a
result of this review, changes were made to the regulatory block and a Compliance Policy was approved
for the Group.
Boosting the number of investee companies and joint ventures adhering to the FCC Group's Compliance
Model, or defining their own model.
Annual Monitoring of the Compliance Model by Internal Audit.
Annual review of the criminal risk assessment in the Water and Environment Areas, and start of the
review process for the Infrastructure, Concessions and Corporate Areas.
Conduct two biannual self-assessments and certification in the Compliance Tool of the controls and
processes designed to minimise the most significant compliance risks.
Progress in the fulfilment of the Annual Training Plan 2024, in line with the three-year training plan
2024‑2026 of Compliance.
Compliance risk assessment of suppliers with 587 new suppliers assessed in 2024, under the defined
criteria, with 34 of them requiring specific assessment by the Compliance Function (by "D rating" and by
"red flag").
Warning mechanisms
In June 2023, the Board of Directors approved the FCC Group's Internal Information System Policy, which
was amended in July 2024.
It establishes the principles and guidelines for managing communications on potential irregularities.
Aligned with Directive (EU) 2019/1937 and Spanish legislation to protect whistleblowers, and integrated
into the Compliance Model, this policy is applicable to all companies that make up the FCC Group
(MDR-P_01).
This Internal Reporting System Policy recognises the Whistleblowing Channel as the mechanism that
FCC makes available to its stakeholders for the confidential reporting of potentially irregular activities and
conduct, as well as possible breaches of the Group's Code of Ethics and Conduct, the Criminal Prevention
Model or other FCC internal rules.
This tool, open to both internal and external stakeholder notifications, is available through various
channels: postal mail, FCC and other Group company websites, intranet, FCC360 app, e-mail
(canaletico@fcc.es), telephone/voicemail, depending on the jurisdiction, and face-to-face meetings.

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All communications, whether nominal or anonymous, are received and analysed diligently, rigorously and
confidentially in accordance with the FCC Group's Compliance Model, applying the Policy and Procedure
of the Internal Information System and the Protocol for Internal Investigations of the FCC Group. These
documents establish the types of analysis and investigations to be carried out independently and
objectively, guaranteeing confidentiality and prohibiting retaliation (G1-1_02, G1-1_08).
Retaliation against whistleblowers is expressly prohibited within the FCC Group, in accordance with the
provisions of the Code of Ethics and Conduct and the Internal Reporting System Policy and Procedure. All
communications received through the Whistleblowing Channel are recorded in a protected and encrypted
database, and the confidentiality of identities is ensured. Access to this information is restricted to the
members of the Compliance Committee and the person responsible for the System, who are obliged to
maintain the confidentiality of the information. In addition, in cases where the preliminary review reveals
risks, precautionary measures may be adopted for the protection of the informant.
Training and awareness-raising initiatives are regularly promoted on the mechanisms and policies
implemented in the Group to protect whistleblowers and whistleblowers who report possible irregularities
(G1-1_05).
Through the above measures, the Group aims to foster a transparent, compliance-oriented environment,
providing confidence in the reporting of irregularities.
Business conduct training
In order to develop and promote knowledge and understanding of the Compliance Model, the FCC Group
develops various training programmes. Specifically, the Group has Triennial Compliance Training Plans,
approved by the Board of Directors, which address the following topics: Code of Ethics and Conduct,
Competition and Anti-Corruption. These triennial plans include the training objectives, the indicative dates,
and the target audience according to risk and the roles of the employees. (G1-1_10).
Supplier Relationship Management
Supplier relationship management has been, and continues to be, an essential aspect of the FCC Group's
business conduct. The way a company interacts with its business partners not only influences its
corporate identity, but also the sustainability of its operations. In this sense, FCC ensures that its suppliers
and contractors, considered strategic collaborators, share the values of ethics, transparency and
responsibility that guide its operations.
Over the years, FCC has diversified its operations in different sectors, which has led to the existence of
several differentiated value chains. This diversity requires close collaboration with a large number of
suppliers and contractors that provide products and services that are essential for the development of
activities. At year-end 2024, the Group had relationships with 46,315 suppliers, mostly located in Spain,
but also present in Europe, Australia, the Middle East, North, Central and South America. This breadth
reflects the Group's international dimension. The main supplies required by each of the business areas are
described below.

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Main inputs
Environment
Equipment and machinery: trucks, waste collectors, sweepers, bucket sweepers, containers, waste
compactors, etc.
Maintenance and repair services.
Spare parts and tools.
Water
Desalination and purification equipment.
Subcontracted civil works services.
Supply and rental of machinery.
Reagents and other chemicals.
Counters and accessories.
Infrastructure
Subcontracted services for civil works, foundations, metallic structures, earthworks, signalling, etc.
Concrete, rebar and prefabricated elements.
Electricity supplies.
Concessions
Supplies of equipment and spare parts.
Supplies of consumables (cleaning products, fuels, etc.).
Surveillance services.
Cement
Electricity, fuel and water supplies.
Maintenance and repair services for installations.
Supplies of raw materials and consumables.
Transport and logistics services.
Supply of packaging and containers.
Supply and rental of machinery.
Real estate
Electricity and water supply.
Cleaning and security services.
To ensure a sustainable supply chain, the Group's suppliers and contractors must share its ESG culture
and commitments. This is the basis of supplier relationship management at FCC, which is supported by
the policies, actions, metrics and targets set out below.
Policies related to supplier relationship management
In the FCC Group, collaboration with suppliers and contractors is based on the promotion of solid, lasting
and mutually beneficial commercial relationships. The aim of this way of working is for these groups
to act not as mere external agents, but as business partners who share the Group's commitments in
environmental, social and corporate governance matters.
The role of the Code of Ethics and Conduct in this area, which establishes the basic guidelines to be
followed by the Group's partners, employees and suppliers, is fundamental:
Demonstrate ethical behaviour in business relations, expressing rejection of corruption, bribery and
fraud.
Protect fundamental human and labour rights.
Demonstrate a high level of commitment to compliance with occupational health and safety standards.
Respect the environment in all its activities.
In this way, the Group aims to promote sustainable practices among its business partners, while ensuring
a consistent supply of high quality, mutually beneficial products and services (MDR-P_01, G1-2_02).
Actions related to supplier relationship management
To ensure compliance with the above principles, and to prevent risks from materialising in its business
relationships, the Group has implemented a comprehensive approval process.
This process, which starts with the registration of each supplier or contractor on the Group's platform,
requires the following information from the business partners (MDR-A_01, MDR-A_02, MDR-A_03):
Signing of a Responsible Declaration, which addresses issues such as anti-corruption, receiving and
giving gifts, conflicts of interest and respect for fundamental human rights.

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Responses to a series of questionnaires assessing social, environmental and governance criteria,
some of which are necessary to obtain a positive assessment in the approval process. The information
requested in these questionnaires includes:
- Financial information, being a necessary requirement not to appear on the ASNEF list (National
Association of Financial Credit Establishments).
- Quality certifications and information on environmental commitment and performance, including
certifications of environmental management systems, carbon footprint, efficient driving practices or
environmental sanctions.
- Occupational risk prevention systems, with the following requirements: to have a preventive
organisation model, to have occupational accident rates lower than those of its sector and not to have
received any very serious health and safety sanction in the last five years. In addition, information
is requested regarding own resources allocated to health and safety management; training plans;
medical protocols for health surveillance and health promotion programmes; as well as certification
of the occupational health and safety management system.
- Information on the number of workers, percentage of women, average age and average length
of service of the staff. It is necessary not to have received any sanction typified in the Law of
Infringements and Sanctions in the social order in the last four years.
- Information on ethical or social management system certifications, adherence to the UN Global
Compact, measures to assess employee satisfaction, and work-life balance and sustainability
policies.
- Information regarding whistle-blowing channels, the existence of a Compliance Officer and measures
implemented against corruption, money laundering and the financing of terrorism, as well as
sanctions or convictions in this area. It is an essential condition to comply with the provisions of the
FCC Group's Code of Ethics and Conduct, expressing its rejection of corruption, bribery and fraud, and
including conditions relating to influence peddling and competition.
- Information security and data protection measures and systems, requesting, among others, the
necessary requirements for the designation of a specific delegate; not having been sanctioned
for breaches of data protection regulations in the last two years; not having any sanctioning or
investigation procedure open with the Control Authority and not having reported any security breach
affecting personal data during the last two years.
- Operational details of product supply, where appropriate, including requesting information regarding
allocation of responsibilities, training, customer care, process control, supplier approval and
evaluation, and systems for measuring customer satisfaction.
Based on the information gathered, suppliers and contractors are assessed and graded according to their
risk level. For A, B and C ratings, an approval certificate is issued, with recommendations for improvement.
For suppliers that obtain a D assessment (high risk), a due diligence process is carried out to prevent
contractual risks. Depending on the results of this process, it is decided whether to approve the supplier or
contractor, after establishing the appropriate measures and actions.
Whenever, during the approval process, an alert is raised in any of the aforementioned matters, the
affected departments and areas of FCC are contacted, which must carry out a specific assessment and
issue a conclusion, based on which the purchasing department will approve or not approve the supplier.
In addition, in the event that suppliers classified as "critical" have been detected, audits are established to
reinforce supervision of the supply chain. (G1-2_03, MDR-A_04).
Likewise, during 2024, the Group has renewed and obtained the UNE 15896:2015 certifications,
corresponding to Value Added Purchasing Management, and ISO 20400:2017, for the Sustainable
Purchasing Management System. This demonstrates the FCC Group's commitment to the implementation
of good practices and continuous improvement in purchasing management, as well as the integration of
environmentally and socially responsible criteria throughout the supply chain (MDR-A_05).
Metrics related to supplier relationship management
To ensure the correct functioning of the general approval process described above, the FCC Group
continuously monitors its suppliers through the computer tools available to the Purchasing Department.
At the close of the 2024 financial year, the FCC Group has approved a total of 2,219 suppliers and
contractors, of which 587 correspond to new suppliers. During 2024, 34 high-risk suppliers have been
detected, of which 16 have completed the approval process, having successfully passed the due diligence
process, while the remaining 18 are still in the process of evaluation. No supplier has been classified as
"critical" and therefore no audit has been carried out (MDR-M_01, MDR-M_02).

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Statements
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Governance Disclosures | Page 8 of 42
Targets related to supplier relationship management
With a view to strengthening purchasing management, the FCC Group has planned a change in the
supplier tool. During 2024, it has already been implemented in part of the Water Area, and the replacement
of the tool for the rest of the Areas (MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19) is planned for 2025.
Fighting corruption and bribery
Corruption-related practices undermine trust in institutions, both public and private, and contribute to the
creation of an unequal, inequitable and discriminatory business environment.
As a benchmark in citizen services, the Group aims to maintain exemplary conduct and ensure respect for
the law. These are two of the principles on which the Compliance Model is based, which establishes FCC's
zero tolerance for any kind of practices related to corruption, bribery, kickbacks and all forms of extortion.
The Group's commitments, the measures implemented, the indicators managed and the targets
established are set out below, providing an overall view of FCC's management approach to the prevention
of corruption in all its forms.
Políticas relacionadas con la lucha contra la corrupción
y el soborno
In order to prevent the occurrence of practices related to corruption and bribery, the FCC Group has
approved the Code of Ethics and Conduct, as well as various specific policies within the regulatory
compliance block:
Code of Ethics and Conduct: Establishes the principle of zero tolerance, and expressly prohibits
influencing the will of third parties with the aim of obtaining advantages, favourable treatment or
benefits.
Anti-Corruption Policy: Defines the principles applicable in the Group with the aim of preventing
corruption, thus complementing and extending the provisions of the Code of Ethics and Conduct.
Gift Policy: This establishes the definition and principles relating to the giving or acceptance of gifts in
the FCC Group, which must be observed by all members of the company.
Agent Policy: Determines the general principles that should guide the FCC Group's relationship with any
commercial agent or business developer, as well as the basic elements of the procedures for selecting,
negotiating and controlling the activity of these operators.
These policies, which form part of the Compliance Model, establish and develop the Group's commitments
in anti-corruption matters as a whole. They thus constitute the common principles applicable to the
management of the material impacts and risks identified in this area (MDR-P_01).
Actions related to fighting corruption and bribery
The Group's Anti-Corruption Policy details the procedures in place to prevent, detect and address
allegations or incidents of corruption and bribery in all operations and throughout the value chain.
In this way, the Group promotes a culture of anti-corruption and bribery, prohibiting any attempt to
influence third parties to obtain undue advantages, including any type of facilitation payments to public
officials and disguised donations. To this end, cash payments are avoided, and actions are taken to
monitor the source and purpose of funds, complying with anti-money laundering and anti-terrorist
financing regulations. (G1-3_01)
For its part, the detection of possible irregularities is supported by the Group's Whistleblowing Channel,
the characteristics of which are described above in the section on Corporate Culture. The Compliance
Committee, together with the corporate Compliance Officer, is responsible for processing the reports
received. They act independently and objectively (G1-3_02) and report half-yearly to the Board of Directors,
through the Audit and Control Committee, on the reports, including those related to corruption and bribery
(G1-3_03).
Any employee who violates the provisions of the Anti-Corruption Policy is subject to disciplinary action, up
to and including termination of employment and other legal sanctions.
The Group considers that there is, to a greater or lesser extent, a risk of committing corruption offences
in all groups. For this reason, the Anti-Corruption Policy is disseminated by e-mail and is available on the
intranet and the corporate website (G1-3_05).

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Likewise, to reinforce knowledge and understanding of the Policy, the Group has designed training for all
its employees (G1-3_07), and with a special focus on executives, middle management and technicians
(G1-1_11). During 2024, the following were given (G1-3_06):
"Zero Tolerance for Corruption" (compulsory for all workers)
"Tax compliance (mandatory for workers most exposed to tax risk).
"Awareness-raising on the Code of Ethics and Conduct" (video for online and offline groups)
"Conflicts of interest" (information pill launched globally)
"Code of Ethics and Conduct" (international training)
Likewise, in 2024, compliance training was provided to all members of the Board of Directors of FCC and
the Group's parent companies (G1-3_08).
Metrics related to fighting corruption and bribery
There is no record of any corruption and bribery non-compliance related to the Group in 2024 (G1-4_01,
G1-4_02).
During 2024, online anti-corruption training was provided to the following selected groups, based on their
functions and exposure to risk. The courses given, recipients and percentage of completion are as follows
(G1-4_03):
Training
Target group
Students summoned
Completion
(31/12/2024)
Zero Tolerance for Corruption
DI, MI, TE, TC
6,722
51.4 %
Awareness-raising Code of Ethics and
Conduct
DI, MI, TE, TC, NC
7,041
76 %
Conflicts of Interest
DI, MI, TE, TC
7,449
73.8 %
DI: managers MI: middle management TE: technicians TC: highly qualified technicians NC: not qualified
Targets related to fighting corruption and bribery
Any action related to strengthening the Compliance Model will further reduce the risk of corruption. Several
of the objectives defined for 2025 in relation to the strengthening of the Compliance Model are as follows:
Review of the compliance risk assessment procedure: with this review, after more than six years
of using the current methodology, the aim is to adjust certain assessment criteria and simplify the
procedure.
Specific training for department heads on compliance risks: the aim is to improve process owners'
knowledge of the compliance risks that affect them, in order to increase their involvement in identifying,
preventing and mitigating these risks.
Anti-corruption training: within the framework of the three-year Compliance Training Plan, a new course
on corruption prevention is scheduled to be designed and delivered, with an international scope, which
will be aimed at the group most at risk of committing this crime.
Increase in the number of FCC Group investees, joint ventures and joint ventures adhering to the
Compliance Model or with a model designed ad hoc.
(MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19)

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4.2. Entity-specific issues
Due to the relevance of tax management for the FCC Group, tax compliance has been identified as
an entity-specific issue. An entity-specific issue in the context of the CSRD refers to those additional
disclosures that, although not included in AR 16, provide users with a detailed understanding of the
entity‑specific impacts, risks and opportunities in relation to environmental, social or governance issues.
Tax compliance
Tax compliance is a responsibility that contributes to the transparency and proper management of the
company. The FCC Group is firmly committed to this premise, aware that the taxes it pays in each of the
jurisdictions in which it operates make an essential contribution to the development and progress of the
people. Through its Tax Code of Conduct and the Tax Control Framework Standard, the Group establishes
clear guidelines for the proper management of tax risks, complying with the regulations in force in all the
jurisdictions in which it operates.
In this way, FCC seeks not only to comply with its tax obligations, but also to take into account the
potential impact of its tax decisions on the various communities in which it provides its services.
Material impacts, risks and opportunities
In its comprehensive analysis of impacts, risks and opportunities (IROs), the FCC Group has assessed
those issues that may be specifically relevant to its own business. This analysis has identified these
priority issues that need to be actively managed to ensure operational excellence and the achievement of
business objectives.
The conclusions obtained from the FCC Group's double materiality analysis in relation to taxes are set out
below. As this is the first year in which information is reported in accordance with the ESRS, there are no
changes with respect to previous years (SBM-3_11).
Impact materiality
Based on the double materiality analysis carried out, and in relation to tax compliance, the FCC Group has
identified the following positive impact on stakeholders (S3.SBM-3_04).
Impact
Area
Horizon
Location
(SBM-3_01, SBM-3_04, SBM-3_12)
(SBM-3_07)
(SBM-3_06)
(SBM-3_01, 07)
Taxes
(I-EE.1) Contribution to the financing of public services through
the payment of taxes of the organisation. *
Environment
Infrastructure
Cement
Real estate
CU
OP
* Issue dealt with by specific organisational issues.
CU: Current ST: Short term MT: Medium term LT: Long term
OP: Own operations UVC: Upstream value chain DVC: Downstream value chain
Financial materiality
Furthermore, based on the double materiality analysis, no material risks and opportunities are identified for
the Business Areas regarding taxes (SBM-3_02, S3.SBM-3_06, S4.SBM-3_08).
The positive impact derives from the socio-economic development to which FCC contributes through
the payment of the organisation's taxes (SBM-3_05, S3.SBM-3_05). Aware of the effects of this impact,
the business areas that make up the FCC Group have implemented measures to continue attributing this
effect to its stakeholders. However, although they are related to the Group's strategy and business model, it
is not considered necessary to update these elements to manage the impact (SBM-3_03, SBM-3_10).

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Policies related to tax compliance
The FCC Group has a Tax Code of Conduct, the purpose of which is to establish the policies, principles and
values that should guide behaviour in tax matters within the FCC Group. Likewise, in 2023 the FCC Group's
Tax Compliance Policy was adopted, certified by AENOR according to the UNE 19602:2019 standard. The
main contents of both regulatory documents are described below:
Tax Code of Conduct: Describes the tax obligations of all FCC Group employees, including mandatory
compliance with the "Tax Control Framework" and specific procedures for tax management.
Tax Compliance Policy: Identify, prevent, manage and mitigate the tax risks defined in the FCC Group's
Tax Control Framework Standard, in accordance with criteria of sufficiency, reasonableness and
proportionality.
These internal regulations constitute the applicable common principles for managing the material impacts
and risks identified in this area (MDR-P_01).
Actions related to tax compliance
The commitments embodied in the Tax Code of Conduct and the Tax Compliance Policy have given
rise to a series of specific actions in this area. These initiatives guarantee the correct application of tax
regulations, strengthen the internal control system and promote adherence to international standards of
good tax practices. The main measures implemented by the FCC Group as part of its commitment to tax
transparency are detailed below:
FCC Group
Action
Short description
Identification
and management
of tax risks
Identify the Group's inherent tax risks, qualify them and prioritise them according to
their potential quantitative and qualitative impact, as established in the Group's Tax
Control Framework Standard.
Stakeholder
engagement
Make available to stakeholders the Tax Transparency Report, reported to the State
Tax Administration Agency and ensure that parties particularly interested in an
adequate tax compliance management system can report their concerns regarding
possible unethical or illegal conduct, irregularities, unlawful acts or non-compliance
with any tax regulation or Group policy through the Group's Whistleblowing Channel.
Metrics related to tax compliance
Below are the metrics related to income taxes paid by the FCC Group during 2024 for both continuing and
discontinued operations up to 31 October (MDR-M_01).
2024
Income taxes paid 2024 (thousands of €) -
Continuing operations 2024
215,498
Taxes on profits paid 2024 (thousands of €) -
Discontinued operations until 31-10
7,989
The FCC Group's income taxes in 2024 were calculated in accordance with the tax regulations applicable
in each jurisdiction (MDR-M_02).
Targets related to tax compliance
Given the characteristics of the matter, no quantifiable and specific targets have been established in this
area, beyond strict compliance with the regulations applicable in the jurisdictions in which the FCC Group
operates. Likewise, for the time being it has not established a procedure for monitoring the effectiveness
of its policies and actions (MDR-T_15, MDR-T_16, MDR-T_17, MDR-T_18, MDR-T_19).

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4.3. Other information related to business conduct
and tax compliance
Appendix IX:
Policies related to business conduct and tax compliance
FCC Group
Business conduct
Internal Information System Policy
Scope
(MDR-P_02)
Applicable to all persons linked to any FCC Group company, regardless of the type of
contract, position or geographical scope.
Responsible
(MDR-P_03)
Board of Directors.
References
(MDR-P_04)
United Nations Global Compact.
Declaration on Fundamental Principles and Rights at Work and ILO Conventions.
ISO 37002 for the management of whistleblowing channels.
Stakeholders
(MDR-P_05)
Funders, clients and rating agencies (through project-specific questionnaires); partners
(in the signing of the partner agreement and in the implementation of a compliance
model), ASCOM (as members of the Board, collaboration in regulatory development
processes).
Availability
(MDR-P_06)
Publicly accessible through the official website of the FCC Group, in 15 languages.
Anti-Corruption Policy
Scope
(MDR-P_02)
Mandatory for members of the Board of Directors, executives and all employees of the
FCC Group, regardless of their position, responsibility or geographical location.
Responsible
(MDR-P_03)
Board of Directors.
References
(MDR-P_04)
ISO 37001 Anti-Bribery Management.
Stakeholders
(MDR-P_05)
Funders, clients and rating agencies (through project-specific questionnaires); partners
(in the signing of the partner agreement and in the implementation of a compliance
model), ASCOM (as members of the Board, collaboration in regulatory development
processes).
Availability
(MDR-P_06)
Publicly accessible through the FCC Group's official website, in 14 languages.
Gift Policy
Scope
(MDR-P_02)
Applicable to all the companies that make up the FCC Group, as well as to all its
employees.
Responsible
(MDR-P_03)
Board of Directors.
References
(MDR-P_04)
ISO 37001 Anti-Bribery Management.
Stakeholders
(MDR-P_05)
Funders, clients and rating agencies (through project-specific questionnaires); partners
(in the signing of the partner agreement and in the implementation of a compliance
model), ASCOM (as members of the Board, collaboration in regulatory development
processes).
Availability
(MDR-P_06)
Publicly accessible through the FCC Group's official website, in 14 languages.

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Agent Policy
Scope
(MDR-P_02)
Applicable to all the companies that make up the FCC Group, as well as to all its
employees.
Responsible
(MDR-P_03)
Board of Directors.
References
(MDR-P_04)
No references to third-party standards or initiatives are included.
Stakeholders
(MDR-P_05)
Funders, clients and rating agencies (through project-specific questionnaires); partners
(in the signing of the partner agreement and in the implementation of a compliance
model), ASCOM (as members of the Board, collaboration in regulatory development
processes).
Availability
(MDR-P_06)
Publicly accessible through the FCC Group's official website, in 14 languages.
Tax compliance
Code of Conduct
Scope
(MDR-P_02)
Applicable to all employees, regardless of their contractual arrangement, position or
geographical location, and focuses on fiscal management. Specific obligations are
defined for employees involved in fiscal functions.
Responsible
(MDR-P_03)
Tax area of the FCC Group. Board of Directors.
References
(MDR-P_04)
It is aligned with the Code of Ethics and Conduct, the mission and vision of the
FCC Group and the Group's corporate social responsibility policy. However, no reference
is made to any third-party standards or initiatives.
Stakeholders
(MDR-P_05)
Stakeholder interests have been taken into account in developing the policy. This
includes funders, clients and rating agencies; partners in signing the agreement and
implementing a compliance model; and ASCOM in regulatory collaboration.
Availability
(MDR-P_06)
Publicly accessible through the official website of the FCC Group.
Tax Compliance Policy
Scope
(MDR-P_02)
It is required for FCC, S.A. and its subsidiaries, in respect of which FCC, S.A. exercises
control in the terms provided for in Article 42 of the Commercial Code.
Responsible
(MDR-P_03)
Board of Directors.
References
(MDR-P_04)
Commercial Code, Law 31/2014 on Capital Companies and the Capital Companies Act.
Stakeholders
(MDR-P_05)
Stakeholder interests have been taken into account in developing the policy. This
includes funders, clients and rating agencies; partners in signing the agreement and
implementing a compliance model; and ASCOM in regulatory collaboration.
Availability
(MDR-P_06)
Publicly accessible through the official website of the FCC Group.

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Appendix X: Actions related to tax compliance
FCC Group
Identification and management of tax risks
Key actions
(MDR-A_01)
This is an ongoing action aimed at identifying the Group's inherent tax risks, classifying
them and prioritising them according to their potential quantitative and qualitative
impact, as established in the Group's Tax Control Framework Standard. This process
is carried out in accordance with the principles of reasonableness, efficiency and
proportionality, and it will be the responsibility of the Tax Compliance body to analyse
the underlying causes of the tax risks identified and propose measures to prevent or
mitigate such risks.
The implementation of the action is aligned with the FCC Group's Tax Compliance
Policy, which aims to identify, prevent, manage and mitigate the tax risks defined in
the FCC Group's Tax Control Framework Standard, as well as to ensure internal control
systems in tax matters that avoid the materialisation of risks.
Scope
(MDR-A_02)
The action applies to all tax risks inherent to the FCC Group.
Time horizon
(MDR-A_03)
Action is already underway, and is planned to continue on an annual basis, the
FCC Group's Audit and Control Committee is the body responsible for reviewing, on a
half-yearly basis, significant tax risks.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by actual
material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.
Stakeholder engagement
Key actions
(MDR-A_01)
This is an ongoing action, which has two expected outcomes: First, to make the Tax
Transparency Report, reported to the State Tax Administration Agency, available to
stakeholders, making tax information relating to the global tax contribution by country
accessible to stakeholders, thus ensuring transparency and compliance with good
tax practice standards. And second, to ensure that parties with a special interest in an
adequate tax compliance management system can report their concerns regarding
possible unethical or illegal conduct, irregularities, unlawful acts or non-compliance with
any tax regulation or Group policy through the Group's Whistleblowing Channel.
Scope
(MDR-A_02)
The action applies to the FCC Group.
Time horizon
(MDR-A_03)
Action is already underway, and is planned to continue on an annual basis, the
FCC Group's Audit and Control Committee is the body responsible for reviewing, on a
half-yearly basis, significant tax risks.
Impact
Remediation
(MDR-A_04)
This action does not provide or cooperate in the remediation of those affected by actual
material impacts of the company.
Progress
(MDR-A_05)
Action reported for the first year under ESRS.

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A. Annex I: Additional information
required by Law 11/2018
The following section presents, for the 2024 financial year, the additional information not covered by the
European Sustainability Reporting Standards (ESRS), required for compliance with Law 11/2018, together
with comparable data from previous years.
It also includes the historical data of the indicators reported in this report in accordance with the ESRS,
which in turn are required by Law 11/2018. It should be noted for these indicators that in 2024 changes
have been introduced in the calculation methods and perimeter of information covered, in order to respond
to the new regulatory requirements.
A.1. Environmental disclosures
Environmental assessment or certification procedures
Percentage of activity covered by environmental certifications
(ISO 14001):
2022
2023
2024
ISO 14001 (%)
81.6
82.7
82.2
ESRS E1 – Climate Change
E1-5: Energy consumption and mix
Fossil fuel consumption at stationary and mobile sources under operational control (GJ)
2021
2022
2023
Petrol
64,346
100,147
146,730
Diesel/Diesel
3,819,086
4,001,426
4,129,503
Boiler fuel oil (Diesel C)
29,088
95,629
126,771
Fuel Oil
12,233
18,649
163,951
Liquefied Petroleum Gas (LPG)
2,175
5,035
4,116
Petroleum naphtha
-
-
-
Natural gas
125,087
171,141
135,810
Compressed natural gas (CNG)
498,937
677,574
2,754,933
Liquefied natural gas (LNG)
327
-
-
coke
-
-
-
Paraffin
623
443
346
Coal (domestic)
-
1,087
702
Coal (industrial)
-
-
-
Propane
3,363
4,262
2,621
Waste (fossil fraction)
7,602,329
7,273,523
6,827,044
Butane
7
3
2
Conventional fossil fuels in clinker furnaces
12,724,095
14,359,785
12,428,211
Alternative fossil fuels in clinker kilns
1,945,334
2,367,251
1,780,961
Total
26,827,028
29,075,956
28,501,702

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Total energy consumption by origin (GJ)
2021
2022
2023
From NON-renewable sources
32,933,408
34,585,831
32,832,774
From renewable sources
13,029,179
14,766,007
15,783,674
Total
45,962,587
49,351,838
48,616,449

Consumption of renewable fuels in stationary and mobile sources under operational
control (GJ)
2021
2022
2023
Biodiesel
152,128
1,706
3,598
Bioethanol
2,842
-
-
Biogas flared in boilers without electricity generation
202,287
234,876
201,444
Biogas flared in engines or turbines with electricity
generation
1,297,256
1,552,670
1,833,149
Waste (biomass fraction)
9,278,924
8,871,101
8,398,163
Biomethane
688
532
522
Landfill gas
4,350
213,460
239,880
Biomass
1,683,963
1,684,242
1,576,190
Total
12,622,438
12,558,587
12,252,946
Direct energy consumption (GJ)
2021
2022
2023
Direct consumption from NON-renewable sources
26,827,028
29,075,956
28,501,702
Direct consumption from renewable sources
12,627,020
13,246,262
12,918,520
Total
39,454,948
42,322,218
41,420,222
Indirect energy consumption (GJ)
2021
2022
2023
Indirect consumption from NON-renewable sources
6,123,109
5,509,876
4,331,072
Indirect consumption from renewable sources
406,908
1,519,745
2,865,154
Total
6,530,017
7,029,620
7,196,227
E1-6: Gross Scopes 1, 2, 3 and Total GHG emissions
GHG emissions (tCO2e)
2021
2022
2023
Direct GHG emissions (Scope 1)
6,624,839
6,507,988
6,045,270
Indirect GHG emissions (Scope 2)
549,838
630,050
514,089
Total
7,174,677
7,138,038
6,559,359
Direct GHG emissions (Biogenic origin) (tCO2e)
2021
2022
2023
Emissions from the consumption of biogenic fuels
in stationary and mobile sources under operational
control
2,090,644
2,083,924
269,390

799
1
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2
Ethical governance
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value creation
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Direct GHG emissions (Scope 1) (tCO2e)
2021
2022
2023
tCO2e emissions from fossil fuel combustion at
stationary sources under operational control
1,484,852
1,581,523
1,404,147
tCO2e emissions from fossil fuel combustion in mobile
sources under operational control
282,799
258,977
275,798
tCO2e emissions generated in water management
complexes with operational control (e.g. leakage in
digestion processes, etc.)
80,224
93,991
72,132
Direct emissions from energy recovery centres in
operationally controlled plants (thermal treatment
plants Energy from Waste)
634,735
600,786
603,084
tCO2e emissions associated with biological treatment
in operationally controlled plants (composting and
biomethanisation)
77,148
85,641
101,082
Direct emissions from the calcination of carbonaceous
raw materials in clinker kilns
2,607,731
2,616,559
2,347,403
tCO2e emissions associated with landfill deposition
with operational control
1,457,336
1,269,959
1,239,337
Direct emissions due to refrigerant leakage
15
553
2,285
Total
6,624,839
6,507,988
6,045,268
Indirect GHG emissions (Scope 2) (tCO2e)
2021
2022
2023
tCO2e emissions associated with electricity or steam
purchased from third parties - geographical method
549,838
630,050
514,089
tCO2e emissions associated with electricity or
steam purchased from third parties - market method
(optional)
-
-
8,248
Total GHG emissions (tCO2e)
2022
2023
Direct GHG emissions (Scope 1)
34,036
174,706
Indirect GHG emissions (Scope 2)
7,794
4,210
Derived from emission offsets
-
200

800
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ESRS E2 – Pollution
E2-4: Pollution of air, water and soil
Atmospheric emissions (t)
2021
2022
2023
NOx
10,395
10,316
13,904
SOx
1,237
1,501
1,702
Persistent Organic Pollutants (POPs)
-
44
45
Volatile organic pollutants (VOC)
256
320
445
Particulate Matter (PM)
618
438
600
HCl
55
59
59
HF
3
2
2
Other emissions
-
265
282
Significant spills
2021
2022
2023
Total number of significant spills (No)
33
28
95
Total volume of significant spills (m3)
54
21
33
Water discharges by destination (m3)
2021
2022
2023
Surface water
1,144,552
1,436,279
1,890,932
Groundwater
9,080
78,225
55,616
Sea water
45,865
76,518
74,654
Third-party water (total): municipal network and
treatment plants
2,962,241
1,931,930
2,066,206
Third-party water transferred for use by other
organisations
-
15,673
21,514
Total
4,161,737
3,538,625
4,048,923
Water discharges by concentration (m3)
2021
2022
2023
Fresh water (total dissolved solids ≤ 1000 mg/l)
2,452,153
1,451,157
1,278,470
Other waters (total dissolved solids > 1000 mg/l)
621,596
1,157,329
1,234,196
Uncharacterised
1,087,988
930,139
1,536,257
Total
4,161,737
3,538,625
4,048,923
Water discharges by concentration in water-stressed areas (m3)
2021
2022
2023
Fresh water (total dissolved solids ≤ 1000 mg/l)
541,175
729,741
661,553
Other waters (total dissolved solids > 1000 mg/l)
10,081
23,650
16,958
Total
551,256
753,391
678,511

801
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ESRS E3 – Water and Marine Resources
E3-4: Water consumption
It should be noted that the data presented below are for all FCC Group areas, with the exception of the data
relating to self-consumption in the Water Area, as they represent residual consumption in comparison with
the amounts managed by the business, which are detailed at the end of the section.
Water withdrawal (m3)
2021
2022
2023
Municipal or other water companies water supply
9,927,550
9,298,690
9,240,341
Surface water (wetlands, rivers, lakes and other
watercourses)
1,001,832
642,429
1,104,123
Marine waters
-
-
-
Brackish waters
-
-
-
Groundwater
1,139,239
1,350,880
1,573,509
Rainwater captured and stored by the organisation
295,928
312,651
287,659
Recycled or reused water
2,042,356
2,629,037
2,690,141
Other waters resulting from withdrawals, processing or
use of raw materials
-
-
-
Total
14,406,904
14,233,686
14,895,772
Water abstraction from water-stressed areas (m3)
2021
2022
2023
Municipal or other water companies water supply
5,609,234
4,544,768
4,874,968
Surface water (wetlands, rivers, lakes and other
watercourses)
93,176
32,575
97,395
Marine waters
-
-
-
Brackish waters
-
-
-
Groundwater
546,313
121,823
161,847
Rainwater captured and stored by the organisation
242,319
285,474
265,440
Recycled or reused water
1,931,123
646,415
715,867
Other waters resulting from withdrawals, processing or
use of raw materials
-
-
-
Total
8,422,165
5,631,054
6,115,516

802
1
Letter from the
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ESRS E4 – Biodiversity and Ecosystems
E4-5: Impact metrics related to biodiversity and ecosystems change
Sensitive protected areas and affected areas
2022
2023
No. of
installations
Area
(ha)
No. of
installations
Area
(ha)
Location in protected natural sites or sites
with high biodiversity value
243
503,474
275
497,816
Location in areas with a landscape classified
as relevant
9
946
10
1,158
Effect on natural watercourse in a protected
site
1
3
9
2,947
Effect on natural watercourse in areas with
high biodiversity value
8
851
9
3,749
Affection of watercourses with very high or
relevant value for local communities and
indigenous populations.
10
850
4
904
Affect on listed or protected vegetation
13
2,060
11
897
Affect on listed or protected animal species
14
1,970
23
3,004
Total number of species at risk (No.)
2022
2023
Critically endangered
0
0
Endangered
2
4
Vulnerable
0
6
Near threatened
1
6
Minor concern
3
17
ESRS E5 – Resource use and circular economy
E5-4: Resource inflows
Materials used (t)
2021
2022
2023
Raw materials (metals, minerals, wood, etc.)
55,156,900
18,190,859
17,368,536
Auxiliary materials (lubricants and reagents)
132,395
95,128
101,266
Semi-finished products
4,026,757
1,860,823
3,683,256
Packaging material (paper, cardboard, plastics)
9,600
8,787
9,201
Total
59,326,193
20,155,598
21,162,259
Materials used of renewable origin (t)
2021
2022
2023
Raw materials (metals, minerals, wood, etc.)
755,363
830,462
1,086,734
Auxiliary materials (lubricants and reagents)
186
254
209
Semi-finished products
-
-
-
Packaging material (paper, cardboard, plastics)
7,581
6,667
6,315
Total
763,131
837,382
1,093,259

803
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Materials used of non-renewable origin (t)
2021
2022
2023
Raw materials (metals, minerals, wood, etc.)
54,401,537
17,360,398
16,281,801
Auxiliary materials (lubricants and reagents)
132,748
94,874
101,057
Semi-finished products
4,026,757
1,860,823
3,683,257
Packaging material (paper, cardboard, plastics)
2,019
2,121
2,885
Total
58,563,062
19,318,215
20,069,000
Recycled inputs used (t)
2022
2023
Total recycled inputs used
1,679,485
1,816,091
Total inputs used
20,155,598
21,162,259
Percentage of recycled inputs used
8 %
9 %
E5-5: Resource outflows
Waste generated (t)
2021
2022
2023
Hazardous waste generated
276,094
211,330
122,914
Non-hazardous waste generated
2,230,599
2,658,714
18,133,016
Total
2,506,693
2,870,044
18,255,930
Waste for disposal and not destined for disposal (t)
Destined for
disposal
Not for
disposal
Uncharacterised
Hazardous waste
102,717
20,196
0
Non-hazardous waste
2,770,856
15,362,065
95
Total
2,873,573
15,382,261
95
Treatment of hazardous waste not destined for disposal (t)
2022
2023
Preparation for re-use
158
109
Recycling
106,320
2,999
Other recovery operations
700
8,203
Uncharacterised
107
8,885
Total
107,285
20,196

804
1
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Chairwoman and the CEO
2
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Treatment of non-hazardous waste not destined for disposal (t)
2022
2023
Preparation for re-use
45,521
228,362
Recycling
441,748
12,031,170
Other recovery operations
231,019
2,433,807
Uncharacterised
653,496
668,725
Total
1,371,784
15,362,065
Treatment of hazardous waste destined for disposal (t)
2022
2023
Incineration (with energy recovery)
367
70
Incineration (without energy recovery)
42
18
Transfer to a landfill
72,430
80,374
Other recovery operations
10,460
3,363
Uncharacterised
20,744
18,893
Total
104,043
102,717
Treatment of non-hazardous waste destined for disposal (t)
2022
2023
Incineration (with energy recovery)
30,357
570
Incineration (without energy recovery)
8
49
Transfer to a landfill
1,228,330
2,663,382
Other recovery operations
5,159
80,144
Uncharacterised
23,073
26,711
Total
1,286,903
2,770,856
Food waste
Due to the type of activity carried out by the FCC Group, food waste has not been identified as a material
issue. However, in those Group centres that have a canteen for employees, the external company that
provides the service generally carries out measures to optimise food forecasts and reduce food waste.

805
1
Letter from the
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2
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A.2. Social disclosures
ESRS S1 – Own Workforce
Headcount at year-end broken down by gender, age, professional classification, type of
contract and working day
2021
2022
2023
Man
Woman
Man
Woman
Man
Woman
Age
< 35 years old
7,425
2,125
8,127
2,348
8,618
2,472
35-54 years
24,946
7,623
26,605
8,062
27,003
8,175
> 54 years old
13,563
3,865
15,355
4,302
16,395
4,427
Subtotal
45,934
13,613
50,087
14,712
52,016
15,074
Total
59,547
64,799
67,090
Functional level
Direction and
Management
444
84
441
85
428
79
Controls
3,205
634
3,607
825
3,900
912
Technicians
4,092
1,847
4,738
2,075
4,767
2,288
Administrative
1,142
2,039
875
2,084
897
2,084
Various trades
37,051
9,009
40,426
9,643
42,024
9,711
Subtotal
45,934
13,613
50,087
14,712
52,016
15,074
Total
59,547
64,799
67,090
Type of contract
Indefinite
34,132
10,224
41,464
12,363
43,514
12,629
Temporary
11,802
3,389
8,623
2,349
8,502
2,445
Subtotal
45,934
13,613
50,087
14,712
52,016
15,074
Total
59,547
64,799
67,090
2021
2022
2023
Man
Woman
Man
Woman
Man
Woman
Type of working day
Complete
41,406
9,821
45,243
10,856
47,199
11,553
Partial
5,528
3,792
4,844
3,856
4,817
3,521
Subtotal
45,934
13,613
50,087
14,712
52,016
15,074
Total
59,547
64,799
67,090
Annual average by type of contract broken down by gender, age and occupational
classification
2021
2022
2023
2024
Indefinite
Temporary
Indefinite
Temporary
Indefinite
Temporary
Indefinite
Temporary
Gender
Men
33,761
12,614
39,021
9,957
42,817
8,674
46,281
7,905
Women
10,027
3,340
11,467
2,785
12,443
2,458
13,409
2,635
Subtotal
43,788
15,955
50,488
12,742
55,260
11,132
59,690
10,540
Total
59,742
63,230
66,392
70,230
Age
< 35
years old
4,607
5,176
6,242
4,024
7,537
3,460
8,405
3,283
35-54
yeras old
25,218
7,707
27,994
6,009
29,939
5,119
31,586
4,772
> 54
years old
13,963
3,071
16,252
2,709
17,784
2,553
19,699
2,485
Subtotal
43,788
15,954
50,488
12,742
55,260
11,132
59,690
10,540
Total
59,742
63,230
66,392
70,230

806
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2021
2022
2023
2024
Indefinite
Temporary Indefinite
Temporary Indefinite
Temporary Indefinite
Temporary
Clasificación profesional
Direction and
Management
511
1
507
3
505
4
513
4
Controls
3,390
392
3,943
356
4,327
347
4,612
311
Technicians
4,661
949
5,455
1,185
5,758
964
6,215
878
Administrative staff
2,455
545
2,642
409
2,594
352
2,710
346
Various trades
32,771
14,067
37,941
10,789
42,076
9,465
45,640
9,001
Subtotal
43,788
15,954
50,488
12,742
55,260
11,132
59,690
10,540
Total
59,742
63,230
66,392
70,230
Annual average by type of working day broken down by gender, age and occupational
classification
2021
2022
2023
2024
Indefinite
Temporary Indefinite
Temporary Indefinite
Temporary
Indefinite
Temporary
Gender
Men
41,936
4,439
44,283
4,695
46,661
4,830
49,235
4,951
Women
9,620
3,747
10,486
3,766
11,252
3,649
12,136
3,908
Subtotal
51,556
8,186
54,769
8,461
57,913
8,479
61,371
8,859
Total
59,742
63,230
66,392
70,230
Edad
< 35 years old
8,316
1,467
8,647
1,619
9,340
1,657
9,943
1,745
35-54 years old
29,239
3,686
30,227
3,776
31,352
3,706
32,500
3,859
> 54 years old
14,001
3,033
15,895
3,066
17,221
3,116
18,928
3,255
Subtotal
51,556
8,186
54,769
8,461
57,913
8,479
61,371
8,859
Total
59,742
63,230
66,392
70,230
2021
2022
2023
2024
Indefinite
Temporary Indefinite
Temporary Indefinite
Temporary Indefinite
Temporary
Clasificación profesional
Direction and
Management
506
6
499
11
503
6
511
6
Controls
3,622
160
4,140
159
4,513
161
4,778
145
Technicians
5,299
311
6,257
383
6,330
392
6,705
388
Administrative staff
2,749
251
2,779
272
2,684
262
2,784
272
Various trades
39,380
7,458
41,094
7,636
43,883
7,658
46,593
8,048
Subtotal
51,556
8,186
54,769
8,461
57,913
8,479
61,371
8,859
Total
59,742
63,230
66,392
70,230
Dismissals by gender, age and occupational classification
2021
2022
2023
2024
Gender
Men
633
728
845
969
Women
149
169
175
268
Total
782
897
1,020
1,237
Age
< 35 years old
206
231
283
316
35-54 years
377
455
517
611
> 54 years old
199
211
220
310
Total
782
897
1,020
1,237
Occupational classification
Direction and Management
1
6
9
15
Controls
51
56
51
84
Technicians
68
129
99
126
Administrative staff
38
40
30
57
Various trades
624
666
831
955
Total
782
897
1,020
1,237

807
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Average earnings and their evolution by gender, age and occupational classification*
2022 (€)
2023 (€)
2024 (€)
< 35 years old
35-54 years
> 54 years old
< 35 years old
35-54 years
> 54 years old
< 35 years old
35-54 years
> 54 years old
Men
Direction and
Management
78,998.20
118,330.98
160,043.27
54,145.61
91,242.40
127,322.38
94,027.82
99,816.73
139,541.56
Controls
31,026.55
46,089.03
53,193.80
30,879.48
49,395.11
55,457.07
37,927.60
52,993.11
59,478.45
Technicians
23,543.00
38,189.32
42,269.46
30,323.74
43,358.59
47,534.07
35,001.23
46,009.80
50,048.80
Administrative staff
19,652.25
28,456.37
34,592.62
19,248.45
28,835.43
36,221.89
24,085.70
32,132.25
35,055.92
Various trades
20,156.99
24,192.01
25,573.88
21,409.05
25,277.77
26,647.85
24,229.30
27,443.42
28,531.03
Women
Direction and
Management
65,870.19
99,893.49
134,848.23
48,639.46
75,190.07
78,554.38
58,512.41
81,425.34
73,214.50
Controls
25,579.80
37,990.44
37,441.88
27,421.21
38,534.55
43,308.55
31,988.28
43,522.65
53,425.47
Technicians
21,842.76
29,511.23
32,504.40
26,346.76
34,138.07
37,925.33
29,099.08
36,619.58
39,576.22
Administrative staff
19,039.76
24,828.26
28,233.11
18,651.92
25,725.46
30,009.11
22,106.44
27,057.82
32,099.70
Various trades
19,212.17
20,237.11
19,724.81
20,306.87
20,808.19
20,770.08
22,144.61
22,332.05
21,936.62
(*) FCC has defined a remuneration policy for each of the countries in which it operates, so that the aggregate average remuneration data in which it is established is not representative of the remuneration management carried out in each of the
business units and countries in which FCC operates.

808
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 26 of 42
Average number of training hours by gender and professional category
2022
2023
Men
Women
Men
Women
Direction and Management
26
42
18
33
Controls
20
33
20
27
Technicians
17
18
21
24
Administrative staff
10
14
19
13
Various trades
8
4
9
4
Complaints of human rights violations
During 2023, FCC did not receive any complaints that resulted in a violation of these fundamental rights
and freedoms by the Group.
ESRS S3 – Affected Communities
Partnership or sponsorship actions
List of main associations
Environmental Services Area
– Verein Österreichische Entsorgungsbetriebe (VOEB)
– Česká quivale odpadového hospodářství (ČAOH)
– Česká quivale pro finanční řízení (CAFIN)
– Associače sanačních společností (ASS)
– Sdružení provozovatelů technologií pro ekologické využívání odpadů (STEO)
– Gyáli Önkéntes Szemétszedők Egyesülete (GYÖSZ)
– Skyball Kutyasport és Segítőkutyás Egyesület

– ASOCIATIA COALITIA PT ECONOMIA CIRCULARA (CERC)
– Uniunea Națională a Transportatorilor Rutieri din România (UNTRR)
– The Association of Waste Management Entrepreneurs (A.P.O.H.)
– Circular Slovakia
– Business Leaders Forum (BLF)

Water Area
– Spanish Association of Water Supply and Sanitation (AEAS)
– Abastecimientos de Agua y Saneamientos de Andalucía (ASA)
– Agrupació de Serveis D'Aigua de Catalunya (ASAC)
– Aguas Residuales – Spanish–speaking community for water treatment professionals
– Water Alliance of Ibiza and Formentera
– Canary Islands Association of Urban Water Distribution and Treatment Businesses in the Province of
Las Palmas (ADITRAGUA)
– Czech Association of Non Excavation Technologies (CZSTT)
– Association of Axidega (association of companies managing sports facilities in Galicia).
– Association of Water Entrepreneurs of the Balearic Islands (ASAIB)
– Association of Wastewater Treatment Entrepreneurs of Madrid (ADEPUREMA)
– Benalmádena Association of Businessmen and Traders (ACEB)
– Association of Infrastructure Construction Companies and Concessionaires (SEOPAN–AGUA)
– Association of Companies for the Collection, Distribution, Purification and Management of Drinking and
Wastewater in the Region of Murcia (AGEAS)
– Association of Research, Extraction, Mining and Metallurgical Transformation, Auxiliary and Service
Companies.
– Association of industries that collect, lift, convey, treat, purify, treat and distribute drinking water and
wastewater in the province of Toledo.
– Association of Installers of Almeria (ASINAL)
– Association of Water Supply and Sanitation Operators of the Czech Republic (APROVAK)
– Association of Colombian Public Services (ANDESCO)
– Association of the Water Supply and Sanitation Sector in the Czech Republic (SOVAK)
– Association of Communication Directors (DIRCOM)
– Spanish Association for Desalination and Reuse (AEDyR)
– Spanish Association of Sustainability Executives (DIRSE)
– Spanish Association for Standardisation (UNE)

809
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 27 of 42
– Spanish Association of Water Services to Populations (AGA)
– Latin American Association of Desalination and Water Reuse (ALADYR)
– National Association of Water and Sanitation Companies of Mexico (ANEAS)
– Association for the Development of the Moravian–Silesian Region (SRMSK)
– Association for the Defence of Water Quality (ADECAGUA)
– Association for Water Management in the Czech Republic (SVH)
– Provincial Association of Water Sector Companies in Alicante
– Members of the International Federation of Private Water Operators (AquaFed)
– Associaçao Das Empresas Portuguesas para o Sector Do Ambiente (AEPSA)
– Associaçao Portuguesa de Distribuçao e Drenagem de Águas (APDA)
– Water Supply Association (AAA)
– Associació Industrial Per La Producció Neta (AIPN)
– Association Scientifique et Technique pour L'Eau et L'Environnement
– EU-Georgia Business Council
– Almeria Chamber of Commerce
– Spanish Chamber of Commerce
– Catalan Water Partnership (CWP)
– Centre for New Water Technologies (CENTA Foundation)
– Ditchley Foundation Water Advisory Committee (UK)
– Confederation of Business Organisations in the Province of Badajoz (COEBA)
– Business Confederation of the Province of Almeria
– Spanish Confederation of Employers' Organisations CEOE
– Confederation of Industry of the CR (SP CR)
– National Water Council (CNA)
– Czech Chamber of Commerce (HK CR)
– Directorate General for the Circular Economy (CLM)
– Economic Business Council Spain/Egypt
– European Federation of National Water and Sanitation Associations (EUREAU)
– Fédération Des Distributeurs D'Eau Indépendants
– Fédération Professionnelles Des Entreprises De L'Eau (FP2E)
– Federazione Italiana Delle Imprese Dei Servizi Idrici, Energetici e Vari (UTILITALIA)
– Canary Islands Water Centre Foundation (FCCA)
– Georgian Laboratory Association (GeLAB)
– Global Water Partnership (GWP)
– Madrid Institute for Advanced Studies (IMDEA-AGUA)
– International Desalination Association (IDA)
– International Water Association (IWA)
– Isle Utilities TAG (Technology Approval Group)
– World Water Innovation Fund (WWIF)
– Water Action Platform
– Madrid, the World Capital of Construction, Engineering and Architecture (MWCC)
– Urban Water Cycle Assessment Board
– PRL INNOVATION
– Sentiatech
– Spanish Business Council of the United Arab Emirates
– Stepbywater
– Water Environment Federation (WEF)
– Water Positive Think Tank
– World Compliance Association
– Young Water Professionals (YWP)
– ZINNAE Urban Cluster for Efficient Water Use
Infrastructure Area
– SEOPAN
– MWCC
– Scientific and Technical Association for Structural Concrete
– Membership International Chamber of Commerce (ICC)
– AECOM (Association of Madrid Construction Companies)
– Asociación Empresas Productoras Áridos Castilla-La Mancha (Castilla-La Mancha Aggregates
Producers Association)
– Asociación Gestión de Residuos de la Comunidad Madrid
– SPANISH ASSOCIATION OF TUNNELS AND UNDERGROUND WORKS

810
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 28 of 42
– Spanish Association of Advertisers
– Madrid Excelente
– Grouping for the promotion of P Tarragona
– Federation of Public Works in Alicante (FOPA)
– SPANISH ROAD ASSOCIATION
– AEC (SPANISH ASSOCIATION FOR QUALITY)
– Madrid Association of Asphalt Manufacturers, (AMFA)
– TECHNICAL ROAD ASSOCIATION
– ATPYC (Technical Association of Ports and Coasts)
– BUILDING SMART (home of openBIM)
– Power Forum
– CTN 332-Digitisation of information for building and civil works
– European Construction Technological Platform (ECTP)
– ENCORD
– Spanish Expatriation Forum
– MADRID GREEN URBAN MOBILITY LAB
– Pathways Foundation
– Madrid Open City
– Spain-Norway Chamber of Commerce
– GBCe (GREEN BUILDING COUNCIL - SPAIN)
– GAESCO Association. Business Association of Builders and Developers.
– Foundation for the Global Compact Spain
– SPANISH CONSTRUCTION TECHNOLOGY PLATFORM FOUNDATION - PTEC
– REDI-Business Network for Diversity and LGBTI Inclusion
– SPANISH NATIONAL COMMITTEE ON LARGE DAMS
– Q-ZERO. ALLIANCE TO DECARBONISE THE USE OF HEAT IN INDUSTRY
– SEPREM (Spanish Society of Dams and Reservoirs)
– Florida Transportation Builders Association
– UNE
– SPOKESPERSON FOR CTN 216/GT2 "CLIMATE CHANGE".
– UNE CTN 150-Environmental management
– Global Compact Action Platform on Sustainable Finance
– Federated College of Engineers and Architects-FCC CO COSTA RICA
– Panamanian Chamber of Construction- FCC CA PANAMA
– Association of Human Resources Executives of Nicaragua (Aerhnic)
– Lima Chamber of Commerce
– Official Chamber of Commerce Spain Peru
– Peruvian Chamber of Construction
– Antofagasta Industrial Association
– Chilean Chamber of Construction
– Spanish Chamber of Commerce Chile
– Colombian Chamber of Infrastructure
– Australia Chamber of Commerce
– CHAMBER OF CONTRACTORS OF CASTILLA Y LEÓN
– CERCLE D'INFRAESTRUCTURES FOUNDATION
– Circulo Empresarios Galicia
– Santa Cruz de Tenerife Construction Federation
– Equipment Watch (COST ESTIMATIVE PLATFORM)
– Diversity Foundation
– CEPYME ZARAGOZA - CONFEDERACION ESPAÑOLA DE LA PEQUEÑA Y MEDIANA EMPRESA -
SPANISH CONFEDERATION OF SMALL AND MEDIUM ENTERPRISE
– OFFICIAL CHAMBER OF CONTRACTORS OF CATALONIA
– GUILD OF ARCHITECTS OF CATALONIA
– GREMI CONSTRUCCIO D'OBRES DE CATALUNYA
– Valencian Association of Construction and Public Works Entrepreneurs
– FRECOM MURCIA - FEDERACION REGIONAL EMPRESARIOS CONSTRUCCION
– CHAMBER OF CONTRACTORS OF THE COMMUNITY OF VALENCIA
– Spain Chamber of Commerce in Saudi Arabia
– CID-DEFENCE INDUSTRY CLUSTER
– APIEM-ASOCIACIÓN PROFESIONAL EMPRESARIOS DE INSTALACIONES ELÉCTRICAS Y
TELECOMUNICACIONES DE MADRID (PROFESSIONAL ASSOCIATION OF ELECTRICAL AND
TELECOMMUNICATIONS INSTALLATION BUSINESSMEN OF MADRID)

811
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 29 of 42
– AMI-ASSOCIATION OF INTEGRATED MAINTENANCE AND ENERGY SERVICES COMPANIES
– ATECYR-ASOCIACIÓN TÉCNICA ESPAÑOLA DE CLIMATIZACIÓN Y REFRIGERACIÓN (SPANISH
TECHNICAL ASSOCIATION FOR AIR CONDITIONING AND REFRIGERATION)
– ADEMI
– Spanish Association of Public Parks and Gardens
– for ACEX: association of conservation and operating companies
– ASERPYMA: Association of Landscape and Environmental Restoration Companies
– ASEMFO: Association of forestry companies
– Andalusian Association of Forestry Companies
– ANDECE (NATIONAL ASSOCIATION OF CEMENT DERIVATIVES)
– AFTRAV (NATIONAL ASSOCIATION OF MANUFACTURERS OF SLEEPERS FOR FFCC)
– ANAIP (SPANISH ASSOCIATION OF PLASTICS INDUSTRIALISTS)
– AIMPLAS (PLASTICS TECHNOLOGY INSTITUTE)
– AERYD (SPANISH IRRIGATION AND DRAINAGE ASSOCIATION)
– At Madrid Ice Rink Tickets
– Construction Industry Awards Dinner Attendance
– At Madrid Seats
– FC Barcelona Seats
– Real Madrid Seats
– COLLABORATION WITH ICCCP FOR THE SOCIALISATION OF ICCCP IN CANADA
– Circulo Confianza Nueva Economía Forum
– Breakfast briefings E Press
– CAMACOES Annual Dinner
– Association of Civil Engineers in its Gran Canaria area
– Padel championship Saudi Arabia
– II Edition Intelligent and Sustainable Mobility Congress
– Celebration of the National Day 12 October. Spanish Embassy in Peru
– II CIAM Conference
– IX ATPYC National Congress
– XI JORNADAS DE CIVIL DO FORUM DE CIVIL - INSTITUTO SUPERIOR TÉCNICO
– VIII Jornadas de Engenharia Civil (8th Civil Engineering Conference)
– SPANISH NATIONAL DAY 12 OCT SPANISH EMBASSY IN QATAR 2024
– AETOS 50TH ANNIVERSARY FCC-CONVENSA CONFERENCE
– Completion of the repair works of the parish church Sfantul Stefan (St. Stephen) of Samurcasi, Crevedia
Com. Dâmboviţa
– X Encontros de Enxeñería de Camiños, Canais e Portos (X Encounters of Road, Canal and Port
Engineering)
– AETOS-CONVENSA-FCC CO Mediterranean Tunnelling Conference
– IX Paddle Tennis Tournament FCC Technical Services
– Breakfast briefing Borja Carabante. Town Planning, Mobility and Environment Delegate
– PORTUGUESE RAILWAY SUMMIT
– Maritime-Port Engineering Conference: "Innovation and Trends in the Future of the Sector".
– Commemoration of the 50th Anniversary of the Col-legi d'Enginyers de Camins, Canals i Ports de
Catalunya (College of Road, Canal and Port Engineers of Catalonia)
– National Day Party in Saudi Arabia
– National Day of the Spanish Embassy in Oslo 2024
– CIVIL ENGINEERING FORUM 2024 ETSICCP GRANADA UNIVERSITY
– The Railway Days Investment Summit, 18th edition
– UNIVERSIA VIRTUAL FAIR EMPLOYMENT
– XIII Jornadas Españolas de Presas (13th Spanish Conference on Dams)
– 20th ATPYC Young Professionals' Conference
– 3rd Santo Domingo de la Calzada Engineering Week 2024
– Sponsorship of the book Patrimonio Nacional
– Las Ventas Autumn Fair
– Conference Santo Domingo de la Calzada Extremadura CICCP
– XVII ROAD CONSERVATION CONFERENCE
– International Urban Tree
– Bullfighting Fair Las Ventas- SAN ISIDRO
– VIII Popular Race, 'On the Move for Health'
– Municipal Technicians Day
– X CxM Water Route - El Gergal
– XXIV Piping Design Course

812
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 30 of 42
– iWater
– FENACORE
– 13th Conference "Irrigation Campaign Management in the Aragon and Catalonia Canal"
– 26th Riegos del Alto Aragón Information Day
Cement Area
– Sustainable Cantabria Association (Cantabria Sostenible)
– Cement Manufacturers Association (Oficemen)
– Association of Mortar and SATE Manufacturers (ANFAPA)
– Spanish National Association of Ready Mixed Concrete Manufacturers (ANEPHOP)
– National Association of Aggregate Manufacturers (ANEFA)
– Spanish Association Of Purchasing, Contracting And Procurement Professionals
– CEOE CEPYME CANTABRIA - Membership (CEOE CEPYME CANTABRIA)
– Ciment Catalá Association of Cement Manufacturers of Catalonia (Ciment Catalá)
– Confederation of Employers of Andalusia (CEA)
– Navarra Construction Industrial Cluster
– Federation of Industrialists and Traders of Alcalá de Guadaira (FICA)
– Cement and Environment Foundation (CEMA)
– Fundación Laboral Andaluza del Cemento y el Medio Ambiente (FLACEMA)
– Association of Catalan companies involved in the extraction and treatment of aggregates (Gremi d'Arid
de Catalunya).
– Gremi Prefabricats (Prefabricates and cement derivatives guild)
– Spanish Institute of Cement and its Applications (IECA)
– Institute of Internal Auditors
– Spanish CO2 Technology Platform
Real Estate Area
– Spanish Association Against Cancer (AECC)
– Sponsorship of the Women's Basketball Team Ferial Plaza Guadalajara
– Sponsor a tree foundation
ESRS S4 – Consumers and end-users
Complaints and claims (No.)
2021
2022
2023
2024
Received
Environment
9,350
7,992
9,129
15,124
Water
15,948
30,641
31,371
24,652
Infrastructure
177
97
217
619
Cement
10
22
15
12
Real estate
-
5
8
27
Managed
Environment
9,346
7,991
9,129
15,121
Water
15,948
30,641
31,371
24,652
Infrastructure
177
97
217
619
Cement
10
22
15
12
Real estate
-
5
8
27
Average resolution time (days)
Environment
2,9
8
8
6
Water
16
10
11
12
Infrastructure
22
39
275
40
Cement
24
99
99
82
Real estate
-
15
20
45
Products and services assessed for health and safety impacts
In addition, as a good health and safety practice, a health and safety impact assessment is carried out for
96 % of products and services.
Following these assessments, no cases of non-compliance with voluntary codes relating to health and
safety impacts of products and services were identified in the reporting period.

813
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 31 of 42
A.3. Governance disclosures
ESRS G1 – Business Conduct
Confirmed incidents of corruption and measures taken
No cases of corruption were confirmed in 2023. In 2019, the Group became aware of the existence of
payments made in 2010 and 2014 that could constitute crimes of corruption in international transactions
and money laundering, affecting the companies FCC Construcción, S.A., FCC Construcción América, S.A.
and Construcciones Hospitalarias, S.A. The company brought the facts to the attention of the public
prosecutors in Spain and Panama, and since then has been providing maximum cooperation for their
clarification. At the date of preparation of the 2023 Annual Report, the case was still under investigation
and it was not possible to determine, at that time, what charges, if any, might be brought.
Contributions to foundations and non-profit organisations (€)
2021
2022
2023
2024
Donations to non-profit organisations
and foundations
1,048,399
1,151,318
1,100,341
932,714
Sponsorships
1,761,051
2,238,463
2,269,229
2,641,086
Contributions to associations
1,847,790
2,303,888
2,141,438
1,644,945
Other
170,544
230,913
176,165
149,696
Total
4,773,448
5,924,582
5,687,173
5,368,441
Supervision and audit systems and their results
By 2024, the FCC Group had approved 1,432 suppliers and contractors, of which 813 new suppliers were
approved during 2024. In addition, 20 were classified as high risk in 2024. Following the Due Diligence
process, 17 of these suppliers were approved and three are in the process of evaluation; and no supplier
was classified as "critical", so it was not necessary to carry out a compliance audit.
Tables relating to fiscal transparency
2023
Countries Group
Main activities
of the organisation
Revenue from
sales to third
parties 2023
Income from
intra-group
transactions
with other tax
jurisdictions
2023
Tangible assets
other than
cash and cash
equivalents
2023
Profit Before
Tax 2023
(thousands
of €)
Profit taxes
paid 2023
(thousands
of €)
Germany
Construction
11,827
0
0
0
0
Andorra
51
0
0
0
0
Saudi Arabia
Water
Construction
246,720
116,297
218,511
16,089
5,027
Algeria
Water
Construction
48,413
9,881
162,758
30,626
5,228
Argentina
Construction
0
0
0
-1
0
Australia
Construction
7,483
0
3,540
-4,524
0
Austria
Water
170,091
-65
544,711
80,899
1,705
Belgium
Construction
7
0
166
-49
435
Brazil
Construction
0
0
-10,081
-7,554
0
Bulgaria
Construction
0
0
95
-75
0
Canada
Construction
189,249
0
65,647
38,637
0
Chile
Water
Construction
70,458
0
59,046
-16,818
0
Colombia
Water
Construction
114,735
15,578
101,983
3,193
2,734
Costa Rica
Construction
0
0
-299
-756
0
Croatia
Real estate
31
0
67
0
0
Denmark
5
0
0
0
0
Ecuador
Water
0
0
48
-55
3
Egypt
Water
Environment
6,262
11
17,417
3,358
1,233
El Salvador
Construction
0
0
845
-82
1
United Arab
Emirates
Water
Construction
16,751
336
4,871
2,450
0

814
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 32 of 42
2023
Countries Group
Main activities
of the organisation
Revenue from
sales to third
parties 2023
Income from
intra-group
transactions
with other tax
jurisdictions
2023
Tangible assets
other than
cash and cash
equivalents
2023
Profit Before
Tax 2023
(thousands
of €)
Profit taxes
paid 2023
(thousands
of €)
Slovakia
Environment
43,157
0
65,345
7,656
1,099
Slovenia
7
0
0
0
0
Spain
Environment
Water
Infrastructures
Cement
Real Estate
4,161,887
316,618
7,363,881
221,438
38,022
United States
Water
Cement
Environment
Construction
399,617
434
516,105
15,300
30
Finland
Construction
24
0
1
-966
0
France
Water
34,396
280
48,131
1,379
761
Georgia
Water
79,240
775
474,784
11,595
49
Greece
Environment
Construction
8
0
95
-15
0
Guatemala
Construction
0
0
25
-29
1
Haiti
Construction
0
0
3,280
427
0
Honduras
Construction
0
0
0
0,30
0
Hungary
Environment
27,551
0
38,243
5,639
183
Ireland
Construction
0
0
9,741
-738
0
Italy
Water
Construction
68,412
21,098
99,223
6,858
2,985
Jersey
0
0
0
0
432
Luxembourg
Central Services
0
0
3,045
-79
0
Morocco
Construction
0
0
0
221
0
Mexico
Water
Infrastructures
Central Services
381,385
12,250
347,825
58,685
6,715
2023
Countries Group
Main activities
of the organisation
Revenue from
sales to third
parties 2023
Income from
intra-group
transactions
with other tax
jurisdictions
2023
Tangible assets
other than
cash and cash
equivalents
2023
Profit Before
Tax 2023
(thousands
of €)
Profit taxes
paid 2023
(thousands
of €)
Montenegro
Water
0
0
1,610
-220
Nicaragua
Construction
1,351
0
4,111
1,178
392
Norway
Construction
47,655
0
6,601
2,287
0
Oman
Water
514
0
1,666
769
0
The
Netherlands
Water
Cement
Infrastructure
208,923
0
68,736
-1,451
850
Panama
Water
Real Estate
Construction
-914
0
80,695
-10,114
320
Peru
Water
Infrastructure
109,974
3
116,409
8,162
2,804
Poland
Environment
Construction
79,603
0
77,933
5,208
569
Portugal
Water
Construction
Environment
Central Services
107,196
5,451
69,262
6,497
1,705
Qatar
Water
Construction
7,598
56
5,660
313
821
United
Kingdom
Cement
Infrastructures
Real Estate
Environment
1,024,405
152,746
1,113,947
92,438
30,040
Czech
Republic
Water
Environment
413,737
41,210
641,343
49,542
6,430
Dominican
Republic
Construction
0
0
453
-14
0
Romania
Water
Environment
Construction
132,506
52
200,738
5,323
172

815
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 33 of 42
2023
Countries Group
Main activities
of the organisation
Revenue from
sales to third
parties 2023
Income from
intra-group
transactions
with other tax
jurisdictions
2023
Tangible assets
other than
cash and cash
equivalents
2023
Profit Before
Tax 2023
(thousands
of €)
Profit taxes
paid 2023
(thousands
of €)
Serbia
Water
Environment
6,609
1
11,130
-578
0
Sweden
Construction
7
0
6
-11
0
Switzerland
336
0
0
0
0
Tunisia
Water
Cement
0
0
56,457
80
441
Turkey
25
0
0
0
0
Uruguay
Water
0
0
81
0
0
Total
8,217,292
693,012
12,595,887
632,118
111,185
Note: As a consequence of the partial financial spin-off of FCC in favour of Inmocemento, and in order to follow the
same criteria established in the financial statements, this table omits the data corresponding to discontinued operations
(Cement and Real Estate Areas), for those magnitudes included in the aforementioned financial statements.
2024
Countries Group
Main activities
of the organisation
Revenue from
sales to third
parties 2024
Income from
intra-group
transactions
with other tax
jurisdictions
2024
Tangible assets
other than
cash and cash
equivalents
2024
Profit Before
Tax 2024
(thousands
of €)
Taxes on profits
paid 2024
(thousands
of €)
Germany
Construction
46,153
0
30,496
3,055
0
Saudi Arabia
Water
Construction
309,871
64,851
264,503
68,107
7,187
Algeria
Water
Construction
55,404
11,856
167,572
32,222
6,505
Argentina
Construction
0
0
0
-1
0
Australia
Construction
18,309
0
5,467
-2,464
0
Austria
Water
176,758
-20
550,549
91,653
5,625
Belgium
Construction
4
0
338
-64
1,731
Brazil
Construction
0
0
-10,086
-5,628
0
Bulgaria
Construction
0
0
81
639
0
2024
Countries Group
Main activities
of the organisation
Revenue from
sales to third
parties 2024
Income from
intra-group
transactions
with other tax
jurisdictions
2024
Tangible assets
other than
cash and cash
equivalents
2024
Profit Before
Tax 2024
(thousands
of €)
Taxes on profits
paid 2024
(thousands
of €)
Canada
Construction
221,129
0
58,891
28,465
17,940
Chile
Water
Construction
61,963
0
20,339
-13,045
0
Cyprus
212
0
0
0
0
Colombia
Water
Construction
105,558
11,511
102,275
-2,594
8,560
Costa Rica
Construction
0
0
-1,188
-910
1,050
Croatia
Real estate
37
0
0
0
0
Ecuador
Water
0
0
426
19
0
Egypt
Water
Environment
5,602
14
14,488
1,635
2,404
El Salvador
Construction
0
0
802
-971
0
United Arab
Emirates
Water
Construction
21,834
105
10,185
2,667
0
Slovakia
Environment
48,162
0
70,402
9,427
856
Slovenia
12
0
0
0
0
Spain
Environment
Water
Infrastructures
Cement
Real Estate
4,467,986
303,285
3,743,907
361,524
122,935
United States
Water
Cement
Environment
Construction
600,016
503
614,020
8,047
3,255
Finland
Construction
47
0
0
0
0
France
Water
84,476
5,089
109,291
247
4,200
Georgia
Water
99,367
6,105
536,565
14,362
56

816
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 34 of 42
2024
Countries Group
Main activities
of the organisation
Revenue from
sales to third
parties 2024
Income from
intra-group
transactions
with other tax
jurisdictions
2024
Tangible assets
other than
cash and cash
equivalents
2024
Profit Before
Tax 2024
(thousands
of €)
Taxes on profits
paid 2024
(thousands
of €)
Greece
Environment
Construction
1
0
34
-16
0
Guatemala
Construction
0
0
1
54
0
Haiti
Construction
0
0
3,342
233
0
Honduras
Construction
0
0
0
1,552
0
Hungary
Environment
30,448
0
42,302
6,630
463
Ireland
Construction
5
0
9,789
-869
0
Italy
Water
Construction
66,778
20,771
101,903
7,185
1,540
Kosovo
0
0
212
-14
0
Luxembourg
Central Services
0
0
0
0
0
Morocco
Construction
0
0
0
333
0
Mexico
Water
Infrastructures
Central Services
132,144
16,715
193,411
30,434
8,945
Montenegro
Water
-57
0
1,351
-261
0
Nicaragua
Construction
3,343
0
3,803
1,613
137
Norway
Construction
84,192
0
23,143
3,792
0
Oman
Water
511
0
1,816
812
0
The
Netherlands
Water
Cement
Infrastructure
190,879
0
74,470
-79,866
-53
Panama
Water
Real Estate
Construction
0
0
49,988
-3,913
0
Peru
Water
Infrastructure
137,672
0
160,427
10,826
4,056
Poland
Environment
Construction
96,719
0
86,610
11,141
169
2024
Countries Group
Main activities
of the organisation
Revenue from
sales to third
parties 2024
Income from
intra-group
transactions
with other tax
jurisdictions
2024
Tangible assets
other than
cash and cash
equivalents
2024
Profit Before
Tax 2024
(thousands
of €)
Taxes on profits
paid 2024
(thousands
of €)
Portugal
Water
Construction
Environment
Central Services
184,868
18,155
85,550
10,753
1,861
Qatar
Water
Construction
15,487
81
9,374
918
461
United
Kingdom
Cement
Infrastructures
Real Estate
Environment
1,184,522
151,104
1,619,831
-83,557
15,775
Czech
Republic
Water
Environment
435,043
40,737
665,796
56,213
7,133
Dominican
Republic
Construction
0
0
459
-18
0
Romania
Water
Environment
Construction
178,354
28
305,896
13,808
197
Serbia
Water
Environment
7,380
0
12,243
457
0
Sweden
Construction
11
0
7
-25
0
Switzerland
216
0
0
0
0
Tunisia
Water
Cement
0
0
232
24
499
Total
9,071,416
650,889
9,741,313
584,631
223,487
Nota: As a consequence of the partial financial spin-off of FCC in favour of Inmocemento, and in order to follow the
same criteria established in the financial statements, this table omits the data corresponding to discontinued operations
(Cement and Real Estate Areas), for those magnitudes included in the aforementioned financial statements.

817
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 35 of 42
Public subsidies received (thousands of €)
Areas
Public subsidies received 2023
Public subsidies received 2024
Construction
0
181
Services
8,090
7,571
Aqualia
14,169
11,509
Cement
1,260
-
Concessions
4,514
3,817
Real estate
0
-
Central Services
2
1
Total
28,035
23,079
A.4. Contents of the report
Disclosure requirements required by Law 11/2018, of 28
December, on non-financial information and diversity,
covered by the Sustainability Report
The FCC Group has presented some information required by Law 11/2018 taking, as a reference, some
GRI Standards, in accordance with GRI 1: Fundamentals 2021.
Requirement Law 11/2018
Related standard
Section of the report
Page
GENERAL INFORMATION
Business model
Brief description of the group's
business model (including
business environment,
organisation and structure).
(ESRS) GOV-1: The role of the
administrative, management and
supervisory bodies.
(ESRS) SBM-1: Strategy, business
model and value chain.
ESRS 2 - General Information
(FCC Group Overview, Corporate
Governance Structure).
557-558,
560-561
Geographical presence.
(ESRS) SBM-1: Strategy, business
model and value chain.
ESRS 2 - General Information
(FCC Group overview).
557-558
Organisational objectives and
strategies.
(ESRS) SBM-1: Strategy, business
model and value chain.
ESRS 2 - General Information
(Strategic Approach).
564,
568‑571
Main factors and trends that may
affect its future development.
(ESRS) SBM-1: Strategy, business
model and value chain.
ESRS 2 - General Information
(Strategic Approach).
564-567

818
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 36 of 42
Requirement Law 11/2018
Related standard
Section of the report
Page
Company policies
A description of the group's
policies on these issues
[environmental and social issues,
respect for human rights and
the fight against corruption and
bribery, as well as on personnel,
including measures, if any, taken
to promote the principle of equal
treatment and opportunities
for women and men, non-
discrimination and inclusion of
persons with disabilities and
universal accessibility].
(ESRS) Minimum Disclosure
Requirement - MDR Policies - P.
Other information related to
environmental management
(Appendix II: Policies related to
environmental management).
Other information related to the
management of social aspects
(Appendix V: Policies related
to the management of social
aspects).
Other information related to
business conduct and tax
compliance (Appendix IX: Policies
related to business conduct and
tax compliance).
631-634,
758-759,
794-795
Requirement Law 11/2018
Related standard
Section of the report
Page
Risk management
The main risks related to these
issues [environmental and social
issues, respect for human rights
and the fight against corruption
and bribery, as well as personnel
issues, including measures taken,
where appropriate, to promote
the principle of equal treatment
and opportunities for women
and men, non-discrimination
and inclusion of persons
with disabilities and universal
accessibility].
(ESRS) SBM-3: Material impacts,
risks and opportunities and their
interaction with strategy and
business model.
ESRS E1 - Climate Change
(Material Impacts, Risks and
Opportunities).
ESRS E2 - Pollution
(Material Impacts, Risks and
Opportunities).
ESRS E3 - Water and Marine
Resources (Material Impacts,
Risks and Opportunities).
ESRS E4 - Biodiversity and
Ecosystems (Material Impacts,
Risks and Opportunities).
ESRS E5 - Resource Use
and Circular Economy
(Material Impacts, Risks and
Opportunities).
ESRS S1 - Own Staff
(Material Impacts, Risks and
Opportunities).
ESRS S2 - Value Chain Staff
(Material Impacts, Risks and
Opportunities).
ESRS S3 - Affected Communities
(Material Impacts, Risks and
Opportunities).
ESRS S4 - Consumers and end-
users (Material impacts, risks and
opportunities).
ESRS G1 - Business Conduct
(Material Impacts, Risks and
Opportunities).
Entity-specific issues (Material
impacts, risks and opportunities).
583-585,
597-598,
604-605,
610-611,
702-704,
738,
744‑745,
752-753,
783-784

819
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 37 of 42
Requirement Law 11/2018
Related standard
Section of the report
Page
Other
Mention in the report of
the national, European or
international reporting framework
used for the selection of
non-financial key performance
indicators included in each of the
sections.
(ESRS) ESRS 1 General
requirements.
(GRI) 1 - Fundamentals.
Appendix I (Basis for preparation
of the report).
Annex I: Additional information
required by Law 11/2018 (Report
contents).
577, 797
1. ENVIRONMENTAL ISSUES
Detailed general information
On current and foreseeable
effects of the company's
activities on the environment and,
where appropriate, on health and
safety.
(ESRS) SBM-3: Material impacts,
risks and opportunities and their
interaction with strategy and
business model.
ESRS E1 - Climate Change
(Material Impacts, Risks and
Opportunities).
ESRS E2 - Pollution
(Material Impacts, Risks and
Opportunities).
ESRS E3 - Water and Marine
Resources (Material Impacts,
Risks and Opportunities).
ESRS E4 - Biodiversity and
Ecosystems (Material Impacts,
Risks and Opportunities).
ESRS E5 - Resource Use
and Circular Economy
(Material Impacts, Risks and
Opportunities).
583-585,
597-598,
604-605,
610-611,
620-621
On environmental assessment or
certification procedures.
(GRI) 3-3 Management of
material topics.
Annex I: Additional information
required by Law 11/2018
(Environmental information).
797
Requirement Law 11/2018
Related standard
Section of the report
Page
On resources devoted to
environmental risk prevention.
(ESRS) E1-3: Actions and
resources in relation to climate
change policies.
(ESRS) E2-2: Actions and
resources related to pollution.
(ESRS) E3-2: Actions and
resources related to water and
marine resources.
(ESRS) E4-3: Actions and
resources related to biodiversity
and ecosystems.
(ESRS) E5-2: Actions and
resources related to resource use
and circular economy.
ESRS E1 - Climate Change
(Actions related to climate
change).
ESRS E2 - Pollution (Pollution-
related actions).
ESRS E3 - Water and Marine
Resources (Actions related to
water and marine resources).
ESRS E4 - Biodiversity and
Ecosystems (Actions related to
biodiversity and ecosystems).
ESRS E5 - Resource use and
circular economy (Actions related
to resource use and circular
economy).
586-589,
599-601,
606-608,
616-617,
623-626
On the application of the
precautionary principle.
(ESRS) IRO-1: Description of the
processes to identify and assess
material impacts, risks and
opportunities.
ESRS 2 - General Information
(Strategic Approach).
573-574
On the amount of provisions and
guarantees for environmental
risks.
(ESRS) E1-3: Actions and
resources in relation to climate
change policies.
(ESRS) E2-2: Actions and
resources related to pollution.
(ESRS) E3-2: Actions and
resources related to water and
marine resources.
(ESRS) E4-3: Actions and
resources related to biodiversity
and ecosystems.
(ESRS) E5-2: Actions and
resources related to resource use
and circular economy.
ESRS E1 - Climate Change
(Actions related to climate
change).
ESRS E2 - Pollution (Pollution
Related Actions).
ESRS E3 - Water and Marine
Resources (Actions related to
water and marine resources).
ESRS E4 - Biodiversity and
Ecosystems (Actions related to
biodiversity and ecosystems).
ESRS E5 - Resource use and
circular economy (Actions related
to resource use and circular
economy).
586-589,
599-601,
606-608,
616-617,
623-626

820
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 38 of 42
Requirement Law 11/2018
Related standard
Section of the report
Page
Pollution
Measures to prevent, reduce or
remediate carbon emissions that
seriously affect the environment
(also includes noise and light
pollution).
(ESRS) E2-1: Policies related to
pollution.
(ESRS) E2-2: Actions and
resources related to pollution.
(ESRS) E2-4: Pollution of air,
water and soil.
ESRS E2 - Pollution (Pollution-
related Policies, Pollution-related
Actions, Pollution-related
Metrics).
Annex I: Additional information
required by Law 11/2018
(Environmental information).
598-603,
800
Circular economy and waste prevention and management
Measures for prevention,
recycling, reuse, other forms of
recovery and disposal of waste.
(ESRS) E5-1: Policies related
to resource use and circular
economy.
(ESRS) E5-2 Actions and
resources related to resource use
and circular economy.
(ESRS) E5-5: Resource outflows.
ESRS E5 - Resource use and
the circular economy (Policies
related to resource use and the
circular economy, Actions related
to resource use and the circular
economy, Metrics related to
resource use and the circular
economy).
Annex I: Additional information
required by Law 11/2018
(Environmental information).
622-629,
803-804
Actions to combat food waste.
(GRI) 3-3 Management of
material issues.
Annex I: Additional information
required by Law 11/2018
(Environmental information).
803-804
Sustainable use of resources
Water consumption and water
supply according to local
constraints.
(ESRS) E3-4: Water consumption.
ESRS E3 - Water and Marine
Resources (Metrics related to
Water and Marine Resources).
Annex I: Additional information
required by Law 11/2018
(Environmental information).
609-801
Consumption of raw materials
and measures taken to improve
the efficiency of raw material use.
(ESRS) E5-4: Resource inflows.
ESRS E5 - Resource use and
circular economy (Metrics related
to resource use and circular
economy).
Annex I: Additional information
required by Law 11/2018
(Environmental information).
626-627,
802-803
Requirement Law 11/2018
Related standard
Section of the report
Page
Direct and indirect energy
consumption.
(ESRS) E1-5: Energy consumption
and mix.
ESRS E1 - Climate Change
(Climate change related metrics).
Annex I: Additional information
required by Law 11/2018
(Environmental information).
589,
797-798
Measures taken to improve
energy efficiency.
(ESRS) E1-3: Actions and
resources in relation to climate
change policies.
ESRS E1 - Climate Change
(Actions related to climate
change).
586-589
Use of renewable energies.
(ESRS) E1-5: Energy consumption
and mix.
ESRS E1 - Climate Change
(Climate change related metrics).
Annex I: Additional information
required by Law 11/2018
(Environmental information).
589-595,
797-799
Climate change
Significant elements of
greenhouse gas emissions
generated as a result of the
company's activities, including
the use of the goods and services
it produces.
(ESRS) E1-6: Gross Scopes 1, 2, 3
and Total GHG emissions.
ESRS E1 - Climate Change
(Climate change related metrics).
Annex I: Additional information
required by Law 11/2018
(Environmental information).
591-594,
798-799
Measures adopted to adapt to the
consequences of climate change.
(ESRS) E1-3: Actions and
resources in relation to climate
change policies.
ESRS E1 - Climate Change
(Actions related to climate
change) .
586-589
Voluntary reduction targets
set for the medium and long
term to reduce greenhouse
gas emissions, and the means
implemented to this end.
(ESRS) E1-4: Targets related to
climate change mitigation and
adaptation.
ESRS E1 - Climate Change
(Climate change related
objectives).
595-596
Biodiversity protection
Measures taken to preserve or
restore biodiversity.
(ESRS) E4-3: Actions and
resources related to biodiversity
and ecosystems.
ESRS E4 - Biodiversity and
Ecosystems (Actions related to
biodiversity and ecosystems.
616-617

821
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 39 of 42
Requirement Law 11/2018
Related standard
Section of the report
Page
Impacts caused by activities or
operations in protected areas.
(ESRS) E4-5: Impact metrics
related to biodiversity and
ecosystems change.
ESRS E4 - Biodiversity and
Ecosystems (Metrics related to
biodiversity and ecosystems.
Annex I: Additional information
required by Law 11/2018
(Environmental information).
618, 802
2. SOCIAL AND STAFF ISSUES
Employment
Total number and distribution
of employees by gender, age,
country and occupational
classification.
(ESRS) S1-6: Characteristics of
the undertaking’s employees.
(ESRS) S1-9: Diversity metrics.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
Annex I: Additional information
required by Law 11/2018 (Social
information).
707-709,
805-806
Total number and distribution of
types of employment contracts.
Average annual number of
permanent contracts, temporary
contracts and part-time contracts
by gender, age and occupational
classification.
Number of dismissals by
gender, age and occupational
classification.
(GRI) 3-3 Management of
material topics.
Annex I: Additional information
required by Law 11/2018 (Social
information).
806
Average salaries and their
evolution disaggregated by
gender, age and professional
classification or equal value.
(GRI) 3-3 Management of
material topics.
Annex I: Additional information
required by Law 11/2018 (Social
information).
807
Wage gap, the remuneration for
equal or average jobs in society.
(ESRS) S1-16: Remuneration
metrics (pay gap and total
remuneration).
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
722
The average remuneration
of directors and executives,
including variable remuneration,
allowances, indemnities,
payments to long-term savings
schemes and any other payments
broken down by gender.
(GRI) 3-3 Management of
material topics.
ESRS 2 - General Information
(Role of Governing Bodies in
Sustainability).
Annex I: Additional information
required by Law 11/2018 (Social
information).
563, 807
Requirement Law 11/2018
Related standard
Section of the report
Page
Implementation of right to
disconnect policies.
(ESRS) S1-1: Policies related to
own workforce.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
709-710
Employees with disabilities.
(ESRS) S1-12: Persons with
disabilities.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
719
Work organisation
Organisation of working time.
(ESRS) S1-1: Policies related to
own workforce.
ESRS S1 - Own Staff
(Management of impacts, risks
and opportunities).
709-711
Number of hours of absenteeism.
(ESRS) S1-14: Health and safety
metrics.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
728
Measures aimed at facilitating
the enjoyment of work-life
balance and encouraging the co-
responsible exercise of work-life
balance by both parents.
(ESRS) S1-4: Taking action
on material impacts on own
workforce, and approaches to
managing material risks and
pursuing material opportunities
related to own workforce, and
effectiveness of those actions.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
709-711
Health and safety
Health and safety conditions at
work.
(ESRS) S1-14: Health and safety
metrics.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
726-728
Accidents at work, in particular
their frequency and severity by
gender.
(ESRS) S1-14: Health and safety
metrics.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
728
Occupational diseases by gender.
(ESRS) S1-14: Health and safety
metrics.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
728
Social relations
Organisation of social dialogue,
including procedures for
informing and consulting with
staff and negotiating with them.
(ESRS) S1-3: Processes to
remediate negative impacts and
channels for own workers to raise
concerns.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
732-734
Percentage of employees
covered by collective bargaining
agreements by country.
(ESRS) S1-8: Collective bargaining
coverage and social dialogue.
ESRS S1 - Own Staff
(Management of impacts, risks
and opportunities).
736

822
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 40 of 42
Requirement Law 11/2018
Related standard
Section of the report
Page
Taking stock of collective
agreements, particularly in the
field of occupational health and
safety at work.
(ESRS) S1-1: Policies related to
own workforce.
ESRS S1 - Own Staff
(Management of impacts, risks
and opportunities).
733
Mechanisms and procedures
to promote the involvement of
workers in the management
of the company, in terms of
information, consultation and
participation.
(ESRS) S1-2: Processes for
engaging with own workers and
workers’ representatives about
impacts.
ESRS S1 - Own Staff
(Management of impacts, risks
and opportunities).
731-734
Training
Policies implemented in the field
of training.
(ESRS) S1-1: Policies related to
own workforce.
ESRS S1 - Own Staff
(Management of impacts, risks
and opportunities).
712-714
Total number of training hours
per professional category.
(ESRS) S1-13: Training and skills
development metrics.
Annex I: Additional information
required by Law 11/2018 (Social
information).
808
Accessibility
Universal accessibility for people
with disabilities.
(ESRS) S1-1: Policies related to
own workforce.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
717-719
Equality
Measures taken to promote equal
treatment and opportunities for
women and men.
(ESRS) S1-1: Policies related to
own workforce.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
720-721
Equality plans (Chapter III of
Organic Law 3/2007, of 22
March, for the effective equality
of women and men), measures
adopted to promote employment,
protocols against sexual and
gender-based harassment;
Integration and universal
accessibility of persons with
disabilities.
(ESRS) S1-1: Policies related to
own workforce.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
720-721
Requirement Law 11/2018
Related standard
Section of the report
Page
Anti-discrimination and,
where appropriate, diversity
management policy.
(ESRS) S1-1: Policies related to
own workforce.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
722-724
3. INFORMATION ON RESPECT FOR HUMAN RIGHTS
Implementation of human rights
due diligence procedures.
(ESRS) GOV-4: Statement on due
diligence.
Appendix I (Mapping of
information provided on the due
diligence process).
578
Prevention of risks of human
rights abuses and, where
appropriate, measures to
mitigate, manage and redress
possible abuses committed.
(ESRS) GOV-4: Statement on due
diligence.
Appendix I (Mapping of
information provided on the due
diligence process).
578
Complaints of human rights
violations.
(ESRS) S1-17: Incidents,
complaints and severe human
rights impacts.
(ESRS) S4-4: Taking action on
material impacts on consumers
and end-users, and approaches
to managing material risks and
pursuing material opportunities
related to consumers and end-
users, and effectiveness of those
actions.
ESRS S1 - Own Staff (Impact, Risk
and Opportunity Management).
ESRS S4 - Consumers and
end-users (Actions related to
consumers and end-users).
Annex I: Additional information
required by Law 11/2018 (Social
information).
737, 756,
808

823
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 41 of 42
Requirement Law 11/2018
Related standard
Section of the report
Page
Promotion and enforcement of
the provisions of the ILO core
conventions related to respect for
freedom of association and the
right to collective bargaining.
(ESRS) GOV-4: Statement on due
diligence.
Appendix I (Mapping of
information provided on the due
diligence process).
578
Elimination of discrimination
in respect of employment and
occupation.
Elimination of forced or
compulsory labour.
Effective abolition of child labour.
4. INFORMATION RELATING TO THE FIGHT AGAINST CORRUPTION AND BRIBERY
Measures taken to prevent
corruption and bribery.
(ESRS) G1-3: Prevention and
detection of corruption and
bribery.
(ESRS) G1-4: Incidents of
corruption or bribery.
ESRS G1 - Business Conduct
(Anti-Bribery and Anti-Corruption).
790-791
Measures to combat money
laundering.
(ESRS) G1-3: Prevention and
detection of corruption and
bribery.
(ESRS) G1-4: Incidents of
corruption or bribery.
ESRS G1 - Business Conduct
(Anti-Bribery and Anti-Corruption).
790-791
Contributions to foundations and
non-profit organisations.
(GRI) 3-3 Management of
material topics.
Annex I: Additional information
required by Law 11/2018
(Governance information).
813
5. INFORMATION ABOUT THE COMPANY
Company commitments to sustainable development
Impact of the company's activity
on employment and local
development.
(ESRS) SBM-3: Material impacts,
risks and opportunities and their
interaction with strategy and
business model.
ESRS S3 - Affected Communities
(Actions related to affected
communities; Material Impacts,
Risks and Opportunities).
747-750
Requirement Law 11/2018
Related standard
Section of the report
Page
Impact of the company's activity
on local populations and the
territory.
(ESRS) SBM-3: Material impacts,
risks and opportunities and their
interaction with strategy and
business model.
ESRS S3 - Affected Communities
(Material Impacts, Risks and
Opportunities).
744-745,
812
Relationships with local
community actors and the
modalities of dialogue with them.
(ESRS) S3-2: Processes
for engaging with affected
communities about impacts.
ESRS S3 - Affected Communities
(Interaction Processes).
743-744
Partnership or sponsorship
actions.
(GRI) 2-28 Membership of
Associations.
Annex I: Additional information
required by Law 11/2018 (Social
information).
808-812
Subcontracting and suppliers
Inclusion of social, gender
equality and environmental issues
in the procurement policy.
(ESRS) G1-2: Management of
relationships with suppliers.
ESRS G1 - Business Conduct
(Supplier Relationship
Management).
787-788
Consideration in relations with
suppliers and subcontractors of
their social and environmental
responsibility.
(ESRS) G1-2: Management of
relationships with suppliers.
ESRS G1 - Business Conduct
(Supplier relationship
management).
787-788
Supervision and audit systems
and their results.
(ESRS) G1-2: Management of
relationships with suppliers.
ESRS G1 - Business Conduct
(Supplier Relationship
Management).
Annex I: Additional information
required by Law 11/2018
(Governance information).
788-789,
813

824
1
Letter from the
Chairwoman and the CEO
2
Ethical governance
at the highest level
3
Strategy and
value creation
4
FCC in 2024
5
Business lines
A1
Financial
Statements
A2
Sustainability
Report
FCC. Annual Report 2024
Governance Disclosures | Page 42 of 42
Requirement Law 11/2018
Related standard
Section of the report
Page
Consumers
Consumer health and safety
measures.
(ESRS) S4-4: Taking action on
material impacts on consumers
and end-users, and approaches
to managing material risks and
pursuing material opportunities
related to consumers and end-
users, and effectiveness of those
actions.
ESRS S4 - Consumers and
end-users (Actions related to
consumers and end-users).
753-756
Complaints systems.
(ESRS) S4-3: Processes to
remediate negative impacts and
channels for consumers and end-
users to raise concerns.
ESRS S4 - Consumers and end-
users (Interaction processes,
Policies related to consumers and
end-users).
751,
753-757,
812
Complaints received and
resolution of complaints.
(GRI) 3-3 Management of
material topics.
Annex I: Additional information
required by Law 11/2018 (Social
information).
756, 812
Requirement Law 11/2018
Related standard
Section of the report
Page
Tax information
Country-by-country benefits.
(GRI) 207-4 Country-by-Country
Reporting.
Annex I: Additional information
required by Law 11/2018
(Governance information).
813-816
Taxes on profits paid.
(GRI) 207-4 Country-by-Country
Reporting.
Annex I: Additional information
required by Law 11/2018
(Governance information).
813-816
Public subsidies received.
(GRI) 201-4 Financial assistance
received from the government.
Annex I: Additional information
required by Law 11/2018
(Governance information).
817