Ferrovial (FER) Q1 2025 earnings summary

Executive summary

• Achieved substantial revenue growth across all business divisions in Q1 2025, with revenue up 7.4% like-for-like to EUR 2,059 million, led by strong performance in North American highways and construction.

• Adjusted EBITDA rose 19.1% like-for-like to EUR 309 million, with adjusted EBIT up 28.3% to EUR 199 million, driven by US Highways and Construction.

• Major corporate events included the agreement to acquire up to 5.06% of 407 ETR for CAD 2.09 billion, the opening of the Silvertown Tunnel in London, and the AGS divestment for EUR 538 million.

• Share buybacks totaled EUR 156 million, with a new program of up to EUR 500 million announced.

• Sustainability recognition included selection in the S&P Global Sustainability Yearbook and a Forbes Innovation Award.

Financial highlights

• Q1 2025 revenue reached EUR 2,059 million, up 7.4% like-for-like; adjusted EBITDA was EUR 309 million (+19.1%), and adjusted EBIT was EUR 199 million (+28.3%).

• Construction order book reached an all-time high of EUR 17,187 million, up 4.4% from December 2024.

• Net cash position (ex-infrastructure projects) stood at EUR 1.9 billion; consolidated net debt of ex-infrastructure project companies at EUR -1,847 million.

• AGS divestment generated EUR 538 million inflow; capital gain of EUR 297 million recognized in Q1 2025.

• Shareholder distributions and investments totaled EUR -364 million in Q1 2025.

Outlook and guidance

• Construction order book at peak level, focused on local markets and lower risk projects, with selective tendering.

• Long-term target of 3.5% adjusted EBIT margin in construction reaffirmed.

• North American highways pipeline remains attractive, with new bid submittals expected in H1 2026.

• NTO at JFK progressing on schedule, with terminal expected operational in 2026.

• Focus remains on US market expansion and selective international opportunities.