Ferrovial (FER) Q1 2026 earnings summary

Executive summary

• Achieved double-digit like-for-like revenue growth of 10.2% and adjusted EBITDA growth of 15.0% in Q1 2026, with reported revenue at EUR 2,098 million and adjusted EBITDA at EUR 321 million.

• North American highways and construction segments were primary growth drivers, with US Highways delivering EUR 231 million in adjusted EBITDA (+12.0% LfL).

• Major projects like JFK New Terminal One progressed on schedule, reaching 87% completion and targeting phase A completion in fall 2026.

• Net cash position (excluding infrastructure projects) stood at EUR 1.2 billion at quarter-end.

• Construction margins remained stable despite higher bidding and IT costs to support future growth.

Financial highlights

• Revenue reached EUR 2,098 million, up 10.2% like-for-like year-over-year.

• Adjusted EBITDA rose 15% to EUR 321 million; adjusted EBIT increased 10.6% like-for-like to EUR 198 million.

• Construction operating cash flow was EUR 144 million; treasury share purchases totaled EUR 162 million.

• EUR 500 million bond issued in March 2026; first scrip dividend of EUR 400 million announced.

• Net debt (excluding infrastructure projects) improved to EUR -1,218 million.

Outlook and guidance

• Expectation of continued growth in U.S. and Canada core markets, with backlog and record order book supporting future performance.

• JFK New Terminal One phase A completion targeted for fall 2026, with operational readiness trials underway.

• Construction works in Texas lanes expected to complete by year-end 2026, with some ramps extending into 2027.

• Shareholder return policy update likely in early 2027, linked to growth and project pipeline.

• Several major project bids in the pipeline, supporting future revenue visibility.