Ferrovial (FER) Q2 2024 earnings summary

Executive summary

• Robust performance across all business divisions in H1 2024, with strong growth in toll roads, airports, and construction profitability.

• Major investments included a 24% stake in IRB Infrastructure Trust and continued equity injections in NTO.

• Net debt ex-infrastructure projects reduced to €35 million, reflecting strong cash management and capital recycling.

• Significant shareholder distributions and asset divestments, including a partial sale of Heathrow stake.

• Net profit reached €518 million, with €414 million attributable to the parent company.

Financial highlights

• H1 2024 revenue rose to €4,267 million (+8.3% YoY); adjusted EBITDA reached €603 million (+50.3% YoY).

• Net profit attributable to the parent company was €414 million; total net profit €518 million.

• Toll division revenues grew 20.9% year-over-year; U.S. Toll revenues increased 29.5%.

• Construction segment delivered a 3.2% adjusted EBIT margin in H1, with a 4% margin in Q2.

• Net cash position at period end was close to €35 million; cash and cash equivalents at €3,659 million.

Outlook and guidance

• Construction business on track to reach 3.5% adjusted EBIT margin for the year.

• Heathrow passenger outlook raised to a record 82.8 million for year-end.

• Positive outlook for H2 2024 across all divisions, with focus on greenfield projects and international expansion.

• No specific dividend forecasts, but Texas managed lanes may distribute in June and December; I-77 started dividends in June.

• Energy division to accelerate growth via new photovoltaic projects in the US and Poland.