Ferrovial (FER) Q2 2025 earnings summary

Executive summary

• Robust performance across all business divisions in H1 2025, with strong revenue and EBITDA growth, especially from North American highways and solid construction profitability.

• Major capital allocation activities included acquiring a larger stake in 407 ETR, divesting AGS Airports and mining services in Chile, and progressing on JFK Terminal 1.

• Net debt position (ex-infrastructure projects) at negative EUR 223 million, reflecting strong cash generation and disciplined capital allocation.

• Order book hit a record EUR 17.3 billion, with 45% in North America and 9.4% growth year-over-year.

• Net profit attributed to the parent company was EUR 540 million, up from EUR 414 million in H1 2024.

Financial highlights

• Revenue rose to EUR 4,469 million (+5.0% LfL), with highways revenue up 14.9% and construction up 2.6% year-over-year.

• Adjusted EBITDA reached EUR 655 million (+9.2% LfL), with highways adjusted EBITDA up 17.1% and construction EBIT margin at 3.5%.

• Net profit: EUR 662 million (EUR 540 million attributable to parent), up from EUR 518 million (EUR 414 million) in H1 2024.

• 407 ETR revenue up 19.7% and EBITDA up 13% year-over-year, with toll revenue up 19.3%.

• Dalaman Airport revenue up 10.4% and adjusted EBITDA up 10.9% year-over-year.

Outlook and guidance

• Attractive pipeline for U.S. highways, with bids for I-24 and I-285 East expected in H1 2026.

• Construction order book remains healthy, with limited inflation exposure and a long-term adjusted EBIT margin target of 3.5%.

• Strategic Horizon plan execution continues, with updates promised.

• Airports: JFK NTO construction on track; Dalaman faces inflation and geopolitical risks.

• Energy: Ongoing expansion in renewables, with new solar projects in Texas and Spain.