Ferrovial (FER) Q3 2025 earnings summary

Executive summary

• Strong momentum and performance across all business divisions in the first nine months of 2025, with North American highways and construction driving growth.

• Major divestments and acquisitions, including the sale of AGS Airports and a 5.25% stake in Heathrow, and increased stake in 407 ETR for EUR 1.3 billion.

• Net cash position of EUR 706 million (ex-infrastructure projects) at Q3 end, reflecting robust cash generation and disciplined capital allocation.

Financial highlights

• Revenue for 9M 2025 reached EUR 6,911 million, up 6.2% year-over-year; adjusted EBITDA was EUR 1,031 million (+4.8% YoY), and adjusted EBIT was EUR 691 million (+6.0% YoY).

• U.S. Highways revenue up 16.4% and adjusted EBITDA up 15.1% year-over-year; 407 ETR revenue up 19.3% and EBITDA up 15.8%.

• Dividends collected from projects and proceeds totaled EUR 406 million; shareholder distributions reached EUR 426 million.

Outlook and guidance

• Focus remains on North American highways, with several major bids expected in 2026 and a strong pipeline including I-24, I-285 East, and I-77 South.

• Construction order book stands at EUR 17,168 million, up 9.1% from December 2024, supporting future growth.

• New Terminal One at JFK is 78% complete and expected to be operational in 2026.