Ferrovial (FER) Q4 2024 earnings summary

Executive summary

• Achieved solid growth across all business divisions in 2024, led by North American toll roads and construction profitability exceeding targets.

• Major asset rotations included the sale of a 19.75% stake in Heathrow for EUR 2 billion, a 5% stake in IRB Infrastructure Developers for EUR 211 million, and a 24.78% stake in Serveo for EUR 40 million.

• Investments focused on North America and India, including a 24% stake in IRB Infrastructure Trust and significant equity in the New Terminal One (NTO) at JFK.

• Record dividends from infrastructure assets and a robust net cash position, supporting increased shareholder distributions and share buybacks.

• Commenced trading on NASDAQ in May 2024, increasing focus on North America.

Financial highlights

• Revenues reached EUR 9.5 billion, up 6.7% year-over-year on a like-for-like basis, driven by toll roads and construction.

• Adjusted EBITDA rose 38.9% year-over-year to EUR 1.3 billion, mainly from U.S. toll roads and construction.

• Net profit surged to EUR 3,239 million, driven by asset divestments.

• Construction order book hit an all-time high of EUR 16.8 billion, with nearly half from North America.

• Net debt position ex-infrastructure projects at minus EUR 1.8 billion.

Outlook and guidance

• Focus remains on North American toll roads, with a strong pipeline of managed lane projects and continued asset rotation.

• Guidance for shareholder distributions upgraded to a minimum of EUR 2.2 billion for 2024–2026, with potential for further increases depending on investment opportunities.

• Sustainability targets include a 42% reduction in Scope 1 and 2 emissions by 2030 and a 25% reduction in Scope 3 emissions, aligned with 1.5°C SBTI validation.

• JFK New Terminal One project on schedule and within budget; expected operational in 2026.

• Construction order book at all-time high, excluding EUR 2,670 million pre-awarded contracts.