Ferrovial (FER) Q4 2025 earnings summary

Executive summary

• FY 2025 delivered robust performance across all business units, with strong revenue and EBITDA growth, especially in North American highways and construction.

• Major divestments (AGS, Heathrow) and reinvestments, including increased stake in 407 ETR, supported future growth.

• Net profit attributed to the parent company was EUR 888 million, down from EUR 3,239 million in 2024 due to lower disposals and impairments.

• Joined the Nasdaq-100 Index in December 2025, reflecting increased North American presence and US market debut.

• Net debt (ex-infrastructure projects) improved to EUR -1,341 million, reflecting disciplined financial management.

Financial highlights

• Revenue reached EUR 9,627 million, up 8.6% like-for-like, driven by highways and construction.

• Adjusted EBITDA was EUR 1,457 million, up 12.2% like-for-like.

• Adjusted EBIT was EUR 967 million (+7.3%).

• Dividends from projects totaled EUR 968 million (+2.2% YoY).

• Order book hit EUR 17,438 million, up 10.1% like-for-like.

Outlook and guidance

• Expects continued growth in North American managed lanes and construction, supported by a record U.S. infrastructure pipeline.

• Maintains long-term average adjusted EBIT margin target of 3.5% for construction.

• Dividend proposal for 2026 targets EUR 1 billion, with EUR 2.2 billion aggregate dividends between 2024-2026.

• No specific guidance for 2026 pricing or revenue, but expects toll rates to grow above inflation for key U.S. assets.

• Construction order book at an all-time high, with limited inflation exposure anticipated.