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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Ferrovial
Ferrovial (FER) investor relations material
Ferrovial Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
9M 2026 revenue reached €7,402m, up 7.1% reported and 10.8% LfL; adjusted EBITDA rose 17.4% reported and 21.8% LfL to €1,210m.
Highways and Construction drove growth; net cash excluding infrastructure projects was €1,660m at September-end.
Financial highlights
Adjusted EBIT reached €823m versus €691m in 9M 2025; operating profit was €848m versus €966m, including disposal and impairment items of -€3m versus €274m.
Highways revenue rose 11.0% reported and 14.7% LfL; adjusted EBITDA increased 8.7% reported and 12.4% LfL.
Construction revenue was €5,832m, up 7.6% reported and 9.1% LfL; adjusted EBITDA rose 23.1% reported and 23.9% LfL to €383m, and adjusted EBIT rose 18.5% to €239m.
Net cash excluding infrastructure projects increased from €1,341m at FY 2025 to €1,660m at 9M 2026.
Outlook and guidance
Construction order book reached a record €18,994m, up 8.2% LfL versus December 2025; €8,745m of pre-awarded or pending-close contracts was excluded.
I-24 financial close is expected by July 2027, with first service estimated for 2034; D35 financial close is expected in Q4 2026–Q1 2027.
JFK New Terminal One Phase A operational completion remains targeted for March 31, 2027, subject in part to contractor fulfillment of its remediation plan.
NTE Ultimate Capacity Improvement opened September 25, 2026; two additional ramp projects remain under construction.
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Latest events from Ferrovial
- I-24 Choice Lanes advances under a 50-year concession, with first-phase service targeted for 2034.FER
Status update - Strong H1 2026 growth in revenue and EBITDA, led by North American highways and construction.FERQ2 2026
- Strong financial results, strategic asset moves, and all proposals approved at the AGM.FERAGM 2025
- North American-focused infrastructure leader with strong returns, resilient cash flow, and top ESG ratings.FERInvestor presentation
- Double-digit Q1 2026 growth led by highways, construction, and a record order book.FERQ1 2026
- Strong 2025 results, all proposals approved, with major dividends and sustainability focus.FERAGM 2026
- Double-digit growth in highways, record order book, and strong liquidity drove H1 2025 results.FERQ2 2025
- H1 2024 net profit surged to €518M on strong toll roads, asset sales, and reduced net debt.FERQ2 2024
- Q1 2025 delivered double-digit EBITDA growth, strong cash, and major project advances.FERQ1 2025
Next Ferrovial earnings date
Q4 202625 Feb, 2027
Ferrovial
Next Ferrovial earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Ferrovial S.A. is a global infrastructure and mobility company engaged in the development, construction, and operation of transport infrastructure, including toll roads, airports, and public works. It also offers services in urban mobility and engineering. The company is headquartered in Madrid, Spain, and its shares are listed on the BME.