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Ferrovial (FER) investor relations material
Ferrovial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
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.
Construction EBIT margin decline drivers?
Impact of share cancellation on capital structure?
US highways tender pipeline outlook?
What drove the Q3 Schedule 22 provision reversal?
NTO Phase A delay: financial impact on Ferrovial?
Construction EBIT margin trend for future quarters?
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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.
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