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Ferrovial (FER) investor relations material
Ferrovial Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Robust H1 2025 performance with strong revenue and EBITDA growth, especially in North American highways and construction divisions.
Net debt position of negative €223M (excluding infrastructure project companies), reflecting strong cash generation and not including proceeds from Hydro divestment.
Major capital allocation activities: €1.3B acquisition in 407 ETR, €533M divestment in AES/AGS airports, €244M equity injection in JFK Terminal 1.
Significant divestments: mining services in Chile (€42M), Heathrow Airport stake (£466M/€551M), AGS Airports (EUR 297M gain).
Record order book of €17.3B (+9.4% LfL), with €2.7B in pre-awards not yet included.
Financial highlights
Revenue reached €4,469M (+5.0% LfL), adjusted EBITDA €655M (+9.2%), adjusted EBIT €431M (+11.9%).
Net profit attributed to the parent company was €540M, up from €414M in H1 2024.
Highways revenue up 14.9%, adjusted EBITDA up 17.1% year-over-year, led by U.S. assets.
Construction revenue €3,453M (+2.6%), adjusted EBIT margin 3.5%.
Operating cash flow negative €104M, mainly due to lack of advance payments.
Outlook and guidance
Attractive U.S. highways pipeline with bids for I24 and I285 East in 2026.
Construction order book remains healthy with limited inflation exposure and stable margins.
Targeting €2.2B in dividends for 2024-2026 period.
JFK Terminal 1 project on schedule and budget, 72% complete, with key milestones ahead.
Energy: Ongoing expansion in renewables, with new solar projects in Texas and Spain.
What is driving 407 ETR's traffic growth?
What is the status of NTO Phase B1?
What is the outlook for Poland construction?
Explain NTE's revenue per transaction increase.
What factors drive 407 ETR dividend decisions?
Comment on US infrastructure funding outlook.
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Q3 202529 Oct, 2025
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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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