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Ferrovial
Ferrovial (FER) investor relations material
Ferrovial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
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.
407 ETR 2026 Schedule 22 payment cash impact?
US Managed Lanes revenue sharing trend?
Strategy for converting shortlisted US highway bids?
NTO delay: What is the revenue impact?
Construction EBIT margin sustainability post-Q4 one-offs?
Firepower for U.S. pipeline: Leverage headroom strategy?
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Next Ferrovial earnings date
AGM 20269 Apr, 2026
Ferrovial
Next Ferrovial earnings date
AGM 20269 Apr, 2026
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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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