Ferrovial (FER) Q3 2026 earnings summary

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.