Ferrovial (FER) Q2 2025 earnings summary

Executive summary

• Robust performance across all business divisions in H1 2025, with strong revenue and EBITDA growth, especially from North American highways and solid construction profitability.

• Revenue rose to €4,469 million (+5.0% LfL), adjusted EBITDA reached €655 million (+9.2% LfL), and net profit attributed to the parent company was €540 million, up from €414 million in H1 2024.

• Major corporate events included the acquisition of an additional 5.06% stake in 407 ETR, divestment of AGS Airports and mining services in Chile, and sale of the Heathrow stake.

• Order book reached a record €17,265 million (+9.4% LfL), excluding €2,700 million in pre-awarded contracts.

• Net debt ex-infrastructure projects at -€223 million, reflecting strong cash generation and disciplined capital allocation.

Financial highlights

• H1 2025 revenue rose to €4,469 million (+5.0% LfL); adjusted EBITDA €655 million (+9.2% LfL); adjusted EBIT €431 million (+11.9%).

• Highways revenues grew 14.9% year-over-year; adjusted EBITDA up 17.1%, with U.S. highways contributing 88% of revenues.

• 407 ETR revenue up 19.7% and EBITDA up 13% year-over-year, with EBITDA margin at 81.9%.

• Construction revenues reached €3,453 million (+2.6% LfL); adjusted EBIT margin at 3.5%; order book at €17.3 billion (+9.4% LfL).

• Net profit attributed to the parent company was €540 million, up from €414 million in H1 2024; EPS at €0.75.

Outlook and guidance

• Attractive pipeline in U.S. highways, with bids for I-24 and I-285 East expected in H1 2026.

• Construction order book remains healthy, with limited inflation exposure and a long-term adjusted EBIT margin target of 3.5%.

• Dividend guidance of €2.2 billion for 2024–2026 reaffirmed.

• Airports: JFK New Terminal One construction on track; Dalaman faces inflation and geopolitical risks.

• Energy: Ongoing expansion in renewables, with new solar projects in Texas and Spain; regulatory and market risks persist.