Ferrovial (FER) Q4 2025 earnings summary

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 and equity injections in JFK's New Terminal One, 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 marking a milestone after the 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% year-over-year on a like-for-like basis.

• Adjusted EBITDA was EUR 1,457 million, up 12.2% year-over-year.

• Construction order book hit EUR 17,438 million, up 10.1% like-for-like, with nearly 50% from North America.

• Dividends from projects totaled EUR 968 million, a 2.2% increase year-over-year.

• Net profit from continuing operations was EUR 1,130 million.

Outlook and guidance

• Well positioned for continued growth, supported by a record U.S. infrastructure pipeline and rising P3 opportunities.

• Construction division maintains a long-term target of 3.5% adjusted EBIT margin.

• Dividend proposal for 2026 targets EUR 1 billion, with EUR 2.2 billion aggregate dividends between 2024–2026.

• Order book at record EUR 17,438 million, excluding EUR 2.5 billion pre-awarded contracts.

• Horizon 26 strategic plan concludes in 2026, with a new plan to be communicated after completion.