Ferrovial kicks off 2026 with robust operating results

Rhea-AI Summary

Ferrovial (FER) reported Q1 2026 operating results showing like-for-like revenue of €2.1 billion (+10.2%) and adjusted EBITDA of €321 million (+15.0%).

North American highways drove performance; Construction order book reached €17.6 billion and JFK New Terminal One is 87% complete. Liquidity stood at €5.5 billion; net debt excluding projects was -€1.2 billion.

AI-generated analysis. Not financial advice.

Positive

• Revenue +10.2% LfL to €2.098 billion in Q1 2026
• Adjusted EBITDA +15.0% LfL to €321 million
• Net cash excluding projects of -€1.218 billion (net debt excluded)
• Liquidity of €5.5 billion
• Construction order book at €17.6 billion (all-time high)
• JFK NTO 87% construction progress and 30 airline commitments

Negative

• Traffic disruption from adverse weather affected January volumes
• Adjusted EBIT slight decline to €198 million from €199 million
• Consolidated net debt of €6.064 billion at Q1 2026

Key Figures

Revenue: €2,098 million Adjusted EBITDA: €321 million Adjusted EBIT: €198 million +5 more

8 metrics

Revenue €2,098 million Q1 2026, up 10.2% like‑for‑like vs Q1 2025

Adjusted EBITDA €321 million Q1 2026, up 15.0% like‑for‑like vs Q1 2025

Adjusted EBIT €198 million Q1 2026, up 10.6% like‑for‑like vs Q1 2025

Liquidity €5.5 billion End of Q1 2026, excluding infrastructure projects

Net debt ex‑projects €‑1.2 billion End of Q1 2026, excluding infrastructure projects

Construction order book €17,555 million Q1 2026 record order book, up 0.5% like‑for‑like vs Dec 2025

407 ETR dividend CAD 500 million Dividend approved for payment in Q2 2026

NTO construction progress 87% New Terminal One at JFK, toward operational readiness

Market Reality Check

Price: $70.03 Vol: Volume 1,467,033 is 1.08x...

normal vol

$70.03 Last Close

Volume Volume 1,467,033 is 1.08x the 20‑day average of 1,360,286. normal

Technical Price at 70.03 is trading above the 200‑day MA of 63.67 and 6.36% below the 52‑week high.

Peers on Argus

FER fell 2.32% while key Engineering & Construction peers like PWR, EME, FIX, AC...

FER fell 2.32% while key Engineering & Construction peers like PWR, EME, FIX, ACM and J declined between about 2–4%. Scanner data does not flag a coordinated momentum move, suggesting today’s action leans more stock‑specific despite broader sector softness.

Historical Context

4 past events · Latest: Feb 25 (Positive)

Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Feb 25	Full-year 2025 results	Positive	-0.5%	Reported strong 2025 revenue and EBITDA growth with solid liquidity.
Dec 13	Index inclusion	Positive	+1.1%	Announced addition to the Nasdaq‑100 Index following U.S. listing.
Dec 12	New buyback program	Positive	+1.1%	Terminated old buyback and approved new €800M share repurchase plan.
Dec 03	Cash dividend	Positive	+1.9%	Set interim cash dividend of €0.0770 per share for December payment.

Pattern Detected

Recent positive corporate actions (index inclusion, buyback, dividend) generally aligned with modest price gains, while strong fundamental results once saw a slight negative reaction.

Recent Company History

Over the last few months, Ferrovial has combined solid fundamentals with shareholder‑friendly actions. Full‑year 2025 results showed revenue of €9.6 billion and adjusted EBITDA of €1.46 billion, alongside strong liquidity and net cash excluding projects. December 2025 brought Nasdaq‑100 inclusion, a new buyback of up to €800 million, and a cash dividend of €0.0770 per share. Today’s Q1 2026 update, with continued growth and a record order book, fits this trajectory of expansion and capital returns.

Market Pulse Summary

This announcement highlights solid Q1 2026 performance, with revenue of €2,098 million, adjusted EBI...

Analysis

This announcement highlights solid Q1 2026 performance, with revenue of €2,098 million, adjusted EBITDA of €321 million, and a record construction order book of €17,555 million. Highways and North American assets, including 407 ETR and U.S. express lanes, continued to drive growth, while the New Terminal One at JFK reached 87% completion. Investors may watch future quarters for order book conversion, traffic and revenue‑per‑transaction trends, and the balance between growth investments and ongoing shareholder distributions.

Key Terms

adjusted EBITDA, adjusted EBIT, like-for-like, scrip dividend, +1 more

5 terms

adjusted EBITDA financial

"Revenues and adjusted EBITDA1 reported double-digit growth, excluding the impact"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted EBIT financial

"Adjusted EBIT margin1 stood at 3.1%."

Adjusted EBIT is a company’s operating profit before interest and taxes, but cleaned up by removing one-time or unusual items that can obscure ongoing performance. Investors use it like a tidied-up report card — it aims to show the underlying profitability of the business by excluding irregular gains, losses, or costs so comparisons across periods or companies are clearer and more meaningful for valuing operational strength.

like-for-like financial

"Adjusted EBITDA1 rose by 15% year-on-year on a like-for-like1 basis"

Like-for-like is a measure that compares a company’s sales or other performance between periods while excluding changes that alter its size or structure—such as new or closed stores, recent acquisitions or currency swings—so the comparison is 'apples-to-apples.' Investors use it to see the business’s underlying momentum and true growth, because it filters out one-time or scale-driven effects that can mask whether core operations are improving or weakening.

scrip dividend financial

"has declared an interim scrip dividend with an aggregate amount of EUR 400 million"

A scrip dividend is an option that lets shareholders receive extra company shares instead of a cash payout, with the number of shares based on how many shares they already own. It matters to investors because it preserves the company’s cash while increasing the total shares outstanding, which can dilute each share’s claim on profits and change an investor’s ownership percentage and expected income — like choosing an extra slice of pie now rather than getting money for it.

vehicle kilometers travelled technical

"*Vehicle kilometers travelled"

Vehicle kilometers travelled (VKT) measures the total distance driven by all vehicles in a defined area over a set time period — think of adding up every car’s odometer miles for a city or country. Investors use it as a basic thermometer of transport demand: higher VKT usually signals more fuel use, toll and parking revenue, and wear on roads, while lower VKT can point to weaker demand for vehicles, fuel, or transport services.

AI-generated analysis. Not financial advice.

• Revenues and adjusted EBITDA¹ reported double-digit growth, excluding the impact of exchange rates
• North American highways delivered outstanding results 
• Construction division achieved a healthy order book¹ and stable margins 

AMSTERDAM, May 7, 2026 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, closed the first quarter of 2026 with robust growth, supported by the strong performance of its business units. Both revenue and adjusted EBITDA¹ increased, driven mainly by U.S. highways performance.

"We have started 2026 with strong momentum, as evidenced by our significant revenue growth across all our North American highways, continued progress on key projects such as the New Terminal One (NTO) at JFK International Airport, and solid profitability in the Construction business. We see an attractive pipeline of assets in high-growth U.S. regions and increasing opportunities for public-private partnerships," said Ignacio Madridejos, Chief Executive Officer of Ferrovial.

Adjusted EBITDA¹ rose by 15% year-on-year on a like-for-like¹ basis, reaching €321 million in the first quarter of 2026. Meanwhile, revenue totaled €2.1 billion, a 10.2% increase in like-for-like¹ terms compared to the same period in the previous year, driven by substantial growth across all businesses.

Ferrovial ended the first quarter of the year with a solid financial position, with €5.5 billion in liquidity¹ and consolidated net debt¹ of -€1.2 billion, excluding infrastructure projects in both cases. 

Operating results

The Highways division's revenue increased by 13.7% in like-for-like terms¹ to €336 million in the first quarter of 2026, driven by strong growth in North America. Adjusted EBITDA¹ increased 10% in like-for-like¹ terms to €235 million. U.S. Express Lanes recorded strong revenue-per-transaction growth, outpacing inflation. However, traffic was affected by adverse weather conditions during the period, primarily in January.

In Canada, 407 ETR delivered outstanding performance in the first quarter of 2026, with double-digit EBITDA¹ growth, despite adverse weather conditions. 407 ETR has approved the payment of a CAD 500 million dividend in the second quarter.

The Construction division's order book¹ reached an all-time high of €17.6 billion at the end of the first quarter 2026, with North America accounting for 45%, Poland 25%, and Spain 14% of the total order book¹. Adjusted EBIT margin¹ stood at 3.1%.

In the Airports division, the New Terminal One (NTO) at JFK International Airport continued advancing toward operational readiness, achieving 87% construction progress. NTO has reached 30 commitments with airlines, including 21 executed agreements and 9 letters of intent.

Conference call information

Ferrovial will host a conference call on May 8, 2026, at 15:00 CEST / 9:00 a.m. EDT to discuss Q1 2026 financial results. Visit our investor relations page at https://www.ferrovial.com/en/ir-shareholders/ for more information. 

KEY FIGURES

(Million euro) 

	Q1 2026	Q1 2025	Variation LfL1
Revenue	2,098	2,059	10.2 %
Adjusted EBITDA1	321	309	15.0 %
Adjusted EBIT1	198	199	10.6 %
	Q1 2026	Dec 2025
Consolidated net debt1	6,064	5,893
Net debt, excluding infrastructure projects1	-1,218	-1,341
	Q1 2026	Dec 2025	Variation LfL1
Construction order book1/2	17,555	17,438	0.5 %

NORTH AMERICA HIGHWAYS: PERFORMANCE Q1 2026 VS Q1 2025 

	Variation
	Transactions	Rev/Transaction
NTE	-3.6 %	18.3 %
LBJ	-1.5 %	11.5 %
NTE 35W	1.0 %	17.3 %
I-77	-5.6 %	14.2 %
I-66	8.3 %	4.9 %

	Variation
	VKT*	Rev/Trip
407 ETR	8.2 %	12.4 %

*Vehicle kilometers travelled 

Forward-Looking Statements 

This document contains forward-looking statements. Any express or implied statements contained in this document that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding estimates and projections provided by the Company and certain other sources with respect to the Company's financial results, financial position, business strategy, Company and joint venture project performance and completion estimates, order book, pipeline assets, expected dividends, commitments, plans, objectives of management for future operations, dividends, capital structure, as well as statements that include words such as "expect," "aim," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "will", "should," "target," "anticipate" and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements may reflect various assumptions by the Company concerning anticipated results and performance and are subject to significant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company's control and may be impossible to predict. Any forecast made or contained herein, and actual results, will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements, expectations, estimates and projections contained in this presentation or that any forecast made or contained herein will be achieved. 

Risks and uncertainties that could cause actual results to differ include, without limitation: risks related to our diverse geographical operations and business divisions; general economic and political conditions and events and the impact they may have on us, including, but not limited to, impacts on demand or public fund allocation in the industries in which we operate, and the impact of any changes in governmental laws and regulations, including but not limited to tax regimes or regulations; the fact that our business is derived from a small number of major projects; risks related to government contracting; the impact of competitive pressures in our industries, including on bid success and pricing; risks related to our acquisitions, divestments and other strategic transactions that we may undertake; cyber threats or other technology disruptions; our ability accurately to develop estimates or the impact of changes in our underlying assumptions, with respect to project plans, including project timing and budgets, and our ability to meet contractual expectations with respect thereto; the impacts of accidents, disruptions, or other incidents at our project sites and facilities; our ability to obtain adequate financing or access to capital in the future as needed and the impact of reliance on joint venture and partnership arrangements; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; limitations on our ability to declare and fund future dividends or other distributions, and distribution processes and timelines; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") for the fiscal year ended December 31, 2025, which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this presentation speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Forward-looking statements in this press release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction. 

About Ferrovial 

Ferrovial is a leading global infrastructure company transforming highways, airports, and energy around the world. Its distinctive integrated business model supports the entire lifecycle of complex projects, from design and financing to construction, operation and maintenance. The company has a global presence and employs more than 22,500 people worldwide. North America is Ferrovial's growth engine, where it developed and is currently operating five Express Lanes across Texas, North Carolina and Virginia, and is managing the 407 ETR highway in Toronto, Canada. The company is also leading the development of the New Terminal One at JFK International Airport. Ferrovial shares trade under the ticker symbol FER on three stock markets: U.S. (Nasdaq100 Index), Spain (IBEX35), and the Netherlands. The company is included in globally recognized sustainability indices such as the Dow Jones Best-in-Class Index.

¹ Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Q1 2026 results report. The detailed reconciliation of the Alternative Performance Measures can be found in the selected financial information available at https://www.ferrovial.com/en/ir-shareholders/financial-information/quarterly-financial-information/ (Excel file Q1 2026 Alternative Performance Measures)

View original content to download multimedia:https://www.prnewswire.com/news-releases/ferrovial-kicks-off-2026-with-robust-operating-results-302766339.html

SOURCE Ferrovial

FAQ

What were Ferrovial (FER) Q1 2026 revenue and adjusted EBITDA results?

Ferrovial reported Q1 2026 revenue €2.098B and adjusted EBITDA €321M. According to the company, these figures represent a like-for-like revenue increase of 10.2% and adjusted EBITDA growth of 15.0% versus Q1 2025.

How did Ferrovial's North American highways perform in Q1 2026 (FER)?

North American highways were the main growth driver, with highways revenue up 13.7% LfL. According to the company, U.S. express lanes saw revenue-per-transaction gains despite weather-related traffic weakness in January.

What is Ferrovial's liquidity and net debt position after Q1 2026 (FER)?

Ferrovial reported €5.5B liquidity and net debt excluding infrastructure projects -€1.218B. According to the company, consolidated net debt was €6.064B at the quarter end, with the exclusion applied for infrastructure projects.

What progress has Ferrovial made on the JFK New Terminal One (FER) by Q1 2026?

The JFK New Terminal One reached 87% construction progress and has 30 airline commitments. According to the company, 21 agreements are executed and 9 are letters of intent toward operational readiness.

What key metric changed in Ferrovial's Construction division in Q1 2026 (FER)?

Construction order book reached €17.6B, an all-time high, with a 3.1% adjusted EBIT margin. According to the company, North America represents 45% of the order book, Poland 25%, and Spain 14%.

Will Ferrovial (FER) discuss results with investors and when is the call?

Ferrovial will host a conference call on 8 May 2026 at 15:00 CEST / 9:00 a.m. EDT to discuss Q1 2026 results. According to the company, investors can access details via its investor relations page.