Ferrovial reports strong H1 2026 results
Rhea-AI Summary
Ferrovial (FER) reported strong H1 2026 results, with revenue of €4.7 billion, up 11.3% like-for-like, and adjusted EBITDA of €746 million, up 21.6%. Net profit was €258 million versus €540 million a year earlier, which had included capital gains from asset rotation.
The Highways division grew revenue 15.8% like-for-like to €740 million and received €357 million in dividends, while 407 ETR plans a CAD 550 million dividend in Q3 2026. Construction maintained a 3.5% adjusted EBIT margin and reached a record €18 billion order book. Liquidity stood at €4.7 billion with €1.3 billion net cash excluding infrastructure projects, and Ferrovial completed USD 1.1 billion in equity injections into New Terminal One at JFK, now 92% built.
Positive
- Revenue €4.7 billion in H1 2026, up 11.3% like-for-like
- Adjusted EBITDA €746 million, up 21.6% like-for-like year over year
- Highways revenue €740 million, up 15.8% like-for-like
- Construction order book reached a record €18 billion, up 2.8%
- Liquidity €4.7 billion and €1.3 billion net cash excluding projects
- CAD 550 million dividend approved by 407 ETR for Q3 2026
- USD 1.1 billion equity injections completed into New Terminal One; 92% built
Negative
- Net profit declined to €258 million from €540 million in H1 2025
- Consolidated net debt increased to €6,283 million from €5,893 million
News Explained
New bids remain unresolved; the new terminal has 24 executed airline contracts and eight letters of intent.
Ferrovial reported its first-half 2026 results on
At New Terminal One, the release reports 32 airline agreements: 24 executed contracts and eight letters of intent.
The release reports consolidated net debt of
The D35 technical evaluation and any award announcements for the Tennessee and Georgia bids are the specific milestones that would resolve the current project-pipeline uncertainty.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Highways in
North America showed robust revenue growth
- Construction profitability remained in line with the company's long-term target, supported by a healthy order book1
"Ferrovial delivered an exceptional first half of 2026, driven by strong performance across our North American assets. Our Construction division also achieved a record order book1. Looking ahead, we see significant opportunities in complex greenfield projects and the growing momentum for P3 developments in the
Adjusted EBITDA1 reached
Ferrovial closed the first half of the year with a solid financial position, with liquidity1 of
In July 2026, Ferrovial submitted bids for the I-24 Southeast Choice Lanes in
Financial and Operating Results
The Highways division's revenue grew
The Construction division achieved a
In the Airports division, Ferrovial completed the equity injections committed to New Terminal One (NTO) at New York's John F. Kennedy International Airport, totaling USD 1.1 billion. The construction progress reached
Conference call information
Ferrovial will host a conference call on July 29, 2026, at 15:00 CEST / 9:00 a.m. EDT to discuss H1 2026 financial results and business performance. Visit our investor relations page at https://ferrovial.com/ir-shareholders
KEY FIGURES
(Million euro)
H1 2026 | H1 2025 | Variation LfL1 | |
Revenue | 4,701 | 4,469 | 11.3 % |
Adjusted EBITDA1 | 746 | 655 | 21.6 % |
Adjusted EBIT1 | 491 | 431 | 22.7 % |
Net profit | 258 | 540 | |
H1 2026 | Dec 2025 | ||
Consolidated net debt1 | 6,283 | 5,893 | |
Net debt, excluding infrastructure projects1 | -1,307 | -1,341 | |
H1 2026 | Dec 2025 | Variation LfL1 | |
Construction order book1 | 18,046 | 17,438 | 2.8 % |
Variation | ||
Transactions | Rev/Transaction | |
NTE | -2.0 % | 18.9 % |
LBJ | 2.9 % | 11.7 % |
NTE 35W | 0.4 % | 17.3 % |
I-77 | -5.2 % | 11.8 % |
I-66 | 8.5 % | 8.7 % |
Variation | ||
VKTs* | Rev/Trip | |
407 ETR | 1.8 % | 17.7 % |
*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 Q2 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 Q2 2026 Alternative Performance Measures)
2 Consolidated Net Debt of ex-infrastructure project companies
3 U.S. annual inflation rate for the 12 months ending in December 2025
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SOURCE Ferrovial