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Ferrovial starts 2025 with solid results

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Ferrovial reported strong Q1 2025 results with significant growth across all business divisions. Revenue increased 7.4% to €2.1 billion, while adjusted EBITDA grew 19.1% to €309 million, primarily driven by U.S. highways performance. The Highways division saw 14.1% revenue growth to €324 million, with U.S. Express Lanes showing robust revenue per transaction growth. The 407 ETR in Canada demonstrated strong performance with double-digit EBITDA growth. The Construction division achieved a 3.3% adjusted EBIT margin and reached a record order book of €17.2 billion. The company maintains a solid financial position with €5.3 billion in liquidity and completed the sale of a 50% stake in AGS Airports for €538 million. Ferrovial allocated €156 million to shareholder distributions and €152 million to equity injections in the New Terminal One at JFK International Airport.

Ferrovial ha riportato risultati solidi nel primo trimestre 2025 con una crescita significativa in tutte le divisioni aziendali. I ricavi sono aumentati del 7,4% raggiungendo €2,1 miliardi, mentre l'EBITDA rettificato è cresciuto del 19,1% arrivando a €309 milioni, trainato principalmente dalle performance delle autostrade statunitensi. La divisione Highways ha registrato una crescita dei ricavi del 14,1% a €324 milioni, con le U.S. Express Lanes che hanno mostrato una robusta crescita del ricavo per transazione. La 407 ETR in Canada ha evidenziato una forte performance con una crescita a doppia cifra dell'EBITDA. La divisione Construction ha raggiunto un margine EBIT rettificato del 3,3% e un portafoglio ordini record di €17,2 miliardi. L'azienda mantiene una solida posizione finanziaria con €5,3 miliardi di liquidità e ha completato la vendita del 50% di AGS Airports per €538 milioni. Ferrovial ha destinato €156 milioni alle distribuzioni agli azionisti e €152 milioni agli investimenti in capitale per il New Terminal One all'aeroporto internazionale JFK.
Ferrovial reportó sólidos resultados en el primer trimestre de 2025 con un crecimiento significativo en todas las divisiones de negocio. Los ingresos aumentaron un 7,4% hasta €2.100 millones, mientras que el EBITDA ajustado creció un 19,1% hasta €309 millones, impulsado principalmente por el desempeño de las autopistas en EE. UU. La división de Highways experimentó un crecimiento de ingresos del 14,1% hasta €324 millones, con las U.S. Express Lanes mostrando un fuerte crecimiento en ingresos por transacción. La 407 ETR en Canadá mostró un sólido rendimiento con un crecimiento de EBITDA de dos dígitos. La división de Construcción logró un margen EBIT ajustado del 3,3% y alcanzó una cartera de pedidos récord de €17.200 millones. La compañía mantiene una posición financiera sólida con €5.300 millones en liquidez y completó la venta del 50% de AGS Airports por €538 millones. Ferrovial destinó €156 millones a distribuciones a accionistas y €152 millones a inyecciones de capital en la New Terminal One del Aeropuerto Internacional JFK.
페로비알은 2025년 1분기에 모든 사업 부문에서 상당한 성장을 기록하며 강력한 실적을 보고했습니다. 매출은 7.4% 증가한 21억 유로를 기록했으며, 조정 EBITDA는 19.1% 증가한 3억 900만 유로를 기록했는데, 이는 주로 미국 고속도로 부문의 성과에 기인합니다. 고속도로 부문은 매출이 14.1% 증가한 3억 2,400만 유로를 기록했으며, 미국 익스프레스 레인(U.S. Express Lanes)은 거래당 매출이 견고하게 성장했습니다. 캐나다 407 ETR은 두 자릿수 EBITDA 성장으로 강한 실적을 보였습니다. 건설 부문은 3.3%의 조정 EBIT 마진을 달성하고 172억 유로의 기록적인 수주 잔고를 기록했습니다. 회사는 53억 유로의 유동성을 유지하며 AGS 공항 지분 50%를 5억 3,800만 유로에 매각을 완료했습니다. 페로비알은 주주 배당금으로 1억 5,600만 유로, JFK 국제공항의 New Terminal One에 대한 자본 투입으로 1억 5,200만 유로를 배정했습니다.
Ferrovial a annoncé de solides résultats pour le premier trimestre 2025 avec une croissance significative dans toutes les divisions commerciales. Le chiffre d'affaires a augmenté de 7,4 % pour atteindre 2,1 milliards d'euros, tandis que l'EBITDA ajusté a progressé de 19,1 % pour atteindre 309 millions d'euros, principalement grâce aux performances des autoroutes américaines. La division Highways a enregistré une croissance de 14,1 % de son chiffre d'affaires à 324 millions d'euros, les U.S. Express Lanes affichant une forte croissance du revenu par transaction. La 407 ETR au Canada a démontré une solide performance avec une croissance à deux chiffres de l'EBITDA. La division Construction a atteint une marge EBIT ajustée de 3,3 % et un carnet de commandes record de 17,2 milliards d'euros. L'entreprise maintient une position financière solide avec 5,3 milliards d'euros de liquidités et a finalisé la vente de 50 % d'AGS Airports pour 538 millions d'euros. Ferrovial a alloué 156 millions d'euros aux distributions aux actionnaires et 152 millions d'euros aux injections de capitaux dans le New Terminal One de l'aéroport international JFK.
Ferrovial meldete starke Ergebnisse für das erste Quartal 2025 mit signifikantem Wachstum in allen Geschäftsbereichen. Der Umsatz stieg um 7,4 % auf 2,1 Milliarden Euro, während das bereinigte EBITDA um 19,1 % auf 309 Millionen Euro wuchs, hauptsächlich getrieben durch die Leistung der US-Autobahnen. Die Highways-Sparte verzeichnete einen Umsatzanstieg von 14,1 % auf 324 Millionen Euro, wobei die U.S. Express Lanes ein robustes Umsatzwachstum pro Transaktion zeigten. Die 407 ETR in Kanada zeigte eine starke Performance mit zweistelligem EBITDA-Wachstum. Die Baubranche erreichte eine bereinigte EBIT-Marge von 3,3 % und einen Rekord-Auftragsbestand von 17,2 Milliarden Euro. Das Unternehmen hält eine solide finanzielle Position mit 5,3 Milliarden Euro Liquidität und schloss den Verkauf eines 50%-Anteils an AGS Airports für 538 Millionen Euro ab. Ferrovial verwendete 156 Millionen Euro für Ausschüttungen an Aktionäre und 152 Millionen Euro für Kapitaleinlagen im New Terminal One am JFK International Airport.
Positive
  • Adjusted EBITDA increased 19.1% YoY to €309 million
  • Revenue grew 7.4% to €2.1 billion
  • Construction division reached record order book of €17.2 billion
  • 407 ETR approved CAD 200 million dividend, 14.3% higher than last year
  • Strong revenue per transaction growth in U.S. Express Lanes
  • Completed sale of 50% stake in AGS Airports for €538 million
Negative
  • Traffic in U.S. highways was impacted by weather conditions
  • Weather conditions and calendar effect impacted 407 ETR performance

Insights

Ferrovial delivered strong Q1 2025 results with 19.1% EBITDA growth, driven by robust North American highway performance despite weather challenges.

Ferrovial's Q1 2025 results demonstrate significant operational strength across its core infrastructure segments. The company delivered €309 million in adjusted EBITDA, representing an impressive 19.1% year-over-year growth in like-for-like terms. Revenue reached €2.1 billion, increasing 7.4% compared to Q1 2024.

The driving force behind this performance was Ferrovial's Highway division, particularly its North American assets. Despite weather-related traffic challenges, U.S. Express Lanes showed robust revenue per transaction growth that significantly outpaced inflation. The 407 ETR in Canada achieved double-digit EBITDA growth despite adverse weather conditions, resulting in a CAD 200 million approved dividend payment for Q2 2025 – 14.3% higher than the previous year's equivalent.

The Construction division presents a particularly strong forward indicator, achieving its highest-ever order book of €17.2 billion, with a geographic distribution that balances risk across North America (45%), Poland (24%), and Spain (14%). This division's adjusted EBIT margin reached 3.3%, showing meaningful improvement over the previous year.

Financially, Ferrovial maintains a solid position with €5.3 billion in liquidity and -€1.8 billion in consolidated net debt (excluding infrastructure projects). The company successfully monetized assets during the quarter, completing the sale of a 50% stake in AGS Airports for €538 million while continuing strategic capital allocation – distributing €156 million to shareholders and investing €152 million in the New Terminal One at JFK International Airport.

What's particularly impressive about these results is Ferrovial's ability to drive transaction value across its highway assets, even when traffic volumes were constrained by external factors. This demonstrates pricing power and operational efficiency that should translate to sustained profitability as seasonal factors normalize.

  • Highways in North America delivered strong revenue performance
  • Construction reported growth in order book and profitability

AMSTERDAM, May 13, 2025 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, delivered significant growth in the first quarter of 2025, boosted by strong performance in all business divisions.  Both revenue and adjusted EBITDA increased, mainly driven by U.S. highways.

"We saw strong revenue growth across our North American assets during the first quarter, driven by robust underlying activity in the regions where these assets are located. We deliver the connectivity our customers demand. Our Construction division reported a healthy order book, with anticipated limited exposure to macroeconomic uncertainty," said Ignacio Madridejos, Ferrovial CEO.

Adjusted EBITDA amounted to €309 million in the first quarter of 2025, a 19.1% increase year over year in like-for-like terms, while revenue totaled €2.1 billion, a 7.4% growth in like-for-like terms, boosted by substantial growth across the board. 

Ferrovial closed the first quarter with a solid financial position, with liquidity of €5.3 billion and consolidated net debt of -€1.8 billion, excluding infrastructure projects in both cases. During this period, the company completed the sale of a 50% stake in AGS Airports for €538 million and received €19 million in dividends from projects. Ferrovial allocated €156 million to shareholder distributions and €152 million to equity injections in the New Terminal One (NTO) at JFK International Airport.

Operating results

The Highways division's revenue grew 14.1% in like-for-like terms to €324 million, driven by solid growth in North America. U.S. Express Lanes posted robust revenue per transaction growth, significantly outpacing inflation. However, the traffic was impacted by weather conditions and the calendar effect.

In Canada, the 407 ETR showed outstanding performance during the first quarter, with double-digit EBITDA growth, despite adverse weather conditions and the leap year effect in 2024. 407 ETR approved a CAD 200 million dividend to be paid in the second quarter, 14.3% higher than last year's dividend in the same period.

The Construction division reached a 3.3% adjusted EBIT margin, continuing the positive trend from previous quarters and showing a significant improvement compared to last year's performance. Order book reached an all-time high of €17.2 billion. North America accounted for 45%, Poland 24% and Spain 14%.

In the Airports division, the New Terminal One at JFK International Airport progressed as planned, with construction advancing by 6% in the first quarter. As of today, NTO has reached 18 airline agreements with 13 executed contracts and five letters of intention.

Conference call information

Ferrovial will host a conference call on May 14 at 15:00 CEST / 9:00 a.m. EDT to discuss Q1 financial results. To access the earnings call, click here or visit  https://ferrovial.com/ir-shareholders

 

KEY FIGURES


(Million euro)



Q1 2025

Q1 2024

Change 1/2

Revenue

2,059

1,879

7.4 %

Adjusted EBITDA2

309

254

19.1 %

Adjusted EBIT2

199

152

28.3 %






Q1 2025

Dec 2024


Consolidated net debt2

5,636

6,061


Net debt, excluding infrastructure
projects2

-1,847

-1,794



Q1 2025

Dec 2024

Change 1/2

Construction order book1/2

17,187

16,755

4.4 %


(1) In like-for-like terms 

(2) 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 Q12025 results report.

 

HIGHWAYS: PERFORMANCE Q12025 VS Q12024



Change


Traffic

Rev/Transaction

NTE

-5.7 %

13.8 %

LBJ

2.2 %

10.0 %

NTE 35W

2.9 %

8.9 %

I-77

0.4 %

21.8 %

I-66

3.7 %

25.6 %



Change


VKT*

Rev/Transaction

407 ETR  

1.9 %

22.5 %


*Vehicle kilometers travelled

About Ferrovial

Ferrovial is one of the world's leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 25,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain's blue-chip IBEX 35 index. It is also included in globally recognized sustainability indices such as the Dow Jones Best in Class Index (former Dow Jones Sustainability Index) and strives to conduct all of its operations in compliance with the principles of the UN Global Compact, which the Company adopted in 2002.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ferrovial-starts-2025-with-solid-results-302454458.html

SOURCE Ferrovial

FAQ

What were Ferrovial's (FER) key financial results for Q1 2025?

Ferrovial reported revenue of €2.1 billion (+7.4% YoY) and adjusted EBITDA of €309 million (+19.1% YoY) in Q1 2025, driven by strong performance in U.S. highways and construction divisions.

How did Ferrovial's (FER) Highway division perform in Q1 2025?

The Highways division grew revenue by 14.1% to €324 million, with U.S. Express Lanes showing strong revenue per transaction growth and 407 ETR in Canada achieving double-digit EBITDA growth.

What is the current order book value for Ferrovial's Construction division?

Ferrovial's Construction division reached an all-time high order book of €17.2 billion, with North America accounting for 45%, Poland 24%, and Spain 14%.

What is Ferrovial's current financial position in Q1 2025?

Ferrovial maintains a solid financial position with €5.3 billion in liquidity and consolidated net debt of -€1.8 billion (excluding infrastructure projects).

How much dividend did 407 ETR approve for Q2 2025?

407 ETR approved a CAD 200 million dividend to be paid in Q2 2025, which is 14.3% higher than the previous year's dividend for the same period.
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Ferrovial SE

NASDAQ:FER

FER Rankings

#357 Ranked by Market Cap
#2162 Ranked by Dividends

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FER Stock Data

35.49B
453.32M
35.19%
36.45%
0.13%
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