#None #Infrastructure #Ferrovial #Q1 2025

Ferrovial's Impressive First Quarter of 2025

Ferrovial, the prominent global infrastructure company, kicked off 2025 with outstanding results that highlight robust growth and solid financial performance across all its business divisions. In the first quarter alone, the company achieved a significant increase in both revenue and adjusted EBITDA, primarily fueled by its operations in the U.S. highway segment.

According to CEO Ignacio Madridejos, the leap in revenue can be attributed to strong demand in North America, where the connectivity offered by their assets meets the growing needs of customers. "We deliver the connectivity our customers demand," emphasized Madridejos during the announcement.

Financial Highlights

In the first quarter of 2025, Ferrovial reported an adjusted EBITDA of €309 million, marking a 19.1% year-over-year increase in like-for-like terms. Meanwhile, the overall revenue totaled €2.1 billion, reflecting a 7.4% growth from the previous year. Such growth signals a rebound in business activity, particularly notable in the North American market.

Ferrovial closed this quarter with financial strength, showcasing a liquidity position of €5.3 billion and a consolidated net debt of -€1.8 billion. This strong balance sheet was complemented by the completion of the sale of a 50% stake in AGS Airports for €538 million, and the allocation of funds for shareholder distributions amounting to €156 million, along with €152 million for investments in the New Terminal One at JFK International Airport.

Highways Division Performance

The Highways division stood out with a revenue growth of 14.1% in like-for-like terms, reaching €324 million. This upturn was predominantly due to favorable performance in North America. In particular, the U.S. Express Lanes reported impressive growth in revenue per transaction, significantly outstripping inflation rates. However, it's worth noting that traffic patterns were somewhat hampered by adverse weather conditions and specific calendar effects.

The Canadian 407 ETR also demonstrated excellent results, achieving double-digit EBITDA growth despite facing operational challenges like adverse weather and the leap year effect from 2024. The division approved a CAD 200 million dividend for the upcoming quarter, a notable 14.3% increase compared to the previous year's dividends at the same time.

Construction and Airports Progress

In the Construction division, the company recorded a steady adjusted EBIT margin of 3.3%, indicating a positive trajectory from earlier quarters. The order book saw an all-time high of €17.2 billion, with North America contributing 45%, Poland 24%, and Spain 14%.

Meanwhile, the Airports division is making significant headway in the construction phase of New Terminal One at JFK, which advanced by 6% during the first quarter. So far, 18 airline agreements have been reached, with 13 contracts executed and five letters of intention in place, showcasing the project's growing momentum.

Upcoming Discussions

For those interested in more insights, Ferrovial has scheduled a conference call for May 14 at 1500 CEST (9:00 AM EDT) to delve deeper into the Q1 financial results. Participants can access the call through the company's investor relations page.

Conclusion

Ferrovial's solid opening to 2025 stands as a testament to the company's strategic positioning and operational efficiency, particularly in its North American highways sector. As the company continues to expand its footprint and enhance its infrastructure capabilities, stakeholders can expect further positive developments in the coming months.