Ferrovial Reports Strong Performance in First Nine Months of 2025

Ferrovial, a prominent player in the global infrastructure sector, has announced stellar results for the first nine months of the year 2025. As a company committed to excellence and growth, Ferrovial's report indicated enhanced performance driven by a significant increase in revenue across all its business divisions, showcasing the resilience and adaptability of its operations in a fluctuating economic environment.

According to the company's latest earnings report released on October 29, 2025, Ferrovial recorded an impressive adjusted EBITDA of €1 billion, reflecting a 4.8% improvement compared to the previous year, when assessed on a like-for-like basis. This encouraging uptick is attributed primarily to the company's robust highway assets in North America, which have been a focal point of its strategy for growth.

The revenue for the period amounted to €6.9 billion, marking a 6.2% increase year-over-year, illustrating a consistent upward trend in the company’s financial health. Ferrovial’s CEO, Ignacio Madridejos, emphasized the remarkable performance of the company’s North American assets, particularly the 407 ETR toll road, which benefited from an increase in traffic volumes owing to successful commercial initiatives. This resulted in higher EBITDA and dividend payouts.

Highlights from the Operational Results
The report revealed that the Highways division experienced a tremendous 14.4% growth in revenue, totaling €1 billion. This growth was driven by significant contributions from its North American operations, including €312 million in dividends. Notably, the performance of U.S. Express Lanes showcased exceptional revenue per transaction, greatly surpassing inflation rates. In Canada, the 407 ETR reported double-digit growth in EBITDA from January to September, despite incurring expected Schedule 22 payment expenses for 2025. In a commendable move, the Board of Directors of the 407 ETR recently announced an additional dividend of CAD 1.05 billion, bringing the total for the year to CAD 1.5 billion.

The Construction division also showed positive momentum, boasting a healthy order book of €17.2 billion, maintaining proximity to all-time highs. The order book's breakdown indicated that North America contributed 47%, Poland 22%, and Spain 15% of the figures, exemplifying Ferrovial’s significant presence in diverse markets.

In the Airports division, the New Terminal One (NTO) project is in a crucial stage of development, heading towards operational readiness for its anticipated debut in 2026. As of late October, NTO has secured 21 commercial agreements with airlines, which include 14 executed contracts and seven letters of intent.

Financial Resilience and Future Prospects
Ending this period, Ferrovial reported a robust financial position with liquid assets amounting to €4.2 billion and a consolidated net debt of -€706 million, excluding infrastructure projects. This strong liquidity underscores the company's capacity to navigate potential economic fluctuations and invest in growth opportunities that lie ahead. During this period, Ferrovial accomplished the sale of its 5.25% shareholding in Heathrow Airport for €539 million, in addition to selling its stake in AGS Airports for €534 million. They also made significant investments back into the business, with €239 million allocated to equity injections at JFK's New Terminal One.

Ferrovial’s strategic initiatives and solid financial standing position the company for future growth opportunities as they continue to enhance their operational efficiencies and deliver value to shareholders.

In summary, the results from the first nine months of 2025 reinforce Ferrovial’s position as a global leader in infrastructure, with a sound approach towards financial growth, operational excellence, and sustainable practices. As they look to the future, the organization's robust pipeline of projects and comprehensive strategy will undoubtedly enable them to withstand challenges and harness new opportunities in the evolving infrastructure landscape.