BUSINESS PERFORMANCE
Overview
Ferrovial Results January – December 2025
HIGHLIGHTS
- Ferrovial recorded sound 2025 results, showing substantial revenue growth in all business divisions.Revenue at EUR 9,627 million (+8.6% LfL growth), primarily driven by higher revenue from Highways (+13.7% LfL growth) and higher contribution from Construction (+7.5% LfL growth).
Adjusted EBITDA reached EUR 1,457 million (+12.2% LfL growth) highlighting the higher contribution from Highways (+12.2% LfL growth), particularly US Highways with adjusted EBITDA of EUR 974 million (+12.4% LfL vs 2024). Construction delivered a solid performance reaching 4.6% adjusted EBIT margin, outperforming the strategic long-term average target. - 407 ETR’s traffic grew by +6.1% in 2025, driven by more targeted rush hour driving offers to alleviate congestion across the Greater Toronto Area (GTA) during workday peak hours and an increase in mobility and rush-hour commuting from a higher percentage of on-site employees, partially offset by significant unfavorable winter weather. Revenues reached CAD 2,009 million in 2025 (+17.8% vs 2024). EBITDA increased by +14.2% in 2025, including CAD 40.9 million of Schedule 22 expense for 2025, which will be payable to the Province in 2026.
- All Managed Lanes posted robust revenue per transaction growth in 2025, significantly outpacing US inflation (+2.9%): NTE +13.4%, NTE 35W +11.6% & LBJ +8.7%. This metric grew by +13.3% at I-66 & +24.7% at I-77, where no price cap is in place.
- Airports: New Terminal One (JFK) construction development keeps progressing with focus on operational readiness, while Dalaman showed a +2.5% increase in adjusted EBITDA, driven by strong commercial performance, which partially offset the decline in traffic compared to 2024 (-1.1%) affected by macroeconomic conditions and geopolitical challenges in Turkey.
- Construction reached a 4.6% adjusted EBIT margin for 2025, posting an outstanding performance across all lines of business. The order book remained at an all-time high of EUR 17,438 million (+10.1% LfL growth vs Dec. 2024), excluding approximately EUR 2.5 billion of pre-awarded contracts.
- Solid financial position with ex-infrastructure project companies liquidity levels reaching EUR 5,088 million and Consolidated Net Debt of exinfrastructure project companies at EUR -1,341 million. Cash outflows were mainly driven by investments (EUR -1,970 million), including the acquisition of 5.06% stake in 407 ETR (EUR -1,271 million) together with the equity injections in NTO (EUR -236 million), cash dividend and treasury share purchases (EUR -657 million). These cash outflows were partially offset by cash inflows including dividends from projects (EUR 968 million) together with the divestment of Heathrow (EUR 539 million) and AGS (EUR 533 million).
MAIN CORPORATE EVENTS AND RECENT DEVELOPMENTS
- In January, Ferrovial completed the sale of its stake in AGS for GBP 450 million (EUR 533 million), with a capital gain of EUR 272 million.
- In June, Ferrovial completed the acquisition of 5.06% stake of the 407 ETR. The total investment for Ferrovial reached CAD 1.99 billion (EUR 1.3 billion), increasing its total ownership to 48.29% from 43.23%.
- In June, Ferrovial completed the divestment of its mining services in Chile for EUR 42 million. Of this amount, EUR 24 million was paid in 2025. The remaining EUR 18 million relates to a vendor loan note payable by the buyer over a five-year period.
- In July, Ferrovial completed the sale of its 5.25% in Heathrow for EUR 539 million. As a consequence of the transaction, Ferrovial recognized a profit of EUR 27 million, mainly corresponding to the interest accrued since the announcement and transaction costs.
- In December, Ferrovial joined the Nasdaq-100 Index®, marking another milestone after its US market debut in May 2024, alongside listingsin Spain and the Netherlands.
- In 2025, Ferrovial-led consortium has been shortlisted for bidding the I-24 Southeast Choice Lanes in Tennessee and the I-285 East Express Lanes in Georgia. In February 2026, Ferrovial-led consortium has been shortlisted forbidding the I-77 South Express Lanes project in North Carolina.
SUSTAINABILITY HIGHLIGHTS
- Ferrovial has been included in CDP’s Climate Change ‘A List’ for the sixteenth consecutive year, reaffirming Ferrovial’s consistent leadership in climate action, and achieved an A-rating in the CDP Water questionnaire.
- Ferrovial updated its Deep Decarbonization Plan, fully aligned with the 1.5ºC pathway and a Net Zero target by 2050 or earlier, validated by the Science Based Targets initiative (SBTi).
- Ferrovial has renewed its inclusion in the FTSE4Good Index Series for 2025, marking 22 consecutive years of recognition for its ESG performance.
- Ferrovial has been selected for the S&P Global Sustainability Yearbook 2025, acknowledging the company’s position among the leading companies globally in sustainability practices.
- Ferrovial was awarded for the second consecutive year with the Top EX Company certification, awarded by Intrama, recognizing the company’s commitment to excellence in employee experience management.
- Ferrovial has been identified as a 2026 ESG Leader by Sustainalytics.
REPORTED P&L
| (EUR million) | Q425 | Q424 | FY25 | FY24 | |
|---|---|---|---|---|---|
| Revenue | 2,715 | 2,505 | 9,627 | 9,148 | |
| Adjusted EBITDA* | 426 | 334 | 1,457 | 1,342 | |
| Fixed asset depreciation | -151 | -100 | -490 | -441 | |
| Adjusted EBIT* | 276 | 234 | 967 | 901 | |
| Disposals & impairments | -64 | 2,043 | 210 | 2,208 | |
| Operating profit/(loss) | 211 | 2,277 | 1,177 | 3,109 | |
| Financial Results | -123 | 483 | -365 | 274 | |
| Financial Result from infrastructure projects | -109 | -106 | -424 | -411 | |
| Financial Result from ex-infrastructure projects | 14 | 589 | 59 | 685 | |
| Equity-accounted affiliates | 74 | 47 | 258 | 238 | |
| Profit/(loss) before tax from continuing operations | 162 | 2,807 | 1,070 | 3,621 | |
| Income tax | 98 | -66 | 60 | -145 | |
| Net profit/(loss) from continuing operations | 260 | 2,741 | 1,130 | 3,476 | |
| Net profit/(loss) from discontinued operations | 2 | 5 | 20 | 14 | |
| Net profit/(loss) | 262 | 2,746 | 1,150 | 3,490 | |
| Net profit/(loss) attributed to non-controlling interests | -65 | -81 | -262 | -251 | |
| Net/(loss) attributed to the parent company | 197 | 2,665 | 888 | 3,239 |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 269)
REVENUE
| (EUR million) | Q4 25 | Q4 24 | VAR. | FY 25 | FY 24 | VAR. | LfL growth* |
|---|---|---|---|---|---|---|---|
| Highways | 353 | 340 | 3.9 % | 1,374 | 1,256 | 9.4 % | 13.7 % |
| Airports | 26 | 17 | 54.4 % | 111 | 91 | 22.9 % | 23.3 % |
| Construction | 2,233 | 1,999 | 11.7 % | 7,653 | 7,236 | 5.8 % | 7.5 % |
| Energy | 115 | 96 | 20.3 % | 339 | 270 | 25.7 % | 26.8 % |
| Other | -12 | 54 | -121.2 % | 150 | 296 | -49.3 % | -17.8 % |
| Revenue | 2,715 | 2,505 | 8.4 % | 9,627 | 9,148 | 5.2 % | 8.6 % |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 269)
ADJUSTED EBITDA*
| (EUR million) | Q4 25 | Q4 24 | VAR. | FY 25 | FY 24 | VAR. | LfL growth* |
|---|---|---|---|---|---|---|---|
| Highways | 239 | 246 | -2.9 % | 990 | 918 | 7.7 % | 12.2 % |
| Airports | 4 | -2 | 258.9 % | 37 | 26 | 41.2 % | 8.3 % |
| Construction | 200 | 106 | 87.8 % | 511 | 430 | 18.8 % | 19.9 % |
| Energy | 7 | 2 | 275.4 % | 3 | 2 | 44.6 % | 67.6 % |
| Other | -23 | -18 | -30.2 % | -83 | -34 | -141.1 % | -86.1 % |
| Adjusted EBITDA* | 426 | 334 | 27.6 % | 1,457 | 1,342 | 8.6 % | 12.2 % |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 269)
ADJUSTED EBIT*
| (EUR million) | Q4 25 | Q4 24 | VAR. | FY 25 | FY 24 | VAR. | LfL growth* |
|---|---|---|---|---|---|---|---|
| Highways | 150 | 186 | -19.3 % | 719 | 686 | 4.9 % | 9.5 % |
| Airports | 1 | -5 | 113.0 % | 14 | 4 | 241.3 % | 16.4 % |
| Construction | 150 | 81 | 84.9 % | 352 | 284 | 24.0 % | 24.2 % |
| Energy | 3 | -2 | 267.2 % | -12 | -11 | -4.5 % | -12.9 % |
| Other | -28 | -26 | -8.3 % | -106 | -62 | -73.0 % | -57.7 % |
| Adjusted EBIT* | 276 | 234 | 17.8 % | 967 | 901 | 7.3 % | 10.6 % |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 269)
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 269)
Million of **VKTs (Vehicle kilometers travelled) ***Transactions ****Passengers
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 267)
