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NTO at JFK (49%, equity-accounted) – USA
As of December 31, 2025, Ferrovial has contributed USD 1,068 million of equity to the NTO (New Terminal One) project at New York’s John F. Kennedy International Airport. Ferrovial’s total equity commitment for the project is USD 1,142 million. The next equity contribution of USD 74 million will take place in 2026, and it will be the last one scheduled.
In terms of schedule, the contractor has communicated an updated target completion date for the first phase of construction of fall 2026, with the concession contract ending in 2060.
This was a critical year for NTO construction progress and the kickoff of Operational Readiness and Airport Transfer (ORAT) activities.
At year-end, construction progress stood at 82%. In the last quarter, the first-of-its-kind trials took place at the first available gate. Additionally, NTO made significant progress on the construction and user interior fitouts of several airline lounges, offices, and concession spaces. Infrastructure cabling works progressed, and data centers were energized.
As of the date of this publication, NTO has reached 25 agreements with airlines1, including contracts executed with 16 airlines and 9 letters of intent (LOIs). Additionally, advanced discussions are currently ongoing with several leading international carriers.
In July 2025, NTO completed the remaining debt refinancing process of Phase A through the issuance of green bonds totaling USD 1.4 billion, with an all-in interest cost of 5.4% (weighed average maturity of 28 years). The total weighted average of Phase A financing, c. USD 6 billion, carries an all-in interest cost of c.5%.
1 This figure counts Korean Air and Asiana Airlines as one airline, following their merger on December 12, 2024
Credit rating
| Green Bonds 2023 | Green Bonds 2024 | Green Bonds 2025 | Outlook | |
|---|---|---|---|---|
| Moody’s | Baa3 | Baa3 | Baa3 | Stable |
| Fitch | BBB- | BBB- | BBB- | Stable |
| Kroll | BBB- | BBB- | BBB- | Stable |
Dalaman (60%, globally consolidated) – Turkey
Traffic: number of passengers reached 0.9 million in Q4 2025, +1.1% vs. Q4 2024, due to slightly increased domestic traffic.
Traffic showed resilience compared to 2024 (-1.1%), despite the macroeconomic conditions and geopolitical challenges in the Middle East impacting international traffic.
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures annex in the Integrated Annual Report (page 269)
Revenue reached EUR 16 million in Q4 2025 (+6.9% vs Q4 2024) and +3.6% vs 2024, with better non-aero performance mainly from duty free.
Adjusted EBITDA stood at EUR 11 million in Q4 2025 (+6.0% vs Q4 2024) and +2.5% vs 2024.
The Adj. EBITDA growth reflects strong commercial performance, enhanced by recent upgrades to the airport’s commercial layout.
Dividends: Ferrovial received EUR 7 million dividends from Dalaman.
Dalaman net debt stood at EUR 59 million as of December 31, 2025 (EUR 70 million as of December 31, 2024).
HEATHROW AND AGS DIVESTMENTS
On July 3, 2025, Ferrovial completed the sale of its 5.25% stake in Heathrow to Ardian for EUR 539 million. As a result of the transaction, Ferrovial recognized a profit of EUR 27 million, mainly corresponding to the interest accrued since the announcement and the transaction costs.
On January 28, 2025, Ferrovial completed the sale of its 50% stake in AGS to Avialliance UK Limited for GBP 450 million (EUR 533 million). The transaction resulted in a capital gain of EUR 272 million.
