FINANCIAL REVIEW
Consolidated P&L
REPORTED P&L
| (EUR million) | Q4 25 | Q4 24 | FY 25 | FY 24 | |
|---|---|---|---|---|---|
| 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 annex in the Integrated Annual Report (page 269)
**IRB and IRB Private InvIT include a contribution of six months (July-December) instead of three months (October-December) for the last quarter of the year (Q4) due to the latest information available.
Revenue at EUR 9,627 million (+8.6% LfL growth) on the back of higher Highways revenue (+13.7% LfL growth) and higher contribution from Construction (+7.5% LfL growth).
Adjusted EBITDA reached EUR 1,457 million (+12.2% LfL growth) showing higher contribution from Highways (+12.2% LfL growth), particularly US Highways with adjusted EBITDA of EUR 974 million (+7.5% vs 2024). Construction showed a remarkable performance in terms of profitability ( +19.9% LfL growth).
Adjusted EBITDA from others included a recognized loss of EUR 36 million mainly due to a one-off failure in one waste treatment facility in the UK. This amount includes the EBITDA losses incurred during the full replacement of the super heater tubes. The works were successfully executed in Q4 2025 and the plant was returned to operation and forecasted performance levels. On December 2025, Thalia Group reached an agreement with the Isle of Wight Council for the early termination of that contract by the end of March 2026.
Depreciation: -11.1% to EUR -490 million, primarily due to higher traffic and anticipated replacement CAPEX in Highways, and increased Construction activity.
Disposals and impairments at EUR 210 million related to the sale of the entire stake in AGS and the mining services business in Chile.
Financial result of EUR -365 million of financial expenses in 2025 vs. EUR 274 million of financial income in 2024, mainly related to lower financial result from ex-infrastructure projects.
- Ex-infrastructure projects: EUR 59 million (EUR 685 million in 2024). In 2024, results included a positive impact of EUR 547 million related to the recognition of the remaining 5.25% stake in Heathrow as a financial asset, following the 20% stake divestment.
Additionally, lower cash remuneration on the back of interest rate evolution. - Infrastructure projects: EUR -424 million (EUR -411 million in 2024), mainly related to lower cash remuneration from Managed Lanes after cash distribution, partially offset by the positive variation on Highways’ results due to forex effect.
Equity-accounted affiliates reached EUR 258 million after tax (EUR 238 million in 2024).
| (EUR million) | Q4 25 | Q4 24 | VAR. | FY 25 | FY 24 | VAR. |
|---|---|---|---|---|---|---|
| Highways | 71 | 45 | 56.4 % | 246 | 226 | 9.0 % |
| 407 ETR | 51 | 46 | 9.5 % | 217 | 188 | 15.7 % |
| IRB** | 24 | 3 | n.s. | 25 | 13 | 98.8 % |
| IRB Private InviT** | -2 | -8 | 74.0 % | -6 | -8 | 25.5 % |
| Other | -2 | 4 | -147.2 % | 10 | 34 | -70.0 % |
| Airports | 2 | 3 | -10.8 % | 11 | 9 | 22.2 % |
| Construction | 0 | -0 | n.s. | 1 | 0 | n.s |
| Other | -0 | -0 | 100.0 % | -0 | 3 | n.s |
| Total | 74 | 47 | 55.3 % | 258 | 238 | 8.2 % |
*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)
**IRB and IRB Private InvIT include a contribution of six months (July-December) instead of three months (October-December) for the last quarter of the year (Q4) due to the latest information available.
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 annex in the Integrated Annual Report (page 269)
**IRB and IRB Private InvIT include a contribution of six months (July-December) instead of three months (October-December) for the last quarter of the year (Q4) due to the latest information available.
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 annex in the Integrated Annual Report (page 269)
**IRB and IRB Private InvIT include a contribution of six months (July-December) instead of three months (October-December) for the last quarter of the year (Q4) due to the latest information available.
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 annex in the Integrated Annual Report (page 269)
**IRB and IRB Private InvIT include a contribution of six months (July-December) instead of three months (October-December) for the last quarter of the year (Q4) due to the latest information available.
Corporate income tax: the corporate tax income for 2025 was EUR 60 million (vs EUR -145 million expense in 2024) that is made up of EUR -26 million expense from 2025 and EUR 86 million income from previous years’ tax credit recognition. There are several effects that impact 2025 corporate income tax, among which the following stand out:
- Equity-accounted companies’ profit must be excluded, as it is already net of tax (EUR 258 million).
- Pass-through tax rule (EUR 172 million), that primarily relates to profit/losses in concession project companies in the US which are fully consolidated but its associated tax expense/credit is recognized based solely on Ferrovial’s ownership interest, as these companies are taxed under pass-through tax rules, whereby the shareholders are the taxpayers according to their stake in the concession.
Excluding the aforementioned adjustments in the tax result, the resulting effective corporate income tax rate is 4%. Further information is explained in note 2.7 of the Financial Statements.
Net income from continuing operations stood at EUR 1,130 million in 2025 (EUR 3,476 million in 2024).
Net income from discontinued operations stood at EUR 20 million related to the earn-outs following the divestment process of the former Services division.
Net income attributed to the parent company reached EUR 888 million in 2025 (EUR 3,239 million in 2024).
