-- The company posted a 12.2% increase in adjusted EBITDA1, thanks to higher
contributions from Highways and Construction
-- Strong cash generation supported by dividends from infrastructure
projects and asset rotation
AMSTERDAM, Feb. 25, 2026 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, today reported financial results for the full year 2025. Ferrovial closed the year with significant growth, supported by a substantial increase in revenue and adjusted EBITDA(1) in all businesses, primarily North American highways and Construction. Strong cash flow generation was supported by dividends from infrastructure projects and asset rotation.
Revenue totaled EUR9.6 billion, an 8.6% increase in like-for-like(1) terms, while adjusted EBITDA(1) reached EUR1.5 billion, a 12.2% rise year over year in like-for-like(1) terms. Net profit amounted to EUR888 million in 2025 compared to EUR3.2 billion a year earlier, when the company accounted for capital gains from assets rotation.
"2025 was a remarkable year for Ferrovial, culminating in its inclusion in the Nasdaq-100 Index in December. We delivered solid results, with significant revenue and adjusted EBITDA(1) increases across all business divisions. Our North American assets performed particularly well, and the Construction business exceeded its profitability target," said Ferrovial CEO, Ignacio Madridejos. "Looking ahead, we're focused on accelerating our growth in the United States, where we see a strong pipeline of new greenfield infrastructure opportunities across highways and airports."
Ferrovial closed the year with a solid financial position, with liquidity(1) of EUR5.1 billion and consolidated net debt(1) of -EUR1.3 billion, excluding infrastructure projects in both cases. During this period, the company completed the divestment of its 5.25% stake in Heathrow airport (EUR539 million) and AGS Airports (EUR533 million) and received a record of EUR968 million in dividends from projects. In parallel, Ferrovial closed the acquisition of an additional 5.06% stake in the 407 ETR highway for EUR1.3 billion and allocated EUR236 million to equity injections in the New Terminal One (NTO) at JFK International Airport. The company assigned EUR657 million to cash dividends (EUR156 million) and treasury shares purchases (EUR501 million).
Operating results
The Highways division's revenue grew 13.7% in like-for-like(1) terms to EUR1.4 billion, driven by outstanding performance in North America, where the company received EUR880 million in dividends from projects. Adjusted EBITDA(1) increased 12.2% in like-for-like(1) terms to EUR990 million.
U.S. Express Lanes reported strong revenue per transaction growth, outpacing US inflation. In Canada, the 407 ETR posted a double-digit EBITDA(1) rise, thanks to higher revenues. Revenue per trip increased by 11.7%.
The Construction division's order book(1) reached an all-time high of EUR17.4 billion and delivered a 4.6% adjusted EBIT margin(1) , outperforming the average long term profitability target. North America accounted for 46%, Poland for 22% and Spain for 14% of the total order book(1) . Revenues grew 7.5% to EUR7.7 billion in like-for-like(1) terms, while adjusted EBIT(1) soared 24.2% to EUR352 million in like-for-like(1) terms.
In the Airports division, the NTO keeps progressing facing an important year for construction and systems integration. NTO has reached 25 agreements with airlines, including 16 executed contracts and 9 letters of intent.
The Energy division reported EUR339 million in revenues and EUR3 million in adjusted EBITDA(1) .
Further milestones
In 2025, a Ferrovial-led consortium's bid was shortlisted for the I-24 Southeast Choice Lanes in Tennessee and the I-285 East Express Lanes in Georgia. In February 2026, a Ferrovial-led consortium's bid was shortlisted for the I-77 South Lanes project, in North Carolina.
In December 2025, Ferrovial joined the Nasdaq-100 Index$(R)$, a year and a half after the company's debut in the US market in May 2024.
Conference call information
Ferrovial will host a conference call on February 26, 2026 at 15:00 CET / 09:00 a.m. ET to discuss full year 2025 financial results. To access the earnings call, click here or visit https://ferrovial.com/ir-shareholders.
(1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Full Year 2025 results report.
KEY FIGURES
(Million euro)
2025 2024 Variation (1/2)
Revenue 9,627 9,148 8.6 %
Adjusted EBITDA(1) 1,457 1,342 12.2 %
Adjusted EBIT(1) 967 901 10.6 %
Net profit 888 3,239
------------------------------------------- ------ ------ -----------------
2025 2024
Consolidated net debt(1) 5,893 6,061
Net debt, excluding infrastructure
projects(1) -1,341 -1,794
2025 2024 Variation (1/2)
Construction order book(1/2) 17,438 16,755 10.1 %
------------------------------------------- ------ ------ -----------------
(1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Full Year 2025 results report.
(2() In like-for-like terms.
HIGHWAYS: PERFORMANCE 2025 VS 2024
Variation
Transactions Rev/Transaction
NTE -4.7 % 13.4 %
LBJ -0.1 % 8.7 %
NTE 35W 2.9 % 11.6 %
I-77 -2.0 % 24.7 %
I-66 7.4 % 13.3 %
Variation
-------------------------
VKT* Rev/Trip
407 ETR 6.1 % 11.7 %
-------- ----- --------
*Vehicle kilometers travelled
Forward-Looking Statements
This press release contains forward-looking statements. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding estimates and projections provided by the Company and certain other sources with respect to the Company's financial position, business strategy, plans, and objectives of management for future operations, dividends, capital structure, as well as statements that include the words "expect," "aim," "intend," "plan," "believe," "project," "forecast, " "estimate," "may," "will", "should," "target," "anticipate" and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements may reflect various assumptions by the Company concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company's control and may be impossible to predict. Any forecast made or contained herein, and actual results, will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements, expectations, estimates and projections contained in this presentation or that any forecast made or contained herein will be achieved. Risks and uncertainties that could cause actual results to differ include, without limitation: risks related to our diverse geographical operations and business divisions; general economic and political conditions and events and the impact they may have on us, including, but not limited to, impacts on demand or public fund allocation in the industries in which we operate, volatility or increases in inflation rates and rates of interest, exchange rate fluctuations, increased costs and availability of materials, and other ongoing impacts including from, for example, changes in tariff regimes, the Russia/Ukraine conflict, and the Middle East conflict; our legal and regulatory risks given that we operate in highly regulated environments, and the impact of any changes in governmental laws and regulations, including but not limited to tax regimes or regulations; the fact that our business is derived from a small number of major projects; risks related to government contracting; the impact of competitive pressures in our industries, including on bid success and pricing; risks related to our acquisitions, divestments and other strategic transactions that we may undertake; cyber threats or other technology disruptions; our ability accurately to develop estimates or the impact of changes in our underlying assumptions, with respect to project plans, including project timing and budgets, and our ability to meet contractual expectations with respect thereto; the impacts of accidents, disruptions, or other incidents at our project sites and facilities; our ability to obtain adequate financing or access to capital in the future as needed and the impact of reliance on joint venture and partnership arrangements; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; the impact of certain swaps and hedging arrangements we enter into from time to time; limitations on our ability to declare and fund future dividends or other distributions, and distribution processes and timelines; our ability to maintain compliance with the continued listing requirements of Euronext Amsterdam, the Nasdaq Global Select Market and the Spanish Stock
(MORE TO FOLLOW) Dow Jones Newswires
February 25, 2026 18:42 ET (23:42 GMT)