Ferrovial SE

AEX:FER

Strong first half: Ferrovial said H1 2026 was driven by strong North American highway performance and a solid Construction business, while the company ended the period with EUR 1.3 billion of net cash excluding infrastructure projects.

JFK delay: New Terminal One at JFK now has a March 2027 target for Phase A DBO after submitting a remedial plan, and the contractor will owe EUR 500,000 per day in liquidated damages starting in July unless the delay is disputed.

Texas lanes: Dallas-Fort Worth managed lanes delivered double-digit growth in revenue per transaction, helped mainly by better vehicle classification technology, a richer traffic mix and more mandatory mode events.

407 ETR strategy: Management said 407 ETR pricing is now focused on balancing toll increases, promotions and congestion relief rather than simply pushing rates higher, and it sees promotions as a long-term tool.

Construction steady: Construction revenue grew while margins stayed at 3.5%, and management said bidding costs for recent large tenders weighed on the first half but should ease later in the year.

Returns and capital: The company declined to give fresh guidance on buybacks or dividends, and said any update on second-half shareholder returns would likely come later, including at the Board meeting in October.