Ferrovial SE
AEX:FER

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Ferrovial SE Logo
Ferrovial SE
AEX:FER
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Price: 57.16 EUR -1.38% Market Closed
Market Cap: 42.2B EUR

Ferrovial SE
Investor Relations

Ferrovial SE, a name that resonates with resilience and innovation, stands as a testament to the transformative power of strategic foresight and operational expertise in the infrastructure sector. Originating from Spain, it's a global behemoth known primarily for its intricate involvement in the development and management of infrastructure projects. The company's journey began in 1952 when it was founded by Rafael del Pino as a railway construction company. Today, Ferrovial has broadened its horizon substantially, extending its prowess into multiple facets of infrastructure, ensuring that it significantly influences the urban transportation landscape worldwide. Its main revenue streams flow from four pivotal areas: Airports, Toll Roads, Construction, and its Services division, each intricately woven into the fabric of everyday life.

Building on its historical strengths, Ferrovial adopts a diversified approach to business, generating significant income by leveraging long-term concessions and contracts. In its airports and toll roads sectors, the company capitalizes on public-private partnerships, which allow it to reap steady, predictable earnings over extended periods. This financial model suits infrastructure projects that often take substantial time before producing returns. The construction arm remains a powerhouse, harnessing cutting-edge technology to improve efficiency and deliver large-scale projects on time and within budget. Meanwhile, its services division addresses critical public needs through facilities management, leveraging technology and operational excellence to enhance productivity and sustainability. By effectively managing these interconnected segments, Ferrovial not only ensures a robust financial performance but also enhances its reputation as a leader in sustainable infrastructure development.

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Last Earnings Call
Fiscal Period
Q2 2025
Call Date
Jul 30, 2025
AI Summary
Q2 2025

Strong US Performance: Ferrovial delivered robust revenue and EBITDA growth in the first half, driven mainly by its North American highway assets, with US highways contributing 88% of highway revenues.

407 ETR Outperformance: The 407 ETR saw revenue rise 19.7% and EBITDA grow 13% in H1, helped by higher tolls and successful promotions, despite ongoing Schedule 22 provisions.

Dividend Increases: Upstream dividends from infrastructure projects increased, with CAD 450 million distributed by 407 ETR, up 12.5% year-on-year, and enhanced shareholder distributions totaling EUR 334 million in H1.

Construction Margins Stable: The construction division reported a 3.5% adjusted EBIT margin, matching long-term targets, and reached a record order book of EUR 17.3 billion, despite some short-term order inflow softness at Budimex.

Heathrow & AGS Divestments: Ferrovial completed the sale of its remaining 5.25% stake in Heathrow and divested AGS Airports and its Chilean mining business, boosting liquidity and focusing on core assets.

JFK NTO On Track: Construction of the New Terminal One at JFK Airport is 72% complete, remains on budget and schedule, with completion targeted for June 2026.

Positive US Outlook: Management highlighted a strong pipeline for US managed lanes and sees recent US policy changes and TIFIA expansion as supportive for future growth.

Key Financials
Highways Revenue Growth
14.9%
US Highways Revenue Growth
15.9%
Highways Adjusted EBITDA Growth
17.1%
407 ETR Revenue Growth
19.7%
407 ETR Total Revenue Growth
19.3%
407 ETR Fee Revenue Growth
25.4%
407 ETR Traffic Growth
5.8%
407 ETR EBITDA Growth
13%
407 ETR Schedule 22 Provision
CAD 19.3 million (Q2), CAD 45.2 million (H1)
407 ETR Dividends Paid
CAD 200 million (H1), CAD 250 million approved for Q3
NTE Traffic Decline
-3.9% (Q2), -4.8% (H1)
NTE Revenue per Transaction Growth
13.5%
NTE Adjusted EBITDA Growth
6.3%
NTE Dividends Distributed
$108 million (H1)
LBJ Transactions Growth
1.3%
LBJ Revenue per Transaction Growth
8.8%
LBJ Adjusted EBITDA Growth
10.8%
LBJ Dividends Distributed
$52 million (H1)
NTE 35 West Transactions Growth
3.9%
NTE 35 West Revenue Growth
13.5%
NTE 35 West Revenue per Transaction Growth
9.2%
NTE 35 West Adjusted EBITDA Growth
9.7%
NTE 35 West Dividends
$99 million (H1)
I-66 Transactions Growth
6.9% (Q2), 5.5% (H1)
I-66 Revenue per Transaction Growth
20.1% (Q2), 22.5% (H1)
I-66 Dividends Distributed
$64 million (H1)
I-77 Transactions Growth
2.3% (Q2), 1.4% (H1)
I-77 Revenue per Transaction Growth
23.8% (H1)
I-77 Adjusted EBITDA Growth
22% (H1)
I-77 Dividends Distributed
$22 million (H1)
Construction Revenue
EUR 3,453 million (H1)
Construction Adjusted EBITDA
EUR 191 million (H1)
Construction Adjusted EBIT
EUR 119 million (H1)
Construction Adjusted EBIT Margin
3.5% (H1)
Budimex Adjusted EBIT Margin
7.3%
Webber Margin
2.7%
Ferrovial Construction Margin
1.6%
Construction Order Book
EUR 17.3 billion
Dalaman Airport Traffic
-0.3% (H1)
Dalaman Airport Revenue Growth
10.4% (H1)
Dalaman Airport Adjusted EBITDA Growth
10.9% (H1)
Net Debt (ex Infra Project Companies)
-EUR 223 million (net cash position)
Dividends from Infrastructure Projects
EUR 323 million (H1)
Shareholder Distributions
EUR 334 million (H1)
Acquisition of 407 ETR Stake
EUR 1.3 billion for 5.06% (June)
AGS Airports Divestment
EUR 533 million
Heathrow Divestment Proceeds
GBP 466 million (July)
Mining Services Chile Divestment
EUR 42 million
JFK New Terminal One Construction Progress
72% complete (end of Q2)
JFK NTO Green Bonds Issued
$1.4 billion
JFK NTO Equity Investment (H1)
EUR 244 million
Budimex Order Book
Reduced vs start of year
Operating Cash Flow (Construction)
-EUR 104 million (H1)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Rafael del Pino y Calvo-Sotelo
President & Executive Chairman
No Bio Available
Mr. Ernesto Lopez Mozo
Chief Financial Officer
No Bio Available
Angel Luis Sanchez
Major Projects & Operations Director
No Bio Available
Mr. Ignacio del Pino
Chief Investment Officer
No Bio Available
Mr. Dimitris Bountolos
Chief Information & Innovation Officer
No Bio Available
Silvia Ruiz
Investor Relations Director
No Bio Available
Mr. Pedro Montoya
Group Chief Compliance & Risk Officer
No Bio Available
Ms. Geerte Hesen
General Counsel, Chief Legal & Compliance Officer and Secretary
No Bio Available
Ms. Patricia Leiva
Director of Communication & Corporate Social Responsibility
No Bio Available
Mr. Carlos Cerezo
Chief Human Resources Officer
No Bio Available

Contacts

Address
NOORD-HOLLAND
Amsterdam
Kingsfordweg 151
Contacts