- The company reported substantial revenue growth in all business divisions
Ferrovial, a leading global infrastructure company, closed the first nine months of 2025 with significant growth, supported by a substantial revenue increase in all business divisions. Adjusted EBITDA improved during the period, mainly driven by U.S. highway assets.
“Our North American assets delivered outstanding performance in the first nine months of the year. 407 ETR posted solid results as traffic volumes improved thanks to successful commercial campaigns, leading to an increase in EBITDA and dividends. Our Construction division continues to strengthen its profitability in line with our long-term strategy, and the New Terminal One project is entering a key phase ahead of its 2026 opening. We’re excited by the strong momentum across our business divisions and the growth opportunities ahead,” said Ignacio Madridejos, Ferrovial CEO.
Adjusted EBITDA amounted to €1 billion in the first nine months of 2025, a 4.8% increase year over year in like-for-like terms, while revenue totaled €6.9 billion, a 6.2% rise in like-for-like terms.
Ferrovial closed the period with a solid financial position, with liquidity of €4.2 billion and consolidated net debt of -€706 million, excluding infrastructure projects in both cases. During this period, the company completed the divestment of its 5.25% stake in Heathrow (€539 million) and AGS Airports (€534 million) and received €406 million in dividends from projects. In parallel, Ferrovial closed the acquisition of a 5.06% stake in the 407 ETR for €1.3 billion, allocated €426 million to shareholder distributions, and €239 million to equity injections in the New Terminal One (NTO) at JFK International Airport.
Operating results
The Highways division’s revenue grew 14.4% in like-for-like terms to €1 billion, driven by remarkable performance in North America, where the company received €312 million in dividends.
U.S. Express Lanes reported strong revenue per transaction growth, significantly outpacing inflation. In Canada, 407 ETR showed outstanding performance between January and September, with a double-digit EBITDA increase, despite the anticipated Schedule 22 payment expense for 2025. The Board of 407 ETR recently announced an additional dividend of €1.05 billion to be distributed in the last quarter of the year. With this, the total dividend approved amounts to €1.5 billion.
The Construction division’s healthy order book reached €17.2 billion, which remains close to all-time highs, and delivered a 3.7% adjusted EBIT margin. North America accounted for 47%, Poland for 22% and Spain for 15% of the total order book.
In the Airports division, the NTO project continues to progress, and the team is focused on operational readiness for next year. As of October 28, NTO has reached 21 commercial agreements with airlines, including 14 executed contracts and seven letters of intent.
Conference call information
Ferrovial will host a conference call on October 29 at 15:00 CET / 10:00 a.m. EDT to discuss nine-month 2025 financial results. To access the earnings call, click here or visit https://ferrovial.com/ir-shareholders
