Ferrovial delivers strong H1 2025 results,net profit jumps 30% to €540 million

Ferrovial, a leading global infrastructure company, closed the first half of 2025 with solid growth, supported by strong performance in all business divisions. Both revenue and adjusted EBITDA increased, mainly driven by U.S. highways and Construction.

“We saw substantial growth in the first half of the year with strong performance across our North American assets. Our highways provide much needed capacity in growing areas and through targeted offers we aim to address customer preferences. Additionally, our Construction order book reached an all-time high, and the division reported improved profitability, in line with our long-term target. Looking ahead, we see an attractive pipeline of North American assets that continue to deliver value to all stakeholders,” said Ignacio Madridejos, Ferrovial CEO.

Adjusted EBITDA amounted to €655 million in the first half of 2025, a 9.2% increase year over year in like-for-like terms, while revenue totaled €4.5 billion, a 5% growth in like-for-like terms, boosted by substantial growth across the board. Net profit amounted to €540 million, compared to €414 million one year earlier, thanks to capital gains from assets rotation.

Ferrovial closed the first half of the year with a solid financial position, with liquidity of €3.7 billion and consolidated net debt of -€223 million, excluding infrastructure projects in both cases. During this period, the company completed the sale of a 50% stake in AGS Airports for €533 million and received €323 million in dividends from projects. Ferrovial closed the acquisition of a 5.06% stake in the 407 ETR for €1.3 billion, and allocated €334 million to shareholder distributions and €244 million to equity injections in the New Terminal One (NTO) at JFK International Airport.

Operating results

The Highways division’s revenue grew 14.9% in like-for-like terms to €676 million, driven by solid growth in North America, where the company received €240 million in dividends.

U.S. Express Lanes reported robust revenue per transaction growth, significantly outpacing inflation. In Canada, 407 ETR showed outstanding performance during the first half, with double-digit EBITDA growth, despite adverse weather conditions and the Schedule 22 payments for 2025.

The Construction division achieved a 3.5% adjusted EBIT margin, showing an improvement compared to the same period last year and in line with the company’s long-term objectives. Order book reached a new all-time high of €17.3 billion. North America accounted for 45%, Poland 23% and Spain 13%.

In the Airports division, the NTO progressed within expectations, with construction progress reaching 72%. As of July 29, NTO has reached 21 airline agreements, with 13 executed contracts and eight letters of intent. In addition, NTO concluded the refinancing process in July by issuing green bonds close to USD 1.4 billion.

Conference call information

Ferrovial will host a conference call on July 30 at 15:00 CEST / 9:00 a.m. EDT to discuss H1 financial results. To access the earnings call, click here or visit https://ferrovial.com/ir-shareholders

Forward-Looking Statements

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