Ferrovial delivers strong performance in first nine months of 2026

Ferrovial, a leading global infrastructure company, reported strong operating results for the first nine months of 2026, supported by the robust performance of its U.S. Express Lanes and a solid contribution from its Construction division, resulting in double-digit like-for-like¹ growth in revenue and adjusted EBITDA¹.

“The first nine months of 2026 demonstrated the strength of Ferrovial’s business model, driven by the solid performance of our Highways and Construction businesses, particularly in North America. We believe our focus on high-quality infrastructure in growing markets continues to position us to deliver attractive returns. Our recent successes in Tennessee and Georgia reflect the expertise we have built and the strong track record of our managed lanes projects in the United States. These milestones create new opportunities to seek long-term value generation for Ferrovial and its stakeholders through successful public-private partnerships,” said Ignacio Madridejos, Ferrovial CEO.

In August 2026, a Ferrovial-led consortium was selected to deliver Tennessee’s I-24 Southeast Choice Lanes in Nashville, reaching commercial close in September. On October 15, another Ferrovial-led consortium also secured the I-285 East Express Lanes project in Greater Atlanta, Georgia. Ferrovial continues to assess public-private partnership projects in other U.S. states. In addition, the company is part of the consortium awarded the contract to develop the D35 Highway in the Czech Republic.

Adjusted EBITDA¹ amounted to €1.2 billion in the first nine months of 2026, a 21.8% increase year over year on a like-for-like basis¹, while revenue totaled €7.4 billion, a 10.8% rise on a like-for-like basis¹.

Ferrovial closed the first nine months of 2026 with a solid financial position, with liquidity¹ of €5.1 billion and consolidated net cash¹ of €1.7 billion, excluding infrastructure projects in both cases.

Financial and operating results

The Highways division’s revenue grew 14.7% year over year on a like-for-like¹ basis, totaling €1.1 billion, driven by solid growth in North America, where the company received €524 million in dividends from projects. Adjusted EBITDA¹ for the division increased 12.4% on a like-for-like¹ basis, reaching €816 million.

U.S. Express Lanes posted robust revenue per transaction growth, significantly outpacing U.S. inflation². In Canada, 407 ETR achieved double-digit EBITDA¹ and revenue growth between January and September. The Board of 407 ETR has approved the distribution of a CAD 1,050 million dividend in the fourth quarter of 2026.

The Construction division achieved a 4.1% adjusted EBIT margin¹, surpassing the company’s average long-term target of 3.5%. The order book¹ reached an all-time high of €19 billion, with North America accounting for 51%, Poland for 21%, and Spain for 15%.

In the Airports division, the New Terminal One (NTO) at JFK airport has completed the first set of basic trials, moving the project into the systems integration, testing and commissioning phase. As of October 27, 2026, NTO has reached 32 commercial agreements with airlines, including 24 executed contracts and eight letters of intent.

(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 9M 2026 results report. The detailed reconciliation of the Alternative Performance Measures can be found in the selected financial information available athttps://www.ferrovial.com/en/ir-shareholders/financial-information/quarterly-financial.information/ (Excel file: Q3 Alternative Performance Measures)

(2) Consolidated Net Debt of ex-infrastructure project companies €-1.7 billion excluding infrastructure projects

(3) US. annual inflation rate for the 12 months ending in December 2025