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Ferrovial: Ferrovial's 2025 Earnings: A Robust Performance Across Divisions

Ferrovial delivered a robust performance in 2025, with revenue reaching EUR 9.6 billion, up 8.6% year-over-year on a like-for-like basis, driven mainly by higher revenues in highways and construction. Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis. The company's earnings per share (EPS) came in at 0.4829, significantly beating estimates of 0.13.

FER.MC

EUR 59.68

-4.3%

A-Score: 5.7/10

Publication date: February 28, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Revenue Growth EUR 9.6B (+8.6% YoY) driven by highways and construction.
  • Adjusted EBITDA Increase EUR 1.5B (+12.2% YoY) with highways contributing 12.2% growth.
  • Construction Order Book Record EUR 17.4B, 50% from North America, and USD 1.3B negative net debt.
  • Dividend Milestone EUR 968M (+2.2% YoY) and EUR 501M share repurchases boosting 38.6% shareholder return.
  • 407 ETR Performance Revenue up 17.8% YoY and traffic growth of 6.1%, with 36% dividend increase in 2025.

Segmental Performance

The highways segment was a key driver of growth, with revenue increasing by 13.7% like-for-like, driven by a strong double-digit growth from U.S. assets, particularly the 407 ETR, which saw traffic increase by 6.1% and revenue grow 17.8% year-over-year. The construction order book reached a new all-time high of EUR 17.4 billion, with almost 50% coming from North America.

Cash Flow and Dividend

The company closed the year with a solid cash position, with negative net debt excluding infra projects of $1.3 billion, supported by record dividends received from infra assets and proceeds from divestments. Ferrovial returned EUR 156 million in cash and repurchased shares totaling EUR 501 million to shareholders, and proposes a dividend of EUR 1 billion, representing a EUR 400 million top-up from previous years.

Valuation and Outlook

With a P/E Ratio of 50.61 and an EV/EBITDA of 25.69, the market appears to be pricing in significant growth expectations. Analysts estimate next year's revenue growth at 4.7%. The company's growing presence in the North American market and investor confidence in its long-term strategy are reflected in its U.S. listing in 2024 and joining the NASDAQ-100 Index in December. Ferrovial's financial results were driven by the sale of 19.75% of Heathrow in 2024 and the divestment of AGS and Heathrow in 2025.

Operational Highlights

The New Terminal One at JFK Airport progressed towards operational readiness, with 82% construction progress as of the end of the year. The company expects continued growth supported by a record pipeline of U.S. infrastructure projects, and has firepower for growth with leverage headroom allowed by its BBB rating.

Ferrovial's A-Score