Ferrovial H1 EBITDA, Revenues Increase

Ferrovial reported strong first-half 2025 results, with adjusted EBITDA rising 9.2% year-over-year to €655 million and revenue growing 5% to €4.469 billion. Net profit reached €540 million, significantly up from €414 million, boosted by capital gains from asset rotation. The robust performance was primarily driven by its U.S. highways and Construction divisions, with the Highways division's revenue increasing 14.9% like-for-like. CEO Ignacio Madridejos emphasized strong North American asset performance, a record Construction order book, and an attractive pipeline in the region, signaling continued strategic focus and value creation.

Analysis

Ferrovial reported a strong first-half 2025, with adjusted EBITDA increasing 9.2% year-over-year to €655 million on revenue of €4.469 billion, a 5% increase. The performance was primarily driven by its North American assets and the Construction division. The Highways division demonstrated significant momentum with a 14.9% like-for-like revenue growth to €676 million, underscored by the strength of its U.S. operations which contributed €240 million in dividends. Net profit saw a substantial rise to €540 million from €414 million in the prior year, a result attributed to capital gains from asset rotation. The company's forward outlook appears positive, supported by CEO Ignacio Madridejos's comments on a record-high Construction order book, improving profitability in that division, and an attractive pipeline of new projects in North America, reinforcing its strategic focus on this key market.

Key Decisions for Investors

• Investors should view the strong performance and €240 million in dividends from North American highways as a key validation of Ferrovial's geographic strategy, suggesting continued value creation from this region.
• With the Construction order book at a record high, monitoring the division's margin execution will be critical to confirm that improved profitability is sustainable and in line with long-term targets.
• It is important to differentiate the significant net profit growth driven by one-time capital gains from asset rotation from the underlying operational performance when forecasting future earnings.