Ferrovial (FER) Earnings Date & Reports

Key Takeaways

• Ferrovial reported revenue of €7,402 million for the first nine months of 2026, up 10.8% like-for-like (LfL) compared with the prior-year period.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 21.8% LfL to €1,210 million, while adjusted EBIT (earnings before interest and taxes) climbed 24.2% to €823 million.
• The Highways division was the standout performer, generating €1,134 million in revenue and €816 million in adjusted EBITDA, led by U.S. managed lanes and Canada's 407 ETR.
• Construction achieved a 4.1% adjusted EBIT margin, above the company's 3.5% long-term target, and its order book reached an all-time high of roughly €19 billion.
• Ferrovial closed September with €5,071 million in liquidity and a consolidated net cash position of €1,660 million, excluding infrastructure projects.
• For more context on Ferrovial's Major News, Today's Price Move, Price Targets, and Forecast, explore the dedicated FER pages.
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Earnings Context and Why It Matters

Ferrovial's quarterly updates carry outsized weight because the company has increasingly reoriented its growth story around North American toll-road assets and a high-margin construction backlog. Its U.S. managed lanes and the Canadian 407 ETR corridor have become the primary engines of cash generation, while the New Terminal One (NTO) project at JFK International Airport remains a closely watched catalyst. With inflation and traffic patterns shaping toll revenue, investors use these results to gauge pricing power, margin durability, and the strength of new public-private partnership awards. A record order book also signals multi-year revenue visibility, making this report a key barometer of whether Ferrovial's infrastructure-focused model can sustain double-digit earnings growth.

Reported Results

For the nine months ended September 30, 2026, Ferrovial posted revenue of €7,402 million, a 10.8% increase on a like-for-like (LfL) basis and up 7.1% on a reported basis. Adjusted EBITDA rose 21.8% LfL to €1,210 million, and adjusted EBIT increased 24.2% LfL to €823 million.

The Highways division drove the momentum, with revenue up 14.7% LfL to €1,134 million and adjusted EBITDA up 12.4% LfL to €816 million. U.S. managed lanes contributed roughly €800 million of adjusted EBITDA, supported by double-digit revenue-per-transaction growth that outpaced U.S. inflation. In Canada, the 407 ETR generated revenue of CAD 1,790 million (up 18.4%) and EBITDA of CAD 1,552 million (up 21%), and its board approved a CAD 1,050 million dividend for the fourth quarter.

Construction delivered a 4.1% adjusted EBIT margin, exceeding the company's long-term target, while its order book reached a record €19 billion, with North America accounting for 51% of the backlog. Ferrovial received €524 million in dividends from its project portfolio during the period and ended September with €5,071 million in liquidity and €1,660 million in consolidated net cash, excluding infrastructure projects.

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Market Reaction and Investor Sentiment

Ferrovial shares climbed more than 7% in the session following the release, reflecting investor enthusiasm for the strong profitability growth in the Highways segment and the record construction backlog. The double-digit adjusted EBITDA expansion, driven by pricing power across U.S. managed lanes and the Canadian 407 ETR, reinforced the thesis that Ferrovial's toll-road portfolio can convert traffic and toll-rate increases into durable cash flow. Recent contract wins, including the I-24 Southeast Choice Lanes in Tennessee and the I-285 East Express Lanes in the Atlanta area, further supported the view that Ferrovial is consolidating its position in high-growth U.S. markets. The constructive response suggests the market is rewarding operational momentum and balance-sheet strength over any single-quarter revenue softness.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors will focus on whether Ferrovial can sustain its toll-road pricing power and margin trajectory. U.S. managed lanes continue to deliver revenue-per-transaction growth above inflation, but traffic levels remain sensitive to weather, construction activity, and broader economic conditions. The 407 ETR's dividend stream and the CAD 1,050 million fourth-quarter payout highlight the cash-generative quality of the portfolio, a trend worth tracking across the group's other concessions.

The New Terminal One at JFK remains a central catalyst. Ferrovial has progressed beyond initial testing toward the integration and testing phase, with the March 2027 Direct Beneficial Occupancy (DBO) date for Phase A still the key milestone to monitor. Delays or contractor issues could weigh on sentiment, while successful commissioning would unlock a new long-duration airport asset.

In Construction, the record order book provides multi-year visibility, but investors should watch whether the 4.1% adjusted EBIT margin proves durable as new awards ramp and bidding costs normalize. Continued wins in the U.S., including recent Tennessee and Georgia projects, could extend growth, while cost inflation, labor availability, and supply-chain pressures remain key risks to execution.

Finally, Ferrovial's net cash position of €1,660 million, excluding infrastructure projects, gives management flexibility for further investments, buybacks, and shareholder returns. How the company deploys that capital will be an important signal for investors in the quarters ahead.

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