Ferrovial Posts Strong Q1 2025 Results, Driven by U.S. Highways and Broad-Based Growth
Ferrovial, a leading global infrastructure operator, delivered strong financial results in the first quarter of 2025, fueled by solid performance across all business segments. The company saw notable increases in both revenue and adjusted EBITDA, primarily propelled by its U.S. highway assets.
“We experienced strong revenue growth across our North American portfolio in the first quarter, supported by high levels of activity in those regions,” said Ignacio Madridejos, CEO of Ferrovial. “Our assets provide the critical connectivity our customers rely on. The Construction division continues to perform well, maintaining a healthy order book with limited exposure to broader macroeconomic uncertainties.”
Financial Highlights
Ferrovial reported an adjusted EBITDA of €309 million, marking a 19.1% year-over-year increase on a like-for-like basis. Revenue reached €2.1 billion, up 7.4% in like-for-like terms, reflecting broad-based growth across its operations.
The company ended the quarter with a strong financial footing, including €5.3 billion in liquidity and consolidated net debt of -€1.8 billion, excluding infrastructure projects. During the quarter, Ferrovial completed the sale of a 50% stake in AGS Airports for €538 million and received €19 million in project dividends. Shareholder distributions totaled €156 million, while €152 million was allocated to equity contributions for the New Terminal One (NTO) at JFK International Airport.
Divisional Performance
- Highways: Revenue for the division rose 14.1% year over year to €324 million on a like-for-like basis, supported by robust growth in North America. U.S. Express Lanes saw significant increases in revenue per transaction, outpacing inflation, although traffic volumes were affected by seasonal weather and calendar variations.
- Canada: The 407 ETR toll road posted strong performance, achieving double-digit EBITDA growth despite facing challenging weather and the leap year effect in 2024. A CAD 200 million dividend—up 14.3% from the same period last year—was approved for Q2.
- Construction: The division reported an adjusted EBIT margin of 3.3%, maintaining positive momentum from previous quarters and showing a notable year-over-year improvement. The order book hit a record €17.2 billion, with 45% of it in North America, 24% in Poland, and 14% in Spain.
- Airports: The New Terminal One (NTO) at JFK International Airport advanced according to schedule, with construction progressing by 6% in Q1. To date, the terminal has secured agreements with 18 airlines, including 13 signed contracts and five letters of intent.
