Ferrovial Reports 30% Surge in H1 2025 Net Profit, Reaching €540 Million
Ferrovial, the renowned global infrastructure and mobility company headquartered in Madrid, has delivered an impressive financial and operational performance in the first half of 2025. The company reported a 30% surge in net profit, reaching €540 million, up from €414 million during the same period in 2024. This growth was supported by exceptional performance across all of its core business segments—Highways, Construction, and Airports—with particular strength in North American operations.
Ferrovial’s CEO, Ignacio Madridejos, attributed the growth to strategic execution and continued demand for high-quality infrastructure, especially in the United States. “We saw substantial growth in the first half of the year with strong performance across our North American assets. Our highways provide much-needed capacity in growing areas and, through targeted offers, we aim to address customer preferences,” Madridejos said. “Additionally, our Construction order book reached an all-time high, and the division reported improved profitability, in line with our long-term target. Looking ahead, we see an attractive pipeline of North American assets that continue to deliver value to all stakeholders.”
Financial Highlights
Ferrovial’s total revenue for the first half of 2025 rose to €4.5 billion, a 5% increase in like-for-like terms compared to the same period last year. The growth reflects a healthy performance across its global operations, with particularly strong results coming from its U.S. infrastructure assets. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed to €655 million, marking a year-over-year increase of 9.2% on a like-for-like basis.
A significant driver behind the sharp rise in net profit was capital gains realized from the strategic rotation of assets. In particular, the company completed the sale of a 50% stake in AGS Airports, a UK-based airport operator, for €533 million. The transaction was part of Ferrovial’s ongoing strategy to optimize its portfolio by divesting mature or non-core assets while reinvesting in high-growth potential projects.
Ferrovial’s financial foundation remained strong at the end of the reporting period. The company reported liquidity of €3.7 billion and a consolidated net cash position of €223 million, excluding infrastructure projects. This robust financial standing has enabled Ferrovial to pursue key investments and continue returning value to shareholders.
During the first six months of 2025, Ferrovial made strategic investments and shareholder distributions totaling more than €1.9 billion. The company completed the acquisition of an additional 5.06% stake in the 407 ETR toll road in Canada for €1.3 billion, reinforcing its commitment to long-term infrastructure assets in North America. Additionally, it distributed €334 million to shareholders and invested €244 million in equity injections to advance the New Terminal One (NTO) project at JFK International Airport in New York.
Segment Performance
Highways Division
The Highways business delivered stellar results, with revenue growing by 14.9% on a like-for-like basis to €676 million. The performance was fueled by continued strength in North America, where toll road traffic volumes remained strong amid economic expansion and population growth in key urban corridors.
Ferrovial’s U.S. Express Lanes experienced a substantial rise in revenue per transaction, significantly outpacing inflation. This was attributed to favorable pricing strategies and increasing demand for time-saving mobility solutions in congested metropolitan areas such as Texas and Virginia.
In Canada, the 407 ETR (Express Toll Route) in the Greater Toronto Area continued to deliver solid results. The road reported double-digit EBITDA growth, a notable achievement given the impact of adverse weather during the winter months and Schedule 22-related payments, which were part of a planned maintenance and service performance initiative for 2025.
Moreover, Ferrovial received €240 million in dividends from its highway assets during the period, reflecting their strong cash generation capacity.
Construction Division
Ferrovial’s Construction segment also showed encouraging results. The division reported a 3.5% adjusted EBIT margin in the first half of the year—an improvement from the previous year and aligned with the company’s long-term strategic goals. This margin expansion was supported by improved project execution, favorable geographic mix, and cost discipline.
A major highlight was the order book, which surged to a record €17.3 billion. The geographic breakdown of the backlog underscores Ferrovial’s global footprint and strength in key markets: 45% of the total backlog was attributed to North American projects, followed by Poland at 23%, and Spain at 13%. The diversification of the backlog across mature and emerging markets provides stability and long-term revenue visibility for the construction business.
The record-high order book includes a range of complex infrastructure projects, from transportation and energy facilities to urban mobility developments. The growth in backlog reflects Ferrovial’s competitive edge in securing large-scale contracts that require deep technical expertise, sustainable practices, and proven execution capability.
Airports Division
Ferrovial’s Airports division made significant progress during the first half of the year, primarily driven by continued development of the New Terminal One (NTO) at JFK International Airport. As of July 29, construction progress had reached 72%, keeping the project on track for key milestones.
The NTO project, one of the largest public-private partnerships currently underway in U.S. aviation, continues to gain momentum. The project had secured 21 airline agreements by the end of July, including 13 fully executed contracts and eight additional letters of intent. These agreements underscore growing airline confidence in the terminal’s design, operational efficiency, and commercial appeal.
In addition to construction progress, the project achieved a significant financial milestone by completing its refinancing process in July. Ferrovial issued nearly USD 1.4 billion in green bonds, underscoring its commitment to sustainable infrastructure and attracting environmentally focused capital.
The division’s other airport assets also contributed positively, though their relative impact was diminished following the divestiture of the AGS stake. Nonetheless, Ferrovial remains active in exploring new opportunities within the airport infrastructure space, particularly in markets where long-term growth prospects and passenger volumes remain favorable.
