Ferrovial (FER) Company Report

Analyst Coverage

Research analysts who have asked questions during Ferrovial earnings calls.

Elodie Rall

JPMorgan Chase & Co.

7 questions for FER

Also covers: AMRZ, CODYY, HOLN

Marcin Wojtal

Bank of America

7 questions for FER

Also covers: BAFBF

Cristian Nedelcu

UBS

6 questions for FER

Also covers: AMKBY, ROYMY

Graham Hunt

Jefferies

5 questions for FER

Also covers: ANYYY, BAFBF

Luis Prieto

Kepler Cheuvreux

5 questions for FER

Also covers: AMRZ, HOLN

Dario Maglione

BNP Paribas

4 questions for FER

Ruairi Cullinane

RBC Capital Markets

4 questions for FER

Also covers: DLAKY

ÁL

Álvaro Lenze

Alantra Equities

3 questions for FER

Also covers: GRF, GRFS

Jose Manuel Arroyo

Santander

3 questions for FER

Barry Cullinane

RBC Capital Markets

2 questions for FER

Dario Maggioni

BNP Paribas

2 questions for FER

José Arroyas

Banco Santander

2 questions for FER

Also covers: ANYYY

Jose Manuel Arroyas

Banco Santander

2 questions for FER

Miguel González

JB Capital

2 questions for FER

Nicolas Mora

Morgan Stanley

2 questions for FER

Nicolò Pessina

Mediobanca

2 questions for FER

Alvaro Navarro

Bestinver

1 question for FER

Ami Galla

Citigroup Inc.

1 question for FER

Augustin Cendre

Stifel

1 question for FER

Fernando Lafuente

Alantra

1 question for FER

Also covers: RDEIY

Filipe Leite

CaixaBank

1 question for FER

Gregor Kuglitsch

UBS

1 question for FER

Also covers: BAFBF, CODYY, CRH +1 more

Harishankar Ramamoorthy

Deutsche Bank AG

1 question for FER

Jose Manuel Rogers

Santander

1 question for FER

Sathish Sivakumar

Citigroup Inc.

1 question for FER

Also covers: AFLYY, AMKBY, DLAKY +3 more

Latest news

Recent press releases and 8-K filings for FER.

Ferrovial Reports Robust 2025 Financial Performance Driven by Highways and Construction Growth

FER

Earnings

New Projects/Investments

Dividends

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, and adjusted EBITDA at EUR 1.5 billion, increasing 12.2%. The company ended the year with a solid cash position, showing negative net debt (excluding infra projects) of EUR 1.3 billion.
The highways division achieved strong growth, with North American assets delivering outstanding revenue and EBITDA increases, and dividends from North American highways totaling EUR 855 million in 2025. The construction division also had an outstanding year, with revenue reaching EUR 7.7 billion and a record high order book of EUR 17.4 billion.
Strategic capital allocation included the acquisition of an additional 5% stake in 407 ETR for CAD 1.3 billion and equity injections of $236 million into the New Terminal One (NTO) project. The company also returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million.
The New Terminal One at JFK Airport reached 82% construction progress by the end of 2025, with the first phase targeting completion in Fall 2026. Ferrovial was also shortlisted for several new managed lanes projects in the U.S., including I-285 East in Georgia and I-24 Southeast in Tennessee.

1 day ago

Transcript

Ferrovial Reports Strong 2025 Financial Performance and Strategic Milestones

FER

Earnings

Dividends

New Projects/Investments

Ferrovial reported a robust performance in 2025, with revenue reaching EUR 9.6 billion (up 8.6% year-over-year like-for-like) and Adjusted EBITDA standing at EUR 1.5 billion (up 12.2% year-over-year like-for-like).
The company maintained a solid cash position with negative net debt (excluding infra projects) of EUR 1.3 billion, supported by record dividends from infra assets totaling EUR 968 million.
Strategic activities included divestments generating EUR 1.072 billion (from AGS and a 5% Heathrow stake) and investments of CAD 1.3 billion (additional 407 ETR stake) and EUR 236 million (NTO equity injections).
Shareholders saw a total return of 38.6% in 2025, with EUR 156 million returned in cash and EUR 501 million in share repurchases.
Ferrovial achieved a significant milestone by joining the Nasdaq-100 Index in December 2025 and secured a record construction order book of EUR 17.4 billion.

1 day ago

Transcript

Ferrovial Reports Robust 2025 Performance with Strong Revenue and EBITDA Growth

FER

Earnings

Dividends

Share Buyback

Ferrovial delivered a robust financial performance in 2025, with revenue reaching EUR 9.6 billion, up 8.6% year-over-year on a like-for-like basis, and adjusted EBITDA of EUR 1.5 billion, a 12.2% increase on a like-for-like basis.
The company maintained a solid cash position with negative net debt of EUR 1.3 billion (excluding infra projects) and achieved a total shareholder return of 38.6% in 2025.
Strategic capital allocation included the acquisition of an additional 5% stake in 407 ETR for CAD 1.3 billion and equity injections of EUR 236 million in NTO, funded in part by divestments of AGS and a 5% stake in Heathrow Airport totaling EUR 1.072 billion.
Ferrovial returned EUR 156 million in cash dividends and repurchased EUR 501 million in shares, and will propose a total dividend of EUR 1 billion for 2025, including a EUR 400 million top-up.
Significant milestones included joining the Nasdaq-100 Index in December 2025 and being shortlisted for several major U.S. express lanes projects.

1 day ago

Transcript

Ferrovial Reports Strong Full-Year 2025 Results

FER

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Ferrovial reported €9.6 billion in revenue for full year 2025, an 8.6% increase in like-for-like terms, and adjusted EBITDA of €1.5 billion, a 12.2% rise year-over-year in like-for-like terms. Net profit for 2025 was €888 million, compared to €3.2 billion in 2024, which included capital gains from asset rotation.
The company experienced significant growth across all businesses, particularly driven by North American highways and Construction, with the Construction division's order book reaching an all-time high of €17.4 billion.
Ferrovial maintained a strong financial position with €5.1 billion in liquidity and net debt of -€1.3 billion (excluding infrastructure projects). The company completed divestments of stakes in Heathrow and AGS Airports and received €968 million in dividends from projects.
In December 2025, Ferrovial was included in the Nasdaq-100 Index®, and the company is focused on accelerating growth in the United States, targeting new greenfield infrastructure opportunities.

2 days ago

Press Release

Ferrovial SE Reports Strong Full-Year 2025 Results

FER

Earnings

Dividends

New Projects/Investments

Ferrovial SE reported full-year 2025 revenue of €9.6 billion, an 8.6% increase like-for-like, and adjusted EBITDA of €1.5 billion, a 12.2% rise year over year like-for-like, driven by robust performance in North American highways and Construction.
The company posted a net profit of €888 million in 2025 and maintained a solid financial position with liquidity of €5.1 billion and consolidated net debt of -€1.3 billion (excluding infrastructure projects).
Strategic capital allocation included divestments of €1.072 billion (Heathrow and AGS), the acquisition of an additional 5.06% stake in 407 ETR for €1.3 billion, and €236 million in equity injections for the New Terminal One (NTO) at JFK International Airport.
Ferrovial returned €657 million to shareholders through cash dividends and treasury share purchases, and was included in the Nasdaq-100 Index in December 2025.

2 days ago

6-K

Ferrovial SE Reports Strong FY 2025 Results with Record Order Book and Nasdaq-100 Inclusion

FER

Earnings

New Projects/Investments

Dividends

Ferrovial SE reported strong financial performance for fiscal year 2025, with revenue totaling €9.6 billion and adjusted EBITDA reaching €1.5 billion, marking increases of 8.6% and 12.2% respectively on a like-for-like basis. Net profit attributed to the parent company was €888 million.
The company committed €2 billion to new investments, primarily for an additional stake in 407 ETR and equity injections in the New Terminal One at JFK Airport, alongside the divestment of AGS and the remaining Heathrow airport stake.
Ferrovial maintained a solid financial position with €5.1 billion in liquidity and consolidated net debt of minus €1.3 billion (excluding infrastructure projects), while returning €657 million to shareholders through cash dividends and treasury share purchases.
The Construction division achieved a record order book of €17,438 million as of December 2025, representing a 10.1% like-for-like increase compared to December 2024, and improved its profitability.

2 days ago

6-K

Ferrovial SE Reports Share Repurchase Program Transactions

FER

Share Buyback

Ferrovial SE is reporting transactions carried out under its share repurchase program, which commenced on December 15, 2025.
As of February 20, 2026, the company has repurchased a total of 2,093,429 shares for a cumulative amount of €121,437,374.06 since the program's inception.
The most recent reported transactions occurred between February 16 and February 20, 2026, during which 210,400 shares were purchased at a weighted average price of €61.53.

3 days ago

6-K

Ferrovial SE updates on share repurchase program through January 23, 2026

FER

Share Buyback

Ferrovial SE's share repurchase program commenced on December 15, 2025.
As of January 23, 2026, the company has repurchased a total of 1,224,074 shares under the program.
The total amount spent on these repurchases reached 69,661,217.62 euro by January 23, 2026.
The most recent transactions reported were for the period between January 19 and 23, 2026, during which 225,074 shares were purchased at a weighted average price of 57.29 euro.

Jan 28, 2026, 7:11 PM

6-K

Ferrovial SE Concludes Share Buyback Program

FER

Share Buyback

Ferrovial SE's share buyback program, which commenced on June 2, 2025, concluded on December 12, 2025.
Under the program, the company acquired a total of 4,200,000 treasury shares for a total amount of EUR 206,850,155.05.
These repurchases represent approximately 0.5724% of Ferrovial’s issued share capital.
The final transactions reported were between December 8 and December 12, 2025, involving the purchase of 300,000 shares at a weighted average price of €56.95.

Dec 30, 2025, 3:45 PM

6-K

Ferrovial Joins Nasdaq-100 Index

FER

Delisting/Listing Issues

New Projects/Investments

Ferrovial will be included in the Nasdaq-100 Index® effective prior to market open on Monday, December 22, 2025, marking a significant milestone in its global growth strategy.
This inclusion is expected to enhance visibility with U.S. and global investors, broaden the shareholder base, and reflects market confidence in the company's ability to develop high-value projects.
Ferrovial, a leading global infrastructure company, began trading on the U.S. stock market in May 2024 and is triple-listed on the U.S., Spanish, and Dutch stock markets.
North America is identified as the company's growth engine, representing the majority of its asset value.