Ferrovial N.V. (FER)

Ferrovial reported revenue of EUR 7,402 million for the first nine months of 2026, up from EUR 6,912 million a year earlier, in its release of 27 October 2026 3.

Adjusted EBITDA, a profit measure the company defines itself, was EUR 1,210 million, up 21.8 percent on a like-for-like basis 3.

Highways revenue grew 14.7 percent on that basis to EUR 1.1 billion, led by North America, where Express Lanes earned more per trip 3.

Construction earned a 4.1 percent adjusted EBIT margin, above the company's long-term average target of 3.5 percent 3.

A Ferrovial-led group was selected in August 2026 for Tennessee's I-24 Southeast Choice Lanes, and another on 15 October 2026 for Georgia's I-285 East Express Lanes 3.

Bond Buyer reported that a losing bidder has challenged the Tennessee award in court and asked for records on the concession fee 7.

Ferrovial began as a construction group focused on railway work and later added highways, airports and energy 1.

In June 2023 it moved its legal home from Spain to the Netherlands, keeping its Spanish listing and adding Euronext Amsterdam 1. In January 2024 it merged its energy activities into one Energy division 1. On 9 May 2024 it began trading on Nasdaq 1.

The company sold assets once they matured, in line with its stated aim to rotate mature assets 1. The Heathrow sale closed on 12 December 2024 and gave a profit of EUR 2,570 million, and in July 2025 it sold the rest of its stake 1.

That gain explains why net profit attributed to the parent was EUR 3,239 million in the year of the sale and EUR 888 million the year after 1.

Revenue rose 5.2 percent to EUR 9,627 million in 2025 from EUR 9,148 million, which the company put down to better results in Highways and Construction 1.

Highways revenue rose 9.4 percent to EUR 1,374 million, mainly from higher toll rates 1. Construction revenue rose 5.8 percent to EUR 7,653 million, driven mainly by Webber, whose revenue rose 15.8 percent on civil works won in 2023 and 2024 1.

On 6 June 2025 it began buying more of the Canadian toll road 407 ETR, paying CAD 1.99 billion in all and lifting its stake from 43.23 percent to 48.3 percent 1.

In January 2025 it closed the sale of its 50 percent stake in AGS Airports, which owns the Aberdeen, Glasgow and Southampton airports 1. In December 2025 it joined the Nasdaq-100 Index 1.

Highways

Highways builds, runs and holds stakes in toll roads, and its best-known product is the managed lane, where the toll changes every few minutes with congestion 1.

The five US managed lanes are NTE 1-2, LBJ, NTE 35W, I-77 and I-66, and Highways revenue was EUR 1,374 million in 2025 1.

In the first nine months of 2026 revenue per transaction rose 17.1 percent on NTE, 12.0 percent on LBJ, 15.6 percent on NTE 35W, 11.0 percent on I-77 and 10.0 percent on I-66 2.

Traffic on NTE 1-2 fell 2.2 percent because of capacity improvement construction works 2.

Ferrovial holds 48.3 percent of 407 ETR in Toronto, which is equity-accounted 12. Its distance driven fell 1.7 percent, yet higher toll rates lifted revenue 18.4 percent to CAD 1,790 million in the first nine months of 2026 2.

Construction Dive reported that Tennessee's I-24 project adds optional choice lanes along about 26 miles of I-24 between Nashville and I-840 8.

The Atlanta Journal-Constitution reported that the Georgia team offered a $23.6 billion concession fee and a $515 million reimbursement of project costs, for 50 years of toll revenue 9.

Construction

Construction made EUR 7,653 million of the group's EUR 9,627 million revenue in 2025 1.

Budimex, listed in Warsaw and 50.1 percent owned by Ferrovial at the end of 2025, is the leading builder in Poland by revenue 1.

The order book, work contracted but not yet done, stood at EUR 18,994 million, with North America 51 percent, Poland 21 percent and Spain 15 percent 23.

Airports

Airports holds 49 percent of New Terminal One at New York's JFK airport and 60 percent of Dalaman airport in Turkey 2.

The terminal's contractor missed a 1 June 2026 milestone, and the project now targets 31 March 2027 for its first phase, a date that depends on the contractor delivering its remedial plan 2.

As of 27 October 2026 the terminal had 32 airline agreements, 24 of them executed contracts and eight letters of intent 3.

Dalaman carried 4.5 million passengers in the first nine months of 2026, down 4.0 percent, which the company ties to fewer international travellers amid Middle East tensions 2.

Energy, data centers and waste

Energy revenue grew 25.6 percent to EUR 339 million in 2025, and two solar plants in Texas, Leon and Milano, are under construction 1.

Ferrovial Digital Infrastructure, created in 2024, targets data centers and is in the early stages of two campuses, in Warsaw and Alcobendas 1.

The company is exploring a sale or exit of its legacy waste treatment plants in the United Kingdom 1.

People, rivals and problems

Ignacio Madridejos has been chief executive since September 2019, and Rafael del Pino has been executive chairman since 2000 1.

The annual report counts 22,609 employees across seven core markets 1. In concessions it competes with international developers and infrastructure funds, and in construction mainly with local or regional builders 1.

For I-285 East, rival bids came from groups led by ACS Infrastructure with Meridiam and Acciona, and by Plenary with Sacyr and Shikun & Binui, Bond Buyer reported 7.

407 ETR must pay the province if traffic falls below set thresholds, a rule called Schedule 22, and the company accrued CAD 41 million for it in 2025 1.

The Tennessee award is under court challenge from a losing bidder, which asked for records on the concession fee, Bond Buyer reported 7.

The umbrella, in words

Ferrovial works through four divisions: Highways, branded Cintra, then Airports, Construction and Energy 1.

The heads include Cintra Global BV and Cintra Holding US Corp for highways, Ferrovial Airports International BV for airports, and Budimex and Webber for construction 1.

Ferrovial owns 48.3 percent of 407 International, the 407 ETR operator, 19.9 percent of IRB Infrastructure Developers in India, and an indirect 49.0 percent of the JFK terminal concessionaire 1.

It holds interests of 23.99 percent in IRB Private InvIT, 35 percent in Slovakia and 40 percent in Toowoomba in Australia 1. In April 2026 it sold its 22.5 percent interest in Riverlinx, owner of the Silvertown Tunnel in the United Kingdom, for EUR 40 million 2.

Ferrovial operates five express lanes across Texas, North Carolina and Virginia 4.

Chairman Rafael del Pino beneficially owned 21.96 percent of the ordinary shares on 6 February 2026, mostly through Rijn Capital SARL 1. María del Pino held 8.82 percent through Menosmares SL, based on a Schedule 13G filed on 13 November 2025 1.

Ferrovial declared on 27 October 2026 an interim scrip dividend of EUR 600 million, payable in cash or in shares at each shareholder's election 5.

Shareholders may choose between cash and shares from 9 November to 20 November 2026, and the company expects to announce the share ratio on 3 December 2026 5.

The board of 407 ETR has approved a CAD 1,050 million dividend for the fourth quarter of 2026 3.

Further end-to-end operational trials at the JFK terminal are planned for the final months of 2026 and early 2027 2.

The Port Authority board approved on 24 September 2026 an extension of the start deadlines for Phase B1 and Phase B2 to September 2030 and June 2033 2. NTO agreed to pay additional rent of USD 75 million in total 2.

For I-24 in Tennessee the company reports financial close expected no later than July 2027 and first service estimated for 2034 2.

Ferrovial said the 24.8 billion dollar figure published at award mixed present-value and nominal parts, and equals 21 billion dollars on a consistent present-value basis 6.

For I-285 East, Bond Buyer reported that financial close is set for October 2027 7. The Georgia transport department said construction starts in late 2027, Phase 1 is substantially complete in 2034 and later phases are scheduled by 2041 7.

The annual report expects bid submission for the I-77 South Express Lanes in North Carolina in the first half of 2027 1.