In the first quarter, the group, registered as an integrated transportation asset manager, posted total sales of 1,805 million euros, marking a 12.4% year over year increase. This performance reflects broad-based progress across the portfolio, with stronger traffic on toll roads and airports and a solid showing from the construction activity. The results illustrate an ongoing normalization as markets continue to reopen and travel resumes, supported by disciplined pricing and improved asset utilization across key corridors.
The gross operating result, known as EBITDA, rose by 38.7% to 189 million euros. A closer look at the quarterly income statement shows a sustained improvement in operating leverage, while the period does not disclose net profit, as the company has chosen not to report it for this quarter. The strength in EBITDA underscores the company’s ability to convert revenue growth into enhanced operating profitability, even as it navigates the typical quarterly fluctuations present in infrastructure groups.
Toll road revenues climbed 37% to 223 million euros, driven by higher activity in the American corridors and a notable rebound in traffic levels following the lifting of restrictive measures. The toll segment benefited from an uptick in usage, rate adjustments aligned with inflationary pressures, and a constructive pricing environment that supports ongoing capital reinvestment in capacity and safety improvements. This expansion reflects a combination of higher traffic volumes and improved revenue capture through dynamic pricing and asset optimization.
In airports, performance was highlighted by a strong showing at the London hub, with passenger throughput approaching pre-pandemic levels as utilization recovers. Heathrow handled 16.9 million passengers in the quarter, a substantial increase that points to a broader recovery in international and domestic travel. Other regional airports—Aberdeen, Glasgow, and Southampton—also contributed to the uptick, recording a 41.9% rise in activity. Dalaman in Turkey stood out as a notable outlier in the portfolio, with traffic surpassing pre-crisis levels by 45.2%. Collectively, these trends demonstrate a resilient aviation portfolio and the capacity to grow earnings through volume recovery and efficiency gains across diverse geographies.
The construction division posted a 6.6% uplift in first-quarter sales. In constant currency terms, the growth was significantly propelled by the Polish subsidiary, Budimex, which has expanded its project mix and international opportunities. International activities accounted for roughly 80% of operating revenues, with contributions coming from projects in Poland and North America. The mix shift toward higher-margin international projects helped secure a stronger earnings foundation and positioned the division for continued expansion as public and private sector infrastructure programs advance across multiple markets.
The energy infrastructures and mobility unit contributed to the positive momentum with a 27% increase in revenues in comparable terms, reaching 80 million euros. The unit closed the quarter with an EBITDA of 3 million euros, reflecting an 81.6% improvement in comparable terms versus the prior-year period. These gains underscore the unit’s ability to leverage a combination of project progress, efficiency initiatives, and favorable market conditions in energy transport and mobility networks, while maintaining prudent cost control and project risk management.
The aggregate year-over-year advancement across the core segments demonstrates the group’s capacity to translate revenue growth into stronger profitability while continuing to invest in the network. The first quarter highlighted a balanced portfolio mix that benefits from rising traffic in toll roads, a recovering aviation sector, a robust construction pipeline, and strategic opportunities within energy and mobility platforms. Management remains focused on expanding margins through productivity gains, selective pricing actions, and disciplined capital allocation to high-return projects, all in the context of a recovering but still dynamic market environment.