Ferrovial reported a substantial rise in revenue and profits for the last semester, reflecting a steady rebound in air travel and strong performance from its concessions and construction divisions. The Spanish infrastructure group posted a 11.5% year-over-year increase in revenue, reaching 3.94 billion euros. Net profit nearly doubled, climbing to 114 million euros from 52 million euros in the prior year, underscoring the improving demand across its core markets and the resilience of its integrated business model. In the first half of the year, EBITDA stood at 401 million euros, surpassing the 313 million euros recorded in the corresponding period of the previous year. On the liquidity front, the company ended June with 5.521 billion euros in cash and cash equivalents, while cash inflows from infrastructure projects reached 819 million euros, reinforcing Ferrovial’s financial flexibility to fund ongoing initiatives and capital allocation plans.
The highway segment continued its momentum, with revenue rising 38% to 492 million euros. This improvement was driven by higher mobility and travel activity, including strong contributions from U.S. assets and a notable rebound in personnel travel. Notably, toll roads in the United States accounted for the overwhelming share of this division’s revenue, generating 82% of the cohort’s revenue and 92% of its EBITDA. Key projects such as the NTE, the LBJ, and the NTE-35W corridors stood out, with a pronounced presence in the Canadian market also contributing to the segment’s robust performance. Among the portfolio highlights, the 407-ETR project remained a central pillar of the segment’s earnings profile.
In the airports arena, traffic recovery progressed as passenger volumes rose ahead of the peak summer period. London Heathrow Airport led the way with 37.1 million passengers, a year-over-year increase of 42.1%. Regional hubs such as Aberdeen, Glasgow, and Southampton together handled 4.9 million passengers, up 22.3%, while Dalaman also posted strong growth with 1.8 million passengers, up 22.2%. These gains illustrate Ferrovial’s exposure to major international gateways and the benefit of diversified airport operations within its portfolio.
Within the construction pipeline, the pace of large-scale infrastructure projects in the United States remained steady as several items approached completion. The revenue contribution from this division reached 3.258 billion euros, an 8.3% increase from the prior year period. However, EBITDA for this unit posted a negative 3 million euros, reflecting the typical early-stage cost dynamics during the final stretch of complex builds and the impact of near-term project mix. Revenue from Energy Infrastructure and Mobility rose 25.4% to 175 million euros, aligning with the group’s strategy to expand in energy and transportation assets. The unit’s EBITDA was 6 million euros, signaling a favorable margin trajectory as projects move toward full operation and stable cash flows in subsequent quarters.
Ferrovial also announced a corporate milestone this year with the merger of its Dutch subsidiary, Ferrovial Internacional SE (FISE). The integration process formalized a structural reorganization of the group’s European operations and marked a transition of the holding company’s domicile from Madrid to Amsterdam. The rebranding and consolidation were followed by the listing of the company’s shares on Euronext Amsterdam, accompanied by the initiation of the first dividend program under the new corporate structure, with a distribution of 0.2871 euros per share promised to shareholders. This strategic step positions Ferrovial to pursue a broader European footprint while maintaining its strong North American exposure and ongoing infrastructure commitments across its diversified portfolio.