Ferrovial delivered stronger results in 2023. The Spanish infrastructure group closed the year with revenue of 8.514 billion euros, up 13.2% from 2022. It also reported a 40% rise in adjusted earnings before interest, taxes, depreciation, and amortization to 991 million euros, and net profit surged 147% to 460 million. These numbers reflect a year of sustained growth across the company’s portfolio and a shift in the mix toward high-growth infrastructure assets.
The construction division continued to be the largest contributor to Ferrovial’s revenue, generating 7.070 billion euros, just under a ten percent increase versus 2022. The solid performance can be traced to the positive results from Budimex, Ferrovial’s Polish construction subsidiary, and a healthy trajectory in the Spanish division. The fastest-growing segment was toll roads, which produced 1.085 billion euros in the year, a 42% increase. Notably, the majority of this business, about 83%, comes from the United States. The airports segment also posted traffic gains across its assets, with Heathrow in London handling 79.2 million passengers, marking the third-highest figure in its history. AGS improved its traffic by 13.5%, and Dalaman by 15.5%.
In a press release, Ignacio Madridejos, Ferrovial’s chief executive, stated that 2023 marked a strong year for the group, largely driven by the performance of its infrastructure assets. He noted robust results from the North American toll roads, with double-digit revenue growth in all of them. He also highlighted the expansion of revenue in construction and a record level of the order book, emphasizing strength in North America, Poland, and Spain.
A year of moving headquarters to the Netherlands
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The 2023 results mark the first full year after Ferrovial relocated its headquarters from Spain to the Netherlands. The company began trading on the Amsterdam stock exchange, with a listing ceremony on the horizon in Wall Street in the weeks that followed, signaling a new phase for the group and its investors.
In November, Ferrovial also announced a deal with Ardian and The Public Investment Fund of Saudi Arabia to sell its 25% stake in Heathrow Airport for 2.368 billion pounds. The closing of the transaction faced delays after Ferrovial’ partners chose to exercise their right of co-investment, aiming to exit not only Heathrow but also the group’s broader airport portfolio in Europe.
The company also secured a dozen construction projects across the United States, improving roads in Texas and Florida with contracts valued at more than 1.265 billion dollars. In Spain, Ferrovial was selected to extend Line 8 of Ferrocarrils de Cataluña with a 300 million euro contract, and it joined a consortium to tunnel the R2 rail line in Rodalies, creating a new subterranean station in Montcada i Reixac, Barcelona, worth 540.4 million euros.
Madridejos added that the company is performing very well, citing flagship projects such as the new Terminal One at John F. Kennedy International Airport in New York, delivered on budget and on schedule, along with other projects completed ahead of time in 2023. He expressed optimism for 2024, expecting continued growth in metropolitan mobility and traffic across key markets, and highlighted ongoing opportunities from critical infrastructure improvements in the United States as a major driver for the portfolio.