Ferrovial (FER) Q2 2024 earnings summary

Executive summary

• Robust performance across all business divisions in H1 2024, with strong growth in toll roads, airports, and construction profitability.

• Revenue rose 8.3% year-over-year to €4,267 million, with adjusted EBITDA up 50.3% to €603 million.

• Net profit reached €518 million, with €414 million attributable to the parent company.

• Major investments included a 24% stake in IRB Infrastructure Trust and continued equity injections in NTO; major divestments included partial sales of Heathrow and IRB stakes.

• Net debt ex-infrastructure projects reduced to €-35 million, reflecting strong cash management and capital recycling.

Financial highlights

• H1 2024 revenue was €4,267 million (+8.3% YoY); adjusted EBITDA reached €603 million (+50.3% YoY).

• Net profit attributable to the parent company was €414 million; total net profit was €518 million.

• Toll division revenues grew 20.9% year-over-year, with adjusted EBITDA up 19%.

• Dividends received from infrastructure assets totaled €373 million, including €179 million from I-77's first dividend.

• Consolidated net debt was €7,511 million; cash and cash equivalents at €3,659 million as of June 2024.

Outlook and guidance

• Construction business targets a 3.5% adjusted EBIT margin for 2024, with profitability on track.

• Heathrow passenger outlook raised to a record 82.8 million for year-end, with £1,942 million adjusted EBITDA forecast.

• Positive outlook for H2 2024 across Toll Roads, Airports, and Construction, with focus on greenfield projects and international expansion.

• Energy division to accelerate growth via new photovoltaic projects in the US and Poland.

• SR400 express lanes bid outcome expected in mid-August.