Ferrovial (FER) Q2 2026 earnings summary

Executive summary

• Strong H1 2026 performance driven by North American highways and construction, with robust revenue and profitability growth across key geographies.

• Airports segment faced headwinds due to geopolitical issues, but major projects like JFK New Terminal One progressed toward completion.

• Net cash position ex-infrastructure projects stood at EUR 1,307 million at June 2026, with significant dividends collected and strategic divestments executed.

• Major cash inflows from construction operating cash flow (EUR 329 million) and project dividends (EUR 378 million).

• Revenue for H1 2026 reached EUR 4,701 million, up 5.2% reported and 11.3% like-for-like, with adjusted EBITDA at EUR 746 million.

Financial highlights

• H1 2026 revenue reached EUR 4,701 million, up from EUR 4,469 million in H1 2025.

• Adjusted EBITDA rose to EUR 746 million (H1 2025: EUR 655 million), and adjusted EBIT increased to EUR 491 million (H1 2025: EUR 431 million).

• Net profit attributable to the parent was EUR 258 million, reflecting lower disposals and higher financial expenses.

• Highways revenue grew 15.8% like-for-like to EUR 740 million; adjusted EBITDA up 13.4% like-for-like to EUR 530 million.

• Construction revenue increased 9.7% like-for-like to EUR 3,700 million; adjusted EBIT margin stable at 3.5%.

Outlook and guidance

• Continued focus on North American highways and construction growth, with ongoing bids for major infrastructure projects in the US and Europe.

• JFK New Terminal One Phase A targeted for completion by March 2027 after missing the June 2026 milestone.

• Construction EBIT margin guidance remains at 3.5% long-term average.

• No guidance provided for 407 ETR or group dividends.

• Positive outlook for H2 2026, supported by a record construction order book and robust US asset performance.