Ferrovial, a leading global infrastructure company, reported strong results for the first half of 2025, with net profit rising 30% year-over-year to €540 million. The performance was driven by robust growth across all business divisions, particularly U.S. highways and Construction.
Revenue for H1 2025 increased 5% in like-for-like terms to €4.5 billion, while adjusted EBITDA grew 9.2% to €655 million. The company attributed the results to higher traffic on U.S. express lanes, strong profitability in Construction, and capital gains from asset rotation.
Ignacio Madridejos, CEO of Ferrovial, highlighted the company’s momentum: “We saw substantial growth in the first half of the year with strong performance across our North American assets. Our highways provide much needed capacity in growing areas, and our Construction division reached a record order book with improved profitability. Looking ahead, we see an attractive pipeline of North American assets that continue to deliver value to all stakeholders.”
Ferrovial maintained a solid financial position with €3.7 billion in liquidity and consolidated net debt of -€223 million (excluding infrastructure projects). Key transactions in H1 2025 included:
- Sale of a 50% stake in AGS Airports for €533 million
- Acquisition of a 5.06% stake in Canada’s 407 ETR for €1.3 billion
- €334 million in shareholder distributions and €244 million equity injections in the New Terminal One (NTO) at JFK International Airport
- €323 million in dividends received from projects
Divisional Performance:
- Highways: Revenue grew 14.9% to €676 million, driven by North American assets with strong dividend contributions (€240 million).
- Construction: Adjusted EBIT margin improved to 3.5%, with an order book reaching a record €17.3 billion, led by North America (45%).
- Airports: NTO construction progress reached 72%, with 21 airline agreements signed or in negotiation, and successful refinancing through USD 1.4 billion in green bonds.
Ferrovial continues to see North America as its primary growth driver, with strong demand for infrastructure and airport expansion projects underpinning long-term value creation.
