FER · Ferrovial SE

Ferrovial delivered strong Q1 2026 results with double-digit like-for-like growth in revenue (+10.2%) and Adjusted EBITDA (+15.0%), reflecting robust performance across all divisions despite adverse weather impacts on traffic. Highways drove the top-line expansion with +13.7% LfL revenue growth to EUR 336M, led by North American assets including 407 ETR's exceptional +20.0% revenue increase to CAD 492M and +25.4% EBITDA growth to CAD 403M, fueled by higher toll rates, traffic volume (+8.2%), and mobility trends from increased onsite employees, partially offset by winter weather and a CAD 8.1M Schedule 22 provision. US Managed Lanes showed resilient revenue per transaction growth significantly outpacing +2.7% US inflation (NTE +18.3%, NTE 35W +17.3%, LBJ +11.5%), supported by favorable traffic mix and technology enhancements, though traffic faced headwinds from construction and weather. Construction maintained stable 3.1% adjusted EBIT margin amid higher bidding costs, with order book hitting all-time high EUR 17,555M (+0.5% LfL), signaling strong future revenue visibility particularly in North America (45%). Airports progressed with New Terminal One at JFK reaching operational readiness milestones including first ORAT trials. Financial position remains solid with ex-infrastructure net cash of EUR 1,218M and liquidity EUR 5,451M, supported by EUR 144M Construction cash inflow offset by EUR 162M treasury share repurchases. CEO Ignacio Madridejos highlighted strong momentum and attractive US growth pipeline including shortlisting for I-77 South Express Lanes.