Strong cash generation supported by dividends from infrastructure projects and asset rotation
AMSTERDAM, Feb. 25, 2026 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, today reported financial results for the full year 2025. Ferrovial closed the year with significant growth, supported by a substantial increase in revenue and adjusted EBITDA1 in all businesses, primarily North American highways and Construction. Strong cash flow generation was supported by dividends from infrastructure projects and asset rotation.
Revenue totaled €9.6 billion, an 8.6% increase in like-for-like1 terms, while adjusted EBITDA1 reached €1.5 billion, a 12.2% rise year over year in like-for-like1 terms. Net profit amounted to €888 million in 2025 compared to €3.2 billion a year earlier, when the company accounted for capital gains from assets rotation.
"2025 was a remarkable year for Ferrovial, culminating in its inclusion in the Nasdaq-100 Index in December. We delivered solid results, with significant revenue and adjusted EBITDA1 increases across all business divisions. Our North American assets performed particularly well, and the Construction business exceeded its profitability target," said Ferrovial CEO, Ignacio Madridejos. "Looking ahead, we're focused on accelerating our growth in the United States, where we see a strong pipeline of new greenfield infrastructure opportunities across highways and airports."
Ferrovial closed the year with a solid financial position, with liquidity1 of €5.1 billion and consolidated net debt1 of -€1.3 billion, excluding infrastructure projects in both cases. During this period, the company completed the divestment of its 5.25% stake in Heathrow airport (€539 million) and AGS Airports (€533 million) and received a record of €968 million in dividends from projects. In parallel, Ferrovial closed the acquisition of an additional 5.06% stake in the 407 ETR highway for €1.3 billion and allocated €236 million to equity injections in the New Terminal One (NTO) at JFK International Airport. The company assigned €657 million to cash dividends (€156 million) and treasury shares purchases (€501 million).
Operating results
The Highways division's revenue grew 13.7% in like-for-like1 terms to €1.4 billion, driven by outstanding performance in North America, where the company received €880 million in dividends from projects. Adjusted EBITDA1 increased 12.2% in like-for-like1 terms to €990 million.
U.S. Express Lanes reported strong revenue per transaction growth, outpacing US inflation. In Canada, the 407 ETR posted a double-digit EBITDA1 rise, thanks to higher revenues. Revenue per trip increased by 11.7%.
The Construction division's order book1 reached an all-time high of €17.4 billion and delivered a 4.6% adjusted EBIT margin1, outperforming the average long term profitability target. North America accounted for 46%, Poland for 22% and Spain for 14% of the total order book1. Revenues grew 7.5% to €7.7 billion in like-for-like1 terms, while adjusted EBIT1 soared 24.2% to €352 million in like-for-like1 terms.
In the Airports division, the NTO keeps progressing facing an important year for construction and systems integration. NTO has reached 25 agreements with airlines, including 16 executed contracts and 9 letters of intent.
The Energy division reported €339 million in revenues and €3 million in adjusted EBITDA1.
Further milestones
In 2025, a Ferrovial-led consortium's bid was shortlisted for the I-24 Southeast Choice Lanes in Tennessee and the I-285 East Express Lanes in Georgia. In February 2026, a Ferrovial-led consortium's bid was shortlisted for the I-77 South Lanes project, in North Carolina.
In December 2025, Ferrovial joined the Nasdaq-100 Index®, a year and a half after the company's debut in the US market in May 2024.
Conference call information
Ferrovial will host a conference call on February 26, 2026 at 15:00 CET / 09:00 a.m. ET to discuss full year 2025 financial results. To access the earnings call, click here or visit https://ferrovial.com/ir-shareholders.
1Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, ...
