Ferrovial S.E.

Solid Financial Performance: Ferrovial reported revenue of EUR 9.6 billion for 2025, an 8.6% year-over-year increase, driven primarily by strong growth in highways and construction segments. Adjusted EBITDA rose 12.2% to EUR 1.5 billion, reflecting robust performance from Managed Lanes in the U.S. and a solid construction outlook.

Strength in North American Assets: The company's focus on North American infrastructure has yielded a record construction order book of EUR 17.4 billion, with nearly 50% derived from this market. Highways revenue grew 13.7% like-for-like, with notable growth in EBITDA from U.S. assets. The airport project at JFK (NTO) is progressing towards operational readiness, bolstering future revenue streams.

Challenges in Traffic Revenue: Although overall traffic numbers remain strong, fourth-quarter revenue per transaction grew only 6% due to seasonal factors and potential demand erosion from toll increases. There is concern about a continued impact from unfavorable conditions in 2026, particularly regarding heavy vehicle traffic and congestion.