Solid Gains Across the Board
Right off the bat, Ferrovial's 2026 report card screams 'win'. For the first three quarters, they clocked in a hefty 21.8% boost in adjusted EBITDA, and revenue didn't dawdle either, climbing 10.8%—not exactly a stroll in the park to accomplish.
North America's No Joke
Ferrovial's got a clear hero in their narrative and it's North America. They're not just slapping highways on the map; they're minting opportunities with the express lanes like a well-oiled ATM. This side of the ocean accounted for a big chunk of momentum, matching up with a smashing €524 million in dividends. Projects in Tennessee and Georgia have grabbed headlines, pointing Ferrovial towards a future paved with promise.
U.S. Highways: The Moneymakers
The highways in the States? They're wide open cash lanes. Pulling in €1.1 billion in revenue, it's no wonder Ferrovial's grinning with a 14.7% uptick. Sure, North America’s roaring here, but they also managed to bag strong returns in Canada with the 407 ETR highway posing double-digit growth in both EBITDA and revenues.
"Our recent successes in Tennessee and Georgia reflect the expertise we have built and the strong track record of our managed lanes projects in the United States," Ignacio Madridejos, CEO.
Big Cash, Bigger Plans
With liquidity standing at €5.1 billion and net cash of €1.7 billion, Ferrovial ain't just stacking euros—they're creating wiggle room to play bold. This isn't just about today's balance sheet; they're eyeing tomorrow's P3 opportunities across the U.S.
- Recent U.S. Wins: I-24 Southeast Choice Lanes, Nashville
- Upcoming Projects: I-285 East Express Lanes, Greater Atlanta
- Expansion Goals: Eyeing more U.S. states for growth opportunities
Construction Still Laying Solid Foundations
Ferrovial's Construction division isn't taking a back seat either—all it did was rack up a 4.1% EBIT margin, punching above its weight and the company's 3.5% long-term average target. With an order book at a robust €19 billion, North American growth is substantial, yet they didn't let go of Poland or Spain, ticking boxes left and right.
The Airport Scene
Shifting gears to the Airports division, the New Terminal One at JFK's entered a new phase. With 32 commercial agreements locked in, it's a testament to Ferrovial's knack for tight maneuvers in high skies. The project's leaping into systems integration—a big notch in their ambitious belt.
Financial Position: Steady as She Goes
Ferrovial's a steady ship. Net debt's inching down, despite ballooning projects here and there. Savvy management's their ace in the hole, allowing moves in capital-heavy ventures while mitigating risk. And at the core of it all lies the reinforced cash cow—those highways baking sun-heated profits day in, day out.
To sum up, Ferrovial's rolling into 2026's tail end with a grin that says 'just you wait'. They're playing to their strengths in infrastructure and making a name on the highways and airways—take heed, this isn't their last lap yet.
