Ferrovial 2025 revenue beats estimates on strong North America performance

Overview

• Amsterdam-based global infrastructure firm's 2025 revenue rose 8.6%, beating analyst expectations

• Adjusted EBITDA for 2025 increased 12.2% yr/yr, driven by North American assets

• Company completed divestment of Heathrow and AGS Airports stakes

• Ferrovial joined the Nasdaq-100 Index in December

Outlook

• Company sees strong pipeline of new greenfield opportunities in highways and airports in the U.S.

Result Drivers

• HIGHWAYS PERFORMANCE - Revenue in the Highways division grew 13.7% in like-for-like terms, driven by strong performance in North America and increased dividends from projects

• CONSTRUCTION PROFITABILITY - The Construction division's adjusted EBIT margin exceeded targets, with a record order book of €17.4 billion

• ASSET ROTATION - Ferrovial's cash generation was supported by dividends from infrastructure projects and asset rotation, including divestments of Heathrow and AGS Airports stakes

Company press release: ID:nPn9TSSvwa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the construction & engineering peer group is "buy"

• Wall Street's median 12-month price target for Ferrovial SE is €61.20, about 0.2% below its February 25 closing price of €61.30

• The stock recently traded at 59 times the next 12-month earnings vs. a P/E of 52 three months ago

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