Ferrovial SE reported full‑year 2025 revenue of €9.6 billion, up 8.6 % from €9.147 billion in 2024, and adjusted EBITDA of €1.5 billion, a 12.2 % increase from €1.342 billion the prior year. Net profit fell to €888 million from €3.2 billion in 2024, a decline largely attributable to the removal of a one‑time capital gain from asset rotation in 2024. Liquidity stood at €5.1 billion and net debt was –€1.3 billion excluding infrastructure projects, underscoring a strong balance‑sheet position.
The North American Highways division was the primary growth driver, delivering €880 million in dividends and a 13.7 % revenue rise. The Construction division posted a €17.4 billion order book and an EBIT margin of 4.6 %. Energy revenue reached €339 million, while the Airports division’s New Terminal One at JFK progressed with 25 airline agreements signed and a substantial portion of construction complete. These segment results illustrate a diversified portfolio with robust pipeline activity.
Revenue growth was largely driven by the North American highways’ dividend payout and the construction division’s sizeable order book, which provided a stable revenue base. The 4.6 % EBIT margin in construction reflects disciplined cost management and a favorable mix of high‑margin projects. The energy segment’s €339 million revenue, while smaller, contributed to overall diversification.
The sharp decline in net profit is explained by the elimination of a one‑time capital gain that boosted 2024 earnings. With that gain removed, the 2025 profit figure reflects the company’s core operating performance, which remains solid despite the headline drop.
"2025 was a remarkable year for Ferrovial," said CEO Ignacio Madridejos. "We delivered solid results, with significant revenue and adjusted EBITDA increases across all business divisions. Our North American assets performed particularly well, and the Construction business exceeded its profitability target." He added, "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."
Investors noted the strong revenue and margin expansion, but were cautious about the net profit decline and the lack of analyst consensus estimates. The company’s inclusion in the Nasdaq‑100 index and its robust liquidity position helped temper concerns, while the focus on U.S. growth signals a strategic shift toward higher‑margin markets.
Ferrovial’s outlook remains positive, with a continued emphasis on expanding its U.S. presence and leveraging its strong order book. The company’s capital structure, characterized by negative net debt and ample liquidity, provides flexibility to invest in new projects and manage potential headwinds. Overall, the results reinforce Ferrovial’s trajectory toward sustained growth in high‑potential markets.
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