Ferrovial recorded revenue of €4.7 billion in the first half of 2026, marking an 11.3% increase on a like-for-like basis compared with the same period a year earlier. Adjusted EBITDA rose to €746 million, a 21.6% increase on a like-for-like basis, reflecting improved operating performance across key divisions.
Net profit for the period totaled €258 million, down from €540 million in the first half of 2025. The company said the year-over-year fall in net profit reflects that the prior-year period included capital gains from asset rotations that did not recur in 2026.
Highlighting geographic drivers, Ferrovial said North American assets delivered particularly strong performance in the first half of 2026. The company’s leadership pointed to growth opportunities in complex greenfield projects and rising momentum for public-private partnership - P3 - developments in the U.S. as areas of future value creation.
Division performance - Highways
The Highways division produced revenue of €740 million, a 15.8% increase year over year on a like-for-like basis. Adjusted EBITDA for Highways increased 13.4% on a like-for-like basis to €530 million. Ferrovial also received €357 million in dividends from its North American operations during the period.
In Canada, 407 ETR recorded a 1.8% rise in vehicle kilometers traveled and a 17.7% increase in revenue per trip. The asset approved a CAD 550 million dividend distribution for the third quarter of 2026.
Across U.S. Express Lanes, revenue per transaction outpaced U.S. inflation in the period. NTE experienced a 2.0% decline in transactions while revenue per transaction rose 18.9%. On the LBJ corridor, transactions increased 2.9% and revenue per transaction grew 11.7%.
Division performance - Construction and backlog
The Construction division achieved an adjusted EBIT margin of 3.5%, in line with the company’s long-term target. The construction order book stood at €18 billion at the close of the first half, with regional exposure broken down as follows: North America 47.9%, Poland 22.9% and Spain 14.0%.
Ferrovial completed equity contributions totaling $1.1 billion for the New Terminal One project at John F. Kennedy International Airport in New York. The terminal’s construction was reported to be 92% complete at mid-year. Ferrovial also noted that the terminal has 32 airline agreements, comprised of 24 executed contracts and eight letters of intent.
On bidding activity, the company submitted proposals in July for the I-24 Southeast Choice Lanes in Tennessee and the I-285 East project in Georgia. In the Czech Republic, Ferrovial’s tender for the D35 Highway was the most cost-effective among those submitted, with technical evaluation of the bids still underway.
Liquidity and balance sheet
Ferrovial closed the first half of 2026 with liquidity of €4.7 billion. Consolidated net cash stood at €1.3 billion when excluding infrastructure projects. Consolidated net debt was €6.3 billion as of June 30, 2026.
Company management framed the first-half results as a clear operational advance driven by North American assets and a stronger Construction order book, while also noting the comparison with prior-year capital gains as a key factor behind the year-over-year decline in reported net profit.
Looking ahead, Ferrovial emphasized the pipeline of complex greenfield opportunities and growing interest in P3 developments in the United States as avenues for future growth and long-term value generation.