Ferrovial revenue hits €9.6B as North American toll roads drive growth

Ferrovial (NYSE:FER) reported a robust set of full-year 2025 results today, marked by an 8.6% like-for-like increase in revenue to €9.6 billion.

The global infrastructure leader saw adjusted EBITDA climb to €1.46 billion, a 12.2% like-for-like improvement, as its core Toll Roads division benefited from aggressive pricing power and rising traffic volumes in North America.

While the company reported a net profit of €888 million, the figure represented a significant drop from the €3.2 billion posted in 2024.

Management noted that the prior year’s results were heavily inflated by one-time capital gains following a major asset rotation.

Stripping out those effects, the 2025 performance highlights a company increasingly reliant on its "Managed Lanes" model in the United States and its cornerstone Canadian asset, the 407 ETR.

The 2025 fiscal year was a transformative one for Ferrovial’s balance sheet and geographic focus.

The company completed the divestment of its remaining stakes in Heathrow Airport and AGS Airports (Aberdeen, Glasgow, and Southampton) for a combined consideration of approximately €1.1 billion.

Simultaneously, it doubled down on its highest-performing asset by closing a €1.3 billion acquisition of an additional 5.06% stake in the 407 ETR, bringing its total ownership to over 48%.

The company ended the year with a strong net cash position of €1.3 billion (excluding project-level debt) and total liquidity of €5.1 billion.