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.